According to Baker Hughes, U.S. oil rig counts fell by three during the week ending Jun 26th but increased by 12 during the week ending Jul 2nd to a total of 640. The increase in oil rig counts during the week ending Jul 2nd was the first experienced since the first week of December. Weekly declines in the U.S. oil rig count had been decelerating over recent weeks, however total oil rig counts reached a new four and a half year low during the week ending Jun 26th. Despite the recent declines in oil rigs, weekly crude oil production figures show continued growth through June, however drilling productivity estimates show declining production in coming months throughout areas accounting for 95% of recent production gains. U.S. Oil Rig Counts Have Declined in Response to Depressed Crude Oil Prices U.S. Oil Rig Counts Peaked in Late 2014, Prior to the Recent Declines Jul 2nd U.S. Oil Rigs Increased 1.9% From the Previous Week but Remain Down 59.0% 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 12.8% YOY Crude Oil Production per Rig Declined Slightly from the Recently Experienced Five Year High Resilient Production Despite a Collapse in Price & Rigs on Same Trajectory as ’08 Natural Gas