We are publishing the latest US frac fleet count (410 active) while also highlighting the 1) recent hesitation in completion data and 2) potential hard landing in 2019 (our base case).  As detailed in the report, as many as 20 operators could drop at least one frac fleet over the next 6 months, driven by more cuts in the Northeast, Eagle Ford, DJ, and Midcon. Meanwhile, frac activity in the Permian has been (and will likely continue to be) the one bright spot for US frac demand.