We have compiled data for super-spec rig capacity, including the potential for upgrades that are “economically feasible”.  The key takeaway is that 750-800 rigs could eventually reach super-spec status, much higher than the 400-450 rigs that are currently demanded.  Separately, we have downloaded January permit data, noting a spike in small / privates applying to drill small pads or single wells (reversal of the 3Q / 4Q trend to bigger pads).