API: Oil and natural gas exploratory drilling down in second quarter of 2016

WASHINGTON, July 7, 2016 – Estimated U.S. oil well completions decreased by 69 percent in the second quarter of 2016 compared to year-ago levels, according to API's 2016 Quarterly Well Completion Report, Second Quarter.

“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.

API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy. API’s more than 650 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 30 million Americans.

The 2016 API Quarterly Well Completion Report, Second Quarter is available for an annual subscription through API's primary distributor, IHS. If you would like to purchase an annual subscription to this report, please contact IHS at 1-800-854-7179, or visit their website at www.global.ihs.com.