API has projected continued growth of U.S. energy as the world leader verified by fourth-quarter natural gas, oil data

1/20/2019
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Photo: BP Gulf of Mexico.

WASHINGTON -- Estimated total natural gas and oil well completions rose 23% in the fourth quarter of 2018 compared to year-ago levels, according to API’s 2018 Quarterly Well Completion Report, Fourth Quarter.

“The data for the fourth quarter report confirm the rise in natural gas and oil well completions over 2017,” said API Chief Economist Dean Foreman. “The U.S. continues to gain ground as the world leader in the production and refining of natural gas and oil. The combination of record U.S. energy production and success in reducing U.S. CO2 emissions to their lowest level in a generation is a testament to the importance of U.S. energy leadership and the resulting innovation from the energy revolution. When the nation’s energy policies embrace technological innovation and open markets, implement effective trade policy, and expand U.S. energy infrastructure, we can meet these goals to deliver affordable and reliable energy to consumers, as well as protect our environment.”

Additional perspective on the shift in the global balance of energy power, and its impact on communities across the U.S., is available in API’s  2019 State of American Energy report. This report also highlights 13 women and men who live and work in communities across the nation and whose careers in the industry show the span of innovative technologies at work in natural gas and oil today, as well as industry’s commitment to continue lowering emissions, protect the environment and advance safety.

API’s latest Quarterly Well Completion Report highlights that in the fourth quarter of 2018:

  • Estimated total exploratory well completions for 2018 fourth quarter saw an increase of 23% from 2017 fourth quarter.
  • Total year-to-date estimated oil well completions increased 26% from 2017 fourth quarter to 2018 fourth quarter (Note: Total year-to-date for 2018 fourth quarter = total estimated completions for calendar year 2018).
  • Estimated development gas well completions increased 16% from 2018 third quarter to 2018 fourth quarter, with an increase of 13% in estimated development gas footage drilled.

API is the only national trade association representing all facets of the natural gas and oil industry, which supports 10.3 million U.S. jobs and nearly 8% of the U.S. economy. For nearly a hundred years, API which started as a standards-setting organization has developed almost 700 standards to enhance the safety of our workers and protect the community and environment – standards the world looks to as a guide. API’s more than 600 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, 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 47 million Americans.

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