Tuesday, August 2, 2016
The American Petroleum Institute (API) reports that estimated U.S. oil well completions decreased by 69% in the second quarter of 2016 compared to year-ago levels. API’s 2016 Quarterly Well Completion Report, Second Quarter also said estimated exploratory gas well completions in the second quarter decreased 84% year on year. So far this year, development well footage has fallen 53% and exploratory well footage has dropped 64%.