The Front Range ozone season, meanwhile, gets an early April start as clean air advocates win more legal battles but remain frustrated
Bonanza Creek
Posted inBusiness, Energy, News
Two Colorado oil companies announce merger, the latest in a consolidating industry
In a sign of the continued pressure to consolidate drilling operations, two of Colorado’s midsized oil and gas companies on Monday announced an all-stock merger to create a new company worth $2.6 billion. Bonanza Creek Energy and Extraction Oil & Gas said they will combine to create Civitas Resources, controlling 425,000 acres of leases across […]
Posted inBusiness, COVID, Energy, Environment, News
Colorado’s oil and gas producers are slashing budgets, closing wells as demand and cash flow dwindles
Oil and gas drilling in Colorado hit a historic low in May with only six drill rigs operating and an average for the month of seven drilling platforms – the fewest in the 28 years that oil field services company Baker Hughes has kept monthly records by state. In the Denver-Julesburg/Niobrara Basin, which extends along […]
Posted inBusiness, Energy, News
Colorado oil and gas drillers’ hedges will keep cash flowing — for now — as prices plummet
The steep drop in oil prices – the fallout of a dispute between Russia and Saudi Arabia – is laying low drillers in Colorado, but the toll would be worse if many of those companies hadn’t hedged their bets. Oil companies commonly use “hedges” – a sort of insurance policy – to smooth out some […]