We find ourselves in the middle of one of the greatest wealth transfer periods of all time. Those with wealth must decide whether they want to make transfers, and if they do, they must decide how much, to whom, when and in what structure?
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The facility will serve energy production demand in the Denver-Julesberg Basin and the Niobrara oil play.
The move was lauded by Gov. John Hickenlooper.
“Colorado’s economy continues to see the benefits of the early and continued commitment to encouraging safe and responsible energy development,” Hickenlooper said. “Halliburton’s announcement today is a reminder to new energy companies and those already doing business here that Colorado is on the country’s leading edge of this economic sector.”
One of the world’s largest providers of products and services to the oil and gas industry, Halliburton will set up shop on 54 acres south of the Front Range Energy facilities, making use of the Great Western Railway within the industrial park.
“Working with companies like Halliburton, we’re able to bring solutions to the energy services sector, originating sand from around the country and transporting it by rail,´ said Rich Montgomery, vice president of Great Western Development Company, an affiliate of The Broe Group, based in Denver, Colorado.
“This new terminal in the Great Western Industrial Park will help create good-paying jobs. It will serve Colorado’s booming oil and gas industry and underscore the competitive advantages of rail service and innovative supply chain management.”
Construction is expected to begin this quarter and be complete by summer 2012. The jobs — more than 500 — will be in oil-industry support positions.
Houston-based Halliburton consists of a drilling and evaluation division and a completion and production division. Together, these divisions generated $18 billion in revenue in 2010. The company employs nearly 70,000 people worldwide.
“With increasing interest in horizontal well development in the DJ Basin, we have seen more exploration and production by some of our key customers,´ said Rick Grisinger, Halliburton’s senior region vice president, US Northern and Canada. “In preparation for this market growth, Halliburton continues to evaluate plans for expansion and increasing its business presence.”
Halliburton also operates a facility along U.S. Highway 85 between Brighton and Fort Lupton, drawn by the activity created by the Niobrara oil play, a shale formation that covers much of Weld County.
Halliburton has operated in Colorado since 1935, and employs more than 1,600 employees at the moment.