DENVER (AP) — Oil and gas company BP said Wednesday it will move headquarters staff for its onshore division from Houston to Denver because of the region’s importance as an energy hub.
David Lawler, CEO of the BP Lower 48 division, said there are increasing business opportunities in the Rockies, where the company has about two-thirds of its oil and natural gas production and proven reserves and previously had a significant presence.
“In some ways, this is a homecoming for us,” Lawler said.
“Houston will remain a large and important center for our business, and we have no plans to change that,” he said. “The same is true for Oklahoma City, which will remain a key hub for managing our assets in the Mid-Continent region. However, we believe this is another important step on our path to become a premier onshore operator and set it up for long-term success,” he said.
The company’s U.S. Lower 48 onshore operations covers five states, including Colorado, New Mexico, Oklahoma, Texas and Wyoming . It covers seven oil and gas basins. The business produces natural gas, along with oil, gas liquids and other products.
About 30 percent of the unit’s production comes from the San Juan Basin in southwest Colorado and northwest New Mexico, which the company said has one of the best coalbed methane reservoirs in the world. The company’s operations in that basin are based out of Durango, Colorado, and Farmington, New Mexico.