U.S. well completions down 8% in first quarter, API says

WASHINGTON -- Estimated total U.S. oil and natural gas well completions decreased by 8% in the first quarter of 2015 compared to year-ago levels, according to API's 2015 Quarterly Well Completion Report, First Quarter.

“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 “We can’t expect that growth to continue if our own outdated energy polices stand in the way.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.”

Estimated development oil well completions in the first quarter decreased 7% compared to 2014 first quarter estimates. Estimated development gas completions in the first quarter decreased 18% compared to 2014 first quarter estimates.