According to Baker Hughes, U.S. oil rig counts declined to an 11 year low level as of the week ending Jun 12^th. Jun 12^th week ending oil rig counts declined 3.4% from the previous week while finishing 74.7% lower on a YOY basis and 77.6% below the three and a half year high levels experienced during November of 2018. The percentage decline in oil rig counts was the smallest experienced throughout the past 12 weeks on a percentage basis, however. Oil rig counts have declined in response to lower WTI crude oil prices, which have rebounded off of recent lows but remain 49% below the Oct ’18 highs during the week ending Jun 12^th. Crude oil production has slowed throughout April, declining to a 26 month low level during the week ending Jun 12^th. Jun 12^th week ending oil production per rig remained near recently experienced 20 year high levels. 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 Jun 12^th Oil Rig Counts Declined 3.4% Week-Over-Week, Finishing 74.7% Lower YOY The Jun 12^th Percentage Decline in Oil Rig Counts was the Smallest in 12 Weeks Declines in Vertical Rigs Remain the Most Significant on a Percentage Basis Jun 12^th Weekly Crude Oil Production Volumes Declined to a 26 Month Low Jun 12^th Crude Oil Production per Rig Remained Near Recent 20 Year High Levels