After lagging the initial frac count surge, rig deployments are poised to meaningfully outperform in coming months. The key to rig adds will likely be driven by 1) private E&Ps 2) dwindling DUC backlog 3) non-Permian drilling and 4) peaking efficiencies. Altogether, we are anticipating another 75-100 horizontal rig adds by mid-2021 with over 200 more rigs needed to keep U.S production flat longer term (75% of rig deployments to be outside of the Permian).