Revenue and EBITDA Growth
Ranger Energy reported $140.6 million in revenue, a 4% increase quarter-over-quarter and a 2% increase year-over-year. Adjusted EBITDA for the quarter was $20.6 million, up 33% sequentially from the first quarter.
Launch of ECHO Rig
Ranger announced the launch of the ECHO rig, the industry's first hybrid double electric workover rig, with significant environmental and operational benefits. Two ECHO rigs are contracted with major U.S. operators, expected to be delivered and tested by the end of Q3.
Wireline Segment Turnaround
Wireline achieved positive adjusted EBITDA of $1.6 million on $22.1 million of revenue, marking a significant sequential improvement and expected continued recovery in Q3.
Strong Balance Sheet and Share Repurchase
Ranger maintained a strong balance sheet with $48.9 million in cash and $120.1 million in total liquidity. The company repurchased 278,100 shares for $3.3 million and paid a quarterly dividend.