Private Equity Capital STILL Robust

We have updated our list of PE backed operators, including 11 new E&Ps that have added their first rig in just the last 4-weeks (+30 new E&Ps since June). Offsetting the continued PE surge, a handful of large/public E&Ps are starting to cut rig count...

EIA Data Misleading

We have downloaded recent completions, spuds, and DUC counts.  Our key takeaway is that well counts (both spuds & completions) are tracking materially better than the modest 6% Q/Q increase in 3Q rig count.  Well count outperformance is being driven by efficiency gains in the...

Frac Market Consolidation

This week, we have highlighted data for the various private frac companies, processed early 3Q sand data, and updated our fleet count by basin.  Key takeaways include a surprisingly consolidated frac market with only 11 Small/Private competitors (vs 35 in 2014).  Meanwhile, sand intensity data...

Production Data vs Frac Stages

We have 1) highlighted the correlation between U.S. production and frac stage counts, 2) updated expected industry cash flow (ie capacity to spend in 2018), and 3) taken a closer look at recent SLB frac data. Key takeaways include U.S. production that is increasing inline...

Delaware Basin Pulling Ahead

We focused on recent activity in the Delaware Basin, where well data is finally starting to EXCEED expectations.  While the Delaware has been the ‘most covered’ basin over the last 12 months, our data suggests that the increase in well and completion activity is just...

Recent data trends favor HAL

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The Year Of The DUC

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Cash Money Problems

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