In this report, we have 1) collected capex data from the first round of E&Ps 2) compared this week’s EIA production report to our latest completion data and 3) highlighted diverging trends in DUC backlog. Our key takeaway includes shrinking OFS demand as E&Ps become budget constrained in 2H18. Meanwhile, areas outside of the Permian are experiencing a surprising jump in oil production, driven by a heightened completion focus in the Bakken, DJ, and EF (and despite stagnant rig counts).