According to Baker Hughes, U.S. oil rig counts declined to a ten year low level as of the week ending May 15^th. May 15^th week ending oil rig counts declined 11.6% from the previous week while finishing 67.8% lower on a YOY basis and 70.9% below the three and a half year high levels experienced during November of 2018. Oil rig counts have declined in response to lower WTI crude oil prices, which have rebounded off of recent lows but remain 59% below the Oct ’18 highs during the week ending May 15^th. Crude oil production has slowed throughout April, declining to a ten month low level during the week ending May 15^th. May 15^th week ending oil production per rig increased to a 17 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 a 22 month low projected level throughout the month of June. 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 15^th Oil Rig Counts Declined 11.6% Week-Over-Week, Finishing 67.8% Lower YOY Declines in Vertical Rigs Remain the Most Significant on a Percentage Basis May 15^th Weekly Crude Oil Production Volumes Declined to a Ten Month Low May 15^th Crude Oil Production per Rig Reached a 17 Year High