In our latest market update, we have highlighted the five data trends that will have the biggest impact on the U.S. onshore market in 2019 / 2020.  The key theme is DOING MORE WITH LESS, emphasizing that broad level completion and production activity will continue to surprise higher — even if headline E&P spending disappoints (similar to this year as completions climbed ~30% in the face of ‘capex discipline’). Unfortunately, doing more with less also suggests another year of lagging frac fleet demand and stagnant rig count, implying that OFS stocks have more downside going forward. On a relative basis, companies with a Permian focus and/or those that DIRECTLY BENEFIT from efficiency gains and volume growth have the best chance of outperformance (ie PUMP, LBRT, FRAC, HAL, WTTR, sand companies)