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.
For access to the full report visit: https://corasresearch.com/reports/