To read any investor presentation (that reminds me, I need a “Dear IR” beating)- you would think every Q is better than the last and any mistake is a non recurring charge (like high H2S charges being “non recurring”- that is true- you do only process that mcf once). But things don’t get better forever. The rock is the rock and eventually, you reach the limit of technology.

I know- a lot of you just yelled at me: things about human ingenuity; you can’t predict the future and my favorite “We ARE improving every quarter (and you believe it)”. But I’m a data guy. So in today’s edition, here is the data. By play. For all the wells drilled since ‘14.

Lateral length is the lever by which performance has increased overall but since ‘17- we aren’t improving per foot. Why? Parent-child and the newest kid on the block: Parent-cousin (Good one, TPH!). A cousin is an adjacent formation- like the XY to the A. If the whole column within 400’ is behaving as one- children and cousins both need attention. And we will get there Friday.

But. The data is real; includes every well in each play and reflects what industry is actually doing with the inventory we actually have, IR slides excluded. Tomorrow’s edition- inventories. They are falling.