All right. Welcome, everybody. Thank you guys for joining us. I'm Phillip Kupper with Three Part Advisors. Our next presenting company is Ranger Energy Services, traded on the New York Stock Exchange under the ticker symbol RNGR. Presenting with us today are Stuart Bodden, Chief Executive Officer, and Melissa Cougle, Chief Financial Officer. Stuart? All right. Thanks, Phillip. I've been told I can't walk around because we're recording this, it's hard for me. It's going to be difficult. First of all, thanks for coming. It's good to see a couple of familiar faces. We'll go kind of walk through Ranger. We're excited to tell you a little bit about the company, kind of what's happening. Obviously, it's an incredibly interesting, uncertain time in the energy markets right now. I will just give you a little background on kind of who we are. First of all, we are the largest well service provider in the United States, and you're probably asking, what does that actually mean? What is a well service provider? We have work over rigs, well service rigs. These are mobile rigs. We're not drilling new wells with these rigs. We are going to location after a well has already been drilled, and we are doing maintenance-related work on existing wells. We're not the home builders, we're the plumbers and we're the mechanics. To give you a little bit of just kind of sense of who we are. As Phillip said, we trade on the New York Stock Exchange. The ticker is RNGR. Our market cap, fully diluted, is a little over $400 million. I think the share price today is kind of high 15s. The trailing 12-month adjusted EBITDA is about $80 million. We've guided to a little over $100 million this year, we've said better than $100 million. We did an acquisition in November of 2025, that adds to the earnings capacity of the company. We do pay a dividend. We'll talk a little bit about as we go through this, our capital structure, and our capital returns program. We do pay a dividend. We've been very aggressive on share repurchases over the last couple of years. We can kind of explain, to start thinking on that. When you talk to us, we'll talk a lot about being a production-focused well service company. What does that really mean? If you think about the process of drilling wells, you drill a well, you complete a well, and then you have to do, over the life of a well, maintenance. Starting on, you put it on artificial lift, you may need to go change tubing, you may need to go change rods. You may need to go set packers and produce from different zones, whatever you might need to do. That's really the bulk of what our business is. We're about kind of two-thirds, one-third. One-third is completion-related activity. That would be CapEx exposure for our customers. The bulk is production or even P&A. The other thing that we'll talk a little bit about is our ECHO hybrid rig program. We're very excited about that. That is a kind of new generation well service fleet. One of the things that's important about that rig, our largest customers are co-investing alongside us with that. I think, again, kind of in the spirit of we're very prudent allocators of capital. We're not big believers in field of dreams, if you build it, they come. If they want in, they need to invest alongside of us. We convert a lot of our EBITDA to free cash flow. About 60% historically of our EBITDA is converted to free cash flow. We now have three years of a track record on that's something that we're really proud of. It's not just one good year, but we can demonstrate meaningful cash flows year-over-year. What have we done with those cash flows? Well, the first thing that we did was get ourselves to debt zero. That occurred in 2023. We then instituted a capital returns program that had a modest dividend associated with it, we've bought back almost 18% of the company since then. We have a little bit of debt right now, but that's on the back of the acquisition that we did. Obviously, one of the easiest ways to make an acquisition accretive is kick in cash. That was a $90 million transaction. About $40 million of cash we used off the balance sheet. We pulled on the revolver a little bit, we issued $25 million of equity to balance it out. Again, I think a very prudent use of the balance sheet. Again, I think I've kind of talked just about our balance sheet and our return-focused strategy. To size the company, in 2025, we did about $570 million of revenue. Again, we converted just shy of 60% of our EBITDA, which was $73 million, to free cash flow. We're guiding this year to EBITDA of over $100 million, revenue would be kind of between $650 million-$700 million, something like that. I think we feel pretty good about that right now. This is a small room. Any questions? Anything I didn't touch on? You said that you've been converting 60% of your EBITDA to free cash? Yeah. You just said $100 million plus of free cash, or pardon me, EBITDA. Yeah. Does that imply $60 million plus of free cash this year? It does. There's one nuance this year, and that's on the ECHO rig