With the end of the quarter, we have compiled 3Q18 spud counts and updated our completion efficiency data. Broadly speaking, the number of new wells has slowed, except in the Permian, where the new wells drilled continues to move higher (up 5% in 3Q18. Meanwhile, completion efficiency continues to be a headwind to industry frac demand, with efficient fleets replacing ~15 Tier 2 crews in 3Q18 (Coras estimate).