Just after posting our research note on National Oilwell Varco, I took a look on Bloomberg and found a wonderful, animated infographic showing rig counts by county throughout the U.S. Maybe a superfluous use of computer technology, but it does paint quite a picture of the state of the U.S. drilling fleet.

Watch Five Years of Oil Drilling Collapse in Seconds

This piece makes the same point we do in our┬áNOV note — drill counts have collapsed, but production has remained high thanks to huge improvements in efficiency brought about by advances in drilling technology.