According to Baker Hughes, U.S. oil rig counts rebounded to a seven month high level during the week ending Dec 18^th but remained significantly lower on a YOY basis. Dec 18^th week ending oil rig counts increased 1.9% from the previous week but remained 61.6% lower on a YOY basis and 70.4% below the three and a half year high levels experienced during November of 2018. Oil rig counts have increased over 12 of the past 13 weeks through the week ending Dec 18^th. Oil rig counts had declined over 24 of 27 weeks through mid-September. Oil rig counts have declined in response to lower WTI crude oil prices, which have rebounded off of recent lows but remain 36% below the Oct ’18 highs during the week ending Dec 18^th. Crude oil production volumes remained 16% below the Mar ’20 record high levels during the week ending Dec 18^th while oil production per rig declined to a seven 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 Dec 18^th Oil Rig Counts Increased 1.9% Week-Over-Week but Remained 61.6% Lower YOY Oil Rigs Have Increased Over 12 of the Past 13 Weeks Through the Week Ending Dec 18^th Horizontal Rigs Have Accounted for 99% of the Rebound in Total Rigs Since mid-August Dec 18^th Crude Oil Production Remained 16% Below the Mar ’20 Record High Levels Dec 18^th Crude Oil Production per Rig Declined to a Seven Month Low Level