Ranger Energy Services provides well servicing to onshore U.S. oil and gas operators. Ranger's core offering is its fleet of high-specification well service rigs, which are used throughout the lifecycle of a well — from completion support after hydraulic fracturing, to workover (major repairs or modifications), to ongoing well maintenance. Roughly 80% of Ranger's revenues are production-oriented, tied to operator operating budgets rather than capital budgets, which provides more stability through commodity price cycles than completion-focused peers. Ranger operates across most active onshore U.S. basins, including the Permian, DJ Basin, Bakken, Eagle Ford, and Haynesville, serving primarily large E&P companies. Customer concentration is meaningful, with the top five customers accounting for roughly 73% of revenue. Ranger operates through three segments: High Specification Rigs (~65% of revenue), Processing Solutions and Ancillary Services (~26%), and Wireline Services (~9%). Ranger earns revenue by deploying field crews and equipment on a time-and-materials or hourly basis. The business is relatively capital-light, with maintenance CapEx running at roughly 4–6% of revenue annually. Ranger pursues growth through acquisitions in a fragmented well services market and through its ECO hybrid electric rig program — an internally developed rig that converts conventional rigs to near-zero emissions operation. In early 2026, Ranger signed a contract to build 15 ECO rigs for a key operator. Ranger targets returning at least 25% of annual free cash flow to shareholders via dividends and buybacks, while maintaining low leverage.