This week’s focus is on small / private operators, the most important wildcard for 2019 OFS activity (now 45% of rig count, increased capex by 40% in 2018). As we dig through recent trends, the most notable takeaway has been resilience of the private E&P rig count, which is uncharacteristic following big declines in commodity prices. With that said, we are anticipating private E&Ps to still cut spending by 5-10% this year, offsetting the big increases from the Majors (and some large independents), resulting in overall US land spending down modestly (<5%) in 2019.