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RNGR on NYSE

Ranger Energy Services, Inc.

American oil and gas field services company based in Houston, active since 20172

In its 2026 annual report the company says: “Ranger Energy Services, Inc. is a provider of onshore high specification well service rigs, wireline services, and additional processing solutions and ancillary services in the United States. The Company provides an extensive range of well site services to leading U.S. E&P companies that are fundamental to establishing and maintaining the flow of oil and natural gas throughout the productive life of a well.”6 Its shares trade on NYSE under the symbol RNGR.2

Price unavailable

Last updated Oct 21, 2026.

Overview

$546.9MRevenue, fiscal 20253
$12.3MNet income, fiscal 20253

Compare with Nine Energy Service, Inc., Core Laboratories or WaterBridge Infrastructure LLC, or pick any stock.

  • TickerRNGR on NYSE2
  • IndustryOil & Gas Field Services, NEC2
  • HeadquartersHouston, United States2
  • Incorporated inTX4
  • Business address10375 Richmond Avenue, Suite 800, Houston, Tx 770424
  • Filer categoryAccelerated filer, Smaller reporting company4
  • Legal formCorporation2
  • LEI549300J7RIVGVAN0RE232
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O The Corporation Trust Company, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 63197052

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Ranger Energy Services, Inc. (“Ranger, Inc.,” “Ranger,” “we,” “us,” “our” or the “Company”) is a provider of onshore high specification well service rigs, wireline services, and additional processing solutions and ancillary services in the United States (“U.S.”). The Company provides an extensive range of well site services to leading U.S. E&P companies that are fundamental to establishing and maintaining the flow of oil and natural gas throughout the productive life of a well.6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

2.8%Operating margin3
2.2%Net margin3
-4.2%Revenue growth, 20253
4.1%Return on equity3
$42.9MFree cash flow3

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

High Specification Rigs brought in 63% of the revenue Ranger Energy Services, Inc. broke down this way in fiscal 2025.

  1. High Specification Rigs$347.0M363%up 3% from 2024
  2. Processing Solutions And Ancillary Services$131.0M324%up 5% from 2024
  3. Wireline Services$68.9M313%down 37% from 2024
Products and services by year
Products and services20242025
High Specification Rigs$336.1M$347.0M
Processing Solutions And Ancillary Services$124.8M$131.0M
Wireline Services$110.2M$68.9M

Business segments

High Specification Rigs brought in 63% of the revenue Ranger Energy Services, Inc. broke down this way in fiscal 2025.

  1. High Specification Rigs$347.0M363%up 3% from 2024
  2. Processing Solutions And Ancillary Services$131.0M324%up 5% from 2024
  3. Wireline Service$68.9M313%down 37% from 2024
Business segments by year
Business segments20242025
High Specification Rigs$336.1M$347.0M
Processing Solutions And Ancillary Services$124.8M$131.0M
Wireline Service$110.2M$68.9M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs97¢$529.1M
  • Income tax1¢$5.5M
  • Profit2¢$12.3M

Out of $546.9M in revenue.3

Where each dollar of operating cash went, fiscal 2025

  • Capital spending38¢$26.1M
  • Dividends paid8¢$5.5M
  • Share buybacks18¢$12.2M
  • Kept or used elsewhere37¢$25.2M

