Colorado’s energy sector, crushed under the weight of collapsing oil and gas prices , ended 2016 with some breathing room and glimmers of hope for 2017 shining through the rubble.
The number of rigs actively looking for oil and gas in the state, down to as low as 15 in early May and stuck at around 20 until late November, is now back to 28 according to a , which has provided a weekly U.S. rig count since 1944.
A clear signal of a rebound came in early October. Denver-based Extraction Oil & Gas , marking the first successful initial public offering by a petroleum producer in more than two years.
Denver-based Bonanza Creek Energy also reached an in debt for equity early next year, a swap that likely wouldn’t have happened absent an improved outlook for oil prices following OPEC agreements to cut production.
The Denver-Julesburg Basin, Colorado’s most active play, however, has started to lose in Texas with its lower production costs.
New state rules designed to provide a , rather than calming dissent, triggered a failed bid to put a measure on the ballot that would have left most of the drilling. Efforts to drill closer in to developed areas could face renewed opposition as activity revives.
On the renewable energy side, wind and solar providers continued to lower costs and grab a . A compromise between Xcel Energy and two dozen parties in the fall paved the way for,
Even Colorado’s struggling coal industry , who campaigned as an ally, and with the emergence of two important miners from bankruptcy protection.
Read the rest of the top business stories of 2016
