With earnings the past few weeks, we have compiled data from company disclosures  (both E&P and OFS) and compared it to broader industry trends. The key takeaway has been the BIG divergence in job efficiency (getting faster at the well) compared to OFS reported volumes (reporting fewer stages). For the E&Ps, we have quantified the budget exhaustion BUZZWORD in 4Q (down 12% – inline w/ consensus expectations) while 2019 is showing early signs of the reload (permits up big in October).