According to Baker Hughes, Jan 3^rd week ending U.S. oil rig counts declined from the previous week but remained slightly above the 32 month low level experienced during Dec ’19. Jan 3^rd oil rig counts declined 1.0% from the previous week while finishing 23.6% lower on a YOY basis and 24.5% below the three and a half year high levels experienced during November of 2018. Oil rig counts have declined over recent months in response to lower WTI crude oil prices, which remain 18% below the Oct ’18 highs, despite rebounding by 16% over the past three months. Jan 3^rd week ending crude oil production remained at record high levels, despite the recent reductions in rigs, while oil production per rig remained near three year high levels experienced during the final week of November. 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 13 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 Jan 3^rd Oil Rig Counts Declined 1.0% Week-Over-Week and 23.6% 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 Jan 3^rd Weekly Crude Oil Production Volumes Remained at a Record High Level Jan 3^rd Crude Oil Production per Rig Remained Near Recent Three Year High Levels