According to Baker Hughes, U.S. oil rig counts declined to a 28 month low during the week ending Sep 27^th. Sep 27^th oil rig counts declined 0.8% from previous week while finishing 17.4% lower YOY and 19.7% below the three and a half year high levels experienced during mid-November. Oil rig counts have declined over recent months in response to lower WTI crude oil prices, which remain 24% below the Oct ’18 highs. Sep 27^th week ending crude oil production remained near recently experienced record high levels, despite the recent reductions in rigs, while oil production per rig increased to a two and a half year high level. Crude oil production is expected to continue to strengthen throughout coming months according to drilling productivity estimates compiled throughout areas accounting for 95% of recent production gains, although growth forecasts continue to decelerate as drilled-but-uncompleted wells have reached a nine month low level. Oil Rig Counts Peaked in Late 2014, Prior to Declining Sharply in Early 2015 Oil Rig Counts Followed Crude Oil Prices Lower but Have Rebounded Since Mid-2016 Sep 27^th Oil Rig Counts Declined 0.8% Week-Over-Week While Finishing 17.4% Lower YOY The Declines in Oil Rig Counts Since the Nov ’14 Peak Remain Significant Declines in Vertical Rigs Remain the Most Significant on a Percentage Basis Sep 27^th Weekly Crude Oil Production Finished Near Recently Experienced Record High Levels Sep 27^th Crude Oil Production per Rig Reached a Two and a Half Year High Level