September 29, 2015

Bill Barrett cutting Northern Colorado oil rig

Denver-based oil and gas company Bill Barrett Corp., on Monday said that the firm will soon shut down one of its two drilling rigs in Northern Colorado’s Wattenberg field.

The announcement came as the company also said it plans to sell nearly 18,000 acres of assets in Utah to an undisclosed buyer for $27 million, the Denver Business Journal reports. The company also said its $375 million credit line had been affirmed by financiers.

Oil companies have been slashing jobs and capital spending plans as oil prices continue to sag more than 50 percent below last year’s levels. The price of U.S. crude on Tuesday was up 65 cents to $45.08, according to Reuters.

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Denver-based oil and gas company Bill Barrett Corp., on Monday said that the firm will soon shut down one of its two drilling rigs in Northern Colorado’s Wattenberg field.

The announcement came as the company also said it plans to sell nearly 18,000 acres of assets in Utah to an undisclosed buyer for $27 million, the Denver Business Journal reports. The company also said its $375 million credit line had been affirmed by financiers.

Oil companies have been slashing jobs and capital spending plans as oil prices continue to sag more than 50 percent below last…

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