GREELEY, Colo. | Anadarko Petroleum has cut its spending in Colorado’s Wattenberg Field by about half since the beginning of the year because of the slump in the oil and gas industry.
The Texas-based company reported a $2.2 billion loss for the third quarter on Wednesday. The Greeley Tribune (https://bit.ly/1O9PSQy) reports that its spending in the Wattenberg Field went from $574 million in the first quarter to $282 million in the third quarter.
The company has delayed production on about 200 wells nationwide, most of them in the Wattenberg Field, stopping short of hydraulically fracturing them and producing oil and gas. Those wells can be quickly brought online when prices begin to rise.
Crude oil prices averaged $45 a barrel in September, about half of where they were last September.
Information from: The Tribune of Greeley, Co, https://greeleytribune.com