According to Baker Hughes, Jan 31^st week ending U.S. oil rig counts declined slightly from the previous week while remaining significantly lower on a YOY basis. Jan 31^st oil rig counts declined 0.1% from the previous week while finishing 20.3% lower on a YOY basis and 24.0% below the three and a half year high levels experienced during November of 2018. Oil rig counts remained 2.4% above the 33 month low level experienced throughout the week ending Jan 10^th, however. Oil rig counts have declined over recent months in response to lower WTI crude oil prices, which remain 30% below the Oct ’18 highs. Jan 31^st week ending crude oil production remained near recent record high levels, despite the recent reductions in rigs, while oil production per rig remained near the three year high level experienced throughout the previous week. Crude oil production is expected to continue to strengthen 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 14 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 Jan 31^st Oil Rig Counts Declined 0.1% Week-Over-Week and 20.3% 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 Jan 31^st Weekly Crude Oil Production Volumes Remained Near Recent Record High Levels Jan 31^st Crude Oil Production per Rig Remained Near Recent Three Year High Levels