Coras Frac Data – The Depressing Grind Down

In this report, we have updated our frac fleet count, highlighting 398 active fleets (315 fully utilized), down another 10-15 fleets from 2Q and down 60 fleets (net) from the peak. Current fleet counts continue to grind lower despite relatively firm completion activity as efficiencies jump again in recent months (fewer fleets pumping more completions). On a positive note, private E&Ps do not yet appear to be slowing down their completion work, which is partially offsetting weakness in public E&P activity.

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