Mullen reported 2Q16 EBITDAS of $46 mm, far exceeding our estimate of $34 mm. OFS revenue and margins were much stronger than we had anticipated due to pipeline hauling work. There were no changes to the Company’s 2016e capex program. The outlook remains tepid for the remainder of the year, especially with a number of large work programs rolling off in the OFS (Premay Pipeline Hauling) and T&L (Kleysen Group) divisions. We have revised 2016e EBITDAS higher by 11.2% while our 2017e E
