U.S. oil rig counts have continued to decline through the second half of March, falling by 41 in the week ending March 20th and an additional 12 in the week ending March 27th to a total of 813. The weekly declines were the 15th and 16th in a row, although the rate of the declines has decelerated off of recent highs experienced in late January and early February. Overall, the total U.S. oil rig count fell to a four year low however, despite the decline in oil rigs, crude oil production has continued to remain strong. U.S. Oil Rig Counts Continue to Fall in Response to Declining Crude Oil Prices U.S. Oil Rig Counts Peaked in Late 2014, Prior to the Recent Declines Mar 27th U.S. Oil Rigs Declined 1.5% From the Previous Week and are Down 45.3% YOY The Recent Decline in U.S. Oil Rig Counts Since the Nov ’14 Peak has Been Significant Vertical Rigs Have Recently Declined the Most on a Percentage Basis, Reaching New Lows Crude Oil Production Remains Strong, up 14.6% YOY Crude Oil Production per Rig Continues to Accelerate, Reaching a New Five Year High Resilient Production Despite a Collapse in Price & Rigs on Same Trajectory as ’08 Natural Gas