We have compared the latest June and Q2 completion data with recent shale production / demand trends. Looking ahead, the June run rate suggests ~20 fleets still need to be added for completions to be UP sequentially in Q3E, a target that is achievable based on recent conversations, but NOT a layup. In any case, the active fleets in oil basins will not be enough to ease production declines. Meanwhile, in dry gas areas, volumes are finally starting to wane with only 30 fleets currently working (vs 48 in early March).