According to Baker Hughes, U.S. oil rig counts increased to a new three year high during the week ending Apr 27^th. Apr 27^th U.S. oil rig counts increased 0.6% from the previous week while also remaining higher on a YOY basis for the 69^th consecutive week, finishing up 18.4%. Apr 27^th week ending crude oil production increased to a new record high level however oil production per rig declined to a nine week low. 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 27^th Oil Rigs Finished up 0.6% Week-Over-Week and 18.4% 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 27^th Weekly Crude Oil Production Increased to a New Record High Level Apr 27^th Crude Oil Production per Rig Declined to a Nine Week Low