Utilization is doing the work.
The Frac Spread Count rose to 160. Frac job activity has now returned to where it stood this time last year, once again reinforcing the theme of resiliency in U.S. Shale. Public commentary has turned cautious in parts of the Bakken, but Williston completion data, as per Primary Vision, tells a more complicated story. Read the Monday Macro View to find out more.
Income and investment still lag.
Spending and transactions remain active across the U.S., Europe, and China, even as income growth, investment, and confidence continue to lag. Liquidity is present, but absorption is uneven. The data points to stability driven by utilization rather than expansion. The key issue is how long that configuration can persist. The Market Sentiment Tracker answers this question.
Basin Differences Are Now About Execution.
Full-cycle breakevens now cluster far more tightly across basins than conventional narratives suggest. That shift changes what actually drives competitiveness—and what no longer does. We examine where execution still creates dispersion, which basins punish slippage fastest, and why market performance is diverging from breakeven math alone. Read the Shale Breakeven Special to learn more about this interesting dynamic.
International steadiness offsets North America.
Recent results from Halliburton highlight the growing importance of execution quality and geographic mix. With utilization doing more of the work, the question is not activity levels, but where margins remain defendable. Read the HAL Take Three
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: https://www.efracs.primaryvision.co/landing/