We now return to our regularly scheduled topical hottakes (In advance of what I hope is Merger Monday!!)

The US Horizontal rig count dropped a whopping 17 rigs last week, inching closer to my 700 HZ rig target. Halliburton’s Quarterly earnings showed a 21% drop in revenue from their completion and production division – in spite of no where near that percentage of drop in the Q3 gross well completion activity.  This suggests smaller stages, wider stage spacing and companies working hard to get wells on production for Q3 rather than executing what they may previously have told the market were “Generation 5.4.3.6 c” completions.  

There is no escaping the slow down – and little to no ramp up coming in Q1.  The emperor has no clothes and the mass of earnings calls over the next 2 weeks are going to give us a lot to talk about. 

#hottakeoftheday