According to Baker Hughes, U.S. oil rig counts continued to increase through the second half of July, increasing by 21 during the week ending Jul 24th and an additional five during the week ending Jul 31st to a total of 664. Oil rig counts have increased throughout four of the past five weeks, reaching a 12 week high during the week ending Jul 31st. Weekly crude oil production figures show continued strength through July, 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 31st U.S. Oil Rigs Increased 0.8% From the Previous Week but Remain Down 57.8% 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 Decelerated Since February Declines in Vertical Rigs Remain the Most Significant on a Percentage Basis Crude Oil Production Remains Strong, up 12.0% YOY Crude Oil Production per Rig Has Declined Slightly from the Recent Five Year High Resilient Production Despite a Collapse in Price & Rigs on Same Trajectory as ’08 Natural Gas