In this report, we have processed E&P reported data, paying close attention to remaining 2019 budgets and expected POP (put on production) cadence. The most notable takeaways from E&P earnings data has been 1) 52% of budget spent in 1H19(less than feared) 2) more than expected OFS pricing / well cost reductions 3) firm completion activity YTD (both frac & POPs) and 4) acceleration of efficiencies – particularly on the rig side.