Ranger Energy Services, Inc.
−Removed: (the “Company,” “Ranger,” “we,” “us” or “our”) is a provider of onshore high specification (“high-spec”) well service rigs, wireline services, and additional processing solutions and ancillary services in the United States.
−Removed: We provide an extensive range of well site services to leading United States (“U.S.”) exploration and production (“E&P”) companies that are fundamental to establishing and enhancing the flow of oil and natural gas throughout the productive life of a well.
−Removed: Our focus has been positioning ourselves to serve a high-quality customer base by leveraging our young fleet, improving systems and streamlining processes, making Ranger an operator of choice for U.S.
−Removed: E&P companies that require completion and production services.
−Removed: Our service offerings consist of well completion support, workover, well maintenance, wireline, fluid management, and other complementary services, as well as well installation, commissioning and operating of modular equipment, which are conducted in three reportable segments, as follows:
+Added: (“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.”).
+Added: The Company provides an extensive range of well site services to leading U.S.
+Added: E&P companies that are fundamental to establishing and maintaining the flow of oil and natural gas throughout the productive life of a well.
+Added: Our service offerings consist of well completion support, well workover and maintenance, wireline associated services, and other complementary services, as well as installation, commissioning and operating of modular equipment, which are conducted in three reportable segments, as follows:
• High Specification Rigs .
−Removed: Provides high-spec well service rigs and complementary equipment and services to facilitate operations throughout the lifecycle of a well.
+Added: Provides high specification well service rigs and complementary equipment and services to facilitate operations throughout the lifecycle of a well.
• Wireline Services .
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Provides other services often utilized in conjunction with our High Specification Rigs and Wireline Services segments.
−Removed: These services include equipment rentals, snubbing and coil tubing, plug and abandonment, logistics hauling, and processing solutions.
+Added: These services include equipment rentals, plug and abandonment, logistics, snubbing and coil tubing, and processing solutions.
The Company’s operations take place in most of the active oil and natural gas basins in the U.S., including the Permian Basin, Denver-Julesburg Basin, Bakken Shale, Eagle Ford Shale, Haynesville Shale, Gulf Coast, South Central Oklahoma Oil Province and Sooner Trend, Anadarko Basin, and Canadian and Kingfisher Counties plays.
For further information related to our services and financial results of our operating segments, see “Part I, Item 1.
−Removed: Business—Our Segments,” “Part II, Item 7.
−Removed: Management Discussion and Analysis—Operating Results,” and “Part II, Item 8.
−Removed: Financial Statements and Supplementary Data—Note 17 — Segment Reporting.”
+Added: Business—Our Segments” and “Part II, Item 7.
+Added: Management Discussion and Analysis—Operating Results.”
was incorporated as a Delaware corporation in February 2017.
−Removed: In conjunction with the initial public offering of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), which closed on August 16, 2017 (the “Offering”), and the corporate reorganization we underwent in connection with the Offering, we became a holding company, the sole material assets of which consist of membership interests in RNGR Energy Services, LLC (“Ranger LLC”).
+Added: In conjunction with the initial public offering of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), which closed on August 16, 2017 (the “Offering”), and the corporate reorganization Ranger Inc.
+Added: underwent in connection with the Offering, Ranger Inc.
+Added: became a holding company, and its sole material assets consist of membership interests in RNGR Energy Services, LLC, a Delaware limited liability company (“Ranger LLC”).
Ranger LLC owns all of the outstanding equity interests in Ranger Energy Services, LLC (“Ranger Services”) and Torrent Energy Services, LLC (“Torrent Services”), and the other subsidiaries through which it operates its assets.
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The following provides additional detail on our reportable segments and the business lines within each segment.
−Removed: As a result of three business combinations, coupled with executive management changes, the Company re-evaluated the reportable segments accordingly.
−Removed: During the fourth quarter of 2021, the Company bifurcated the legacy Completion and Other Services segment into Wireline Services and Ancillary Services, where the historical Processing Solutions segment has been consolidated into the Ancillary Services segment.
−Removed: Prior periods have been revised to conform to the current presentation.
High Specification Rigs
−Removed: Our High Specification Rig segment provides high-spec well and complementary equipment and services to facilitate operations throughout the lifecycle of a well.
+Added: Our High Specification Rig segment provides high specification well and complementary equipment and services to facilitate operations throughout the lifecycle of a well.
We provide services to E&P companies, particularly to those operating in unconventional oil and natural gas reservoirs and requiring technically and operationally advanced services.
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horizontal well demands.
