According to Baker Hughes, U.S. oil rig counts have increased over 15 of the past 16 weeks through the middle of February. Oil rig counts increased to a 16 month high during the week ending Feb 17^th, finishing 88.9% above the lows experienced during May ’16. Crude oil production increased to a ten month high however production per rig finished at a 16 month low during the week ending Feb 17^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 Feb 17^th U.S. Oil Rigs up 1.0% From the Previous Week and 44.6% 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 Feb 17^th Crude Oil Production Increased to a Ten Month High but Remained Down 1.1% YOY Feb 17^th Production per Rig Declined to a 16 Month Low Resilient Production Despite a Collapse in Price & Rigs on Same Trajectory as ’08 Natural Gas