The American Petroleum Institute (API) reported the total wells drilled and completed in Q4 2016 decreased 8.8% when compared to Q3 2016. This decrease shows a drastic improvement from the same period in 2015 which saw a 21% decrease in total wells drilled and completed.
“[The] report shows evidence that the consistent decline in oil and natural gas drilling could be coming to an end,” said Hazem Arafa, director of API’s statistics department. “Even with the decline, our nation has established itself as the world leader in the production and refining of oil and natural gas and in the reduction of carbon emissions, which are near 20-year lows. Moving forward, it’s important to put in place policies that embrace America’s leadership in energy that’s providing benefits for American consumers, American workers and the environment.”