We are highlighting data related to rig efficiency, with particular focus on the deterioration over the last couple months (cutbacks have taken priority to new well efficiency). Lower rig efficiency has resulted in even lower well counts in April & May than the rig count implies. With that said, rig efficiency in some areas has started to pick back up in recent weeks, particularly in the Permian where rig efficiency is already up 10% from early May. Based on historical trends, rig efficiency could snap back further over the next few months, adding momentum to what may be noticeably better well counts off of recent lows.