Monday Macro View - Surfactants are suddenly everywhere on earnings calls, mentioned more this year than in the last two decades combined, and Chevron is racing to roll them out across the Permian. Our Frac Chemistry Inspector already has the well-level data on who's using them, who's supplying them, and where the concentration is building fastest. Is the market pricing this in yet, or is this the kind of shift that only shows up once it's already old news? Read this week's MMV*.
Market Sentiment Tracker - Is the U.S. Labor Market Really as Strong as It Looks?
Payrolls smashed expectations this week and everyone's already calling it a turning point. Underneath the headline, though, government hiring did most of the work, layoffs are climbing, and Europe and China aren't painting nearly as clean a picture. Is this the number the market should actually be trusting, or the one that gets revised away next month? Read this week's Market Sentiment Tracker.*
This Week's Takeaways - Patterson-UTI & RPC
Patterson-UTI is betting big on premium, high-spec equipment to widen its pricing edge over the field. Does that bet hold up if private operator demand starts to cool before the fleet upgrades finish paying off? Read more*.
RPC is refusing to chase fleet growth, choosing full-cycle returns over reactivating idle capacity. Is that discipline the right call if 2027 E&P budgets come in stronger than the market currently expects? Read more here*.
OFS Ranking Q2 2026 - The Cycle Is Starting to Reward Positioning
TechnipFMC jumped to first on the back of a huge order quarter, while Baker Hughes slipped to third despite posting one of its strongest operational quarters on record. Is backlog and diversification starting to matter more to this cycle than raw North American activity? Read the full ranking*.
Did you know our Frac Chemistry Inspector can show you which supplier is winning chemistry business on any well, down to the individual additive?
If You’re Still Relying on Lagging Data, You’re Already Behind. EFRACS shows where activity is moving before production reacts.
Get Access to EFRACS: efracs.com