If you're lazy like me, you'll like this answer: do nothing. If the tree is otherwise healthy (and it seems to be), it will compartmentalize the damage and just continue on. If you want, you can cut off the pieces of the ragged bark for aesthetic reasons. Do not apply wound dressings: the Myth of Wound Dressings: https://s3.wp.wsu.edu/uploads/sites/403/2015/03/wound-sealer.pdf
