RNGR Q3 FY26 earnings call: key takeaways

• Ranger completed the STEP quill tubing acquisition, becoming the second-largest provider in the lower 48. (14:55)
• Chevron committed to four additional ECHO hybrid electric rigs, expanding the fleet to 24 by 2027. (14:55)

Results vs expectations

EPS basis: Provider EPS (EODHD), not yet checked against the SEC

What changed since last quarter

• The company raised its adjusted EBITDA guidance for 2027 to over $10 million from the STEP quill tubing assets, reflecting the strategic value of the acquisition. (18:30)
• Ranger fully repaid its revolver borrowings from the AWS acquisition, exiting the quarter with zero net debt. (20:10)
• The CEO emphasized the importance of maintaining pricing discipline despite competitive pressures, citing a deliberate decision not to lower prices to retain market share. (35:58)

What analysts pressed on

• Whether customers will revert back to higher quality operators after budget exhaustion and using lower quality competitors. (35:58)
• How labor constraints and a tightening labor market will impact operations in 2027. (37:47)
• The potential impact of commodity price volatility on Ranger's business in 2027. (41:50)

In their words

• We are adding shareholder value at attractive prices in businesses we know well. Stuart Bodden (18:30)
• We made a very conscious decision not to chase down that price. Don Crist (35:58)