−Removed: Specifically, our high-spec rig services consist of the following:
+Added: Specifically, our high specification rig services consist of the following:
• Well completion support .
−Removed: Our well completion support services are utilized subsequent to hydraulic fracturing operations but prior to placing a well into production, and primarily include unconventional well completion operations, including milling out composite plugs, frac sand or other downhole debris or obstructions that were
−Removed: introduced in the well as part of the completion process and installing production tubing and other permanent downhole equipment necessary to facilitate production.
+Added: Our well completion support services are utilized subsequent to hydraulic fracturing operations but prior to placing a well into production, and primarily include unconventional well completion operations, including milling out composite plugs, frac sand or other downhole debris or obstructions that were introduced in the well as part of the completion process and installing production tubing and other permanent downhole equipment necessary to facilitate production.
• Workovers .
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Workover operations include major subsurface repairs such as the repair or replacement of well casing, recovery or replacement of tubing and removal of foreign objects from the wellbore.
−Removed: All of our high‑spec well service rigs are designed to perform complex workover operations.
+Added: All of our high specification well service rigs are designed to perform complex workover operations.
• Well maintenance .
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The ability of our well service rigs to accommodate the needs of our E&P customers in a variety of economic conditions has historically allowed us to maintain relatively high rig utilization.
−Removed: We currently have a fleet of 428 well service rigs, which we believe to be among the newest and most advanced in the industry and are considered to be high-spec rigs, with high operating horsepower (“HP”) (450 HP or greater) and tall mast heights (102 feet or higher).
+Added: We currently have a fleet of 402 well service rigs, which we believe to be among the newest and most advanced in the industry and are considered to be high specification rigs, with higher operating horsepower (“HP”) (450 HP or greater) and taller mast heights (102 feet or higher) than traditional well servicing rigs.
HP Rating (1)
Mast Height Mast Rating (2)
−Removed: Number of High-Spec Rigs
+Added: Number of High Specification Rigs
550 — 600 112’ — 117’ 250,000 — 300,000’ 94
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450 — 475 102’ — 104’ 200,000 — 250,000’ 74
−Removed: Total High-Spec Rigs 428
+Added: Total High Specification Rigs 402
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(1) Per manufacturer or historical records obtained through acquisitions.
−Removed: (2) The mast ratings of our high-spec well service rigs complement their high operating HP and tall mast heights by allowing such rigs to safely support the higher weights associated with the long tubing strings used in long-lateral well completion operations and is measured in pounds.
+Added: (2) The mast ratings of our high specification well service rigs complement their high operating HP and tall mast heights by allowing such rigs to safely support the higher weights associated with the long tubing strings used in long-lateral well completion operations and is measured in pounds.
Wireline Services
Our Wireline Services segment provides wireline completion and production services necessary to bring a well on production.
−Removed: Our wireline services involve the use of wireline trucks equipped with a spool of cable that is unwound and lowered into oil and natural gas wells to convey specialized tools or equipment primarily for well completion, but also for well intervention, pipe recovery, and plugging and abandonment purposes.
+Added: Our wireline services involve the use of wireline trucks equipped with a spool of cable that is unwound and lowered into oil and natural gas wells to convey specialized tools or equipment for well completion, intervention, pipe recovery, and plugging and abandonment purposes.
Our wireline services consist of the following:
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These perforations are necessary to allow for hydraulic fracturing and producing from a hydrocarbon formation.
−Removed: In horizontal wellbores, the perforating guns are lowered into the vertical portion of the well and are then pumped out to the end of the
−Removed: horizontal wellbore.
+Added: In horizontal wellbores, the perforating guns are lowered into the vertical portion of the well and are then pumped out to the end of the horizontal wellbore.
Then the perforating guns are detonated to perforate the casing and they are retrieved out of the well.
This operation is typically repeated fifty to one hundred times to fully perforate, fracture and complete a one- or two-mile-long horizontal wellbore.
−Removed: Ranger uses innovative technologies to enable cleaner, safer, faster, and environmentally friendly operations.
Our pumping services can be used during completion or intervention operations as a standalone service or in a comprehensive completion pump down perforating solution.
Combining Ranger’s wireline perforating and pump down services maximizes operational efficiency through integrated safety, quality and communications systems.
−Removed: Our pumping services can be used during intervention operations for pressure testing casing, tubing and plugs, for injecting and pumping acid into the reservoir to stimulate production.
−Removed: Our pumping services can also be used in conjunction with our high-spec rigs or coiled tubing units to circulate composite frac plug cuttings, frac sand, and other debris out of the wellbore during completion operations.
