According to Baker Hughes, U.S. oil rig counts declined to a 15 year low level during the week ending Aug 14^th. Aug 14^th week ending oil rig counts declined 2.3% from the previous week while finishing 77.7% lower on a YOY basis and 80.6% below the three and a half year high levels experienced during November of 2018. Oil rig counts have declined over 21 of the past 22 weeks through the week ending Aug 14^th however declines have decelerated over recent weeks. Oil rig counts have declined in response to lower WTI crude oil prices, which have rebounded off of recent lows but remain 44% below the Oct ’18 highs during the week ending Aug 14^th. Crude oil production volumes have declined over recent weeks but remain above the 26 month low levels experienced during mid-June. Aug 14^th week ending crude oil production volumes finished 18.3% below the record high levels experienced during Mar ’20 while oil production per rig reached a record high level. Crude oil production is expected to continue to slow throughout coming months according to drilling productivity estimates compiled throughout areas accounting for 95% of recent production gains. Oil Rig Counts Peaked in Late 2014, Prior to Declining Sharply in Early 2015 Oil Rig Counts Followed Crude Oil Prices Lower Prior to Rebounding Throughout 2017-2018 Aug 14^th Oil Rig Counts Declined 2.3% Week-Over-Week, Finishing 77.7% Lower YOY Declines in Oil Rig Counts Have Decelerated Over Recent Weeks Declines in Vertical Rigs Remain the Most Significant on a Percentage Basis Crude Oil Production Volumes Have Remained Near Recent 26 Month Low Levels Aug 14^th Crude Oil Production per Rig Reached a Record High Level