Out of $69.0M of cash from operations.3

Financial statements

Revenue7891011123$546.9M in 2025+80% since 2018
0$200.0M$400.0M$600.0M$800.0M2018: $303.1M$303.1M20182019: $336.9M$336.9M2019+11%2020: $187.8M$187.8M2020−44%2021: $293.1M$293.1M2021+56%2022: $608.5M$608.5M2022+108%2023: $636.6M$636.6M2023+5%2024: $571.1M$571.1M2024−10%2025: $546.9M$546.9M2025−4%
Operating income7891011123$15.4M in 2025
-$60.0M-$40.0M-$20.0M0$20.0M$40.0M2018: -$2.1M-$2.1M20182019: $12.4M$12.4M20192020: -$17.2M-$17.2M20202021: -$40.5M-$40.5M2021+135%2022: $19.7M$19.7M20222023: $36.9M$36.9M2023+87%2024: $28.6M$28.6M2024−22%2025: $15.4M$15.4M2025−46%
Net income7891011123$12.3M in 2025
-$20.0M-$10.0M0$10.0M$20.0M$30.0M2018: -$3.3M-$3.3M20182019: $1.8M$1.8M20192020: -$10.3M-$10.3M20202021: $8.6M$8.6M20212022: $15.1M$15.1M2022+76%2023: $23.8M$23.8M2023+58%2024: $18.4M$18.4M2024−23%2025: $12.3M$12.3M2025−33%

Every line of the income statement as filed: the last 2 fiscal years, latest first.3

Period ending2025-12-312024-12-31
Total revenue$546.9M$571.1M
Total cost of services (exclusive of depreciation and amortization)$456.6M$472.8M
General and administrative$29.6M$27.8M
Depreciation and amortization$46.3M$44.1M
Impairment of assets$400.0K$0
Gain on sale of assets-$1.4M-$2.2M
Total operating expenses$531.5M$542.5M
Operating income$15.4M$28.6M
Interest expense, net$1.2M$2.6M
Other income, net-$3.6M$0
Total other expenses-$2.4M$2.6M
Income before income tax expense$17.8M$26.0M
Income tax expense$5.5M$7.6M
Net income$12.3M$18.4M
Basic (in dollars per share)$0.55$0.82
Diluted (in dollars per share)$0.54$0.81
Basic (in shares)22.4M shares22.5M shares
Diluted (in shares)22.7M shares22.9M shares

Compare Ranger Energy Services, Inc. with another company

Corporate structure

Ranger Energy Services, Inc. sits at the top of its group. 12 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Ranger Energy Services, Inc.

  • Ranger Energy Services, Inc. Houston, Texas, United States
    • Academy Oilfield Rentals, LLC Subsidiary · Delaware, United States
    • Bravo Wireline, LLC Subsidiary · Delaware, United States
    • Patriot Completion Solutions LLC Subsidiary · Delaware, United States
    • Ranger AWS Intermediate Holdings, LLC (f/k/a American Well Intermediate Holdings, LLC) Subsidiary · Texas, United States
    • Ranger AWS, LLC (f/ka/ America Well Services, LLC) Subsidiary · Texas, United States
    • Ranger Energy Acquisition, LLC Subsidiary · Delaware, United States
    • Ranger Energy Equipment, LLC Subsidiary · Delaware, United States
    • Ranger Energy Leasing, LLC Subsidiary · Delaware, United States
    • Ranger Energy Properties, LLC Subsidiary · Delaware, United States
    • RNGR Energy Services, LLC Subsidiary · Delaware, United States
    • Torrent Energy Services, LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Ranger Energy Services, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Construction in progress$10.6M3 Dec 31, 2025$10.6M3 Dec 31, 20240%
Operating-lease assets (leased space)$11.0M3 Dec 31, 2025$7.0M3 Dec 31, 2024+57.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$10.3M3 Dec 31, 2025$40.9M3 Dec 31, 2024−74.8%

Intangibles and goodwill

ItemLatestA year beforeChange
Accumulated amortization$6.5M3 Dec 31, 2025$5.8M3 Dec 31, 2024+12.1%
Finite-lived intangibles, net$4.9M3 Dec 31, 2025$5.6M3 Dec 31, 2024−12.5%

Inventory

ItemLatestA year beforeChange
Inventory, total$3.1M3 Dec 31, 2025$5.7M3 Dec 31, 2024−45.6%

Properties, in its own words

We lease our principal executive offices, which are located at 10350 Richmond, Suite 550, Houston, Texas 77042. As of December 31, 2025, we owned or leased maintenance facilities, yards and field offices around the U.S. and our material properties included the following:

Facility Location and Description · Size of Location* · Leased / Owned · LeaseExpiration

