Another oil company dropping out of Denver market

Photo by Burl Rolett.

A chunk of office space could soon be up for grabs in the 1801 California St. building. Photo by Burl Rolett.

More oil and gas office space is spilling back onto the downtown real estate market.

Fidelity Exploration and Production Co. plans to shut down its 1801 California headquarters, laying off 75 Denver-based workers beginning next month.

The company has two floors of office space in Denver’s second highest building, real estate that company spokesman Rick Matteson said could soon be back on the market.

“We’re still looking at the options,” he said. “Probably the first option would be to sublease.”

Fidelity Exploration is a subsidiary of North Dakota-based MDU Resources. Matteson said MDU has decided to get out of the cyclical business of finding and extracting oil and gas to instead focus on its more steady regulated utilities businesses.

All told, Fidelity will lay off 106 employees. Fidelity is shutting down nine field offices in Montana, Wyoming, Texas and Utah.

Fidelity follows a trend of oil and natural gas companies cutting back their Denver office presence. Pioneer Natural Resources subleased 19,600 square feet at 1401 17th St. to Laramie Energy this fall and is still working on subleasing another 20,400 feet.

Linn Energy laid off another 55 Denver workers earlier his year and put three floors at 1999 Broadway on the sublease market.

Photo by Burl Rolett.

A chunk of office space could soon be up for grabs in the 1801 California St. building.

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Buz Hynes
Buz Hynes
6 years ago

I’m curious. Is the real reason that oil producers are laying off and shuttering bcs they’re finding — not finding — less and less oil, esp with all the fracking push-back?