Ranger Energy Services Corporate Presentation

Ranger Energy Services

Corporate Presentation

August 2019

Forward Looking Statements

This presentation contains various forward-looking statements and information that are based on management's current expectations

and assumptions about future events. Forward-looking statements are generally accompanied by words such as "estimate," "project,"

"predict," "expect,” “anticipate," "plan," "intend," "seek," "will," "should," "goal" and other words that convey the uncertainty of future

events and outcomes. Forward-looking information includes, among other matters, statements regarding the Company's anticipated

performance, quality of assets, rig utilization rate, capital spending by oil and gas companies, and the Company's international

operations.

Although the Company believes that the expectations and assumptions reflected in such forward-looking statements are reasonable, it

can give no assurance that such expectations and assumptions will prove to have been correct. Such statements are subject t o certain

risks, uncertainties and assumptions, including general economic and business conditions and industry trends, levels and volatility of oil

and gas prices, the continued demand for drilling services or production services in the geographic areas where we operate, decisions

about exploration and development projects to be made by oil and gas exploration and production companies, the highly competitive

nature of our business, technological advancements and trends in our industry and improvements in our competitors' equipment, the

loss of one or more of our major clients or a decrease in their demand for our services, future compliance with covenants under debt

agreements, including our senior secured revolving asset-based credit facility, our term loan and our senior notes, operating hazards

inherent in our operations, the supply of marketable drilling rigs, well servicing rigs, coiled tubing and wireline units within the industry,

the continued availability of new components for drilling rigs, well servicing rigs, coiled tubing units and wireline units, the continued

availability of qualified personnel, the success or failure of our acquisition strategy, including our ability to finance acquisitions, manage

growth and effectively integrate acquisitions, the political, economic, regulatory and other uncertainties encountered by our operations,

and changes in, or our failure or inability to comply with, governmental regulations, including those relating to the environment.

Should one or more of these risks, contingencies or uncertainties materialize, or should underlying assumptions prove incorrect, actual

results may vary materially from those expected. Many of these factors have been discussed in more detail in the Company's annual

report on Form 10-K for the fiscal year ended December 31, 2017. Other unpredictable or unknown factors that the Company has not

discussed in this presentation or in its filings with the Secunt1es and Exchange Commission could also have material adverse effects on

actual results of matters that are the subject of the forward-looking statements. All forward-looking statements speak only as the date

on which they are made and the Company undertakes no duty to update or revise any forward-looking statements. We advise investors

to use caution and common sense when considering our forward-looking statements.

Overview

Background

 On August 16, 2017, Ranger completed an IPO of 5,862,069 shares at $14.50 per share

which resulted in gross proceeds of $85 million.

 Ranger used the proceeds of the IPO to repay its debt, fund a portion of the ESCO acquisition,

pay offering fees and to put approximately $20 million of cash on the balance sheet.

 Ranger currently trades under the ticker “RNGR” on the NYSE with market capitalization of

$106 million as of August 25, 2019.

A Strategic Combination of Assets

Operating Divisions

Ranger Operations are Reported in Three Segments:

 Completion & Other Services

 Primary operations include wireline (plug & perf and pump down)

 Well Testing, Snubbing, Fluid Hauling and Tank Rental

 Locations in Permian and DJ Basins

 Well Service Rigs & Related Services

 Primary operations include well completion support, workovers, well maintenance and P&A

 Related equipment rentals include power swivels, well control packages, hydraulic catwalks,

pipe racks and pipe handling tools

 Locations in the Permian, DJ, Bakken, Eagle Ford, Haynesville, Gulf Coast, SCOOP/STACK

 Processing Solutions

 Primary operations include the rental of Modular Mechanical Refrigeration Units (“MRUs”) and

other natural gas processing equipment

 Locations in the Permian, Bakken, Utica, San Joaquin and Piceance

Investment

Highlights

Investment Highlights



Service Offerings Across The “Life of the Well”



