According to Baker Hughes, U.S. oil rig counts declined to a 47 month low level as of the week ending May 1^st. May 1^st week ending oil rig counts declined 14.0% from the previous week while finishing 59.7% lower on a YOY basis and 63.4% below the three and a half year high levels experienced during November of 2018. The decline in oil rig counts was the largest experienced throughout the past 14 years on a percentage basis. Oil rig counts have declined in response to lower WTI crude oil prices, which finished 78% below the Oct ’18 highs during the week ending May 1^st. Crude oil production has slowed throughout April, declining to a nine month low level during the week ending May 1^st. May 1st week ending oil production per rig increased to a 14 year high level. Crude oil production is expected to continue to slow throughout coming months according to drilling productivity estimates compiled throughout areas accounting for 95% of recent production gains, declining to an 11 month low projected level throughout the month of May. Oil Rig Counts Peaked in Late 2014, Prior to Declining Sharply in Early 2015 Oil Rig Counts Followed Crude Oil Prices Lower Prior to Rebounding Throughout 2017-2018 May 1^st Oil Rig Counts Declined 14.0% Week-Over-Week, Finishing 59.7% Lower YOY The Weekly Percentage Decline in Oil Rig Counts was the Largest in the Past 14 Years Declines in Vertical Rigs Remain the Most Significant on a Percentage Basis May 1^st Weekly Crude Oil Production Volumes Declined to a Nine Month Low May 1^st Crude Oil Production per Rig Reached a 14 Year High