J P M O R G A N On the completions outlook, PUMP is activating its 13th frac fleet expected to start contributing at the end of 3Q26, representing the company's second sequential fleet addition (up from 11 to 12 in 2Q26) on the back of a structurally tighter market (Permian running at ~mid-70s fleet count). The company believes it would be challenging to push above the ~mid-80s count absent growth reinvestment, which it does not expect to materialize, but the more important disclosure in our view is that pr ...