This week, our focus shifted to the Eagle Ford where resilient production and completion trends are outpacing the modest 80 rigs drilling in the area. After a closer look, Eagle Ford completions have been supported by the quiet drawdown of the DUC inventory over the last 4 years (masked by misleading data out of the EIA), resulting in surprisingly strong frac / sand activity. Applying Eagle Ford lessons to the Permian (DUC count now >1,800 wells), frac activity will be resilient for long after the Permian rig count plateaus, a trend that is NOT APPRECIATED in most Permian completion names (ie PUMP, FRAC, SPN).