Over the last few weeks, we have taken inventory of the current frac count, which includes better fleet demand on higher completion activity (on track to improve ~5% sequentially in 1Q19). Meanwhile, marketed supply (active fleets) has remained flat @ 425 fleets in recent months after ~30 net fleets were dropped in 2H18. However, frac utilization is still only 75%, implying another 40-50 fleets of incremental demand would be needed through 2019 to keep the momentum going — or 40-50 less capable fleets need to be stacked — both of which will be challenging as more E&Ps cut capex and fewer frac suppliers stack equipment.