In this report, we dig in on the Rockies / Bakken region, which has been much firmer this quarter (after a very soft Q3) with early indications that momentum will continue into Q1. However, unless 2021 capital budgets are boosted, the current pace of spending, new drilling, and DUC drawdown suggests frac activity in the Rockies / Bakken will peter out by early Q2. Also on a negative note, our recent completion data indicates frac efficiency has continued up and to the right over the last 6 weeks, implying more long term headwinds to frac supply / demand longer term.