According to Baker Hughes, U.S. oil rig counts rebounded to a 16 week high level during the week ending Oct 2^nd but remained significantly lower on a YOY basis. Oct 2^nd week ending oil rig counts increased 3.3% from the previous week but remained 73.4% lower on a YOY basis and 78.7% below the three and a half year high levels experienced during November of 2018. Oil rig counts had declined over 21 of 22 weeks through mid-August prior to increasing over four of the past seven weeks. The Oct 2^nd increase in oil rig counts was the second largest experienced throughout the past 37 weeks on an absolute basis. Oil rig counts have declined in response to lower WTI crude oil prices, which have rebounded off of recent lows but remain 48% below the Oct ’18 highs during the week ending Oct 2^nd. Crude oil production volumes have declined over recent weeks, finishing 16% below the Mar ’20 record high levels during the week ending Oct 2^nd. Oct 2^nd 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 Oct 2^nd Oil Rig Counts Increased 3.3% Week-Over-Week but Remained 73.4% Lower YOY Declines in Oil Rig Counts Have Decelerated Over Recent Weeks Declines in Vertical Rigs Remain the Most Significant on a Percentage Basis Oct 2^nd Crude Oil Production Remained 16% Below the Mar ’20 Record High Levels Oct 2^nd Crude Oil Production per Rig Remained Below Recent Record High Levels