Explaining the new trajectory of Permian growth

We were recently in Midland, TX and found that the discussion topic in many research meetings shifted to something new: the subtle slowdown in Permian growth. By our models, another year of 900 kb/d crude growth appears unlikely and although Permian output is up, the pace of growth will likely fall this year and next. What's behind the slowdown? Is it budget cuts or operational challenges? How much could that latter slow production growth by? The ability to successfully navigate around new roadblocks like traffic, power reliability and inexperienced field hands will be critical for Permian operators to sustain production growth. But a slowdown in the Permian may not be a bad thing. Is there a silver lining to this year's falling rig count?