We have downloaded initial 2Q18 OFS data, noting continued strength in completion activity (tracking +15% Q/Q), particularly in the Rockies / Bakken. However, the latest data has also featured another increase in frac efficiency (up 5% from 1Q18), which is continuing to be a drag on overall fleet demand. With that said, near-term efficiency trends may be driving overly pessimistic fleet demand / projections in the medium to long-term, if completions and stage counts continue to grow (our view).