In this report, we have updated our excel data to reflect $20-$25 oil prices and the wave of E&P / service disclosures over the last 10 days. Key takeaway is that U.S. E&P spending is now expected to decline by 40-45% in 2020 (vs down 35% last week), with ~180 active crews and ~380 horizontal rigs working by year end (vs 330 crews / 700 rigs in Q1’20). Longer term, E&P cash flow would support fewer than 200 active crews in 2021, with less than ~30k stages fracked per month, not nearly enough to keep U.S. shale production from falling sharply (down ~2MM bbl/d).