Domestic Well Completions Rise as American Made Energy Continues Growth in Third Quarter
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WASHINGTON, October 5, 2018 – API today released its quarterly well completion report for the third quarter of 2018 showing an 82 percent increase in estimated exploratory oil well completions as compared to the third quarter of 2017.
“Today’s report reflects the record setting growth and continued strength of U.S. energy production that we are seeing in our other third quarter reports,” said API Chief Economist Dean Foreman. “As oil produced in the U.S. continues to be the source and main means for meeting increasing global oil demand, we are focused on policies that will help U.S. energy infrastructure to keep pace with production. More than ever, as production is developed in new areas, particularly in the Permian Basin in Texas and the Bakken in North Dakota, any discussion about smart policies that benefit consumers, generate revenue for the government and increase our national security is closely related to energy infrastructure."
API’s latest Quarterly Well Completion Report highlights that in the third quarter of 2018:
- Total estimated oil well completions saw an increase of 19 percent from 2017 Q3 to 2018 Q3, including an 82 percent increase in estimated exploratory oil well completions.
- Total estimated exploratory well completions in the U.S. saw an increase of 15% from 2018 Q2 to 2018 Q3.
- Total estimated year-to-date footage drilled increased 31 percent from 2017 Q3 to 2018 Q3.
API is the only national trade association representing all facets of the oil and natural gas industry, which supports 10.3 million U.S. jobs and nearly 8 percent of the U.S. economy. API’s nearly 620 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 45 million Americans.
For more information and to subscribe to the complete 2018 API Quarterly Well Completion Report, Third Quarter, please contact API's primary distributor, IHS, at 1-800-854-7179, or visit their website at www.global.ihs.com.