The rest of Item 2

High Specification Rigs · (square feet) · (acres)

Milliken, Colorado · 131,390 · 23.0 · Leased · 2036

Midland, Texas · 31,250 · 39.0 · Leased · 2033

Williston, North Dakota · 11,100 · 5.0 · Leased · 2029

Pleasanton, Texas · 23,325 · 15.9 · Leased · 2027

Wharton, Texas · 1,600 · 13.6 · Leased · 2028

Artesia, New Mexico · 5,368 · 1.7 · Leased · **

Hobbs, New Mexico · 25,950 · 4.5 · Owned · ***

Belfield, North Dakota · 34,280 · 34.5 · Owned · ***

Denver City, Texas · 23,000 · 60.4 · Owned · ***

Midland, Texas · 14,000 · 16.7 · Owned · ***

Midland, Texas · 47,000 · 25.9 · Owned · ***

Odessa, Texas · 17,500 · 1.3 · Owned · ***

Andrews, Texas · 15,341 · 39.3 · Owned · ***

San Angelo, Texas · 19,750 · 18.8 · Owned · ***

Wireline Services

Midland, Texas · 36,320 · 12.0 · Leased · 2027

Williston, North Dakota · 71,239 · 13.8 · Leased · 2027

Casper, Wyoming · 12,950 · 3.2 · Leased · **

Processing Solutions and Ancillary Services

Milliken, Colorado · 131,390 · 23.3 · Leased · 2036

Ft. Morgan, Colorado · 106,700 · 23.6 · Leased · 2027

* Includes approximations.

** Month-to-Month lease.

*** Not applicable.

In addition to the properties listed above, we own and lease several smaller facilities, which generally have shorter terms. We do not believe that any single facility is material to our operations and, if necessary, we could readily obtain a replacement facility.

Item 2 of the 10-K filed Mar 5, 2026.6

Leadership

Who has led Ranger Energy Services, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Darron M. Anderson2017–2021
  2. William M. Austin2021
  3. Stuart Bodden2021–now

President

  1. Darron M. Anderson2017–2021

Chief financial officer

  1. Robert S. Shaw2017–2018
  2. John Brandon Blossman2018–2022
  3. Melissa Cougle2022–now

Chief operating officer

  1. J. Matt Hooker2017–2018
20202025
Board members and other officers (17)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerJ. BRANDON BLOSSMAN named Oct 18, 202139

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Academy Oilfield Rentals, LLC Delaware5
  • Bravo Wireline, LLC Delaware5
  • Patriot Completion Solutions LLC Delaware5
  • RNGR Energy Services, LLC Delaware5
  • Ranger AWS Intermediate Holdings, LLC (f/k/a American Well Intermediate Holdings, LLC) Texas5
  • Ranger AWS, LLC (f/ka/ America Well Services, LLC) Texas5
  • Ranger Energy Acquisition, LLC Delaware5
  • Ranger Energy Equipment, LLC Delaware5
  • Ranger Energy Leasing, LLC Delaware5
  • Ranger Energy Properties, LLC Delaware5
  • Ranger Energy Services, LLC Delaware5
  • Torrent Energy Services, LLC Delaware5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 9, 20268-K Completed an acquisition or sale40
  2. Aug 31, 20268-K Entered a material agreement; Regulation FD disclosure41
  3. Jul 28, 20268-K Regulation FD disclosure42
  4. Jul 27, 20268-K Results of operations; Other events43
  5. Jun 11, 20268-K Regulation FD disclosure44
  6. May 19, 20268-K Shareholder vote45
  7. Apr 27, 20268-K Results of operations; Other events46
  8. Mar 5, 20268-K Results of operations; Other events47
  9. Feb 3, 20268-K Other events48
  10. Jan 20, 20268-K Financial statements and exhibits49
  11. Nov 10, 20258-K Entered a material agreement; Completed an acquisition or sale; Unregistered sale of shares50
  12. Nov 10, 20258-K Results of operations; Other events51
  13. Sep 14, 2021New chief executive Stuart Bodden becomes CEO18
  14. Aug 10, 2021New chief executive William M. Austin becomes CEO17
  15. Aug 10, 2017New chief executive Darron M. Anderson becomes CEO19
  16. Feb 17, 2017Founded Ranger Energy Services, Inc. is founded2

