According to Baker Hughes, Feb 28^th week ending U.S. oil rig counts declined slightly from the previous while remaining significantly lower on a YOY basis. Feb 28^th oil rig counts declined 0.1% from the previous week while finishing 19.6% lower on a YOY basis and 23.6% below the three and a half year high levels experienced during November of 2018. Oil rig counts remained 2.9% above the 33 month low level experienced throughout the week ending Jan 10^th, however. Oil rig counts have declined over recent months in response to lower WTI crude oil prices, which remain 36% below the Oct ’18 highs. Feb 28^th week ending crude oil production reached a new record high level, despite the recent reductions in rigs, while oil production per rig remained near the three year high level experienced throughout the previous week. Crude oil production is expected to continue to strengthen throughout coming months according to drilling productivity estimates compiled throughout areas accounting for 95% of recent production gains, although growth forecasts continue to decelerate as drilled-but-uncompleted wells have reached a 14 month low level. Oil Rig Counts Peaked in Late 2014, Prior to Declining Sharply in Early 2015 Oil Rig Counts Followed Crude Oil Prices Lower but Have Rebounded Since Mid-2016 Feb 28^th Oil Rig Counts Declined 0.1% Week-Over-Week While Finishing 19.6% Lower 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 28^th Weekly Crude Oil Production Volumes Reached a New Record High Level Feb 28^th Crude Oil Production per Rig Remained Near Recent Three Year High Levels