Third-quarter completions down 44% year-on-year: API

WASHINGTON, D.C. -- Estimated total U.S. oil and natural gas well completions decreased by 44% in the third quarter of 2015 compared to year-ago levels, according to API's 2015 Quarterly Well Completion Report, Third Quarter.

Estimated development oil well completions in the third quarter decreased 45% as compared to year-ago levels. Estimated development gas completions decreased 39%. Exploratory well completions for oil and natural gas were also down, and total well completions were down 44%.

“Our growth as a global energy superpower has been a game-changer for U.S. energy security, creating hundreds of thousands of American jobs and sending more revenues to our government,” said Hazem Arafa, director of API's statistics department. “We can’t expect that growth to continue if our own outdated energy polices stand in the way. Reducing unnecessary regulations and allowing free trade for oil and natural gas will enable U.S. producers to compete effectively in the global market under a low-price environment.”