According to Baker Hughes, U.S. oil rig counts rebounded to a two year high level during the week ending Apr 29^th. Apr 29^th week ending oil rig counts increased 0.5% from the previous week while finishing 61.4% above previous year levels. Oil rig counts remained 31.6% below pre-pandemic seasonal levels and 37.8% below the three and a half year high levels experienced during November of 2018, however. The current rebound in oil rig counts has been slower than rebounds from cyclical lows experienced throughout both 2009 and 2016.

Oil rig counts declined sharply throughout the first half of 2020 in response to lower WTI crude oil prices. WTI crude oil prices rebounded to a 13 year level throughout the final week of Mar ’22, however, prior to declining throughout the month of April but remaining elevated, overall.

Apr 29^th week ending crude oil production volumes remained equal to recently experienced two year high levels however oil production per rig declined to a two year low level.

Oil Rig Counts Followed Crude Oil Prices Lower Prior to Rebounding Throughout 2021

Apr 29^th Oil Rig Counts Increased 0.5% Week-Over-Week While Finishing 61.4% Higher YOY

Oil Rig Counts Have Finished Flat to Higher Over 45 of the Past 52 Weeks Through Apr 29^th

The Current Rebound in U.S. Oil Rig Counts Remains Slower Than Previous Cycles

Horizontal Rigs Have Accounted for 96% of the Rebound in Total Rigs Since Aug ’20

Apr 29^th Crude Oil Production Volumes Remained Equal to Recent Two Year High Levels

Apr 29^th Crude Oil Production per Rig Declined to a Two Year Low Level