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Colorado - Mon. 02/10/25 |
A Free Business Publication from Alpine Bank
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BAYSWATER SELLS DENVER-JULESBURG ASSETS TO TEXAS FIRM FOR $603 MILLION
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Denver-based Bayswater Exploration and Production announced Friday it has agreed to sell all its gas and oil operations in the Denver-Julesburg Basin to Houston-based Prairie Operating Co. for $603 million in cash and stock. The area of the sale covers ownership of 24,000 leased acres and 300 horizontal wells on 30 pads producing about 25,000 barrels of oil daily. The sale also included a saltwater disposal system and nine freshly drilled but uncompleted horizontal wells. Bayswater officials say they plan to continue to operate in Colorado. Bayswater still owns and operates 70 horizontal wells producing about 18,000 barrels of oil and gas equivalents daily in the Denver-Julesburg Basin, plus another 50,000 acres in Texas’ Northern Midland Basin that has 140 horizontal wells yielding 20,000 barrels of oil per day.
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FRONTIER AIRLINES POSTS RECORD NUMBERS FOR 2024
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Denver-based low-cost carrier Frontier Airlines had a strong rebound from losses in 2023 and posted record numbers of passengers flown in 2024, along with record revenue. Frontier reported total operating revenue of $1 billion in the fourth quarter last year, the highest-ever for any quarter in its history. For the full year, Frontier’s operating revenue totaled $3.8 billion. That was generated from flying a record 33 million passengers last year. Frontier added 13 bases last year and adjusted its route scheduling to correspond to peak travel needs, with the softening of demand during the middle of the week.
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SPEEDING REMAINS A PROBLEM, ACCORDING TO CSP, 47,000 CITATIONS ISSUED
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At the end of January, the Colorado State Patrol issued statements indicating 47,000 citations were issued for speeding in the state in 2024. The leading highways in the state for speeding citations were:
- I-70
- I-25
- Highway 50
- Highway 24
- Highway 285
About 20 percent (9,435) of the total number of speeding citations issued by CSP in 2024 were on Interstate 70. In Summit County, CSP troopers issued about 1,300 speeding citations, which included 1,121 on I-70, last year, according to Colorado State Patrol public affairs office trooper Sherri Mendez. She said about 550 of those tickets were for speeding 20 to 40 mph or more over the speed limit. In Eagle County, CSP issued 1,765 speeding citations last year, with all but 60 issued to drivers on I-70.
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SPRING COMMENCEMENT SPEAKER AT CU BOULDER: EMMA COBURN
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Commencement at the University of Colorado Boulder is scheduled for 8:30 a.m. on May 25 at Folsom Field. The commencement speaker will be one of CU Boulder’s own, Emma Coburn. Not, just a CU Boulder grad (2013) but a native Coloradan, having been born and raised in Crested Butte. She competed in her first Olympics in the steeplechase in London in 2012, while she was still a student at CU. Coburn is a world champion, world silver medalist, Olympic bronze medalist, three-time Olympian and 10-time U.S. National Champion in the steeplechase. She remains a professional athlete, living and training in Boulder, with her husband and coach, Joe Bosshard, and their daughter, Betty. When invited to give this year's commencement speech by the student-run CU Senior Class Council, Coburn said "... I had to read the email three times because I was so excited. I am a proud Buff and am so honored to be able to speak to the graduates and celebrate their achievements."
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JANUARY JOB REPORT: NEW JOBS LOWER, UNEMPLOYMENT RATE DROPS, WAGES GROW
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The U.S. Bureau of Labor Statistics released its January report Friday, which showed some variations in its elements, but overall that the U.S. labor market is steady and resilient. Employers created 143,000 new jobs in January, less than the 170,000 projected by analysts and lower than the 307,000 created in December. However, the new jobs numbers for December and November were revised upward by 100,000 jobs. The unemployment rate for the month fell to 4 percent from 4.1 percent in December. That puts the jobless rate at its lowest level since May 2024. Wages rose 4.1 percent over the prior year in January, up from 3.9 percent in December and above the 3.8 percent economists had expected. On a monthly basis, wages increased 0.5 percent, above the 0.3 percent seen the prior month. Meanwhile, the labor force participation rate ticked up to 62.6 percent from 62.5 percent.
