We have downloaded the latest batch of frac submissions and wells placed-on-production data (POP completions). The key takeaway has been a moderation in frac filings following the solid bounce off the bottom in early 2019. Conversely, POP completions are poised to accelerate, driven by the growing backlog of fracked-not-producing wells (scheduled to be placed online over the coming months). Lastly, recent permit data highlights the continued deterioration in private E&P activity (down 25% q/q).