Coras Mock Data 2020: Picking the winners

We have put together a Mock Data Packet for Q4 2020 that envisions a much more rosy (but very possible) frac world. In this Mock Data, we have consolidated the market into 7 major frac providers that could hypothetically control 85% of the market by the end of 2020 (top 4 could make up 65%).  The key assumption in our Mock Data Packet is that 390-400 frac fleets will be needed in Q4 2020 (vs 410 in Q2 2019) to maintain modest growth in US production.  We also assume (and think likely) that the near-term frac market gets sufficiently bad to prod further consolidation through the remainder of 2019 / early 2020. Winners in this group include FRAC, CJ, PTEN, PUMP, USWS, and LBRT.  Providers that could be more challenged include HAL, FTSI, SLB, RES and privates.

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