U.S. oil rig counts have continued to decline through the first half of February, falling by 83 in the week of February 6th and an additional 84 in the week of February 13th to a total of 1,056. Declines have accelerated of late, with the past three weekly declines being the largest on record. Overall, the total U.S. oil rig count fell to a three and a half year low however, despite the decline in oil rigs, crude oil production has remained 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 13th U.S. Oil Rigs Declined 7.4% From the Previous Week and are Down 25.8% 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 13.9% YOY to a New Record High Crude Oil Production per Rig Continues to Accelerate, Reaching a 54 Month High Resilient Production Despite a Collapse in Price & Rigs on Same Trajectory as ’08 Natural Gas