Anadarko May Trim Colorado Work If Proposition 112 Pass

Oil and gas producer Anadarko Petroleum Corp. (NYSE: APC) said Oct. 31 it may shift some investment out of Colorado if voters in that state approve a ballot proposal that limits drilling in populated areas.

The measure would put at least 85% of new oil and gas development on non-federal lands off limits to new drilling, the Colorado Oil and Gas Conservation Commission has said. Oil companies have raised tens of millions to oppose the measure.

Anadarko could shift focus to properties in the Delaware Basin, which spans West Texas and New Mexico, if Colorado voters on Nov. 6 pass Proposition 112, a law requiring up to 2,500-ft separations between new wells and homes, schools and parks, executives said during an earnings conference call.