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Contrary to the Noise from Top Service Companies; Activity to Slow For Remainder 2024

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Contrary to the Noise from Top Service Companies; Activity to Slow For Remainder 2024
Contrary to what frac / service companies are saying, we believe we will see a drastic fall off in activity for the remainder of the year in drilling and frac/completion services.   Let's first review the narrative from some of the companies. Halliburtion  : Looking ahead for the rest of 2024 in North America, we expect steady activity levels for Halliburton. Petrofrac : Looking forward, we continue to see opportunity in this market. Liberty  : Frac markets have softened since the height of late 2022 and early 2023, but now appear to have stabilized since late last year. However when we analyzed the first quarter spending from E&Ps and new guidances it speaks to something different.  Here is what some of the top E&Ps are saying as of the first quarter. Coterra ("in response to weak…
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