According to Baker Hughes, U.S. oil rig counts declined to an 18 month low during the week ending Aug 2^nd. Aug 2^nd oil rig counts declined 0.8% from previous week while finishing 10.4% lower YOY and 13.3% below the three and a half year high levels experienced during mid-November. Oil rig counts have declined over recent months in response to lower WTI crude oil prices, which remain 25% below the Oct ’18 highs. Aug 2^nd week ending crude oil production remained near recently experienced record high levels, despite the reduction in rigs, as oil production per rig increased to a two and a half year high level. Crude oil production is expected to rebound throughout coming months according to drilling productivity estimates compiled throughout areas accounting for 95% of recent production gains, although growth forecasts continue to decelerate as drilled-but-uncompleted wells have reached a five month low level. Oil Rig Counts Peaked in Late 2014, Prior to Declining Sharply in Early 2015 Oil Rig Counts Followed Crude Oil Prices Lower but Have Rebounded Since Mid-2016 Aug 2^nd Oil Rig Counts Declined 0.8% Week-Over-Week While Finishing 10.4% Lower 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 2^nd Weekly Crude Oil Production Finished Near Recently Experienced Record High Levels Aug 2^nd Crude Oil Production per Rig Increased to a Two and a Half Year High Level