According to Baker Hughes, U.S. oil rig counts continue to decline, falling by eight in the week ending May 15th and an additional one in the week ending May 22nd to a total of 659. The weekly declines were the 23rd and 24th in a row, although the rate of the declines continues to decelerate. Overall, the total U.S. oil rig count fell to a new four and a half year 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 Depressed Crude Oil Prices U.S. Oil Rig Counts Peaked in Late 2014, Prior to the Recent Declines May 22nd U.S. Oil Rigs Declined 0.2% From the Previous Week and are Down 56.9% YOY The Recent Decline in U.S. Oil Rig Counts Since the Nov ’14 Peak has Been Significant Declines in U.S. Oil Rig Counts Have Continued to Decelerate Over Recent Weeks Vertical Rigs Have Recently Declined the Most on a Percentage Basis, Reaching New Lows Crude Oil Production Remains Strong, up 12.9% YOY Crude Oil Production per Rig Continues to Accelerate, Reaching a New Five Year High Resilient Production Despite a Collapse in Price & Rigs on Same Trajectory as ’08 Natural Gas