U.S. oil rig counts have continued to decline through the second half of February, falling by 37 in the week of February 20th and an additional 33 in the week of February 27th to a total of 986. The weekly declines were the 11th and 12th in a row, although the rate of the declines was off the recent highs experienced in recent weeks. Overall, the total U.S. oil rig count fell to a 44 month low however, despite the decline in oil rigs, crude oil production has continued to remain strong. U.S. Oil Rig Counts Have Fallen Dramatically in Response to Declining Crude Oil Prices U.S. Oil Rig Counts Peaked in Late 2014, Prior to the Recent Declines Feb 27th U.S. Oil Rigs Declined 3.2% From the Previous Week and are Down 31.0% YOY The Recent Decline in U.S. Oil Rig Counts Since the Nov ’14 Peak has Been Significant Vertical Rigs Have Recently Declined the Most on a Percentage Basis, Reaching New Lows Crude Oil Production Remains Strong, up 15.4% YOY to a New Record High Crude Oil Production per Rig Continues to Accelerate, Reaching a 56 Month High Resilient Production Despite a Collapse in Price & Rigs on Same Trajectory as ’08 Natural Gas