BP To Move Houston 'Lower 48' Headquarters to Denver

HOUSTON, TX — BP is moving its Lower 48 hub to Denver, the company said on Wednesday. The decision will result in the relocation of 200 Houston-based BP staffers to the Colorado capital, according to reports.

"In some ways, this is a homecoming for us," David Lawler, CEO of BP Lower 48, said in a news release. "With two-thirds of our operated oil and natural gas production and proved reserves in the Rockies, world-class universities nearby and a wealth of industry expertise in the region, Denver is a logical — and strategic — place for us to be and a natural fit for our business."

"Houston will remain a large and important center for our business, and we have no plans to change that," Lawler 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 in our path to become a premier onshore operator and set it up for long-term success."

The Denver Post reports that Denver offered BP incentives equalling $140,000 in negotiations involving the headquarter's move.

According to the company, its Lower 48 footprint spans Colorado, New Mexico, Oklahoma, Texas and Wyoming and includes seven oil and gas basins comprising a resource base of about 7.5 billion barrels across 6 million acres. The production area boasts an average daily production of approximately 300,000 barrels.

BP America's headquarters will remain in Houston, according to the company. The Denver headquarters is scheduled to open in the first quarter of 2018.

— Image courtesy BP