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Ranger Energy Services' (RNGR) CEO Darron Anderson on Q1 2020 Results - Earnings Call Transcript

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Ranger Energy Services, Inc. (NYSE:RNGR) Q1 2020 Earnings Conference Call May 1, 2020 10:00 AM ET

Company Participants

Darron Anderson – Chief Executive Officer

Brandon Blossman – Chief Financial Officer

Conference Call Participants

Dylan Glosser – Simmons Energy

Tom Curran – B.Riley FBR


Good day, and welcome to the Ranger Energy First Quarter 2020 Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note that this event is being recorded.

I would now like to turn the conference over to Darron Anderson, Chief Executive Officer. Please go ahead, sir.

Darron Anderson

Thank you, operator. Good morning, and welcome to Ranger Energy Services first quarter 2020 earnings conference call. Joining me today is Brandon Blossman, our CFO, who will offer his comments in a moment. Well, a lot has changed since we last spoke. But before we focus on the changes, I'll briefly discuss what has remained constant across Q1.

Record rig revenue per hour and record wireline stage count again led to consistent revenue and EBITDA performance, both approximately flat to 4Q 2019 results. Strong cash flow from operations were directed toward modest growth CapEx items, debt reduction and stock buybacks, which Brandon will cover in detail momentarily. I think our results speak for themselves, and frankly, we were off to start the track on top of our 2020 plan.

Now let's move to the market changes and our new path forward for 2020. While we are experiencing some relative outperformance versus peers, on an absolute basis, the reduction activity over the last several weeks has been extraordinary. The activity reductions have only been dramatic in scale but also swift in timing. While this downturn has outpaced all previous market declines, our management team has weathered previous storms, and

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