program. The way that we're doing that, there will be a bit of a timing mismatch where we have to pay some for the ECHO rigs, then we'll have to wait for the increased rates on the payback. This year's likely to be closer to 50% than 60%, we would expect to go up to historical patterns next year. Yep, you bet. Yeah. [audio distortion] The pricing environment right now, I would say is pretty steady. Just to kind of give you a quick history, and I think there's a chart in here you can kind of see. Over time, our revenue per hour, if you will, and we bill by the hour, so we're not a day rate, we bill by the hour. You'll have seen that increase. What's really happened over the last couple of years, we raised the core rates quite substantially in 2022. Right. If you guys know, kind of the drilling rig count as it declined in 2023, 2024, 2025, our revenue was actually quite stable. Again, we're kind of the mechanics, we're not the home builders. We did see our revenue per hour increase, but a lot of that was on the back of us adding more services to our core well service rate. A lot of that's driven by customers. Our biggest customers are ExxonMobil, Chevron, ConocoPhillips, Oxy. We're very much exposed to the largest companies. They are shrinking their vendor base. When they're doing that, they're saying, look, I don't want just a Ranger rig, I want a Ranger pipe handler, blowout preventer, pump, et cetera. It's a long way of saying, over time, we've seen our hours, or the revenue per hour increase. It's really been pretty steady lately. We get asked questions, what's going to happen, right, in this price environment? Right now, it's been pretty steady. I think what is going to happen, and this is Stuart Bodden sort of throwing spaghetti at the wall, is what we saw in 2022 is that as the labor market got tight, we raised prices, and we tried to raise prices more than labor rates. Labor rate's about 45% of our cost base, right? We have a very heavy labor component. Conceptually, if labor rates had a 200 basis points impact to the bottom line, we would go to customers and then raise prices 300%. We're not take or pay contracts, right? We can actually adjust price fairly quickly. We tend to operate under an MSA and a price sheet. All the price sheets have reopeners with them. We are right now in the market on kind of new rigs, pushing price a little bit to sort of see where the market is. I think that prices are going to increase over time, but I think the question's going to be how much is that going to go to labor, because it feels like labor, we haven't really seen it tighten yet, but it feels like it's going to tighten up. Yep. Again, blue collar workforce, we're competing with AI build-out, data center build-out, et cetera. Yes. Does that answer the question? Maybe just to give you a little sense, if you've followed this space in the past, this used to be an incredibly fragmented space. Over the last several years, it is still fragmented, but it is a lot more consolidated than it was, particularly inside of the largest customers. We are the largest well service provider. The second one, everybody else on there is private, although you may know Ensign, a Canadian company that has drilling rigs and some well service rigs. What happened in 2021, we bought a company called Basic Energy Services. They're non-California, non-water assets. They had bought a company, right, called C&J Well Services, just before COVID. When we bought them, that kind of leapfrogged us to the top spot. Three and four combined, they leapfrogged us. We just bought AWS, we leapfrogged again. The industry's consolidating. Right now, the top three players have about 50% market share, right? I would say that is a greater percentage when you get inside of the majors. The industry now, we sort of joke that it's investable because, again, it acts a lot more rationally than if you talked to a well service provider 10 years ago, they might have lamented how hard it was to make money in this business. The other thing I would highlight on the left side of this chart, you'll see total rigs. We get this question a lot, "Well, how many rigs do you have?" Right? Well, if you look at our fixed asset ledger, there's 431 rigs on the FAL. Right now, about 190 are running. That includes some rigs that would be in refurb or getting maintenance. We have additional rigs that we could pull off the fence to deploy. Most of those at this point need a refurb, $300,000- $400,000. What we're trying to highlight is we have capacity we could put into the market. It would compete very favorably against new builds. People aren't building new rigs, right? We think we have the most, quote, spare capacity, but others have some as well. That capacity won't go into the market unless there's a demand signal. I got sort of questions today from several investors, well, what's the market like? As things are getting tighter, if a small customer comes and says, hey, I've got 10 wells I want to do, and I don't have a rig available, we're not going to pull