According to Baker Hughes, U.S. oil rig counts rebounded to a 14 month high level during the week ending Jul 2^nd. Jul 2^nd week ending oil rig counts increased 1.1% from the previous week while finishing 103.2% above previous year levels but remaining 57.7% below the three and a half year high levels experienced during November of 2018. Oil rig counts have increased over 33 of the past 41 weeks through the week ending Jul 2^nd. Oil rig counts had declined over 24 of 27 weeks through mid-Sep ’20.

Oil rig counts declined throughout the first half of 2020 in response to lower WTI crude oil prices, which rebounded to a 33 month high level and finished just one percent below the Oct ’18 highs during the week ending Jul 2^nd. Crude oil production volumes rebounded to a 13 month high level during the week ending Jul 2^nd but remained 14% below the Mar ’20 record high levels. Oil production per rig approached recently experienced 14 month low levels but remained historically high, overall.

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

Jul 2^nd Oil Rig Counts Increased 1.1% Week-Over-Week While Finishing 103.2% Higher YOY

Oil Rigs Have Increased Over 33 of the Past 41 Weeks Through the Week Ending Jul 2^nd

Horizontal Rigs Have Accounted for Over 96% of the Rebound in Total Rigs Since Mid-August

Jul 2^nd Crude Oil Production Reached a 13 Month High Level

Jul 2^nd Crude Oil Production per Rig Remained Near Recent 14 Month Low Levels