In this report, we have compared trends in private E&P data to that of the public companies as it relates to spending, permits and rig data. The most notable takeaway has been the recent wave of private equity backed E&Ps that have led permits and / or added rigs over the last 6-weeks (after being stagnant in 4Q17 / 1Q18). On the public side, rig counts and spending are running WAY AHEAD of their “disciplined” 2018 capex guidance, suggesting a big wave of upward budget revisions will soon follow.