According to Baker Hughes, U.S. oil rig counts rebounded slightly from recently experienced 18 month low levels but remained significantly lower on a YOY basis during the week ending Aug 16^th. Aug 16^th oil rig counts increased 0.8% from previous week but finished 11.4% lower YOY and 13.3% below the three and a half year high levels experienced during mid-November. Oil rig counts have declined over recent months in response to lower WTI crude oil prices, which remain 26% below the Oct ’18 highs. Aug 16^th week ending crude oil production remained near recently experienced record high levels, despite the recent reductions in rigs, while oil production per rig remained near recently experienced two and a half 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, although growth forecasts continue to decelerate as drilled-but-uncompleted wells have reached a seven month low level. Oil Rig Counts Peaked in Late 2014, Prior to Declining Sharply in Early 2015 Oil Rig Counts Followed Crude Oil Prices Lower but Have Rebounded Since Mid-2016 Aug 16^th Oil Rig Counts Increased 0.8% Week-Over-Week but Remained 11.4% Lower 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 Aug 16^th Weekly Crude Oil Production Finished Near Recently Experienced Record High Levels Aug 16^th Crude Oil Production per Rig Remained Near Recent Two and a Half Year Highs