This week, we have taken a closer look at productivity data in the various basins, noting that the Permian (particularly the Midland Basin) has been a significant laggard over the last few quarters. Also in the Permian, our latest count of completions, spuds and DUCs suggest the Permian rig count (493 per Baker Hughes) is at the most risk if oil prices stay around $50/bbl and E&Ps don’t accelerate completion spending (Permian DUC count will switch from normal to abnormal).