According to Baker Hughes, U.S. oil rig counts declined slightly from the previous week but remained 4.7% above recent 15 year low levels during the week ending Aug 28^th. Aug 28^th week ending oil rig counts declined 1.6% from the previous week while finishing 75.7% 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 22 of the past 24 weeks through the week ending Aug 28^th 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 43% below the Oct ’18 highs during the week ending Aug 28^th. Crude oil production volumes have declined over recent weeks, reaching a 31 month low level during the week ending Aug 28^th. Declines in Gulf of Mexico production stemming from Hurricane Laura contributed to the most recent decline in production figures. Aug 28^th week ending crude oil production volumes finished 26.0% below the record high levels experienced during Mar ’20 while oil production per rig remained below recently experienced record high levels. 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 Aug 28^th Oil Rig Counts Declined 1.6% Week-Over-Week, Finishing 75.7% Lower YOY Declines in Oil Rig Counts Have Decelerated Over Recent Weeks Declines in Vertical Rigs Remain the Most Significant on a Percentage Basis Aug 28^th Crude Oil Production Volumes Declined to a 31 Month Low Level Aug 28^th Crude Oil Production per Rig Declined off of Recent Record High Levels