Public E&Ps Stall

This week, we have highlighted several negative datapoints that suggest the rig count could start to soften in 2H18 (despite the recent increase in oil prices). Some of those datapoints include 1) public E&P spending that is running way ahead of full year guidance AND 2) permit data that has slowed significantly for private operators. With that said, we are not shying away from service companies with Permian completion leverage, an area that could surprise (near-term and 2019) relative to the VERY NEGATIVE consensus expectations.

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