- In February, the fully utilized fleet count is tracking 175, down a touch from January, but still ~10% better than the Q4’20 average
- The Permian has been the key driver in recent weeks, now over 80 fleets
- Bakken, Rockies, EF have flattened out having outsized gains last quarter
- U.S. active fleets are now close to 190 (fleets that have worked at least one job in last 2-weeks)
- At current levels, we believe the U.S. can maintain flat shale production, with potential growth later in 2021
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