According to Baker Hughes, U.S. oil rig counts rebounded slightly from recently experienced 32 month low levels during the week ending Dec 13^th. Dec 13^th oil rig counts rebounded 0.6% from the previous week but remained 23.6% lower on a YOY basis and 24.9% below the three and a half year high levels experienced during November of 2018. Oil rig counts have declined over recent months in response to lower WTI crude oil prices, which remain 21% below the Oct ’18 highs. Dec 13^th week ending crude oil production remained near recently experienced record high levels, despite the recent reductions in rigs, while oil production per rig remained near three year high levels experienced during the final week of November. Crude oil production is expected to continue to strengthen throughout coming months according to drilling productivity estimates compiled throughout areas accounting for 95% of recent production gains, although growth forecasts continue to decelerate as drilled-but-uncompleted wells have reached a 13 month low level. Oil Rig Counts Peaked in Late 2014, Prior to Declining Sharply in Early 2015 Oil Rig Counts Followed Crude Oil Prices Lower but Have Rebounded Since Mid-2016 Dec 13^th Oil Rig Counts up 0.6% Week-Over-Week but Remained Down 23.6% YOY The Declines in Oil Rig Counts Since the Nov ’14 Peak Remain Significant Declines in Vertical Rigs Remain the Most Significant on a Percentage Basis Dec 13^th Weekly Crude Oil Production Volumes Declined Slightly From Recent Record Highs Dec 13^th Crude Oil Production per Rig Declined Slightly From Recent Three Year High Levels