a rig off the fence for 10 wells. Now, if a major comes and says, hey, I need two rigs for two years, we'll pull the fence off, or we'll pull a rig off the fence for that. Again, I think we're being very disciplined about just kind of how we think about capacity and adding it. If we had to, if the macro changed dramatically, we could bring in rigs. It would take time. We're going to have to do refurbs. We have to hire the crews. They got to be the right crews, but we could do that. Yeah. Kind of a follow-up question. Do you think when eventually the war's over, trade reopens, do you think there will be higher commodity prices when you talk to your customers? It just seems the supply. [audio distortion] Yeah, it's the multimillion-dollar question. I think a couple of observations. I think most of us in the industry, just kind of in the hallway talk, are kind of more like, how is crude only like $97? It just feels like there's just a disconnect from the reality. Certainly the physical market, right? I don't think you're buying tankers of crude in Singapore for $100 a barrel. I think the other thing is, I think most people feel like, I think you've been kind of saying, as this has played on, we're more and more confident that 2027 will be better than 2026. Right? Our biggest customers, that sounds flippant. Let me kind of explain a little bit in that our biggest customers have been incredibly disciplined. Right? If you go inside of Exxon, Chevron, Conoco, they're actually not adding a lot of rig count. Right? Their story's been a little bit of the budget's the budget. Right? We have been seeing increased activity from smaller players. It's been in, again, it's 10 wells, five DUCs, two pads. Right? It's made us busier, it's increased our utilization, less white space. It hasn't been this wholesale change. I think we're increasingly confident. I think that kind of comes to the question, which is, if you look at the forward curve, you're still over 70 into 2028. Right? Or kind of through the end of 2027. I think that, again, it just feels like, I don't know how to quantify it. It feels like there has to be a greater call on North American crude, onshore, offshore. It just feels like it has to happen, right? Again, we've been trying to get the right balance because people have been saying like, how's the market? Well, it's good. It's not step change different. It's not crazy different from what you might think it should be. Does that make sense? I would only add to that. Yeah. If I will. I think there is a confluence of factors that we're setting up. I think we hold a view that there's a multi-year potential up cycle coming. That's really on the back of everything Stuart said around capital discipline. At some point, the street reopens, right? You've had production shut-in, you've actually had facilities damage. It's a little bit of the 80/20 rule of, let's say 80% of the production in the Middle East comes back on in 3 to 6 months, but the remaining portion will take a longer tail to come in. At the same time, you've got a lot of demand sort of globally you're fulfilling through multiple avenues. I think we actually hold a. Yeah. A pretty strong confidence level that it's not just U.S. onshore, but people will be looking for optionality, not just next year, but people will be looking for optionality in 2027, 2028. Strategic reserves across all nation states will need to be refilled, right? The first thing they'll focus on is making sure people can get gas in their cars and start to bring commodity price back down. They'll slowly be refilling reserves. All of that sort of sets itself up over the next several years for a really supportive macro. I don't think we're looking forward to, and I think our hope is that oil price doesn't land at $140 because you end up in a. Yeah. Demand destruction scenario. All things being equal, the way everyone has been approaching it from a really disciplined standpoint right now, it seems like it's shaping up for a multi-year up cycle. Yeah. As opposed to. That's right. If you came to us and said if the curve stuck and it was $80 next year, we'd say, that's going to be a great year for Ranger. Yeah. Everything above that's even greater. Yeah. That's right. [audio distortion] Yeah. [audio distortion] Sure. My impression would be that workovers have a very fast payback. Yep. [audio distortion] Yep. [audio distortion] Well, I think I know where the question is going, but yeah. If a workover has good ROI at $60, it's got a great ROI at $100. Yeah. That seems like a decision that someone within Exxon or any other large company would be willing to make to, let's capture this higher. Yeah. Oil price on these [audio distortion] Especially, it's OpEx, it's not CapEx, right? You know it has a payback on OpEx. It's not what we're seeing. It's interesting, and we've challenged ourself because it's like, well, is it just us? We've actually kind of talked to our peers like, hey, what are you seeing? What I think we're seeing is for the biggest customers, they really