According to Baker Hughes, U.S. oil rig counts have increased over 10 of the past 11 weeks through mid-January. Jan 13^th oil rig counts declined slightly from the 12 month high experienced during the previous week but remain 65.2% above the lows experienced during May ’16. Crude oil production increased to an eight month high during recent weeks however production per rig remained near recently experienced 13 month lows during the week ending Jan 13^th. Crude oil production is expected to continue to increase slightly throughout coming months according to drilling productivity estimates compiled throughout areas accounting for 95% of recent production gains. U.S. Oil Rig Counts Declined in Response to Depressed Crude Oil Prices U.S. Oil Rig Counts Peaked in Late 2014, Prior to the Recent Declines Jan 13^th U.S. Oil Rigs Down 1.3% From the Previous Week but up 1.4% YOY The Recent Decline in U.S. Oil Rig Counts Since the Nov ’14 Peak has Been Significant Declines in U.S. Oil Rig Counts Have Decelerated Since Early 2015 Declines in Vertical Rigs Remain the Most Significant on a Percentage Basis Jan 13^th Crude Oil Production off of the Two Year Lows but Remains Down 3.2% YOY Jan 13^th Production per Rig Continued up Slightly From the Recent 13 Month Lows Resilient Production Despite a Collapse in Price & Rigs on Same Trajectory as ’08 Natural Gas