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Despite lagging prices, Colorado oil production set a record in 2017

• A new bar has been set: 128.9 million barrels of oil were produced in 2017 in Colorado—that’s 10.5 percent higher than 2016.  Although the price per barrel has yet to return to its near-$100 record, prices are gaining traction as production ramps up.  This follows an energy downturn, where prices dipped 47.8 percent from the mid-$90s to the high-$40s.

• Production has increased every year since 2001, with the exception of 2016 when oil companies pulled back on production to counteract the dip in prices.     

• Although there’s a risk of over-producing, resulting in a downturn, top energy companies in the state predict continued growth in both prices and production in the near-term.

• While oil prices were down between 2014 and 2016, many companies reduced their office occupancy in Denver, and some packed up and left altogether, leaving hundreds of thousands of square feet of sublease space on the market.  Much of this space as been backfilled, thanks to energy startups entering the market.

Source: JLL Research, COGCC, eia.gov, Denver Business Journal​  




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