have said, hey, we have a 20-well workover program. We've prepared 1,000 wells. Here it is. They haven't, by and large, the biggest customers haven't changed that, by and large. They've been incredibly stable with it, even though, as you said, it has an incredibly short payback. We are seeing, I would say, a larger independence, kind of the mid-tier. Not Exxon, Chevron. We're seeing some from there, and then some of the smaller players are now doing it. Right? The biggest players have been, the budget's the budget. Here's our program. I think one of the things we've been kind of discussing is what happens as you move into the back part of the year, and I would say even into Q4. Historically, we see real seasonality in Q4 around the holidays. It's Thanksgiving and someone says, well, why don't we shut this down from Tuesday to the next Monday? Which doesn't sound like a big deal, but there's 10%+ of our demand in November that just went away. What'll be interesting to see is if some of that goes away this year. Too early to tell. We don't have any indication. It's kind of like everything you said makes sense, and yet again, it's good. We're not saying it's not good, but it's not that Exxon hasn't gone and said, oh, we've got an extra 500 wells we're going to do. [audio distortion] Yep. I think we're being slow, but this is good. Talk a little bit about just kind of the history of Ranger. I think it's hopefully helpful. I'll kind of orient you on the bottom, which is the different phases of EBITDA, kind of through our different phases. There are not numbers on there because we're trying to be a little vague. Some of the stuff is kind of to scale, so you're smart people. The first phase is really kind of post IPO. Ranger went public in 2017. Three companies were put together for the IPO. With the proceeds of the IPO in 2017, another company was bought. Again, the premise was shale revolution, long lateral wells need higher specification workover rigs. That thesis still is at the core of the company today. That was before Melissa and I joined. See if I can not change it. I sort of tongue in cheek say, see this really, this big step up right here, that's when we joined. Things dramatically got better. It is true, but what really happened is right after I came in, we bought the Basic assets out of bankruptcy. Two wireline acquisitions had happened before that. In 2021, we really doubled to tripled size of the company, depending on how you count revenue, people, assets. If you look in that middle phase, we kind of call it acquisition expansion. A lot of the acquisition during that period happened in 2021. If you remember during that period, you can see that our EBITDA was really pretty steady. It declined a little bit, but it was really pretty steady. This was a time period of drilling rig count declining fairly substantially, right? One of the things we're really just trying to highlight is how resilient we think the business model is. The next step up is we bought AWS. That's a kind of $35 million- $40 million EBITDA company. We closed that in November 2025. That's kind of one step up. We are introducing new hybrid electric rigs. We have two in the market right now. We have an order for an additional 15. Those are all underpinned by customer commitments, and co-investment strategies. We really think that we've kind of positioned ourselves, what we'll call kind of the long-term growth phase on the back of that acquisition, and also on the ECHO rig. We kind of feel like we've really kind of built a new scale for the company, and we're in, again, in a pretty good place. [audio distortion] Yeah, go for it. I want to make sure because we just introduced this slide, I want to make sure there's a key thing that I think we really want everybody to understand about Ranger through the lens of this slide. One, we have had two phases where we've actually performed, we would call your attention to from 2017, we've looked back over the past 10 years and say, U.S. shale has not been setting the world on fire for the past 10 years. Ranger has had a CAGR of 27% over that period. That's an outstanding outcome that we're quite proud of on behalf of our organization. The other thing we would point to, and it kind of gets back to the questions around pricing. When you look, this is our inflection point. This is 2026. This step up here is really the acquisition we did in November. We don't believe that the market is giving us credit for that acquisition. This step up here is the introduction of a fleet of 15 ECHO rigs that Stuart will talk about in a second. We don't believe the market's giving us credit for that either because they've not even been delivered yet. These are the two steps. What I'd actually call your attention to is this is inflation. When we forward this model and we kind of thought about the AWS acquisition and the ECHO acquisition, after that we said we're not assuming anything else in there. I would layer on these are actually known quantities and step-ups. This isn't the Iranian