According to Baker Hughes, U.S. oil rig counts increased to a new three year high during the week ending Apr 13^th. Apr 13^th U.S. oil rig counts increased 0.9% from the previous week while also remaining higher on a YOY basis for the 67^th consecutive week, finishing up 19.3%. Apr 13^th week ending crude oil production increased to a new record high level while oil production per rig remained near recently experienced two year highs. 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. Oil Rig Counts Followed Crude Oil Prices Lower but Have Begun to Rebound Since Mid-2016 Oil Rig Counts Peaked in Late 2014, Prior to Declining Sharply in Early 2015 Apr 13^th Oil Rigs Finished up 0.9% Week-Over-Week and 19.3% 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 Apr 13^th Weekly Crude Oil Production Increased to a New Record High Level Apr 13^th Crude Oil Production per Rig Remained Near Recent Two Month Highs