Ranger Energy Services reported encouraging operating conditions in the Rockies during its second-quarter 2026 earnings call, highlighting particularly strong performance from its Coiled Tubing business.
Management said Coiled Tubing revenue increased by at least 20% from the first quarter, making it one of Ranger’s fastest-growing ancillary service lines. The company’s Coiled Tubing operations are concentrated in the Rockies, where Ranger is beginning to benefit from gradually improving drilling and hydraulic-fracturing activity.
Ranger President and CEO Stuart Bodden said the company was encouraged by its Rockies results. He noted that as regional drilling-rig and frac-crew activity begins to rise, increased demand for coiled-tubing services would be a logical next step.
Coiled tubing is commonly used during well completions, intervention and production-enhancement work. Demand can therefore increase as operators drill new wells, complete previously drilled inventory or perform maintenance on producing assets.
Rockies Permit Activity Supports Ranger’s Outlook
OilGasLeads’ 2026 Rockies well-permit data provides additional support for Ranger’s comments. Operators received 1,772 permits across Wyoming, Colorado and Utah, indicating a sizeable backlog of potential future drilling and completion work.
State 2026 permit records Share of total Wyoming 687 38.8% Colorado 601 33.9% Utah 484 27.3% Total 1,772 100.0%
Wyoming accounted for the largest share, led by extensive permitting in the Powder River Basin. Colorado followed closely, with activity heavily concentrated in the Denver-Julesburg Basin, while Utah’s permit activity was primarily located in the Uinta Basin.
Three Basins Account for Most Permits
The Powder River, Denver-Julesburg and Uinta basins collectively accounted for 1,579 permits, representing 89.1% of all records in the dataset.
Play/Basin Primary counties Permit records Powder River Converse, Campbell, Johnson, Niobrara and Crook, WY 588 Denver-Julesburg/Niobrara Weld and Adams, CO; Laramie, WY 522 Uinta Uintah and Duchesne, UT 469 Green River-Overthrust Sublette, Sweetwater and Carbon, WY; Moffat, CO 88 Piceance Rio Blanco, Garfield, Gunnison and Mesa, CO 70 Other Rockies basins Various 35 Total 1,772
Converse County was the leading Powder River location with 290 permits, while Weld County dominated Denver-Julesburg activity with 436. In Utah, Uintah County recorded 348 permits and Duchesne County contributed another 122.
This concentration gives service companies a clearer picture of where demand could emerge if approved permits advance into drilling and completion programs.
Major Operators Control Much of the Permit Backlog
Permit activity is also concentrated among a relatively small group of operators.
Rank Operator Permit records 1 Koda Resources 272 2 Anschutz Corporation 249 3 Occidental Petroleum 213 4 Chevron 176 5 Bison Operating LLC 123 Top-five total 1,033
The five largest accounts represent 58.3% of all permits in the dataset. This concentration could create meaningful opportunities for coiled-tubing providers and other oilfield-service companies that maintain relationships with the region’s most active operators.
What This Means for Rockies Service Demand
Ranger’s results suggest the Rockies service market is beginning to improve, although management did not describe the change as a broad-based activity surge. The company linked its Coiled Tubing growth to drilling and frac activity “starting to tick up,” indicating gradual rather than rapid expansion.
The permit data supports the potential for additional work, particularly in the Powder River, Denver-Julesburg and Uinta basins. However, permits represent operator intent and do not guarantee that wells will be drilled immediately. The supplied permit file does not contain Activity Dates, so it is not possible to determine how many of the 1,772 permitted wells have already been spud.
For suppliers, the strongest near-term opportunities are likely to be concentrated among leading operators in Converse, Campbell, Weld, Uintah and Duchesne counties. If more of the permitted inventory progresses into drilling, completions and production, Ranger’s strong Q2 Coiled Tubing results may be an early indicator of broader service demand developing across the Rockies.
Author: phinds