The following is a summary of the Ranger Energy Services, Inc. (RNGR) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Ranger Energy Services reported a 5% increase in 2023 annual revenue to $636.6 million, despite a 20% decline in drilling rig count.

• The company's net income increased to $23.8 million or $0.95 per fully diluted share, from $15.1 million or $0.65 per share in the previous year.

• Adjusted EBITDA for the year increased by 6% to $84.4 million with free cash flow representing 64% of adjusted EBITDA at $54.3 million.

• The company achieved the status of a debt-free organization by the end of 2023 with liquidity over $85 million.

Business Progress:

• Ranger returned 40% of free cash flow to shareholders through the company's first dividends and repurchasing around 1.8 million shares.

• Despite facing challenges due to falling oil prices and slowdown in Q1 2024, the company maintains a positive outlook for growth and shareholder returns.

• The company successfully closed a strategic acquisition of pump down assets and support equipment to enhance operations.

• As part of its long-term strategy, Ranger is focusing on market challenges, potential acquisitions, and commitment to shareholder returns.

• The company released its first sustainability report, showcasing its commitment to responsible operations and environmental, social and governance initiatives.

More details: Ranger Energy Services IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.