Permian Multi-Well Pad Inflection

We have downloaded the most recent pad drilling data, with the most notable takeaway being the recent increase in Permian multi-well pad activity. In fact, the % of permits that have been filed for multi-well pads in the Permian has jumped to over 80% in January (up from 76% in 4Q18 and 65-70% a year ago), suggesting that pad development could be hitting an inflection in 2019. Separately, we have picked out the few operators that are still adding rigs in January (Majors ONLY) while also taking a closer look at why RES earnings were so DISCONNECTED from their public filing data in 4Q18.

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