Colorado Voters Reject Tougher Rules On Oil And Gas Drilling
The measure was defeated in an election that saw oil companies pour millions of dollars into efforts to combat the proposal.
Shares of producers active in the state, including Anadarko Petroleum Corp. (NYSE: APC), Noble Energy Inc. (NYSE: NBL) and Devon Energy Corp. (NYSE: DVN), rose on Nov. 7, retracing some of their double-digit percentage declines since the initiative went on the state’s ballot.
Known as Proposition 112, the measure would have mandated at least 2,500 feet (762 m) of separation between new drilling activities and occupied or vulnerable areas. It garnered 43 percent of votes with 91% of precincts reporting, according to data from the Colorado Secretary of State’s office. Passage required a majority of votes.