+Added: Our pumping services can be used during intervention operations for pressure testing casing, tubing and plugs, or for injecting and pumping acid into the reservoir to stimulate production.
+Added: Our pumping services can also be used in conjunction with our high specification rigs or coiled tubing units to circulate composite frac plug cuttings, frac sand, and other debris out of the wellbore during completion operations.
Ranger provides a range of high-pressure mobile pumps including ones that meet tier four emissions standards.
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Processing Solutions and Ancillary Services
−Removed: Our processing solutions and ancillary services, which are described below, are utilized in conjunction with our High Spec Rigs and Wireline Services to establish and enhance the productive life of a well.
+Added: Our processing solutions and ancillary services, which are described below, can be utilized exclusively or in conjunction with our High Specification Rigs and Wireline Services to establish and enhance the productive life of a well.
Specifically, in connection with the operations of our high‑spec well service rigs, we also maintain a supply of additional service and rental equipment, including accumulators, acid and frac tanks, motor vehicles, trailers, tractors, catwalks, cementing units, pipe racks, power swivels, ram block assemblies, fluid pumps and related items.
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Our well service‑related equipment rentals consist of a diverse fleet of rental items, including fluid pumps (various horsepower pumping equipment utilized to circulate fluid in and out of wellbores), power swivels (hydraulic motor‑driven, pipe‑rotating machines used to deliver shock‑free torque to the workstring or tubing during well service rig operations), well control packages (equipment used to ensure formation pressure is maintained within the wellbore during well service rig operations), hydraulic catwalks (mechanized lifting devices used to raise and lower drill pipe and tubing to and from the well service rig work floor), frac tanks, pipe racks and pipe handling tools.
−Removed: Our well service‑related equipment rentals are typically used in conjunction with the services provided by our high-spec well services.
+Added: Our well service‑related equipment rentals are typically used in conjunction with the services provided by our high specification well services.
• Coil Tubing .
−Removed: Our coiled tubing services utilize coiled tubing units to perform well intervention and other production services on a well by injecting small diameter steel pipe, unwound from a reel, into an existing production string.
+Added: Our coiled tubing services utilize coiled tubing units to perform well intervention and other production and completion services on a well by injecting small diameter steel pipe, unwound from a reel, into an existing production string.
Our coiled tubing services provide operators with a cost-effective way to workover, drill, or convey tools in live, producing wells and other extended reach, high angle wellbores.
• Decommissioning.
−Removed: Our decommissioning services primarily include plugging and abandonment, in which our well service rigs and wireline and cementing equipment are used to prepare non‑economic oil and natural gas wells to be permanently sealed or temporarily shut in.
−Removed: Decommissioning work is typically less sensitive to oil and natural gas prices than our other well service rig operations as a result of decommissioning obligations imposed by state regulations.
+Added: Our decommissioning services primarily include plugging and abandonment, in which our well service rigs, wireline and cementing equipment are used to prepare oil and natural gas wells to be permanently sealed or temporarily shut in.
+Added: Decommissioning work is typically less sensitive to oil and natural gas prices than our service lines as a result of decommissioning obligations imposed by state regulations.
• Snubbing Services .
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Our snubbing services enable operators to safely run or remove pipe and other associated downhole tools into pressurized or highly deviated wellbores.
−Removed: • Fluid Management Services .
−Removed: Our fluid management services utilize transport trucks, pumps and other tools and equipment to control and separate completion fluids and to haul oilfield fluids used in production.
−Removed: These services consist of the hauling of oilfield fluids, including drilling mud, fresh water and saltwater used or produced in well drilling, completion and production.
−Removed: Additionally, we rent tanks to store such fluids at the wellsite.
• Processing Solutions .
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For further information regarding the results of operations for each segment, please see “Part II, Item 7.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations” and “Part II, Item 8.
−Removed: Financial Statements and Supplementary Data — Note 17 — Segment Reporting.”
+Added: Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations.”
We provide services in various geographic regions across the United States, which are highly competitive.
Our competitors include many large and small oilfield service providers.
−Removed: Our largest competitors in the current market include RCP, Inc., ProPetro Holding Corp., Select Energy Services, Inc., Oil States International, Inc., KLX Energy Services Holdings, Inc., Dril-Quip, Inc., Mammoth Energy Services, Inc.
−Removed: and Solaris Oilfield Infrastructure, Inc.
−Removed: In addition, our industry is highly fragmented and we compete regionally with a significant number of smaller service providers.
