According to Baker Hughes, U.S. oil rig counts rebounded to a 17 month high level throughout the week ending Oct 1^st. Oct 1^st week ending oil rig counts increased 1.7% from the previous week while finishing 126.5% above previous year levels. Oil rig counts remained 39.7% below pre-pandemic seasonal levels and 51.8% below the three and a half year high levels experienced during November of 2018, however.

Oil rig counts declined throughout the first half of 2020 in response to lower WTI crude oil prices. More recently, WTI crude oil prices rebounded to a six and a half year level during the week ending Oct 1^st.

Crude oil production volumes reached a 15 month high level during the final week of August, prior to returning to a six month low level during the first week of September, a result of declines associated with Hurricane Ida. Crude oil production levels remained slightly below pre-Hurricane Ida levels as of the week ending Oct 1^st while oil production per rig remained near recently experienced 17 month low levels.

Oil Rig Counts Followed Crude Oil Prices Lower Prior to Rebounding Throughout 2021

Oct 1^st Oil Rig Counts Increased 1.7% Week-Over-Week While Finishing 126.5% Higher YOY

The Oct 1^st Week-Over-Week Increase in Oil Rigs was the 18^th in the Past 22 Weeks

Horizontal Rigs Have Accounted for 94% of the Rebound in Total Rigs Since Aug ’20

Oct 1^st Crude Oil Production Volumes Remain Slightly Below Pre-Hurricane Ida Levels

Oct 1^st Crude Oil Production per Rig Remained Near Recent 17 Month Low Levels