Ranger Energy Services has replaced its CFO, Brandon Blossman, with Melissa Cougle, effectively immediately.
Ranger went public in August 2017 at $14.50 per share, giving it a market capitalization of $215 million. At that time, its primary business was workover rigs. The company has since made acquisitions in wireline. It also acquired the assets of Basic Energy Services out of bankruptcy in September 2021 for $36.65 million.
Its current share price is $10.29 and the company has a market capitalization of $259 million. It has its head office in the Westchase district of Houston.
Mr Blossman was appointed CFO in June 2018 after spending many years at Tudor Pickering, an energy investment bank. He will continue to be paid for six months after his departure. Mr. Blossman will also receive accelerated vesting of 20,899 shares of restricted stock
Ms. Cougle was the CFO at Frank’s International from May 2019 until November 2021, leaving shortly after its takeover by Expro Group. Prior to that, she was CFO at National Energy Services Reunited, another Houston-based publicly-traded oilfield services company, from May 2018 to May 2019.
She will receive a base salary of $400,000. That’s considerably more than Mr. Blossman was making ($303,000).
In September 2021, the company appointed Stuart Bodden as its CEO, replacing Darron Anderson who left three months earlier.
Amazingly, it was the second time that Mr. Bodden had succeeded Mr. Anderson. Mr. Bodden joined from Express Energy where he had been CEO since 2016. He was hired at Express after Mr. Anderson left to take the job at Ranger. Express Energy was a portfolio company of Apollo Management until it was sold for a big loss in 2020.