According to Baker Hughes, U.S. oil rig counts declined slightly from the previous week during the week ending Sep 18^th but remained 4.1% above recent 15 year low levels. Sep 18^th week ending oil rig counts declined 0.6% from the previous week while finishing 75.1% lower on a YOY basis and 79.8% below the three and a half year high levels experienced during November of 2018. Oil rig counts have declined over 24 of the past 27 weeks through the week ending Sep 18^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 47% below the Oct ’18 highs during the week ending Sep 18^th. Crude oil production volumes have declined over recent weeks, finishing 18% below the Mar ’20 record high levels during the week ending Sep 18^th. Sep 18^th week ending oil production per rig finished below recently experienced record high levels but remains at historically 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 Sep 18^th Oil Rig Counts Declined 0.6% Week-Over-Week, Finishing 75.1% Lower YOY Declines in Oil Rig Counts Have Decelerated Over Recent Weeks Declines in Vertical Rigs Remain the Most Significant on a Percentage Basis Sep 18^th Crude Oil Production Remained 18% Below the Mar ’20 Record High Levels Sep 18^th Crude Oil Production per Rig Remained Below Recent Record High Levels