+Added: Our largest competitors in the current market include RPC, Inc., ProPetro Holding Corp., Select Water Solutions, Inc., Oil States International, Inc., KLX Energy Services Holdings, Inc., Dril-Quip, Inc., Mammoth Energy Services, Inc., Solaris Oilfield Infrastructure, Inc., and NINE Energy Service, Inc.
+Added: In addition, our industry is highly fragmented and we compete regionally with a significant number of smaller service providers that are not publicly traded.
We believe that the principal competitive factors in the markets we serve are technical expertise, equipment capacity, work force competency, efficiency, safety record, reputation, experience and price.
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Additionally, some of the areas in which we have operations, including the Denver-Julesburg Basin and the Bakken Shale, are adversely affected by seasonal weather conditions, primarily during the winter months.
−Removed: During periods of heavy snow, ice, wind or rain, we may be unable to move our equipment between locations, thereby reducing our ability to provide services and generate revenue, or we could suffer weather-related damage to our facilities and equipment resulting in delays in operations.
+Added: During periods of heavy snow, ice, wind or rain, we may be unable to operate or move our equipment between locations, thereby reducing our ability to provide services and generate revenue, or we could suffer weather-related damage to our facilities and equipment resulting in delays in operations.
Sales and Marketing
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Significant Customers
+Added: During the year ended December 31, 2023, two customers accounted for approximately 10% each of our consolidated revenue.
During the year ended December 31, 2022, one customer accounted for approximately 10% of our consolidated revenue.
−Removed: During the year ended December 31, 2021, two customers accounted for approximately 25% of our consolidated revenue.
For the years ended December 31, 2023 and 2022, our top five revenue-generating customers represented approximately 43% and 36% of our consolidated revenue, respectively.
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We have a diverse portfolio of customers which included approximately 190 distinct customers that we served during 2023.
−Removed: Our internal supply chain team manages sourcing and logistics to ensure flexibility and continuity of supply in a cost- effective manner across all areas of our operations.
+Added: Our internal supply chain personnel manage sourcing and logistics to ensure flexibility and continuity of supply in a cost- effective manner across all areas of our operations.
We have built long‑term relationships with multiple industry leading suppliers of materials and equipment.
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The RCRA, and comparable state statutes, regulate the generation, treatment, storage, transportation, disposal and clean-up of hazardous and non-hazardous wastes.
−Removed: Pursuant to rules issued by the EPA, individual states can have delegated authority to administer some or all of the provisions of RCRA, sometimes in conjunction with their own, more stringent requirements.
+Added: Pursuant to rules issued by the EPA, individual states can have delegated
+Added: authority to administer some or all of the provisions of RCRA, sometimes in conjunction with their own, more stringent requirements.
In the course of our operations, we generate industrial wastes, such as paint wastes, waste solvents and oils that are regulated as hazardous materials.
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The OPA applies to vessels, offshore facilities and onshore facilities, including exploration and production facilities that may affect waters of the United States.
−Removed: Under the OPA, responsible parties including owners and operators of onshore facilities
−Removed: may be held strictly liable for oil cleanup costs and natural resource damages as well as a variety of public and private damages that may result from oil spills.
+Added: Under the OPA, responsible parties including owners and operators of onshore facilities may be held strictly liable for oil cleanup costs and natural resource damages as well as a variety of public and private damages that may result from oil spills.
The OPA also requires owners or operators of certain onshore facilities to prepare facility response plans (“FRP”) for responding to a worst-case discharge of oil into waters of the United States.
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While these permits are issued pursuant to existing laws and regulations, these legal requirements are subject to change based on concerns of the public or governmental authorities regarding such disposal activities.
−Removed: One such concern relates to recent seismic events near underground disposal wells used for the disposal by injection of flowback and produced water or certain other oilfield fluids resulting from oil and natural gas activities.
+Added: One such concern relates to seismic events near underground disposal wells used for the disposal by injection of flowback and produced water or certain other oilfield fluids resulting from oil and natural gas activities.
When caused by human activity, such events are called induced seismicity.
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States may, from time to time, develop and implement plans directing certain wells where seismic incidents have occurred to restrict or suspend disposal well operations.
−Removed: In addition, ongoing lawsuits allege that disposal well operations have caused damage to neighboring properties or otherwise violated state and federal rules regulating waste disposal.
−Removed: These developments could result in additional regulation and restrictions on the use of injection wells by our customers to dispose of flowback and produced water and certain other oilfield fluids.
+Added: In addition, a number of lawsuits have alleged that disposal well operations have caused damage to neighboring properties or otherwise violated state and federal rules regulating waste disposal.
