According to Baker Hughes, U.S. oil rig counts rebounded to a five month high level during the week ending Nov 13^th but remained significantly lower on a YOY basis. Nov 13^th week ending oil rig counts increased 4.4% from the previous week but remained 65.0% lower on a YOY basis and 73.4% below the three and a half year high levels experienced during November of 2018. Oil rig counts have increased over eight consecutive weeks through the week ending Nov 13^th. Oil rig counts had declined over 24 of 27 weeks through mid-September, prior to the eight most recent increases in rig counts. 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 Nov 13^th. Crude oil production volumes remained 17% below the Mar ’20 record high levels during the week ending Nov 13^th while oil production per rig declined to a six month low level but remained historically high, overall. 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 Nov 13^th Oil Rig Counts Increased 4.4% Week-Over-Week but Remained 65.0% Lower YOY Oil Rigs Have Increased Over Eight Consecutive Weeks Through the Week Ending Nov 13^th Declines in Vertical Rigs Remain the Most Significant on a Percentage Basis Nov 13^th Crude Oil Production Remained 17% Below the Mar ’20 Record High Levels Nov 13^th Crude Oil Production per Rig Declined to a Six Month Low Level