According to Baker Hughes, U.S. oil rig counts rebounded to a 19 week high level during the week ending Oct 16^th but remained significantly lower on a YOY basis. Oct 16^th week ending oil rig counts increased 6.2% from the previous week but remained 71.2% lower on a YOY basis and 76.9% below the three and a half year high levels experienced during November of 2018. Oil rig counts have increased over four consecutive weeks through the week ending Oct 16^th. The Oct 16^th increase in oil rig counts was the largest experienced throughout the past nine months on an absolute basis. Oil rig counts had declined over 21 of 22 weeks through mid-August. Oil rig counts have declined in response to lower WTI crude oil prices, which have rebounded off of recent lows but remain 46% below the Oct ’18 highs during the week ending Oct 16^th. Crude oil production volumes have declined over recent weeks, finishing 24% below the Mar ’20 record high levels during the week ending Oct 16^th. Oct 16^th week ending oil production per rig declined to a four month low level but remained historically high, overall. Crude oil production is expected to continue to slow throughout coming months according to drilling productivity estimates compiled throughout areas accounting for 95% of recent production gains. Oil Rig Counts Peaked in Late 2014, Prior to Declining Sharply in Early 2015 Oil Rig Counts Followed Crude Oil Prices Lower Prior to Rebounding Throughout 2017-2018 Oct 16^th Oil Rig Counts Increased 6.2% Week-Over-Week but Remained 71.2% Lower YOY The Oct 16^th Increase in Oil Rig Counts was the Largest Experienced in the Past Nine Months Declines in Vertical Rigs Remain the Most Significant on a Percentage Basis Oct 16^th Crude Oil Production Remained 24% Below the Mar ’20 Record High Levels Oct 16^th Crude Oil Production per Rig Declined to a Four Month Low Level