U.S. oil rig counts have continued to decline through the first half of March, falling by 64 in the week ending March 6th and an additional 56 in the week ending March 13th to a total of 866. The weekly declines were the 13th and 14th in a row, although the rate of the declines remains off of recent highs experienced in late January and early February. Overall, the total U.S. oil rig count fell to a 47 month low however, despite the decline in oil rigs, crude oil production has continued to remain strong. U.S. Oil Rig Counts Continue to Fall in Response to Declining Crude Oil Prices U.S. Oil Rig Counts Peaked in Late 2014, Prior to the Recent Declines Mar 13th U.S. Oil Rigs Declined 6.1% From the Previous Week and are Down 40.7% 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 14.7% YOY to a New Record High Crude Oil Production per Rig Continues to Accelerate, Reaching a Five Year High Resilient Production Despite a Collapse in Price & Rigs on Same Trajectory as ’08 Natural Gas