Calendar

Coming up

  1. Nov 9, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.05 a share, on Nov 10, 2025.52

When it reported results

  1. Jul 27, 2026Reported quarterly or annual results43
  2. Apr 27, 2026Reported quarterly or annual results46
  3. Mar 5, 2026Reported quarterly or annual results47
  4. Nov 10, 2025Reported quarterly or annual results51
  5. Jul 28, 2025Reported quarterly or annual results53
  6. Apr 29, 2025Reported quarterly or annual results54
  7. Mar 3, 2025Reported quarterly or annual results55
  8. Oct 28, 2024Reported quarterly or annual results56

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

301 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 49 major events, 147 insider forms, 39 large holders, 1 private raises, 45 other. The latest 20:

  1. Oct 9, 20268-K EDGAR
  2. Aug 31, 20268-K EDGAR
  3. Aug 21, 2026144 EDGAR
  4. Aug 21, 20264 EDGAR
  5. Aug 20, 2026144 EDGAR
  6. Aug 14, 2026SCHEDULE 13G/A EDGAR
  7. Aug 14, 2026SCHEDULE 13G/A EDGAR
  8. Aug 11, 20264 EDGAR
  9. Jul 28, 20268-K EDGAR
  10. Jul 28, 202610-Q EDGAR
  11. Jul 27, 20268-K EDGAR
  12. Jul 24, 20264 EDGAR
  13. Jul 24, 20264 EDGAR
  14. Jul 24, 20264 EDGAR
  15. Jul 24, 20264 EDGAR
  16. Jul 24, 20264 EDGAR
  17. Jul 22, 2026SCHEDULE 13G EDGAR
  18. Jul 15, 20264 EDGAR
  19. Jul 13, 2026144 EDGAR
  20. Jun 11, 20268-K EDGAR

The 301 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

70 open-market trades by officers, directors and large owners since October 2021: 7 buys and 63 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 20, 2026Bodden StuartChief Executive OfficerSale95,000$17.16$1.6MForm 4
Aug 10, 2026Hooker J. MattExec VP, Well ServicesSale11,620$16.63$193.2KForm 4
Jul 23, 2026Hooker J. MattExec VP, Well ServicesSale1,291$16.50$21.3KForm 4
Jul 13, 2026Hooker J. MattExec VP, Well ServicesSale2,269$16.50$37.4KForm 4
Sep 17, 2025Agee Brett T.DirectorSale14,014$14.51$203.3KForm 4
Sep 16, 2025Agee Brett T.DirectorSale36,374$14.49$527.0KForm 4
Sep 15, 2025Agee Brett T.DirectorSale7,015$14.32$100.5KForm 4
Aug 22, 2025Agee Brett T.DirectorSale2,220$13.71$30.4KForm 4
Aug 20, 2025Agee Brett T.DirectorSale3,138$12.81$40.2KForm 4
Aug 19, 2025Agee Brett T.DirectorSale10,000$12.83$128.3KForm 4
Aug 18, 2025Agee Brett T.DirectorSale10,000$12.82$128.2KForm 4
Aug 15, 2025Agee Brett T.DirectorSale11,147$12.63$140.8KForm 4
Aug 12, 2025Agee Brett T.DirectorSale25,000$12.76$319.0KForm 4
Mar 21, 2025Agee Brett T.DirectorSale100,000$14.07$1.4MForm 4
Mar 20, 2025Agee Brett T.DirectorSale4,877$14.51$70.8KForm 4
Mar 19, 2025Agee Brett T.DirectorSale13,343$14.52$193.7KForm 4
Mar 14, 2025Agee Brett T.DirectorSale100$14.52$1.5KForm 4
Mar 13, 2025Agee Brett T.DirectorSale7,864$14.65$115.2KForm 4
Mar 12, 2025Agee Brett T.DirectorSale30,000$14.61$438.3KForm 4
Mar 11, 2025Agee Brett T.DirectorSale10,021$14.51$145.4KForm 4

