According to Baker Hughes, U.S. oil rig counts declined to an 11 year low level during the week ending Jul 17^th. Jul 17^th week ending oil rig counts declined 0.6% from the previous week while finishing 76.9% 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 18 consecutive weeks through the week ending Jul 17^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 46% below the Oct ’18 highs during the week ending Jul 17^th. Crude oil production volumes have rebounded off of the 26 month low level experienced during mid-June but remain 15.3% below the record high level experienced during Mar ’20. Jul 17^th week ending oil production per rig reached the highest level on record. 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 Jul 17^th Oil Rig Counts Declined 0.6% Week-Over-Week, Finishing 76.9% Lower YOY Declines in Oil Rig Counts Have Decelerated Over Recent Weeks Declines in Vertical Rigs Remain the Most Significant on a Percentage Basis Crude Oil Production Volumes Have Rebounded off of Recent 26 Month Low Levels Jul 17^th Crude Oil Production per Rig Reached the Highest Level on Record