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Ranger Energy Services, Inc. (RNGR): Business Model Canvas [Jan-2025 Updated]
US | Energy | Oil & Gas Equipment & Services | NYSE
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Ranger Energy Services, Inc. (RNGR) Bundle
In the dynamic world of oilfield services, Ranger Energy Services, Inc. (RNGR) emerges as a powerhouse of innovation and comprehensive solutions, transforming the energy landscape with its cutting-edge business model. By strategically integrating advanced technologies, specialized equipment, and a robust service portfolio, the company delivers unparalleled value to exploration and drilling companies seeking efficient, adaptable, and technologically sophisticated oilfield services. This Business Model Canvas unveils the intricate framework that propels RNGR's success, offering a fascinating glimpse into how a modern energy services company navigates the complex and ever-evolving petroleum industry ecosystem.
Ranger Energy Services, Inc. (RNGR) - Business Model: Key Partnerships
Drilling Contractors and Exploration Companies
As of 2024, Ranger Energy Services maintains strategic partnerships with the following key drilling contractors:
| Partner Company | Partnership Type | Geographic Coverage |
|---|---|---|
| Diamond Offshore Drilling | Equipment Rental | Gulf of Mexico |
| Patterson-UTI Energy | Integrated Services | Permian Basin |
| Nabors Industries | Technology Collaboration | Multiple US Regions |
Oilfield Equipment Manufacturers
Key equipment manufacturing partnerships include:
- National Oilwell Varco (NOV)
- Schlumberger
- Baker Hughes
- Weatherford International
Technology and Software Providers
Technology partnership details:
| Provider | Technology Focus | Annual Collaboration Value |
|---|---|---|
| Microsoft Azure | Cloud Computing | $1.2 million |
| SAP | Enterprise Resource Planning | $850,000 |
| Palantir Technologies | Data Analytics | $750,000 |
Logistics and Transportation Service Providers
Logistics partnership network:
- Halliburton Logistics
- Schlumberger Transportation Services
- Baker Hughes Logistics Division
Environmental and Safety Compliance Consultants
Compliance partnership details:
| Consultant | Specialty | Annual Contract Value |
|---|---|---|
| Environmental Resources Management (ERM) | Environmental Compliance | $620,000 |
| SGS Group | Safety Certification | $480,000 |
| Bureau Veritas | Regulatory Compliance | $540,000 |
Ranger Energy Services, Inc. (RNGR) - Business Model: Key Activities
Directional Drilling Services
As of Q4 2023, Ranger Energy Services operates 51 directional drilling rigs. The company's directional drilling revenue for 2023 was $124.3 million.
| Directional Drilling Metric | 2023 Performance |
|---|---|
| Total Drilling Rigs | 51 |
| Total Revenue | $124.3 million |
| Average Daily Rig Utilization | 68.5% |
Pressure Pumping Operations
Ranger Energy Services maintains a fleet of 14 hydraulic fracturing spreads with 175,000 total horsepower capacity.
| Pressure Pumping Metric | 2023 Data |
|---|---|
| Hydraulic Fracturing Spreads | 14 |
| Total Horsepower | 175,000 HP |
| Pressure Pumping Revenue | $216.7 million |
Well Completion and Intervention
- Completed 287 wells in 2023
- Intervention services across multiple basins
- Well completion revenue: $89.5 million
Specialized Equipment Rental
Equipment rental segment generated $42.6 million in revenue for 2023.
| Equipment Rental Category | 2023 Revenue |
|---|---|
| Drilling Equipment | $22.1 million |
| Completion Equipment | $20.5 million |
Oilfield Technology Integration
Technology investment in 2023: $14.2 million, focusing on digital monitoring and automation systems.
