We have processed 1Q / 2019 capex and completion data for E&Ps that reported over the last couple weeks, and our most notable takeaway has been the sharp decline in wells placed on production (POP’d) despite higher spending and frac activity (UP 6% in 1Q19). Separately, our update of private E&P data highlights an increase in active operators while in the sand market, Northern White production continues to fall (albeit at a slower pace than needed).