According to Baker Hughes, U.S. oil rig counts rebounded to a six month high level during the week ending Dec 4^th but remained significantly lower on a YOY basis. Dec 4^th week ending oil rig counts increased 2.1% from the previous week but remained 62.9% lower on a YOY basis and 72.3% below the three and a half year high levels experienced during November of 2018. Oil rig counts have increased over ten of the past 11 weeks through the week ending Dec 4^th. Oil rig counts had declined over 24 of 27 weeks through mid-September. Oil rig counts have declined in response to lower WTI crude oil prices, which have rebounded off of recent lows but remain 40% below the Oct ’18 highs during the week ending Dec 4^th. Crude oil production volumes remained 15% below the Mar ’20 record high levels during the week ending Dec 4^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 Dec 4^th Oil Rig Counts Increased 2.1% Week-Over-Week but Remained 62.9% Lower YOY Oil Rigs Have Increased Over Ten of the Past 11 Weeks Through the Week Ending Dec 4^th Declines in Vertical Rigs Remain the Most Significant on a Percentage Basis Dec 4^th Crude Oil Production Remained 15% Below the Mar ’20 Record High Levels Dec 4^th Crude Oil Production per Rig Declined to a Six Month Low Level