Ranger Energy to deploy three hybrid workover rigs for Chevron

Ranger Energy to deploy three hybrid workover rigs for Chevron

US concludes third round of strikes against Iran after Trump reinstates blockade HOUSTON - Ranger Energy Services Inc. (NYSE:RNGR) announced Monday it has signed a contract with Hess Corporation, a Chevron Corporation (NYSE:CVX) subsidiary, to deploy three additional ECHO hybrid workover rigs in the Lower 48 United States. Chevron, with a market capitalization of $360 billion, is a prominent player in the Oil, Gas & Consumable Fuels industry. The three ECHO workover rigs are expected to be delivered to Chevron in 2027, according to a press release statement.

The rigs will be equipped with winterization packages and are expected to operate in the Bakken formation. Ranger introduced its ECHO workover rig in 2025, which the company describes as a Hybrid Double Electric Workover Rig. The technology represents the company’s conversion and electrification of its conventional rig fleet.

"We are pleased to collaborate with Chevron as Ranger continues to advance the modernization of the well services sector," said Stuart Bodden, Chief Executive Officer of Ranger. InvestingPro subscribers have access to over 10 additional exclusive tips about Chevron, along with comprehensive financial health metrics and Fair Value analysis. Bodden noted that customer interest in the ECHO technology has increased following the delivery of the company’s first two ECHO rigs in 2025.

With the three additional units under the Chevron contract, Ranger’s active ECHO rig fleet is expected to reach twenty rigs by the end of 2027. Ranger Energy Services is a provider of high-specification well service rigs to the U.S. onshore oil and gas industry. In other recent news, Chevron has been the focus of several analyst updates and corporate developments.

BMO Capital reiterated its Outperform rating on Chevron, setting a price target of $205.00, following a review of the company’s strong operational performance. Mizuho also maintained an Outperform rating but adjusted its price target to $224, expecting Chevron’s earnings per share for the second quarter of 2026 to be approximately $5.60, which is about 7% above consensus estimates. UBS raised its earnings per share estimate for Chevron to $5.70, citing higher crude price realizations and improved refining margins as key factors.

In corporate developments, Chevron announced a technology licensing agreement with ZL Chemicals, allowing the latter to commercialize Chevron’s surfactant technology for use in shale and tight reservoirs. This agreement aims to enhance resource recovery and optimize well performance. Additionally, a Chevron tanker was struck by a drone near the Caspian Pipeline Consortium terminal, though no significant damage or environmental impact was reported.

These recent developments reflect Chevron’s ongoing strategic initiatives and challenges in the current market environment.