war factor. Yeah. Good point. This isn't commodity price improvement. When we look at this, everything else that we're talking about in terms of commodity price is actually that much more beneficial to this organization and just makes this line go that much steeper. That's why we're really excited sort of to be here talking to you about this. There's no acquisitions in that. There's not. No. Yeah. There's this acquisition. That's, yeah. hich has already been completed and being integrated, and then these are the 15 ECHO rigs. Yeah. [audio distortion] There's no more acquisitions. Yeah. This is merely kind of 3% per year kind of keeping up. Yeah. With inflation. No, good. If you have a baseline barrel, you set that up right there. We have a barrel right now at $90. Is that instead of $60, or? It's a great question, what I tell you is when we forward. Yeah. This year was supposed to be flat. Yeah. I mean, this was really forwarded with a, hey, we might get something out there, but it was really forwarded at $65. Yeah. [audio distortion] Yeah. We're going off script a little bit, you had kind of mentioned M&A, we've been getting a lot of questions about M&A in our one-on-ones. I think what I would tell you is, are we getting inbounds? Yes. I think it looks like there's sort of two camps coming in. There's one camp that is really not really wanting to sell is what I would say is it's kind of like, h ey, I want to sell, but I'm going to try to sell off of the Iran war. By the way, like we're taking my forecast, and they're just a bit ask, right? There are some other companies though that are sort of coming in who've been trying to, because again, it's kind of you think about this phase that happened to everybody. It was a pretty flat to down phase for a lot of people. It's really a down phase. I think there's a group of people that's like, oh, wait a second, this might be our chance. Let's get out. It'll be interesting to see how it plays out. I think we started the year when we kind of did a lot of this original polling. I think it was going to be pretty flat, but there is more, maybe it's lookie-loos, maybe it's really something real, but I think there's just one camp that's like, oh, wait, I need to get something done. It's time. There's another camp that's like, oh, I'm just going to go see if Ranger's going to go pay me a lot, and we won't. You do see throughout the industry continued consolidation, like there's 50% of the top three, and then everyone else is below. I would assume there's more consolidation down the line. Yeah. It's a great question. It's interesting because I think if you went back to this, you have ClearWELL, there's Ensign, there's a couple big regional players down here as well. Something's going to happen with them. The guys at the bottom actually are struggling. They're really struggling. If you follow well service rig auctions, people are going to liquidation right now because what's happening is you can't compete with the majors. We've all effectively locked up the majors. It's to their detriment. You've got some of these bigger regionals that can compete. I say, look, the top five to seven need to be two or three. Is that going to happen this year, next year, or three years from now? I don't know. [audio distortion] the smaller the provider, as we've looked at them, the less desirable they are as a target as a general rule, because they typically haven't maintained their assets. Yeah. Their workforce isn't as strong as ours. You're not really buying anything that we couldn't put out, and we're so big at this point, it's easier for us to actually just, we've got those idle rigs than pay for somebody else's EBITDA that may or may not go away if we buy them. Yeah. 100%. There are a couple more, to Stuart's point, there are a couple more AWS's out there that if we could make them happen, we'd be happy to, but you probably wouldn't see us go [audio distortion] small players. Yeah, exactly. I'm going to skip a page and go to the ECHO because we don't have a ton of time. We're really excited about the ECHO rig program. As I said, there's two in the market. They're contracted with majors. One of those players has put in an order for 15. We announced that earlier this year. A couple things to highlight. One is we went to our customers and said, hey, if we're going to invest in new technology, you need to co-invest with us. That can be in the form of an upfront payment. It can be you guarantee us hours, and we get an elevated rate. We're indifferent. All of the rigs have components of those elements going forward. Again, I think it's our biggest customers saying, we're going to invest alongside with you. There are real emission benefits, there's real safety benefits, then I'll talk a little bit about just once you have an electric platform, what you can do. On the emissions benefits, what this is, the electric motor drives the rig and drives the drawworks, moving everything up and down. It has a battery pack. We have a diesel generator on the rig that can top off