API: US oil well completions fell 69% in second quarter

US oil well completions fell 69% in the second quarter compared with year-ago levels, the American Petroleum Institute estimates in its 2016 Quarterly Well Completion Report.

US oil well completions fell 69% in the second quarter compared with year-ago levels, the American Petroleum Institute estimates in its 2016 Quarterly Well Completion Report.

Estimated exploratory gas well completions in the second quarter decreased 84% year-over-year. So far this year, development well footage has declined 53% while exploratory well footage has declined 64%, the report indicates.

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