U.S. oil rig counts have continued to decline through the end of January, falling by 49 in the week of January 23rd and an additional 94 in the week of January 30th to a total of 1,223. Four of the six largest weekly declines on record have been experienced within Jan ’15 with the January 30th weekly decline being the largest on record. Overall, the total U.S. oil rig count fell to a two year low however, despite the decline in oil rigs, crude oil production remains 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 Jan 30th U.S. Oil Rigs Declined 7.1% From the Previous Week and are Down 14.0% YOY The Recent Decline in U.S. Oil Rig Counts Since the Nov ’14 Peak has Been Significant Crude Oil Production Remains Strong, up 14.1% YOY Crude Oil Production per Rig Continues to Accelerate, Reaching a 49 Month High Resilient Production Despite a Collapse in Price & Rigs on Same Trajectory as ’08 Natural Gas