All 70 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Stuart N. Bodden56$639.4K$3.7M70
2025Melissa Cougle49$447.9K$1.7M70
2025J. Matthew Hooker62$367.6K$1.2M70
2024PresidentChief Executive Officer and Director$564.8K$2.9M70
2024Executive VicePresident and Chief Financial Officer$412.0K$1.4M70
2024Executive Vice PresidentWell Services$318.9K$939.6K70

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Oct 1, 2021Raised $42 million in a private offering of equity Form D: 7 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
IES Holdings, Inc.2,081,360$33.3M10.7%+384,922
BlackRock, Inc.1,483,279$23.7M0.0%+148,484
Dimensional Fund Advisors LP1,372,488$22.0M0.0%+99,380
Royce & Associates LP1,296,607$20.8M0.2%+253,519
Encompass Capital Advisors LLC1,227,978$19.7M0.8%−279,525
Vanguard Capital Management LLC831,102$13.3M0.0%+22,610
American Century Companies Inc706,357$11.3M0.0%+24,595
Two Sigma Investments, LP530,264$8.5M0.0%+401,583
Geode Capital Management, LLC492,573$7.9M0.0%+46,117
Aqr Capital Management LLC477,628$7.6M0.0%−80,407
State Street Corp415,620$6.7M0.0%−6,400
Morgan Stanley404,501$6.5M0.0%+171,133
Bridgeway Capital Management, LLC389,976$6.2M0.1%−21,855
Millennium Management LLC348,599$5.6M0.0%+254,695
4D Advisors, LLC325,000$5.2M2.0%New
Citadel Advisors LLC315,131$5.0M0.0%−95,004
Renaissance Technologies LLC308,583$4.9M0.0%+1,793
Algert Global LLC297,581$4.8M0.1%+286,294
Bank Of America Corp /de/297,170$4.8M0.0%+6,527
Bank of New York Mellon Corp260,115$4.2M0.0%+2,335
Nuveen, LLC255,257$4.1M0.0%+66,349
Jacobs Levy Equity Management, Inc245,275$3.9M0.0%−13,295
Franklin Resources Inc244,899$3.9M0.0%+72,957
Goldman Sachs Group Inc213,153$3.4M0.0%+14,877
Vanguard Portfolio Management LLC201,730$3.2M0.0%+3,203

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Dec 17, 2021Nicholas V. Taylor, HouseExchange$15,001 - $50,000Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Ranger Energy Services, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARRanger Energy Services, Inc.1
  • CIK0001699039
  • Employer ID (EIN)81-54495726
  • Filer statusAccelerated filer not an emerging growth company; a smaller reporting company; not a shell company6
  • Incorporated inDelaware6
  • Fiscal year endsDecember 311
  • Industry code (SIC)1389 Oil & Gas Field Services, NEC1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address10375 Richmond Avenue, Suite 800, Houston, TX 770421
  • Phone(713) 935-89001
  • Shares outstanding23,550,288 Common Class A shares as of Feb 28, 20266
  • Public float$244.2M as of Jun 30, 20256
  • AuditorGrant Thornton LLP, Houston, Texas PCAOB ID 248; it also attests to the company’s internal control over financial reporting6
  • On EDGAR sinceMar 10, 20171
  • Filings555 in all: 4 (229), 8-K (83), 10-Q (28), 3 (27), SC 13G/A (25), SC 13D/A (17), CORRESP (12), 144 (11)1
    All 41 form types

    DEFA14A (10), SC 13G (10), 10-K (9), 8-K/A (9), DEF 14A (9), UPLOAD (9), S-1/A (6), SCHEDULE 13G (6), 4/A (5), SCHEDULE 13G/A (5), 424B3 (4), ARS (4), EFFECT (4), S-8 (4), SC 13D (4), 8-A12B (2), D (2), DRS/A (2), DRSLTR (2), S-1 (2), S-3 (2), SCHEDULE 13D/A (2), 3/A (1), 424B4 (1), 8-A12G (1), CERT (1), CERTNYS (1), CT ORDER (1), DEF 14C (1), DEFR14A (1), DRS (1), FWP (1), S-1MEF (1)

