Anadarko cuts Colo. spending sharply as oil prices fall
AP - Also: State adopts new rules for oil and gas operators in floodplains
- Also: In Houston, falling oil prices spur fears cuts beyond energy
Those prices have dropped by more than half since last summer – and drillers in Colorado are responding with cuts. Anadarko, which drilled 24 million barrels of oil north of Denver last year, announced it would reduce its drill rigs by a third, from 14 drill rigs to nine. And it will curtail capital spending by about a half-billion dollars to about $1.8 billion in Colorado.
The cuts are less severe than other drillers here. And the company insists it has no plans to cut its Colorado workforce. In part, because Anadarko is a mineral rights owner for much of the oil it’s producing.
Noble, the state’s second largest driller, recently announced it would cut spending in the Weld County oil fields by about a billion dollars this year.
Here's how Anadarko's footprint in Colorado compares to its competitors:
You care.
You want to know what is really going on these days, especially in Colorado. We can help you keep up. The Lookout is a free, daily email newsletter with news and happenings from all over Colorado. Sign up here and we will see you in the morning!
