Energy Company Reducing Rigs in Western Colorado

oil-and-gas-drilling-300A major energy company is planning to reduce the number of natural gas drilling rigs in western Colorado next year as it continues to expand its focus on oil. WPX Energy has nine rigs now operating in the Piceance Basin and is planning to cut back to five or six rigs next year. Some companies have reportedly sold or suspended drilling on Piceance gas projects, but WPX says it is still committed to future development in the basin. WPX says it plans to sell gas properties in the Marcellus shale area in the eastern United States, where there are weaker profits, and concentrate on the West where demand is expected to grow.

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