  • Latest filingsAnnual report (10-K) Mar 5, 2026
    Quarterly report (10-Q) Jul 28, 2026
    Proxy statement (DEF 14A) Apr 2, 2026
    Latest 8-K (8-K) Oct 9, 2026

Securities registered for trading

ClassSymbolExchange
Class A Common Stock, $0.01 par valueRNGRChicago Stock Exchange, Inc.

From the cover page of the 10-K filed Mar 5, 2026 (Section 12(b) of the Exchange Act).6

Risk factors and legal proceedings

The risks Ranger Energy Services, Inc. names in Item 1A of its 10-K filed Mar 5, 2026: 38 risks under these headings, as written.6

  • Risks Related to Our Operations
  • Our operations are subject to inherent risks, some of which are beyond our control. These risks may be self‑insured, or may not be fully covered under our insurance policies.
  • A substantial portion of our operations is concentrated in the Permian Basin, which exposes us to regional risks.
  • Industry, Economic Conditions and Competitive Risks
  • Our business depends on domestic capital spending by the oil and natural gas industry, and reductions in such capital spending could have a material adverse effect on our business, liquidity position, financial condition, results of operations and prospects.
  • The volatility of oil and natural gas prices may adversely affect the demand for our services and negatively impact our results of operations.
  • Fuel conservation measures could reduce demand for oil and natural gas which would in turn reduce the demand for our services.
  • We face intense competition that may cause us to lose market share and could negatively affect our ability to market our services and expand our operations.
  • Our customers may be forced to curtail or shut in production due to insufficient transportation and storage capacity.
  • Seasonal weather conditions, climate change, severe weather events and natural disasters could disrupt our operations.
  • Our business could be harmed by geographical and terrorist threats, armed conflicts or civil unrest.
  • Growth, Integration and Execution Risks
The other 29 risks
  • We may incur significant capital expenditures for new equipment as we grow our operations and may be required to incur further capital expenditures as a result of environmental initiatives, new regulatory requirements, and advancements in oilfield services technologies.
  • We may have difficulty managing growth in our business, which could adversely affect our financial condition and results of operations.
  • The growth of our business through potential future acquisitions or mergers may expose us to various risks, including those relating to difficulties in integrating businesses, assets and personnel, as well as difficulties in obtaining financing for targeted acquisitions and the potential for increased leverage or debt service requirements.
  • Customer Concentrations and Commercial Risks
  • Reliance upon a few large customers may adversely affect our revenue and operating results.
  • Workforce, Safety, and Operational Hazards
  • Increasing competition for workers, as well as labor shortages, could adversely affect our business.
  • Unsatisfactory safety performance may negatively affect our current and future customer relationships and, to the extent we fail to retain existing customers or attract new customers, adversely impact our revenue.
  • We may be subject to claims for personal injury and property damage, or for catastrophic events, which could materially and adversely affect our financial condition, results of operations and prospects.
  • Regulatory and Environmental Risks
  • We provide services to customers who operate on federal and tribal lands, which are subject to additional regulations.
  • Increases in the scope or pace of midstream infrastructure development, or decreased federal or state regulation of natural gas pipelines, could decrease demand for our services.
  • Delays or restrictions in obtaining permits by us for our operations or by our customers for their operations could impair our business.
  • Federal or state legislative and regulatory initiatives related to induced seismicity could result in operating restrictions or delays in the drilling and completion of oil and natural gas wells that may reduce demand for our services and could have a material adverse effect on our business, liquidity position, financial condition, results of operations and prospects.
  • Changes in transportation regulations may increase our costs and negatively impact our results of operations.
  • We are subject to environmental and occupational health and safety laws and regulations that may expose us to significant costs and liabilities.
  • Federal and state legislative and regulatory initiatives relating to hydraulic fracturing could result in increased costs and additional operating restrictions or delays as well as adversely affect demand for our support services.
  • Our operations, and those of our customers, are subject to a series of risks arising from climate change.
