Extraction Oil & Gas is growing, and for President Matt Owens, innovation is the key.
As recently as ten years ago, the average oil and gas company would have had to develop at least a square mile of land to drill all the wells it needed for production.
Yet Extraction Oil & Gas is currently deploying innovative technology to minimize impacts traditionally associated with onshore oil and gas development, often using as few as ten acres of land—a strategy that has enabled the company to develop a large amount of resources via very small amounts of surface.
This in turn minimizes disturbances to the surrounding communities and leaves more land available for other productive uses.
“Most people think oil and gas wells are drilled in the middle of Texas and nobody lives anywhere around there,” says president and co-founder Matt Owens.
“We’re less than an hour north of Denver in longstanding oil fields that have recently been encroached on by Colorado’s population boom. Because we’re able to employ such unique and intricate designs with our well bores, we’re still able to reach a large amount of resources under these areas.
“Back when Extraction was founded, companies in Northern Colorado were just starting to drill horizontally, which is pretty much all anybody does in the industry now. We had some ideas and creativity regarding this and saw it as a way of opening up reserves in the ground that previously were not easily accessible.”
Extraction has proven itself to be equally innovative in finding ways to go above and beyond state and federal regulations to uphold its social license to operate.
The company has repeatedly raised the bar on its own safety, environmental, and operational approach, implementing best management practices, noise and emissions mitigation, and new methods to help the industry and the community comfortably co-exist.
Founded in 2012, Extraction Oil & Gas, LLC is a Denver-based oil and gas company that focuses on the exploration and production of oil and gas reserves in the Rocky Mountains.
Its core operating area is in the Greater Wattenberg Field where the company has an active drilling program targeting the horizontal development of the Codell and Niobrara formations.
In 2017, Extraction enjoyed total revenue of $604.3 million.
While Extraction remains a relative newcomer to the energy industry, its development and growth have been impressive.
When the company first started production in 2014, it was producing approximately 200 barrels of oil per day. Today, it produces over 80,000 BOE/d, a rate of growth that has set Extraction on its way to becoming one of the largest oil and gas producers in Colorado.
Unsurprisingly, Owens is keen to stress the company’s potential for the future.
“Energy is something everybody across the country uses every hour of every day,” he explained.