• Frac fleet up 15% sequentially in Q2
    • Privates, privates, privates
    • Bakken had a great quarter
    • Gas activity sluggish (both Northeast and Hville)
    • 17 private frac providers have now deployed more than 50 fleets with more on the way
    • Frac fundamentals are still awful with only 220 fleets active (of 330 available)
    • At $70/bbl, we think the industry needs ~260 fleets next year


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