According to Baker Hughes, U.S. oil rig counts remained at three year high levels during the week ending May 18^th. May 18^th U.S. oil rig counts finished flat with the three year highs experienced during the previous week while remaining higher on a YOY basis for the 72^nd consecutive week, finishing up 17.2%. May 18^th week ending crude oil production increased to a new record high level however oil production per rig remained near recently experienced seven month low levels. 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. Oil Rig Counts Followed Crude Oil Prices Lower but Have Begun to Rebound Since Mid-2016 Oil Rig Counts Peaked in Late 2014, Prior to Declining Sharply in Early 2015 May 18^th Oil Rigs Finished Flat Week-Over-Week but up 17.2% 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 May 18^th Weekly Crude Oil Production Increased to a New Record High Level May 18^th Crude Oil Production per Rig Remained Near Recent Seven Month Lows