API Says Completions Down 44% Y/Y, What About Marcellus/Utica?

bad timesYes, we know “it’s bad out there” in the oil and gas industry. We know that rig counts went over a proverbial cliff starting in January of 2015 (see the graph below from Baker Hughes). Along with dropping rig counts comes a corresponding drop in the number of wells drilled and completed. According to research conducted by the American Petroleum Institute, U.S. oil and natural gas well completions decreased 44% in the third quarter of 2015 compared to year-ago levels. We wondered if those numbers held true for the Marcellus/Utica too. Here’s what we found…

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