[ihc-hide-content ihc_mb_type="show" ihc_mb_who="10,13,14,16,18,19" ihc_mb_template="1"] Frac Spreads +4 to 115 Permian half century mark The Permian hasn’t seen frac spread levels this high since the middle of April. While operators continue to manage declines, some have simply kept up their completion programs running regardless of demand weakness as a result of covid. The permian basin is down 60% year over year. Pay attention here! The recent bump in spreads (+26 over the last three weeks) could be misread that demand is slowly returning to the frac market. We cannot stress enough that this demand is being fueled by planned completions (a seasonal bump) that have a ceiling. It is estimated that most operators are barely break-even at the current price deck. What matters? We have five basins that have double digit frac spreads, highlighting operators razor focus on premium DUCs (drilled yet uncompleted wells) in their portfolios. The permian remains the highlight here with improved logistics and pipeline capacity availability. Crude type matters! Watch our recent Frac Spread Count show to learn more here: https://www.youtube.com/watch?v=ICapZ08AhNs [/ihc-hide-content]