[ihc-hide-content ihc_mb_type="show" ihc_mb_who="10,13,14,16,18,19" ihc_mb_template="1"] Frac Spreads +5 to 200 To drill or not to drill… We’ve talked to a lot of our customers about the DUC (Drilled yet uncompleted wells) drawdown this year. We appear to be knocking down these DUCs at an alarming rate if you look at the data face value. Looking ahead though, we believe a shift back to drilling is in the cards in 2021 and therefore the inventory of DUCs could increase. Everything is about timing and even when what appears to be bearish news for the oil supply market hit the street today (Saudi Arabia rolling back their production cuts), the market believes that demand will be higher than the actual available supply (at least in the short-term view --- WTI/Brent up 3% at time of writing). We think operators will be patient through what we perceive to be a volatile summer filled with inflation fears, weak emerging markets and a still-lingering pandemic. If you haven’t caught wind of this yet, we’re cautiously optimistic of a smooth recovery. Powder River growth Even with natural gas prices hovering closer to $2.50, than $3, operators are moving forward with some of their premium drilling sites in this gassy part of the U.S.A. We have two operators up there now with a couple more scheduled to make activations in the near future. Considering this being one of the smallest and least prolific basins, in terms of supply chain in the United States, we believe these were all planned months in advance. In terms of active pumpers, REV Energy Services appears to have gained first mover advantage. Started in 2018, they provide pressure pumping services in the northern part of the United States and Canada. The 200 club If we go back over the data for the last seven year’s we see the Frac Spread Count has been over 200 the majority of the time. 79% of the time to be exact. If covid wasn’t a “thing” we’d be above 200 well over 90% of the time (eliminating 50 sub-200 weeks). Will we go below 200 again this year? Answer: No Thank you for all of your support, have a great holiday weekend!Team Primary Vision [/ihc-hide-content]