Completions Resilient in 4Q (so far)

We have run early 4Q completion data and noted surprising resilience in October (led by private E&Ps). Meanwhile, completion efficiency has continued to increase (up 3% sequentially to 6.1 stages/day), further eating away at frac fleet demand. Companies that are benefiting the most from near-term trends include RES, PUMP, and FRAC while SLB frac performance has been noticeably poor in recent months.

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