8,174 Active Recruiters     Over 2 Million Candidates Globally

Advanced
  1. Keep me logged in
  2. forgot password
cancel

Checkout Jobs Basket (0)

You can checkout a maximum of 150 jobs.

Signup Better for Candidates

  • Create a free virtual CV and let recruiters find you
  • Automatically have your profile matched to suitable Oil & Gas positions
  • Link to your profile using it as a free online CV
  • Store all your employment documents to your profile for easy sending
  • Always receive feedback on positions applied for

Signup Better for Recruiters

  • Advertise Oil and Gas jobs for free
  • Suitable candidates automatically matched to your position
  • View candidate profiles for free
  • No more waiting for candidates to respond to job advertisements
  • Only ever pay when you match a candidate to a position
  • No more cold calling and sorting through out dated CVs

Colorado Oil Producers Rise as Voters Reject Drilling Limits

Published in Oil Industry News on Thursday, 8 November 2018


Graphic for News Item: Colorado Oil Producers Rise as Voters Reject Drilling Limits

Anadarko Petroleum Corp., Noble Energy Inc. and other companies exploring for oil and natural gas in Colorado jumped in stock market trading Wednesday after voters rejected a plan that sought to limit their ability to drill in the state.

Proposition 112 was voted down with 57% of ballots cast against the measure. It would have forced oil and gas development further away from residential and environmentally "sensitive" areas, curbing drilling across more than half of Colorado.

Oil and gas companies raised more than $41 million to defeat the proposal, compared with just $1.3 million amassed by its supporters. The battle over the proposition illustrated the industry’s influence in a state that’s producing more crude than ever, driven by activity in the prolific DJ basin just north of Denver. Energy extraction and production contributed about $13.1 billion to Colorado’s economy in 2017, or about 4.3% of the state’s total gross domestic product.

The vote lifts a threat that hung over some energy stocks since early August, when supporters gathered enough signatures to get the measure on the ballot. Anadarko’s stock has fallen 20% in that time, SRC Energy Inc. 35 percent and Extraction Oil & Gas Inc. 43%, analysts at Houston-based Tudor Pickering Holt & Co. said in a note.

On Wednesday, Anadarko rose 7.8% at 10:03 a.m. in New York while Noble gained as much as 7.1%; Extraction climbed as much as 19%; PDC Energy Inc. jumped 14%; SRC gained 20%; HighPoint Resources Corp. rose 24%; and Bonanza Creek Energy Inc. advanced 16%.

Pipeline companies with a presence in Colorado also increased, with DCP Midstream LP and Western Gas Partners LP gaining as much as 14% and 12% respectively.

As of August, Colorado’s oil output reached 477,000 bpd, leading the state to overtake California and become the nation’s fifth-largest producer. But the boom’s proximity to Denver’s suburbs has raised concerns about health and safety, especially after an Anadarko gas line explosion last year killed two people and leveled a home.

Despite failure at the ballot box, Colorado’s legislature may take action early next year to further regulate the industry. House Majority Leader KC Becker, a Democrat representing Boulder county who endorsed Proposition 112, has said the statehouse will consider legislation tackling funding for orphan wells, air and water monitoring, greater local control over siting and potentially a setback from infrastructure.

While Colorado’s voters rejected the drilling limits, they elected as governor Democrat Jared Polis, a past critic of oil and gas development.

In a statement on Anadarko’s website, CEO Al Walker cheered “the defeat of this extreme measure" but also said the company was ready to work with the state to find “a better equilibrium" with Colorado’s growing population.

“For the betterment of the state, the communities, and our industry, we need to work together to eliminate, to the extent possible, this two-year cycle that increasingly hurts economic stability," Walker said.

The industry intends to “continue substantive, serious dialogue with our colleagues on the other side of this debate," Tracee Bentley, executive director of the Colorado Petroleum Council, said in another statement.

Source: www.worldoil.com

Please leave comments and feedback below





Tags

American Oil and Gas, American Shale Oil and Gas, Shale Oil and Gas, Oil and Gas News








Oil and Gas News Archive


Latest Oil & Gas News







Featured Companies

  • View All JobsNOVATEK

    NOVATEK is one of the largest independent natural gas producers in Russia.

    Engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons, NOVATEK have 20 years of operational experience in the Russian oil and natural gas sector.

    Visit us online: www.novatek.ru/en/

  • View All JobsChronos Oil and Gas

    Chronos Oil and Gas is one of the fastest growing and best placed recruitment agencies in the sector.

    With over 300,000 candidates on our database and an international team of specialist recruiters we work with clients to staff major projects around the world.

    Register your CV at www.chronosoilandgas.com

  • View All JobsNatural Resources

    Natural Resources is a UK based recruitment company providing personnel of all disciplines and nationalities worldwide.

    We represent clients and candidates at all levels who operate globally within oil & gas, renewables, nuclear, power, mining, marine, drilling, construction and petrochemicals. Our client base includes energy and construction.

    Visit Natural Resources at natural-resources.com