In this report, we have taken a deeper look at the latest EIA 914 data, while also tying that data to relevant completion / frac stage data. The key takeaway is notable production growth from northern oily regions (ND, CO, WY) despite BIG rig cuts y/y. However, the latest production lines up with robust completion counts through most of the Summer, contrary to corporate claims that the industry had been slashing completions (used to explain their own activity / revenue shortfalls).