U.S. oil rig counts have continued to decline through the second half of April, falling by 26 in the week ending April 17th and an additional 31 in the week ending April 24th to a total of 703. The weekly declines were the 19th and 20th 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 and a half 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 Apr 24th U.S. Oil Rigs Declined 4.2% From the Previous Week and are Down 54.2% 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 12.2% 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