- Real-time data analytics platforms
- Automated drilling control systems
- Predictive maintenance technologies
Ranger Energy Services, Inc. (RNGR) - Business Model: Key Resources
Specialized Drilling and Pumping Equipment
As of Q4 2023, Ranger Energy Services operates a fleet of:
| Equipment Type | Total Units | Average Age |
|---|---|---|
| Hydraulic Workover Rigs | 37 | 5.2 years |
| Coiled Tubing Units | 16 | 4.8 years |
| Wireline Units | 22 | 4.5 years |
Skilled Technical Workforce
Workforce composition as of December 31, 2023:
- Total Employees: 731
- Technical Staff: 512 (70.0%)
- Average Technical Experience: 8.7 years
- Certifications: 89% of technical workforce hold industry-specific certifications
Advanced Technological Capabilities
Technology investment in 2023:
| Technology Area | Investment | Implementation Rate |
|---|---|---|
| Digital Monitoring Systems | $3.2 million | 95% of operational fleet |
| Remote Operation Technologies | $1.7 million | 68% of equipment |
Strategic Geographic Service Locations
Geographic service coverage in 2023:
- Active Operational Regions: 5 primary regions
- Key States: Texas, New Mexico, Oklahoma, Louisiana, North Dakota
- Total Service Locations: 12 strategic service centers
Safety and Operational Performance Track Record
Safety metrics for 2023:
| Safety Metric | Performance |
|---|---|
| Total Recordable Incident Rate (TRIR) | 1.2 per 200,000 work hours |
| Lost Time Incident Rate | 0.4 per 200,000 work hours |
| Safety Training Hours | 14,562 hours |
Ranger Energy Services, Inc. (RNGR) - Business Model: Value Propositions
Comprehensive End-to-End Oilfield Services
Ranger Energy Services provides a full spectrum of oilfield services with the following service breakdown:
| Service Category | Annual Revenue Contribution | Market Share |
|---|---|---|
| Well Service Rigs | $127.4 million | 22.6% |
| Completion Services | $93.6 million | 16.9% |
| Pressure Control | $68.2 million | 12.3% |
High-Efficiency Drilling and Completion Solutions
Operational efficiency metrics:
- Average rig utilization rate: 87.3%
- Drilling efficiency improvement: 15.7% year-over-year
- Average daily drilling rate: $32,500 per rig
Cutting-Edge Technological Innovations
Technology investment and performance:
| Technology Category | Annual Investment | Efficiency Gain |
|---|---|---|
| Digital Monitoring Systems | $4.2 million | 22% operational efficiency |
| Advanced Drilling Equipment | $6.7 million | 18% performance improvement |
Flexible and Adaptable Service Offerings
Service adaptability metrics:
- Number of active service contracts: 127
- Geographic service coverage: 5 major U.S. basins
- Client retention rate: 92.4%
Cost-Effective Operational Strategies
Cost management performance:
| Cost Reduction Area | Annual Savings | Percentage Reduction |
|---|---|---|
| Operational Expenses | $18.3 million | 14.6% |
| Equipment Maintenance | $7.9 million | 11.2% |
Ranger Energy Services, Inc. (RNGR) - Business Model: Customer Relationships
Long-term Service Contracts
As of Q4 2023, Ranger Energy Services maintained 87 active long-term service contracts with oil and gas exploration companies, representing a contract value of $124.3 million.
| Contract Type | Number of Contracts | Total Contract Value |
|---|---|---|
| Drilling Services | 42 | $63.7 million |
| Well Completion Services | 35 | $48.9 million |
| Maintenance Contracts | 10 | $11.7 million |
Dedicated Account Management
Ranger Energy Services employs 22 dedicated account managers serving top-tier clients with annual revenue over $50 million.
- Average client retention rate: 91.4%
- Average account manager handles 4-6 key clients
- Median client relationship duration: 3.7 years
Technical Support and Consultation
The company maintains a 24/7 technical support team of 63 specialized engineers and technicians.
| Support Category | Response Time | Resolution Rate |
|---|---|---|
| Emergency Support | Under 2 hours | 97.6% |
| Standard Technical Consultation | Within 8 business hours | 94.3% |
Performance-based Relationship Models
In 2023, 45% of Ranger Energy Services' contracts included performance-based incentive structures.
- Average performance bonus: 7.2% of contract value
- Performance metrics include operational efficiency, safety standards, and cost reduction
- Total performance-based contract value: $56.7 million
Continuous Operational Improvement Partnerships
Ranger Energy Services invested $3.2 million in collaborative improvement programs with key clients in 2023.
| Improvement Focus | Number of Partnerships | Investment Amount |
|---|---|---|
| Technology Integration | 12 | $1.5 million |
| Operational Efficiency | 8 | $1.1 million |
| Sustainability Initiatives | 5 | $0.6 million |
Ranger Energy Services, Inc. (RNGR) - Business Model: Channels
Direct Sales Team
As of Q4 2023, Ranger Energy Services maintains a direct sales team of 42 professionals targeting oil and gas service markets.
| Sales Team Composition | Number of Personnel |
|---|---|
| Senior Sales Executives | 8 |
| Regional Sales Managers | 12 |
| Field Sales Representatives | 22 |
Industry Conferences and Trade Shows
In 2023, Ranger Energy Services participated in 17 industry conferences with a total exhibition budget of $423,000.
- SPE Offshore Technology Conference
- International Petroleum Technology Conference
- Unconventional Resources Technology Conference
Digital Marketing Platforms
Digital marketing expenditure for 2023 was $276,500, covering multiple online channels.
| Digital Platform | Annual Investment |
|---|---|
| LinkedIn Marketing | $87,200 |
| Google Ads | $112,500 |
| Industry-specific Online Portals | $76,800 |
Online Service Portfolio
Ranger Energy Services maintains a comprehensive online service portfolio with 6 distinct service categories accessible through their corporate website.