+Added: These developments could result in additional regulation and restrictions on the use of injection wells by our customers to dispose of flowback and
+Added: produced water and certain other oilfield fluids.
Increased regulation and attention given to induced seismicity also could lead to greater opposition to, and litigation concerning, oil and natural gas activities utilizing injection wells for waste disposal.
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Compliance with these or other new regulations could, among other things, require installation of new emission controls on some of our equipment, result in longer permitting timelines and significantly increase our capital expenditures and operating costs, which could adversely impact our business.
−Removed: For example, in June 2016, the EPA published additional final rules establishing new emissions standards for methane and additional standards for Volatile Organic Compounds from certain new, modified and reconstructed equipment and processes in the oil and natural gas source category, including production, processing, transmission and storage activities.
−Removed: In September 2020, the EPA finalized amendments which removed the transmission and storage segment from the oil and natural gas source category and rescinded the methane-specific requirements for production and processing facilities.
−Removed: Subsequently, the U.S.
−Removed: Congress approved, and President Biden signed into law, a resolution under the Congressional Review Act to repeal the September 2020 revisions to the methane standards, effectively reinstating the prior standards.
−Removed: Additionally, in November 2021, EPA issued a proposed rule that, if finalized, would establish (a) new source and (b) first-time existing source standards of performance for methane and volatile organic compound emissions for oil and gas facilities.
−Removed: Operators of affected facilities will have to comply with specific standards of performance to include leak detection using optical gas imaging and subsequent repair requirement, and reduction of emissions by 95% through capture and control systems.
−Removed: The EPA plans to issue a supplemental proposal in 2022 containing additional requirements not included in the November 2021 proposed rule and anticipates the issuance of a final rule by the end of the year.
−Removed: In addition, some of our customers may operate on federal or tribal lands, and are subject to further regulation, including by tribal authorities and the federal Bureau of Land Management (“BLM”).
−Removed: Potentially applicable regulations include the EPA’s June 2016 Federal Implementation Plan (“FIP”) to implement the Federal Minor New Source Review Program on tribal lands for oil and gas production.
−Removed: The FIP creates a permit-by-rule process for minor sources that also incorporates emission limits and other requirements under various federal air quality standards, applying them to a range of equipment and processes used in oil and
−Removed: gas production.
−Removed: In April 2018, the EPA proposed revisions to reportedly streamline the FIP.
−Removed: Neither the FIP nor the revisions apply in areas of ozone nonattainment, except, as the result of a May 2019 rule, to the Indian country portion of the Uinta Basin Ozone Nonattainment Area.
−Removed: As a result, the EPA may impose area-specific regulations in certain areas identified as tribal lands that may require additional emissions controls on existing equipment.
−Removed: Such requirements will likely result in increased operating and compliance costs for our customers in these regions.
−Removed: In November 2016, the BLM finalized a rule regulating the venting and flaring of natural gas, leak detection, air emissions from equipment, well maintenance and unloading, drilling and completions and royalties potentially owed for loss of such emissions from oil and natural gas facilities producing on federal and tribal leases.
−Removed: In September 2018, the BLM issued a final rule rescinding the agency’s 2016 methane rule.
−Removed: However, in July 2020 and October 2020, federal district courts in California and Wyoming, respectively, vacated these rules, and litigation is ongoing.
−Removed: President Biden has also published an executive order calling for the review and potential revision of the September 2018 rule.
−Removed: Because of the foregoing, methane requirements on federal land remain uncertain at this time.
−Removed: Compliance with this and other air pollution control and permitting requirements has the potential to delay the development of oil and natural gas projects and increase costs for us and our customers.
−Removed: Moreover, our business could be materially affected if these or other similar requirements increase the cost of doing business for us and our customers, or reduce the demand for the oil and natural gas our customers produce, and thus have an adverse effect on the demand for our services.
+Added: Moreover, compliance with air pollution control and permitting requirements has the potential to delay the development of oil and natural gas projects and increase costs for us and our customers.
+Added: Our business could be materially affected if these or other similar requirements increase the cost of doing business for us and our customers, or reduce the demand for the oil and natural gas our customers produce, and thus have an adverse effect on the demand for our services.
Climate Change
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In the United States, no comprehensive climate change legislation has been implemented at the federal level.
−Removed: However, President Biden has highlighted addressing climate change as a priority of his administration, which includes certain initiatives for climate change legislation to be proposed and passed into law.
+Added: However, there are a number of proposed federal initiatives for climate change legislation that may be passed into law.
Moreover, following the U.S.
