U.S. OIL WELL COMPLETIONS DOWN 69%
According to API, estimated U.S. oil well completions decreased by 69 percent in the second quarter of 2016 compared to year-ago levels.
"America's shale energy revolution has helped the U.S. lower our greenhouse gas emissions while lowering the cost of energy for American consumers," said Hazem Arafa, director of API's statistics department. "To continue this progress, we must revisit current energy policy, speed up the LNG export approval process and avoid unnecessary regulations to help U.S. producers to compete effectively in the global market under the low-price environment."
Estimated exploratory gas well completions in the second quarter of 2016 decreased 84 percent compared to year-ago levels. So far this year, development well footage has decreased 53 percent and exploratory well footage has decreased by 64 percent.
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