Cathy Proctor – Reporter-Denver Business Journal – January 26, 2015
Low oil prices aren’t the only source of problems in Colorado’s energy industry. Dropping natural gas prices are also leading some energy companies to cut back in the state.
Tulsa, Oklahoma-based WPX Energy Inc., one of the biggest oil and gas companies working in western Colorado, last week said the company is “hitting the pause button” when it comes to completing, or hydraulically fracturing, “fracking,” new wells in the Piceance Basin, an area rich in natural gas that’s centered along Interstate 70 near Rifle.
WPX (NYSE: WPX) announced its decision in a note on its Colorado blog.
The company employs about 380 people in Colorado, split between its operations in western Colorado and the Denver office.
“This [decision] currently affects about 20 natural gas wells that we’ve already drilled, but could be more since we have rigs in the area that are working,” the company said in its post.