The video transcript provides an update on the Frac spread count and Frac demand in the energy industry. The key points discussed include:

- The Frac spread count for May 26th is down compared to the previous week, but there may be a bounce after the Memorial Day weekend.
- The Permian region is still strong, with a slight increase in rig count.
- The Appalachian markets (Marcellus and Utica) are expected to remain flat.
- Operators are shifting their focus from drilling to completions profiles, creating opportunities in the completion standpoint.
- Frac demand is down 10% year over year, but this is attributed to operators focusing on rotational oily basins rather than natural gas markets.
- Drilled Wells have remained flat, while ducks (drilled but uncompleted wells) have decreased but still remain at a low level.
- Production forecasts may be tweaked downwards as the year progresses, but this is preemptive and could change depending on price shocks and seasonality.
- Some operators have shifted from direct purchasing to putting consumables back on the procurement department of pressure pumpers, which improves margins.
- There are opportunities for chemical companies to find new homes for their products or achieve better margins.

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