U.S. oil rig counts provided by Baker Hughes are an important barometer for the drilling industry and are of particular important with the recent declines in crude oil prices. U.S. oil rig counts declined by 61 in the week of January 9th to a total of 1,421, which was the largest weekly decline in nearly 24 years. Overall, the total U.S. oil rig count fell to an 11 month low however, despite the decline in oil rigs, crude oil production remains strong. U.S. Oil Rig Counts Have Fallen Dramatically in Response to Declining Crude Oil Prices U.S. Oil Rig Counts Peaked in Late 2014, Prior to the Recent Declines Jan 9th U.S. Oil Rigs Declined 4.1% From the Previous Week but Remain up 2.0% YOY The Recent Decline in U.S. Oil Rig Counts Since the Nov ’14 Peak has Been Significant Crude Oil Production Remains Strong, up 0.2% MOM and 12.1% YOY Crude Oil Production per Rig Continues to Accelerate, Reaching a 45 Month High