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Department of Transportation (“DOT”), implement GHG emissions limits on vehicles manufactured for operation in the United States.
−Removed: The federal regulation of methane emissions from oil and gas facilities has been subject to substantially controversy in recent years;
−Removed: for more information, please see our regulatory disclosure titled “Air Emissions.” Additionally, various states and groups of states have adopted or are considering adopting legislation, regulations or other regulatory initiatives that are focused on such areas as GHG cap and trade programs, carbon taxes, reporting and tracking programs, and restriction of emissions.
−Removed: At the international level, the United Nations-sponsored Paris Agreement requires member states to submit non-binding individually-determined reduction goals every five years after 2020.
−Removed: Following President Biden’s executive order in January 2021, the United States rejoined the Paris Agreement and, in April 2021, established a goal of reducing economy-wide net GHG emissions 50-52% below 2005 levels by 2030.
−Removed: Additionally, at the 26th Conference of the Parties (“COP26”) in Glasgow in November 2021, the United States and the European Union jointly announced the launch of a Global Methane Pledge;
−Removed: an initiative committing to a collective goal of reducing global methane emissions by at least 30 percent from 2020 levels by 2030, including “all feasible reductions” in the energy sector.
−Removed: However, the impacts of these actions remain unclear at this time.
−Removed: Governmental, scientific and public concern over the threat of climate change arising from GHG emissions has resulted in increasing political risks in the United States, including climate change related pledges made by certain candidates for political office.
−Removed: These have included promises to pursue actions to limit emissions and curtail the production of oil and gas on federal land.
−Removed: For more information, see our regulatory disclosure titled “Hydraulic Fracturing.” Other actions that could be pursued by the Biden Administration may include the imposition of more restrictive requirements for the establishment of pipeline infrastructure or the permitting of LNG export facilities, as well as more restrictive GHG emission limitations for oil and gas facilities.
+Added: Additionally, various states and groups of states have adopted or are considering adopting legislation, regulations or other regulatory initiatives that are focused on such areas as GHG cap and trade programs, carbon taxes, reporting and tracking programs, and restriction of emissions.
+Added: International developments focused on restricting GHG emissions include the United Nations Framework Convention on Climate Change, which includes implementation of the Paris Agreement and the Kyoto Protocol by the signatories.
+Added: Caps or fees on carbon emissions, including in the U.S., have been and may continue to be established and the cost of such caps or fees could disproportionately affect the fossil-fuel sectors.
+Added: The implementation of these agreements and other existing or future regulatory mandates, may adversely affect the demand for our products and services, require us or our customers to reduce GHG emissions or impose taxes on us or our customers, all of which could have a material adverse effect on our operations and results.
Litigation risks are also increasing, as a number of parties have sought to bring suit against certain oil and natural gas companies in state or federal court, alleging, among other things, that such companies created public nuisances by producing fuels that contributed to climate change or alleging that companies have been aware of the adverse effects of climate change for some time but defrauded their investors or customers by failing to adequately disclose those impacts.
−Removed: There are also increasing financial risks for companies in the fossil fuel sector as shareholders currently invested in fossil fuel energy companies concerned about the potential effects of climate change may elect in the future to shift some or all of their investments into non-fossil fuel related sectors.
+Added: There are also increasing financial risks for companies in the fossil fuel sector as stockholders currently invested in fossil fuel energy companies concerned about the potential effects of climate change may elect in the future to shift some or all of their investments into non-fossil fuel related sectors.
Institutional lenders who provide financing to fossil fuel energy companies also have become more attentive to sustainable lending practices and some of them may elect not to provide funding for fossil fuel energy companies.
−Removed: For example, at COP26, the Glasgow Financial Alliance for Net Zero (“GFANZ”) announced that commitments from over 450 firms across 45 countries had resulted in over $130 trillion in capital committed to net zero goals.
−Removed: The various suballiances of GFANZ generally require participants to set short-term, sector-specific targets to transition their financing, investing, and/or underwriting activities to net zero emissions by 2050.
There is also a risk that financial institutions will be required to adopt policies that have the effect of reducing the funding provided to the fossil fuel sector.
−Removed: In late 2020, the Federal Reserve announced that it has joined the Network for Greening the Financial System, a consortium of financial regulators focused on addressing climate-related risks in the financial sector.
−Removed: Subsequently, the Federal Reserve has issued a statement in support of the efforts of the NGFS to identify key issues and potential solutions for the climate-related challenges most relevant to central banks and supervisory authorities.
Limitation of investments in and financings for fossil fuel energy companies could result in the restriction, delay or cancellation of drilling programs or development or production activities.
