Public E&Ps Cut Hard

We have downloaded the most recent completion data, noting a divergence between public E&Ps (down BIG) and private E&Ps (firm).  Also in this data, frac efficiency has taken a breather over the last few months, after being UP 20% in 2018, driven by a lower mix of public operators (typically 15-20% more efficient).  Separately, we have compared the recent drop in Northeast production (December) to the dramatic cut in stage counts that began in late-May 2018.

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