We have updated our frac reactivation / newbuild schedule, calculated new well cost data, and isolated production data for the private E&Ps (following recent rig count surge) for this quarter. Our takeaway is generally positive, as the headwinds in 2H18 (supply / pricing / E&P capex) potentially turn into tailwinds in 2019 / 2020, particularly as it relates to lower well costs and fewer supply additions (reactivations winding down, newbuilds less economic).  Meanwhile, E&P well productivity could be at risk after the recent surge in rig count from the small / privates (IP rates significantly lower).