According to Baker Hughes, U.S. oil rig counts rebounded during the week ending Feb 2^nd, finishing at a five month high. Feb 2^nd U.S. oil rig counts finished 0.8% above the previous week while remaining higher on a YOY basis for the 57^th consecutive week, finishing up 31.2%. Feb 2^nd week ending crude oil production increased to a record high level, contributing to oil production per rig increasing to a nine month high. Crude oil production is expected to strengthen throughout coming months according to drilling productivity estimates compiled throughout areas accounting for 95% of recent production gains. Oil Rig Counts Followed Crude Oil Prices Lower but Have Begun to Rebound Since Mid-2016 Oil Rig Counts Peaked in Late 2014, Prior to Declining Sharply in Early 2015 Feb 2^nd Oil Rigs Finished up 0.8% Week-Over-Week and 31.2% YOY The Declines in Oil Rig Counts Since the Nov ’14 Peak Remain Significant Declines in Vertical Rigs Remain the Most Significant on a Percentage Basis Feb 2^nd Weekly Crude Oil Production Increased to the Highest Figure on Record Feb 2^nd Crude Oil Production per Rig Increased to a Nine Month High