In this note, we look at the devastating impact that E&P consolidation has had / will have on the service industry, particularly as it relates to reduction in spending, rig count, completions, and frac crews. Meanwhile, the service industry appears to be sitting on their hands, with only a few large deals announced despite dramatic oversupply in most product / service lines. On a brighter note, recent conversations suggest that activity has continued to grind higher into Q4, particularly in areas outside the Permian that lagged in Q3’20. While the pace of Permian reactivations have slowed in recent weeks, the pick-up in other areas should be enough to push completions upagain in Q4’20 with the active fleet count on track to hit 150 by year end (120-130 fully utilized).