the battery pack if needed. Every time the blocks descend, they're recharging the battery. It's actually the first one when it went out, it was installing tubing, so you're coming down heavy. It actually in the first 450 hours, the generator kicked on for 25. It actually is a pretty efficient setup. The second thing is that the safety benefits are real. You have duplicate braking systems. We can stop the blocks with the electric motor. One of the scariest things on a well service rig, if you're ever lucky enough to go on one, everything is under suspended loads. One of the things, if you have an uncontrolled descent, like if there is an uncontrolled descent, there is text, calls, everything is going on. In a conventional rig, everything goes back through one conventional braking system. We have some backup like disc brakes. Here we can stop the blocks with the electric motors. If the electric motor fails, there's a mechanical backup that will stop everything. We had one of our customers go through, this is their data, not our data, went through all of their incidents in 2025, and they put them into one of three buckets. They said if it had been an ECHO rig, it wouldn't have happened. If it had been an ECHO rig, we're not sure, bit of a judgment call, or yeah, unfortunately it would have happened anyway. They determined that 50% of their incidents in 2025 would not have happened under the ECHO rig, and another quarter was kind of a judgment call. There again, the safety benefits are real. The next thing I would say is once you have an electric platform, we're starting to introduce a lot of technology on this. One is called our Overwatch system. It's an AI camera system that's integrated into the rig. If you show up on location and you walk into an explosion zone, the alarm's going to go off. If you don't have your hard hat, the alarm's going to go off. Again, we're starting to see some of the just infraction data. It's changing behavior, and I think that's kind of most important. If any of you drive with cameras in your car, fleet vehicle, it changes your behavior. I mean, it absolutely does because we have those. Another one of the benefits is that it's just there's a lot of built-in safety mechanisms you can do. You can do things like if the operator lets go of the joystick, everything stops, while in a conventional, you've got to have on the throttle and on the brake at the same time. You can get very repeatable. If you think about the lowering the blocks, when it's done with a human, it might stop here, it might stop here, it might stop here. It stops in the same spot every time. We can now automate that. There's a lot of things we're doing. Again, I think we're pretty excited about that program. I'm going to skip. This is just to sort of show you, if you go back through. I'll cut to the chase. We think that with the ECHO rigs right now embedded's about a 5% price increase. We're hoping after they come off of contract they could be more than that. Again, you can kind of see with 17 rigs, we think an incremental kind of $11 million, $12 million. You saw that one step up in there. We feel like we've got demand signals for 20 to 25. It wouldn't surprise us if we get up kind of north of 35, again, I think contracted 17, and I think we can see, again, demand signals for more than that in the near term. I'm going to skip that. I'm going to go to this page. This page is always interesting and always kind of gets a little bit of reaction. We actually went through spend, and we went back to 2010 and we kind of indexed it, and we said exploration and drilling spend, completion spend, and then production spend. Right? Exploration and drilling obviously is CapEx, as is completion. The thing that's interesting is through the time period, exploration and drilling, and really it's been exploration is down. Drilling costs have been more development drilling. It's been kind of flat, right? Completion is up a little bit, obviously with completion intensity, bigger fracs. The biggest thing is that you see production-related spending. Again, that's OpEx with our customers. From 2010 to 2025, it's gone up about 80%. We're not immune to the cycles. We're not saying we are, kind of highlight as long as the industry drills more wells, again, we're the mechanics on existing wells. As long as the industry drills more wells than are being plugged and abandoned, our market is naturally growing. We're kind of off the big up and down. [audio distortion] I've done a horrible job. [audio distortion] I've left you three minutes. No. I'm not going to spend a whole lot of time because we've actually talked about a lot of our businesses in this throughout the discussion. I do want to actually point out a couple of things, really the steadiness of our margins, and again, it's not been a great past 10 years. This is a more concentrated view, but we have very consistent performance in the business profile. Our pricing structure has been very consistent profiles. We've been really excited about the continuity and