According to Baker Hughes, U.S. oil rig counts increased to a new three year high level through the end of May. Jun 1^st week ending U.S. oil rig counts increased 0.2% from the previous week while remaining higher on a YOY basis for the 74^th consecutive week, finishing up 17.5%. Jun 1^st week ending crude oil production increased to a new record high level however oil production per rig remained near recently experienced seven month low levels. 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 Rebounded Since Mid-2016 Oil Rig Counts Peaked in Late 2014, Prior to Declining Sharply in Early 2015 Jun 1^st Oil Rigs Finished up 0.2% Week-Over-Week and 17.5% 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 Jun 1^st Weekly Crude Oil Production Increased to a New Record High Level Jun 1^st Crude Oil Production per Rig Remained Near Recent Seven Month Lows