For about three years, oil and gas drillers have suffered through low oil prices. In fact, they haven’t been this low for this long in more than a decade.
The company has voluntarily capped and abandoned all of its 1-inch flowlines on vertical wells in the Weld County area.
A tank explosion happened less than 4 miles away from the Firestone neighborhood, where an April 17 explosion killed two people.
Anadarko believes the wells are safe but is shutting them down because of the "special circumstances and sensitivity surrounding this equipment."
The deadly accident in April is leading to a discussion about whether houses should be built farther away from existing oil and gas wells.
“We are very saddened by the events in Colorado," Anadarko president and CEO Al Walker told shareholders. “We are going to work very hard to understand it better.”
Oil and gas operators must inspect existing oil and gas flowlines within 1,000 feet of occupied buildings within 30 days.
The state's oil and gas regulators are involved in the investigation because there was an active vertical well less than 200 feet from the home.
- Anadarko Petroleum Corp. has agreed to drill when the school isn't in session.Read more