According to Halliburton, the number of uncompleted wells in the United States was approaching 3,500 wells at the end of 1Q11. Given that the type of drilling underway has changed dramatically over the last four years (with horizontal drilling now comprising a significant portion of the mix) and the high rig count in general, we anticipate that the backlog for completions will continue to grow (as long as drilling continues to be undertaken at a faster pace than capital expansion by oilfield service providers). The relevance of this situation is even greater when you consider that the service intensity necessary to complete wells has doubled what it was on average two years ago
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