According to Baker Hughes, U.S. oil rig counts rebounded to an eight month high level during the week ending Jan 15^th but remained significantly lower on a YOY basis. Jan 15^th week ending oil rig counts increased 4.4% from the previous week but remained 57.4% lower on a YOY basis and 67.7% below the three and a half year high levels experienced during November of 2018. Oil rig counts have increased over 16 of the past 17 weeks through the week ending Jan 15^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 30% below the Oct ’18 highs during the week ending Jan 15^th. Crude oil production volumes remained 16% below the Mar ’20 record high levels during the week ending Jan 15^th while oil production per rig declined to an eight 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 Jan 15^th Oil Rig Counts Increased 4.4% Week-Over-Week but Remained 57.4% Lower YOY Oil Rigs Have Increased Over 16 of the Past 17 Weeks Through the Week Ending Jan 15^th Horizontal Rigs Have Accounted for 97% of the Rebound in Total Rigs Since Mid-August Jan 15^th Crude Oil Production Remained 16% Below the Mar ’20 Record High Levels Jan 15^th Crude Oil Production per Rig Declined to an Eight Month Low Level