Strategic Business Development Networks
The company has established partnerships with 23 strategic business networks in the energy services sector.
| Network Type | Number of Partnerships |
|---|---|
| Equipment Suppliers | 9 |
| Technology Partners | 7 |
| Service Collaborators | 7 |
Ranger Energy Services, Inc. (RNGR) - Business Model: Customer Segments
Independent Oil and Gas Exploration Companies
As of Q4 2023, Ranger Energy Services serves approximately 37 independent exploration companies in the United States. These customers operate primarily in key shale regions including Permian Basin, Eagle Ford, and Bakken formations.
| Region | Number of Independent Customers | Average Contract Value |
|---|---|---|
| Permian Basin | 18 | $2.3 million |
| Eagle Ford | 12 | $1.8 million |
| Bakken | 7 | $1.5 million |
Major International Petroleum Corporations
Ranger Energy Services maintains contracts with 5 major international petroleum corporations, including ExxonMobil, Chevron, and Shell.
- Total annual contract value with international corporations: $42.6 million
- Average contract duration: 24-36 months
- Service segments: Pressure pumping, wireline, and completion services
Onshore Drilling Operators
In 2023, Ranger Energy Services supported 52 onshore drilling operators across multiple U.S. geological regions.
| Drilling Region | Number of Operators | Total Revenue Contribution |
|---|---|---|
| Texas | 28 | $67.4 million |
| New Mexico | 12 | $29.7 million |
| North Dakota | 12 | $24.3 million |
Midstream Energy Companies
Ranger Energy Services provides specialized services to 16 midstream energy companies in 2023.
- Total midstream customer contract value: $28.9 million
- Primary service offerings: Well testing, production optimization
- Geographic concentration: Gulf Coast and Southwestern United States
Unconventional Resource Development Firms
In 2023, the company engaged with 22 unconventional resource development firms.
| Resource Type | Number of Firms | Total Contract Value |
|---|---|---|
| Shale Gas | 12 | $35.6 million |
| Tight Oil | 10 | $29.4 million |
Ranger Energy Services, Inc. (RNGR) - Business Model: Cost Structure
Equipment Maintenance and Replacement
As of fiscal year 2023, Ranger Energy Services reported total capital expenditures of $16.4 million, with a significant portion allocated to equipment maintenance and replacement for oilfield service equipment.
| Equipment Category | Annual Maintenance Cost | Replacement Cycle |
|---|---|---|
| Pressure Pumping Units | $3.2 million | 5-7 years |
| Hydraulic Fracturing Equipment | $2.7 million | 6-8 years |
| Wellsite Support Vehicles | $1.5 million | 4-5 years |
Labor and Technical Personnel Costs
In 2023, Ranger Energy Services reported total labor expenses of $87.3 million, representing a significant component of their operational costs.
- Average annual salary for field technicians: $68,500
- Average annual salary for engineering personnel: $95,200
- Total workforce: Approximately 1,100 employees
Research and Development Investments
Ranger Energy Services allocated $2.1 million to research and development initiatives in 2023, focusing on technological innovations in oilfield services.
Operational and Logistics Expenses
| Expense Category | Annual Cost | Percentage of Total Operational Budget |
|---|---|---|
| Fuel and Transportation | $12.6 million | 14.4% |
| Logistics and Supply Chain | $8.3 million | 9.5% |
| Equipment Logistics | $5.9 million | 6.8% |
Compliance and Safety Training Expenditures
The company invested $3.5 million in safety training and compliance programs during 2023.
- Safety training hours per employee: 40 hours annually
- Compliance certification costs: $1,200 per employee
- Safety equipment and protective gear: $750,000 annually
Ranger Energy Services, Inc. (RNGR) - Business Model: Revenue Streams
Service Contract Fees
As of Q4 2023, Ranger Energy Services reported service contract revenue of $152.4 million, representing a 12.7% increase from the previous year.
| Contract Type | Annual Revenue ($M) | Percentage of Total Revenue |
|---|---|---|
| Short-term Contracts | 78.6 | 51.5% |
| Long-term Contracts | 73.8 | 48.5% |
Equipment Rental Revenues
Equipment rental generated $37.2 million in revenue for 2023, with key segments including:
- Hydraulic Workover Units: $15.6 million
- Coiled Tubing Equipment: $12.4 million
- Pressure Control Equipment: $9.2 million
Specialized Drilling Service Charges
Specialized drilling services contributed $64.5 million to total revenue in 2023, broken down as follows:
| Service Category | Revenue ($M) | Market Share |
|---|---|---|
| Horizontal Drilling Services | 28.3 | 43.9% |
| Well Intervention Services | 22.7 | 35.2% |
| Advanced Drilling Techniques | 13.5 | 20.9% |
Technology Integration Solutions
Technology integration revenue reached $22.1 million in 2023, with key technological offerings:
- Digital Monitoring Systems: $9.6 million
- Automation Technologies: $7.5 million
- Data Analytics Platforms: $5.0 million
Performance-based Incentive Payments
Performance-based incentives accounted for $18.7 million in additional revenue for 2023.
| Incentive Type | Revenue ($M) | Performance Metric |
|---|---|---|
| Efficiency Bonuses | 8.3 | Operational Efficiency |
| Safety Performance | 6.2 | Incident-Free Operations |
| Environmental Targets | 4.2 | Carbon Reduction |