[ihc-hide-content ihc_mb_type="show" ihc_mb_who="10,13,14,16,18,19" ihc_mb_template="1"] Frac Spreads +5 to 80 Schlumberger and Liberty trade supply for equity. Liberty gets to tap a deep set of tools, technology, team and logistics from Schlumberger. We imagine there’s additional credit arrangements that will help Liberty get through a demand period that may be weaker longer than anyone can anticipate.ie. no vaccine (yet), weakened crude demand and strong supplies of crude and crude products globally Schlumberger keeps its toe in U.S. shale, but gets to pivot back to its International operations which have experienced covid-pain and a decline in market share as a result of Halliburtons growing international business. HALs foresight to pivot to international projects looks brilliant. What’s next? The number one story to follow in U.S. shale is how frac spreads will manage production as we move out of 2020. If covid fears are eliminated by a vaccine and demand returns to-a-new-normal how will U.S. pressure pumpers be able to keep up?Will OFS finally get the pricing relief it so desperately needs? Here’s to hoping this deal gets done and more follow the light. The U.S. shale market requires much broader consolidation. Let’s keep it going. [/ihc-hide-content]