  • Increased attention to sustainability, environmental, social, and governance matters and conservation measures may adversely impact our or our customers’ business.
  • The Endangered Species Act and Migratory Bird Treaty Act and other restrictions intended to protect certain species of wildlife govern our and our customers’ operations and additional restrictions may be imposed in the future, which constraints could have an adverse impact on our ability to expand some of our existing operations or limit our customers’ ability to develop new oil and natural gas wells.
  • Anti‑indemnity provisions enacted by many states may restrict or prohibit a party’s indemnification of us.
  • Technology and Cybersecurity Risks
  • We may be subject to interruptions or failures in our information technology systems.
  • We are subject to cybersecurity risks. A cyber incident could occur and result in information theft, data corruption, operational disruption and/or financial loss.
  • Financial Leverage and Liquidity Risks
  • We have debt obligations, and any additional future indebtedness, could adversely affect our financial condition.
  • Our Wells Fargo Revolving Credit Facility subjects us to various financial and other restrictive covenants. These restrictions may limit our operational or financial flexibility and could subject us to potential defaults under our Wells Fargo Revolving Credit Facility.
  • Our Wells Fargo Revolving Credit Facility places certain restrictions on our ability to pay cash dividends on our Class A Common Stock. Consequently, in the future, if we no longer meet the Wells Fargo Revolving Credit Facility’s criteria to pay cash dividends on Class A Common Stock, the Company will be restricted in its ability to pay a dividend until compliance with the stated criteria is regained.
  • Continued increases in interest rates could adversely impact the price of our shares, our ability to issue equity or incur debt for acquisitions or other purposes.
  • Risks Related to Our Ownership and Capital Structure
  • Equity and Common Stock Risks
  • We may identify material weaknesses or otherwise fail to maintain an effective system of internal controls, which may result in material misstatements of our financial statements or cause us to fail to meet our periodic reporting obligations.
  • Future sales of our Class A Common Stock in the public market, or the perception that such sales may occur, could reduce our stock price, and any additional capital raised by us through the sale of equity or preferred stock or convertible securities may dilute your ownership in us.
  • There may be circumstances that adversely affect our ability to declare and pay dividends or repurchase shares of Class A Common Stock.
  • For as long as we are a smaller reporting company, we will not be required to comply with certain reporting requirements that apply to other public companies.
  • If securities or industry analysts do not publish research or reports about our business, if they adversely change their recommendations regarding our Class A Common Stock or if our operating results do not meet their expectations, our stock price could decline.

Legal proceedings

Our operations are subject to a variety of risks and disputes normally incident to our business. As a result, we may, at any given time, be a defendant in various legal proceedings and litigation arising in the ordinary course of business. We are not currently a party to any legal proceedings that, if determined adversely against us, individually or in the aggregate, would have a material adverse effect on our business, liquidity position, financial condition, results of operations or prospects. We are, however, named defendants in certain lawsuits, investigations and claims arising in the ordinary course of conducting our business, including employee‑related matters, and we expect that we will be named defendants in similar lawsuits, investigations and claims in the future. We maintain insurance policies with insurers in amounts and with coverage and deductibles that we, with the advice of our insurance advisers and brokers, believe are reasonable and prudent. We cannot, however, assure you that this insurance will be adequate to protect us from all material expenses related to potential future claims for personal injury and property damage or that these levels of insurance will be available in the future at economical prices. While the outcome of these lawsuits, investigations and claims cannot be predicted with certainty, we do not expect these matters to have a material adverse impact on our business, results of operations, cash flows or financial condition. Information regarding legal proceedings is presented in “Part II, Item 8. Financial Statements and Supplementary Data—Note 15 — Commitments and Contingencies.”

The opening of Item 3, Legal Proceedings.6

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