[ihc-hide-content ihc_mb_type="show" ihc_mb_who="10,13,14,16,18,19" ihc_mb_template="1"] Frac Spreads -2 to 85 Bakken (North Dakota) completions hit double digit frac spreads - Rarely we see spread counts leap over rig counts, but here we are in 2020 watching operators discount premium drilling opportunities to focus on spread activations in the Williston (Bakken) basin. LBRT & SLB summary - Rumors have about 1,000 SLB/OneStim peeps headed over to Liberty Oilfield Services. Over 150 field offices / facilities / yards will close as Liberty folks will focus on only the most prolific basins. Organizational charts are still very much up in the air. This deal has a target close date of Q4 and we’re hoping this gets done without a hitch to inspire other OFS companies to consolidate before its too late. Operator Patience - Operators have been patient with frac spread activations through the summer as they try to manage their decline curves to something reasonable as we approach the outro of 2020. Most wanted to take advantage of a window where $40-$43 WTI seemed to be the new-normal and then we had the OSP correction this past week from Saudi Arabia push us back under $40. As of writing these insights we’re back over $40 which gives some hope that we’ll see an increase in activity. The Good News: Only a handful of operators will be able to keep production declines in the low double digits. The Bad News: We’re inevitably going to see a substantial decrease in production in the United States. [/ihc-hide-content]