According to Baker Hughes, U.S. oil rig counts remained at three year high levels through the week ending Aug 17^th. Aug 17^th week ending U.S. oil rig counts finished flat with the previous week’s three year high while remaining higher on a YOY basis for the 85^th consecutive week, increasing 13.9%. Aug 17^th week ending crude oil production increased to a new record high level while oil production per rig increased to a three week high. 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 Rebounded Since Mid-2016 Oil Rig Counts Peaked in Late 2014, Prior to Declining Sharply in Early 2015 Aug 17^th Oil Rig Counts Flat Week-Over-Week but Remain up 13.9% 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 Aug 17^th Weekly Crude Oil Production Increased to a New Record High Level Aug 17^th Crude Oil Production per Rig Increased to a Three Week High