this is one of the best things that could happen for the consumer and industrial competitiveness in America. While job growth may slow down in the Permian temporarily, it does not mean that Dow Chemical can't restart chemical production in the US with input costs making labor cost differences less rele

oard. Considering the U.S. onshore rig count at 1,787 (+6% Y-Y) is where they thought it would end the year (as did we), higher E&P spending in the Permian is the obvious driver. In March volumes pumped were 30% higher y-y on a 15% increase in the number of frac stages; however, the increased service i

this is one of the best things that could happen for the consumer and industrial competitiveness in America. While job growth may slow down in the Permian temporarily, it does not mean that Dow Chemical can't restart chemical production in the US with input costs making labor cost differences less rele

this is one of the best things that could happen for the consumer and industrial competitiveness in America. While job growth may slow down in the Permian temporarily, it does not mean that Dow Chemical can't restart chemical production in the US with input costs making labor cost differences less rele

on Resources Caa I (Neg WIACCO(Neg W) sedvsr 4 4 4 3 4 2 330 Seven Generations 83(Pcsyctc•(Stable) SEVGEN 2 4 4 4 4 4 3.67 An*rcan Permian caavcoc• AEPB 4 4 4 4 2 4 3.67 Magnum Hunter earStableyCCC(Neg) FAHR 4 4 4 4 4 4 4.00 Snot Dana* Sp* canopy** aroomave hence!' F

erm this is largely offset by positive operating momentum. Also worth noting, given its extremely deep inventory in the highest IRR play in the US (Permian), Cimarex is the rare company that remains on the M&A radar for large integrateds despite the drop in commodity prices - this is observed by lookin

ides a solid financial profile, XEC's asset quality and strong operational momentum are both unparalleled. In its core Permian play (-55% of FY 14E Permian capex budget), XEC has successfully drilled longer laterals with upsized fracs providing solid upside to well returns. In a recent update, XEC note

f 0.5-1.0 million hhp could begin to be delivered in the first quarter. This has the ability to raise the completed/drilled ratio from 0.73 in the Permian and 0.86 in all other regions towards 0.95, and lifting productivity. This would be a reversal of the decline in completions since September 2016 w

ian. Woodmac expects Haynesville, which has seen a meaningful revival in its drilling program over the last year and associated gas production from Permian and Midcon to be other key contributors to FY 18 growth. Figure 17: EIA estimates for 2010 gas production YoY growth since Sep '17 7.0 62 6.0 s

exchanges and debt reduction via asset sales. On the asset portfolio side, we saw many players implementing major overhauls - mainly a shift to the Permian by names like WPX, QEP and SM Energy. Others expanded their footprint in their core basins - not just established Permian players, but also compani

sts are currently averaging 4.5% below 2015 plan assumptions, with confidence in updated targets of 10% average decline from FYI 5 plan, led by the Permian, with declines of 8%/ 12%, captured/targeted. • Asset performance: High density completions in the Eagle Ford are tracking -23% ahead of prior (2

/d will be extended over the coming months. A key assumption is that rig productivity growth will remain subdued in the major basins of the Bakken, Permian and Eagle Ford as the rate of contraction in drilling activity also slows. This is explained by the notion that a sharper rise in productivity is