According to Baker Hughes, U.S. oil rig counts continued to increase throughout the week ending Feb 16^th, finishing at a two and a half year high. Feb 16^th U.S. oil rig counts finished 0.9% above the previous week while remaining higher on a YOY basis for the 59^th consecutive week, finishing up 33.7%. Feb 16^th week ending crude oil production remained near recently experienced record high levels however oil production per rig declined to a six week low. Crude oil production is expected 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 Feb 16^th Oil Rigs Finished up 0.9% Week-Over-Week and 33.7% 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 Feb 16^th Weekly Crude Oil Production Remained Near Recently Experienced Record Highs Feb 16^th Crude Oil Production per Rig Declined to a Six Week Low