In this report, we have taken a closer look at Permian IP rates versus well intensity metrics such as footage drilled and sand volumes pumped. In the Midland Basin, our data suggests that IP rates are not keeping up with the recent surge in lateral lengths or sand pumped. Conversely, productivity and well intensity data in the Delaware Basin appears to be on track. Separately, we have also gathered data on recent frac start-ups, noting an increase in companies targeting the Eagle Ford (PTEN, SPN, FTSI most exposed).