−Removed: Additionally, the Securities and Exchange Commission recently proposed new rules relating to the disclosure of a range of climate-related risks.
−Removed: We are currently assessing this rule but at this time we cannot predict the costs of implementation or any potential adverse impacts resulting from the rule.
−Removed: To the extent this rule is finalized as proposed, we could incur increased costs related to the assessment and disclosure of climate-related risks.
+Added: Additionally, the Securities and Exchange Commission (the “SEC”) has proposed new rules relating to the disclosure of a range of climate-related risks.
+Added: We are currently assessing this proposed rule but at this time we cannot predict the costs of implementation or any potential adverse impacts resulting from the proposed rule.
+Added: To the extent this rule is finalized, we could incur increased costs related to the assessment and disclosure of climate-related risks.
In addition, enhanced climate disclosure requirements could accelerate the trend of certain stakeholders and lenders restricting or seeking more stringent conditions with respect to their investments in certain carbon intensive sectors.
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Hydraulic fracturing stimulates production of oil and/or natural gas from dense subsurface rock formations by injecting water, sand and chemicals under pressure into the formation to fracture the surrounding rock and stimulate production.
−Removed: Hydraulic fracturing typically is regulated by state oil and natural gas commissions, however the EPA has asserted federal regulatory authority pursuant to the Safe Drinking Water Act over certain hydraulic fracturing activities involving the use of diesel fuel and issued permitting guidance in February 2014 that applies to such activities.
−Removed: The EPA also finalized rules in June 2016 that prohibit the discharge of wastewater from hydraulic fracturing operations to publicly-owned wastewater treatment plants.
−Removed: In addition, the EPA released its final report on the potential impacts of hydraulic fracturing on drinking water resources in December 2016.
−Removed: The final report concluded that “water cycle” activities associated with hydraulic fracturing may impact drinking water resources under certain limited circumstances.
−Removed: Additionally, the BLM finalized a rule in March 2015 establishing standards for hydraulic fracturing on federal and tribal lands, but subsequently repealed the rule in December 2017.
−Removed: Although these rulemakings have been rescinded, modified, or subjected to legal challenge, new or more stringent regulations may be promulgated by the Biden Administration.
−Removed: For example, in January 2021, President Biden issued an executive order suspending new leasing activities, but not operations under existing leases, for oil and gas exploration and production on non-Indian federal lands pending completion of a comprehensive review and reconsideration of federal oil and gas permitting and leasing practices that take into consideration potential climate and other impacts associated with oil and gas activities on such lands and waters.
−Removed: Although the federal court for the Western District of Louisiana issued a preliminary injunction against the leasing pause, in response to the executive order, the Department of Interior issued a report recommending various changes to the federal leasing program, though many such changes would require Congressional action.
−Removed: As a result, we cannot predict the final scope of regulations or restrictions that may apply to oil and gas operations on federal lands.
+Added: Hydraulic fracturing typically is regulated by state oil and natural gas commissions, however the EPA has asserted federal regulatory authority pursuant to the Safe Drinking Water Act over certain hydraulic fracturing activities involving the use of diesel fuel and issued permitting guidance that applies to such activities.
+Added: The EPA also finalized rules that prohibit the discharge of wastewater from hydraulic fracturing operations to publicly-owned wastewater treatment plants.
+Added: In addition, the EPA released its final report on the potential impacts of hydraulic fracturing on drinking water resources which concluded that “water cycle” activities associated with hydraulic fracturing may impact drinking water resources under certain limited circumstances.
+Added: The federal Bureau of Land Management (“BLM”) has pursued rules governing hydraulic fracturing activities on federal lands.
+Added: These requirements have been subject to legal challenge and the outcome remains uncertain.
+Added: We cannot predict the final scope of regulations or restrictions that may apply to oil and gas operations on federal lands.
However, any regulations that ban or effectively ban such operations may adversely impact demand for our products and services.
−Removed: In addition, various state and local governments have implemented, or are considering, increased regulatory oversight of hydraulic fracturing through additional permit requirements, operational restrictions, disclosure requirements, well construction and temporary or
−Removed: permanent bans on hydraulic fracturing in certain areas.
−Removed: For example, Texas, Colorado and North Dakota, among others, have adopted regulations that impose new or more stringent permitting, disclosure, disposal and well construction requirements on hydraulic fracturing operations.
−Removed: State regulators may also take action to address concerns regarding induced seismicity.