the stability in an industry and a sector that's sort of known for its harder oscillations. We are an outlier in that regard, and frankly, quite proud because we think that's the best path to creating long-term value. The other thing, this is the pricing over time. What I really want to spend just the last minute or two on is capital return. We talked about the stair step slide a few minutes ago. 27% CAGR on EBITDA, right? Great free cash flow generation at 60% conversion rates. [audio distortion] We have on average generated $50 million the past three years in a row. We've shown up with solid cash flows. What we're also really quite proud of is sort of reputation as strong, good capital allocators. If you flash forward to when Stuart and I first showed up, people didn't really care. We had just bought the Basic assets. Nobody really knew what they could perform like. As a consequence of that, we really languished in terms of valuation. At that time, we made a call, we said our stock price is so low, there's actually not a better place we could actually argue to spend the next dollar than buying back our own shares. We committed at that time to actually demonstrate our ability to perform countercyclically by instituting a baseload dividend. It's modest, but it says you get something no matter the case. By telling all of our investors that you would get at least 25% back, we think we actually have every ability to grow with the other 75%. In actuality, we've been returning more like 40%+ per year. What we've also done, and we would call attention to acquisitions, what we've also done is actually used and bought things wisely. Whether that's organic growth CapEx to deepen relationships with the super majors, that's allowed us to perform countercyclically in a declining breakout environment. Whether that's the AWS acquisition, we've actually been able to put cash back to work very smartly. We've also done these share repurchases. We've repurchased almost 5 million of our own shares, almost 18%. We've repurchased them at an average of $11. We're trading right now at almost $16. We've repurchased our own shares very wisely, because I think we hear quite frequently, or I know I do. Nobody ever buys their share price back at a good price point. I was like, we do. We would tell you, we've had a great growth rate. We've had incredible cash flow generation capabilities, but we've also used those cash flows really wisely to move the needle for the company over this period. I'm going to stop there because I only have 30 seconds left. [audio distortion] I'm going to ask. I was like, phew. Anybody have a question? Yes, sir. [audio distortion] I did make our guys watch Landman. They don't like. Your follow-up question is going to be, so are you Billy Bob Thornton or are you [audio distortion] I'm definitely the attorney. I'm sort of in the middle. Yeah. One thing I would tell you, very quick on Landman. All the well service rigs, like that. That is exactly our asset. If a Ranger employee showed up on a location flip-flop smoking a cigarette, needless to say, they would no longer be employed with us. [crosstalk] I just had a question on contract terms. Yes. Do you think, is there a potential, like I see the ECHO investment, right? Yeah. The majors are the ones who are pushing. Yeah, that's right. Does that translate to potentially a longer term? There's not much visibility generally [audio distortion] Yeah. [audio distortion] Yeah. Have you seen that part of say, [audio distortion] We now have, I don't think you said this. On those ECHO rigs, we have take or pay elements, so we operate under an MSA structure, so not a take or pay contract. For those rigs specifically, we have take or pay like features underneath basically a purchase order. Yeah. It says, here's the purchase order, and you're now committed for us to basically pay us X. We have a take or pay commitment for the ECHO rig specifically. I think if you were to ask me about do I think full scale that all well service providers will start to go under a take or pay structure, I'd like to see us get standby rates. Yeah. White space kills us. I think there's other things we can get that'll be an easier and less hard-fought battle. [audio distortion] Overtake. I just think it's so much entrenchment in the space, getting back to take or pay is going to be. How do you effectively do it? Well, the way we do it is we make sure that our SOPs are being jointly created. Like we have bridging documents between Ranger and Exxon or Chevron. We get so embedded with one. We even joke we're now married to each other, and neither one of us can get a divorce, right? It's going to be super painful. That's kind of how we've been thinking about just trying to do that because I think Melissa's right. I think actually getting a take or pay, even if they hate take or pay, they just hate feeling like, oh, it's. [audio distortion] That's why we're careful to say we have take or pay like elements buried into. [audio distortion] Yeah. Exactly. Thank you very much.