Solutions Approach with Select Services



Deep Relationships with Blue-

Chip E&P Customers Across Multiple Basins



Platform for Continued Organic and Acquisition Growth



Strong Financial Performance

Service Offerings Across

“Life Of the Well”

Wireline Completion Services

Typical Delaware Basin Completion

Well MD: 18,000' - 21,000'

Lateral Length: 8,000' - 13,000'

Casing Design: 4-1/2" - 5-1/2"

Stages: 30- 50

Perf Guns: 2-3/4" - 3-1/8", 3 - 4 SPF

Plug & Perf

• Exited 2Q19 with 13 units

• Supporting Rig Lock & Pressure Control Systems

Pump-Down

• Exited 2Q19 with eight pumps (four spreads) which

began work in 3Q18 with dedicated wireline units

High-Spec Rig Completion Services

Long Lateral

Support

Equipment

High-Spec Rigs

One-Time Recurring Recurring

 Completion services utilized during and subsequent to

hydraulic fracturing but prior to placing a well into

production

 Ranger benefits from increased exposure to high-margin

unconventional completion drill-outs

 Ranger also provides ancillary services, generating

incremental associated revenues and increased profit

margins

 Services conducted multiple times throughout

the life of the well for routine maintenance

including:

– Removal and replacement of downhole

artificial lift equipment

– Repair of failed production tubing

– Removal of downhole production-related

by-products

 Major well work conducted multiple times

throughout life of well

– Recompletion or re-frac of existing zones

– Recompletion work to uphole zones

– Major well cleanouts and casing repairs

 100% of Ranger’s high-spec well service rig fleet

are designed to perform complex workover

operations

 Well service rigs are used to prepare

non-economic oil and natural gas wells

to be shut in and permanently or

temporarily sealed

– Ranger provides associated

wireline and

cementing

 Decommissioning work is less sensitive

to commodity prices as a result of

obligations imposed by state

regulations

Well Maintenance

Decommissioning

Well Completion Support

Workover

One-Time

High-Spec Rig Fleet

 Ranger’s well services fleet is among the highest spec in the industry…

 …which has been proven out by the Company’s continued pricing improvements while maintaining

stable utilization in a very competitive environment.

Class HP Mast Height Mast Rating

Number of Rigs

6C > 500 112’ – 117’ 300 13

5CXL > 500 116’ 250 8

5C > 500 102’ – 110’ 240 - 275 108

4C 400 - 450 96’ – 102’ 200 - 215 12

Total 141

Metric Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19

Hours / Service

Rig

184 213 199 154 142 147

Total Service Rig

Hours

73,600 76,200 74,200 64,900 60,100 62,200

Revenue Per Hour $487 $513 $519 $538 $522 $530

Processing Solutions

 Torrent is a full scale provider of gas processing and flare reduction solutions, helping customers

capture NGLs, reduce VOC emissions and generate power at the wellsite

 Torrent’s modules are skid mounted that do not require concrete foundations

 Torrent’s rental model has typical contract terms of six-months to two-years

Solutions

Approach

Blue-Chip E&P

Customer Base

Blue-Chip E&P Customer Base

Field locations

Headquarters

Financial

Overview

1Q’17 to 2Q’19 Financials

 Revenues were $84.7 million for 2Q’19, a sequential decrease of 4% from $88.3 million in 1Q’19

 Adjusted EBITDA (A Non-GAAP measure) decreased 9% to $13.1 million for 2Q’19, vs 14.3 million in 1Q’19

Peer Group Common Offerings to Ranger

While Well Service Rigs are common across the entire peer group, Ranger offers other

required completion and production services, some being unique to Ranger only

Peer Comparison Valuation

Pricing as of August 25, 2019

Company Name

2018A 2019E 2020E 2018A 2019E 2020E 2018A 2019E 2020E

BAS Basic Energy Services $1.37 27 $37 $341 $54 $324 $965 $761 $783 $51 $49 $74 -$145 -$109 -$83

CJ C&J Energy Services $8.93 65 $581 $0 $114 $466 $2,222 $1,911 $1,873 $282 $158 $177 -$124 -$179 -$45

