RNGR · 10-Q · 2026Q1 · Full report

Acquisition / Partnership / Divestiture

Ranger Energy Services, Inc. · 2026-04-28 · Importance 96 · Surprise 100

Following the acquisition of AWS in November 2025, Ranger entered 2026 with a larger presence in the Permian Basin and expects AWS to contribute to improved financial performance in 2026. The AWS acquisition contributed $26.3 million of incremental High Specification Rigs revenue and $13.4 million of Processing Solutions and Ancillary Services revenue for Q1 2026. AWS-related costs included $21.6 million in High Specification Rigs cost of services and $11.3 million in Processing Solutions cost of services during Q1 2026, and depreciation associated with acquired assets contributed to a $5.6 million increase in depreciation and amortization. Management is focused on integrating AWS operations into Ranger's business and preserving liquidity and balance sheet flexibility during the integration.

Key facts

• The Company included $26.3 million of revenue related to the AWS acquisition in High Specification Rigs revenue for the three months ended March 31, 2026 (as stated in the MD&A discussion of that segment).
• The Company included $21.6 million of costs related to the AWS acquisition in High Specification Rigs cost of services for the three months ended March 31, 2026.
• The Company included $13.4 million of revenue related to the AWS acquisition in other Ancillary Services lines within Processing Solutions and Ancillary Services for the three months ended March 31, 2026.
• The Company included $11.3 million of costs related to operations acquired in the AWS acquisition within Processing Solutions and Ancillary Services cost of services for the three months ended March 31, 2026.
• Processing Solutions and Ancillary Services cost of services included $11.3 million of costs related to operations acquired in the AWS acquisition for the three months ended March 31, 2026.
• The Company continues to evaluate inclusion of acquired accounts receivable and unbilled revenue in the borrowing base under the Credit Agreement as the acquired business is further integrated.
• The Company stated it entered 2026 focused on integrating AWS operations, maintaining service quality, and preserving liquidity and balance sheet flexibility.

Impact estimates