The EIA reported monthly 914 data last week, highlighting yet another increase in U.S. shale production in November, driven solely by the Permian. While the increase is disappointing, it reflects Permian stage counts / sand volumes that remained firm through most of Q4 (contrary to popular sentiment). In other areas, production has stopped growing, highlighting stage counts / sand volumes that are also in decline. Going forward, 2020 E&P budgets (down 10-15%) suggest flatish stages, sand volume and production this year (Permian UP, others DOWN).