We have gathered the latest batch of completion filings, noting that 3Q18 industry data actually held up better than expected. However, even flat completion activity has driven frac utilization into the mid-70% range (frac fleets are more efficient + trickle in of supply) with further declines likely if 4Q18 slows down significantly (which we are expecting). Lastly, we have compared our latest DUC count with the EIA data published this week, calling out a big misconception – DUCs are NOT building.