This week, we have downloaded the most recent completion data, with the key takeaway being early 1Q18 frac activity that is trending better than what the pervasive negative sentiment would suggest. In January, completion activity ac- tually increased from a dismal December while continued improvement in February / March could result in a 5+% sequen- tial increase in 1Q18 (compared to our published forecast of DOWN 0-5%). On a cautious note, activity in the Permian and Bakken has been as slow as advertised, with the offset being a strong rebound in areas like the Eagle Ford, DJ Basin, and Midcon.