−Removed: For example, in September 2021, the Texas Railroad Commission (“TRRC”) issued a notice to disposal well operators in the Gardendale Seismic Response Area near Midland, Texas to reduce daily injection volumes following multiple earthquakes above a 3.5 magnitude over an 18 month period.
−Removed: The notice also required disposal well operators to provide injection data to TRRC staff to further analyze seismicity in the area.
−Removed: Subsequently, the TRRC ordered the indefinite suspension of all deep oil and gas produced water injection wells in the area, effective December 31, 2021.
+Added: In addition, various state and local governments have implemented, or are considering, increased regulatory oversight of hydraulic fracturing through additional permit requirements, operational restrictions, disclosure requirements, well construction and temporary or permanent bans on hydraulic fracturing in certain areas.
While we cannot predict the ultimate outcome of these actions, any action that temporarily or permanently restricts the availability of disposal capacity for produced water or other oilfield fluids may increase our customers’ costs or require them to suspend operations, which may adversely impact demand for our products and services.
10 unchanged sentences
Some states have state laws similar to major federal environmental laws and thus our operations are also subject to state requirements that may be more stringent than those imposed under federal law.
−Removed: For example, initiatives have been underway in the State of Colorado to limit or ban crude oil and natural gas exploration, development or operations.
−Removed: On April 16, 2019, the Governor of Colorado signed Senate Bill 19-181 (“SB 181”) into law.
−Removed: The legislation makes sweeping changes in Colorado oil and gas law, including, among other matters, requiring the Colorado Oil and Gas Conservation Commission (“COGCC”) to prioritize public health and environmental concerns in its decisions.
−Removed: In keeping with SB 181, COGCC has adopted comprehensive rule changes covering a variety of matters related to public health, safety, welfare, wildlife, and environmental resources.
−Removed: Most significantly, these rule changes establish more stringent setbacks (2,000-feet, instead of the prior 500-foot) on new oil and gas development and eliminate routine flaring and venting of natural gas at new and existing wells across the state, each subject to only limited exceptions.
−Removed: Some local communities have adopted, or are considering adopting, additional restrictions for oil and gas activities, such as requiring even greater setbacks.
−Removed: Additionally, on December 17, 2021, the Colorado Air Quality Control Commission adopted regulations aimed at curbing methane emissions from oil and gas operations to include setting methane emission limits per 1,000 barrels of oil equivalent produced, more frequent inspections, and limits on emissions during maintenance.
Our operations may require state-law based permits in addition to federal permits, requiring state agencies to consider a range of issues, many the same as federal agencies, including, among other things, a project’s impact on wildlife and their habitats, historic and archaeological sites, aesthetics, agricultural operations and scenic areas.
−Removed: Texas has specific permitting and review processes for oilfield service operations, and state agencies may impose different or additional monitoring or mitigation requirements than federal agencies.
+Added: State agencies may impose different or additional monitoring or mitigation requirements than federal agencies.
The development of new sites and our existing operations also are subject to a variety of local environmental and regulatory requirements, including land use, zoning, building and transportation requirements.
7 unchanged sentences
There are additional regulations specifically relating to the trucking industry, including requirements related to testing and weight and dimension specifications of equipment, drug testing and product handling.
−Removed: The trucking industry is subject to possible regulatory and legislative changes that may affect the economics of the industry by requiring changes in operating practices or by changing the demand for common or contract carrier services or the cost of
−Removed: providing truckload services.
+Added: The trucking industry is subject to possible regulatory and legislative changes that may affect the economics of the industry by requiring changes in operating practices or by changing the demand for common or contract carrier services or the cost of providing truckload services.
Some of these possible changes include increasingly stringent environmental regulations and fuel economy requirements, changes in the hours of service regulations which govern the amount of time driven in any specific period and requiring onboard black box recorder devices or limits on vehicle weight and size.
7 unchanged sentences
Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the U.S.
−Removed: Securities Exchange Act of 1934 are available free of charge at our website at http://www.rangerenergy.com, as soon as reasonably practicable after having been electronically filed or furnished to the U.S.
−Removed: Securities and Exchange Commission (the “SEC”).
−Removed: The SEC maintains an internet site that contains reports, proxy, information statements and other information regarding issuers that file electronically with the SEC at http:www.sec.gov, including us.
+Added: Securities Exchange Act of 1934 are available free of charge at our website at www.rangerenergy.com, as soon as reasonably practicable after having been electronically filed or furnished with the U.S.
+Added: The SEC maintains an internet site that contains reports, proxy, information statements and other information regarding issuers that file electronically with the SEC at www.sec.gov, including us.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.