According to Baker Hughes, U.S. oil rig counts have increased over 17 of the past 18 weeks through the end of February. Oil rig counts increased to a 17 month high during the week ending Mar 3^rd, finishing 92.7% above the lows experienced during May ’16. Crude oil production increased to a 12 month high however production per rig finished at a 17 month low during the week ending Mar 3^rd. 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 Mar 3^rd U.S. Oil Rigs up 1.2% From the Previous Week and 55.4% YOY The Declines in U.S. Oil Rig Counts Since the Nov ’14 Peak Remain 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 Mar 3^rd Crude Oil Production Increased to a 12 Month High, Finishing up 0.1% YOY Mar 3^rd Crude Oil Production per Rig Declined to a 17 Month Low Resilient Production Despite a Collapse in Price & Rigs on Same Trajectory as ’08 Natural Gas