According to Baker Hughes, U.S. oil rig counts declined to an 11 year low level during the week ending Jul 31^st. Jul 31^st week ending oil rig counts declined 0.6% from the previous week while finishing 76.6% lower on a YOY basis and 79.7% below the three and a half year high levels experienced during November of 2018. Oil rig counts have declined over 19 of the past 20 weeks through the week ending Jul 31^st however declines have decelerated over recent weeks. Oil rig counts have declined in response to lower WTI crude oil prices, which have rebounded off of recent lows but remain 46% below the Oct ’18 highs during the week ending Jul 31^st. Crude oil production volumes have rebounded off of the 26 month low level experienced during mid-June but remain 16.0% below the record high level experienced during Mar ’20. Jul 31^st week ending oil production per rig remained near the record high level experienced during mid-July. 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. 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 Jul 31^st Oil Rig Counts Declined 0.6% Week-Over-Week, Finishing 76.6% Lower YOY Declines in Oil Rig Counts Have Decelerated Over Recent Weeks Declines in Vertical Rigs Remain the Most Significant on a Percentage Basis Crude Oil Production Volumes Have Rebounded off of Recent 26 Month Low Levels Jul 31^st Crude Oil Production per Rig Remained Near Recent Record High Levels