Oil and gas giant expects to spend $840 million in Colorado this year

DENVER BUSINESS JOURNAL - Anadarko Petroleum Corp., one of Colorado’s biggest oil and gas companies, on Tuesday said it would pour about $840 million this year into its operations in the state’s Denver-Julesburg (DJ) Basin, which sprawls north and east of Denver to the state line.

The company (NYSE: APC), which has been working in the DJ basin for years, also boosted the amount of oil, natural gas and liquids it expects to pull from the basin by about 33 percent — to more than 2 billion barrels of oil equivalent, at least.

As part of its annual announcement about capital investment for the year, Anadarko, based in a Houston suburb, said it believes there is still “additional upside on its acreage in the greater DJ Basin.”

Oil and gas companies have been increasing their activity and spending in recent months as crude oil commodity prices have hovered around $50 per barrel and the number of drilling rigs working in the field has started to rise.

Read more at the Denver Business Journal: http://www.bizjournals.com/denver/news/2017/03/07/anadarko-expects-to-spend-840-million-in-colorado.html#i1

(© 2017 American City Business Journals. All rights reserved.)

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