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DIA improves oil-well oversight but needs to boost parking revenue, Denver auditor says

PetroPro Engineering created a report showing the possible gross and net production of the wells through 2033 if DIA decides to start any of them again.
Credit: Denver Business Journal
Tim O’Brien, Denver city auditor

DENVER — Denver International Airport improved its financial management of its wells, but still needs to improve its management of its parking revenue, according to two audit follow-up reports released last week by Denver Auditor Tim O’Brien. 

“Airport management is working harder to improve revenue and contract management,” O’Brien said in a news release. “However, most of our recommendations for parking revenue are still not implemented, and I want to see the risks we identified fully mitigated.”

The Denver Auditor’s Office examined DIA’s contract with PetroPro Engineering Inc., which manages oil and gas wells on airport land, in March 2018 and audited DIA’s parking revenue management in February 2018. 

The examination of PetroPro Engineering found that the company had no incentive to cap unprofitable wells. Additionally, the examination found that some wells on DIA property lost money. 

> Click/tap here to read more at the Denver Business Journal. 

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