Drilling down by half in fourth quarter, API says

WASHINGTON, D.C. -- Estimated total U.S. oil and natural gas well completions fell by 51% in the fourth quarter of 2015 as compared to year-ago levels, according to API's 2015 Quarterly Well Completion Report, Fourth Quarter.

Estimated development oil well completions in the fourth quarter fell 55% as compared to fourth-quarter 2014 estimates. Estimated development gas completions decreased 37% over the same period.

For 2015, total well completions decreased 35% overall as compared to 2014 levels. Oil completions were down 37% and natural gas completions were down 28%. Total footage drilled was down 27% overall.

“Our growth as a global energy superpower has been a game-changer for U.S. energy security while making energy cheaper for American consumers,” 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 “We can’t expect that growth to continue if our own outdated energy polices stand in the way.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 speeding up permitting on federal lands will help U.S. producers to compete effectively in the global market under the low-price environment.”