According to Baker Hughes, Jan 17^th week ending U.S. oil rig counts rebounded from the 33 month low level experienced throughout the previous week but remained significantly lower on a YOY basis. Jan 17^th oil rig counts increased 2.1% from the previous week but remained 21.0% lower on a YOY basis and 24.2% 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 22% below the Oct ’18 highs, despite rebounding by 10% over the past three months. Jan 17^th week ending crude oil production remained at a record high level, despite the recent reductions in rigs, while oil production per rig remained near the three year high level experienced throughout the previous week. 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 14 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 Jan 17^th Oil Rig Counts Rebounded 2.1% Week-Over-Week but Remained Down 21.0% 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 Jan 17^th Weekly Crude Oil Production Volumes Remained at a Record High Level Jan 17^th Crude Oil Production per Rig Remained Near Recent Three Year High Levels