According to Baker Hughes, U.S. oil rig counts rebounded to a four month high level during the week ending Oct 30^th but remained significantly lower on a YOY basis. Oct 30^th week ending oil rig counts increased 4.7% from the previous week but remained 68.0% lower on a YOY basis and 75.1% below the three and a half year high levels experienced during November of 2018. Oil rig counts have increased over six consecutive weeks through the week ending Oct 30^th. Oil rig counts had declined over 24 of 27 weeks through mid-September, prior to the six most recent increases in rig counts. Oil rig counts have declined in response to lower WTI crude oil prices, which have rebounded off of recent lows but remain 50% below the Oct ’18 highs during the week ending Oct 30^th. Crude oil production volumes remained 20% below the Mar ’20 record high levels during the week ending Oct 30^th while oil production per rig declined to a five 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 30^th Oil Rig Counts Increased 4.7% Week-Over-Week but Remained 68.0% Lower YOY Oil Rig Counts Have Increased Over Six Consecutive Weeks Through the Week Ending Oct 30^th Declines in Vertical Rigs Remain the Most Significant on a Percentage Basis Oct 30^th Crude Oil Production Remained 20% Below the Mar ’20 Record High Levels Oct 30^th Crude Oil Production per Rig Declined to a Five Month Low Level