RNGR · 10-Q · 2026Q1 · Full report

Geographic Revenue Shift

Ranger Energy Services, Inc. · 2026-04-28 · Importance 59 · Surprise 60

The AWS acquisition in November 2025 increased Ranger's operating footprint and concentration in the Permian Basin, according to the Company, entering 2026 with a larger presence in that basin. Management expects AWS to complement Ranger's existing services and to contribute to improved 2026 financial performance, while the Company noted the acquisition shifted its geographic concentration toward the Permian. The filing also notes the Company's overall operations are solely domestic and that the AWS-related accounts receivable and unbilled revenue were not yet included in the Wells Fargo borrowing base as of March 31, 2026 while integration continues. Management is monitoring integration to preserve service quality and liquidity during the geographic concentration shift.

Key facts

• Following the acquisition of AWS in November 2025, the Company entered 2026 with a larger presence in the Permian Basin and an operating footprint more heavily concentrated in this basin than in prior operating periods.