In this report, we have gathered the most recent frac and efficiency data (wells / stages / sand per day etc). After 10 consecutive quarters of increase, E&Ps are currently fracking wells SLOWER than they did last quarter and early 2020. Reactivation headwinds have been the key challenge and suggest E&Ps will need to be more diligent in fleet scheduling to meet existing completion / production targets. Meanwhile, with crews fracking slower, the DUC backlog remains massive, particularly as fleets struggle to stay ahead of spud counts that already started to grow in August (up 10% despite fewer rigs). Lastly, we take a look at West Coast power data, where August gas demand surged 25% y/y, largely sourced from Rockies gas activity (HAL, LBRT frac market).