In compiling our 3Q18 Data Packet, we have been surprised at how strong the data has been trending YTD. In fact, completions are now expected to be around 14,800 in 2018 (which still implies a big drop in 4Q), 10% higher than our expectations at the beginning of the year. However, a host of negative near-term trends such as budget exhaustion, takeaway anx-iety, and pricing weakness, are currently driving the narrative and potentially masking the lon-ger term upcycle in OFS (in our view). In our latest report, we have input the latest actuals and modeled specifics of how OFS data could play out over the next 18-months.