API report shows 70% drop in natural gas well completions

A new report from the American Petroleum Institute (API) says estimated natural gas well completions decreased 70% in the first quarter of 2016 compared to last year’s level, according to the Akron Beacon Journal. The API report also says exploratory oil well completions fell 90% compared to first-quarter estimates in 2015. In addition, the total number of feet drilled by oil and gas companies decreased 73%, with the largest drop involving the footage of exploratory wells.