KEG Key Energy Services $1.29 20 $26 $242 $29 $239 $522 $462 $479 $19 $16 $31 -$94 -$69 -$30

KLXE KLX Energy $10.45 22 $233 $243 $92 $383 $496 $625 $638 $95 $97 $97 $43 -$2 $1

NINE Nine Energy Services $6.41 29 $189 $391 $17 $563 $827 $957 $1,156 $126 $153 $223 -$53 $45 $81

PES Pioneer Energy Services $0.16 78 $13 $465 $28 $450 $590 $578 $595 $86 $62 $68 -$50 -$61 -$46

QES Quintana Energy Services $1.23 34 $42 $44 $17 $69 $604 $584 $662 $39 $33 $64 -$18 -$12 $17

SPN Superior Energy Services $0.43 156 $67 $1,285 $234 $1,118 $2,130 $1,714 $1,691 $347 $258 $278 -$850 -$178 -$81

RNGR Ranger Energy Services $6.61 16 $106 $64 $2 $168 $303 $339 $333 $38 $51 $52 $4 $9 $10

2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E

Basic Energy Services -21% 3% -4% 51% 6% 9% -$4.0 -$3.1 -$21 -$16

C&J Energy Services -14% -2% -44% 12% 8% 9% -$2.8 -$0.7 -$33 $54

Key Energy Services -11% 4% -16% 98% 3% 7% -$3.4 -$1.4 -$20 $14

KLX Energy 26% 2% 2% 0% 16% 15% -$0.1 $0.0 $23 $33

Nine Energy Services 16% 21% 21% 46% 16% 19% $1.5 $2.7 $96 $127

Pioneer Energy Services -2% 3% -28% 10% 11% 11% -$0.8 -$0.6 -$17 -$8

Quintana Energy Services -3% 13% -13% 93% 6% 10% -$0.3 $0.5 $11 $23

Superior Energy Services -20% -1% -26% 8% 15% 16% -$1.1 -$0.5 $4 $37

Ranger Energy Services 12% -2% 34% 2% 15% 15% $0.6 $0.6 $35 $35

Average -8% 4% -19% 21% 11% 13% -$1.2 -$0.4

EV/EBITDA

LTM

2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E

Basic Energy Services 5.8x 6.6x 4.4x N/A N/A -6% -5% 5.9x 3.9x 6.3x 4.4x

C&J Energy Services 2.2x 2.9x 2.6x N/A N/A -7% 12% -0.7x -0.6x -0.5x -0.8x

Key Energy Services 27.8x 15.1x 7.6x N/A N/A -8% 6% 13.4x 6.8x 14.7x 7.0x

KLX Energy 4.2x 4.0x 3.9x N/A N/A 6% 9% 1.6x 1.5x 1.3x 1.0x

Nine Energy Services 3.8x 3.7x 2.5x 4.2x 2.3x 17% 23% 2.4x 1.7x 1.8x 0.7x

Pioneer Energy Services 5.3x 7.3x 6.7x N/A N/A -4% -2% 7.1x 6.5x 7.4x 6.8x

Quintana Energy Services 2.8x 2.1x 1.1x N/A 2.4x 16% 34% 0.8x 0.4x 0.5x -0.1x

Superior Energy Services 3.6x 4.3x 4.0x N/A N/A 0% 3% 4.1x 3.8x 4.1x 3.6x

Ranger Energy Services 3.3x 3.3x 3.3x 11.3x 10.9x 21% 21% 1.2x 1.2x 0.5x -0.2x

Average 3.8x 4.3x 3.6x N/A -7.3x 2% 8% 2.3x 2.3x 2.7x 2.0x

*FCF Defined as Net Income + D&A less maintenance capex

**Assumes FCF is used to pay down debt

Net Debt / EBITDA**

FCF*

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Net Debt / EBITDA

Net Income

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EBITDA Margins

Revenue

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EPS

EBITDA (includes stock Comp)

Company Name

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($USD)

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($MM)

Total Debt

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