According to Baker Hughes, U.S. oil rig counts declined to an 11 year low level during the week ending Jul 3^rd. Jul 3^rd week ending oil rig counts declined 1.6% from the previous week while finishing 76.5% lower on a YOY basis and 79.2% below the three and a half year high levels experienced during November of 2018. Declines in oil rig counts have decelerated over recent weeks, however. Oil rig counts have declined in response to lower WTI crude oil prices, which have rebounded off of recent lows but remain 47% below the Oct ’18 highs during the week ending Jul 3^rd. Crude oil production volumes have rebounded off of the 26 month low level experienced during mid-June but remain 16.0% below the record high level experienced during Mar ’20. Jul 3^rd week ending oil production per rig reached a 21 year high level. Crude oil production is expected to continue to slow throughout coming months according to drilling productivity estimates compiled throughout areas accounting for 95% of recent production gains. Oil Rig Counts Peaked in Late 2014, Prior to Declining Sharply in Early 2015 Oil Rig Counts Followed Crude Oil Prices Lower Prior to Rebounding Throughout 2017-2018 Jul 3^rd Oil Rig Counts Declined 1.6% Week-Over-Week, Finishing 76.5% Lower YOY Declines in Oil Rig Counts Have Decelerated Over Recent Weeks Declines in Vertical Rigs Remain the Most Significant on a Percentage Basis Crude Oil Production Volumes Have Rebounded off of Recent 26 Month Low Levels Jul 3^rd Crude Oil Production per Rig Increased to a 21 Year High Level