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HAVE YOU STARTED DOING YOUR TAXES YET? IRS REPORTS SO FAR
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The 2025 tax season, with filing for the 2024 tax year, is now underway. The Internal Revenue Service has issued approximately 3.2 million refunds as of Jan. 31. That represents four days’ filings, as the IRS began receiving filings on Jan. 27. The average refund was $1,928. That average will likely change as the IRS expects more than 140 million individual filings through the April 15 deadline. For last year, the average refund was $3,138, or about 1 percent lower than the refund payment a year earlier. For those filing, the IRS recommends filing electronically and selecting direct deposit as the best way to get your refund quickly. You can check the status of your refund for the 2025 tax season via “Where’s My Refund?” at IRS.gov.
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LA PLATA COUNTY UNVEILS PLANS FOR MAJOR RENOVATION OF FAIRGROUNDS
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La Plata County retained Reynolds Ash and Associates and DHM Design to produce a Master Plan for the La Plata County Fairgrounds. The plan proposes significant changes to the 23.4-acre site, in the heart of Durango that hosts not just the annual county fair, but also ballgames, concerts, rodeos and large-scale expositions. It is home to the local Colorado State University Extension Office and 4-H program. The plan recommends demolishing the manager’s house and the current extension building, and remodeling the exhibit hall to include a second story that could house the current extension building users.
The cost is estimated at $12.3 million. In addition, the plan calls for expanding parking by some 200 spaces, adding 60 new trailer stalls, but also envisions some short-term, immediate renovations on buildings and parking. The document is available to view and comment on at bit.ly/3Eq2p47. The La Plata County commissioners are scheduled to review the master plan at their public meeting Feb. 25.
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BUDGET CONCERNS FORCE DURANGO SENIOR CENTER TO CLOSE ON FRIDAYS
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Last week was the first for the change in schedule of the Durango La Plata Senior Center, with the center now closed on Fridays. The center will expand its hours Monday through Thursday, opening at 7 a.m. rather than 8, and closing at 5 p.m. rather than 4:30, and provide extended transportation services. Meals on Wheels delivery will be available Friday, and seniors can grab meals on Thursdays for the following day. The change was designed to save money, and it is estimated the Friday closure and schedule adjustments will save $18,000. The move is expected to ease pressure on the short-staffed kitchen team and hopefully ensure employee retention. The price of food spiked during the COVID-19 pandemic and caused the senior center’s expenditures to surge. On average, the center served 37 meals per day to people in the Durango senior center and delivered 743 meals per week through Meals on Wheels.
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CPW: TWO EVENTS IN FEBRUARY TO BRIGHTEN THE WINTER DAYS
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Colorado Parks and Wildlife announced two February events in Routt and Jackson counties. Stagecoach State Park will be hosting a Debunk the Winter Funk event from 10 a.m. to 2 p.m. on Saturday, Feb. 22. People can congregate at the Stagecoach State Park Marina Parking Lot, south of Steamboat Springs, for a day of archery, sledding and fat tire biking; along with ice fishing, skijoring and S’mores. Visitors are encouraged to bring snowshoes, sleds and ice fishing gear. Those who do not own gear can use loaner gear available on a first-come, first-served basis at the park. The event and activities are free, but a valid $10 daily park pass, or an annual Keep Colorado Wild pass will be required for park entry.
CPW will also host a Potluck & Ski-Snowshoe by Moonlight at State Forest State Park off Hwy. 14 east of Walden from 5:30 to 8:30 p.m. on Saturday, Feb. 15. Bring items for the potluck which begins at 5:30 p.m. and then ski or snowshoe on the Gould Loop trail lit up under the full moon by 6 p.m. LED lights will surround the full 5.5-mile trail loop. The park will have a campfire 3/4 mile down the Gould Loop.
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TWO SUMMIT COUNTY STRUCTURES ADDED TO COLORADO HISTORIC PROPERTIES
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On Jan. 22, the State Register Review Board voted unanimously to add the Rice Family Barn and the Old Dillon Schoolhouse to the Colorado State Register of Historic Properties. History Colorado defines the Colorado State Register of Historic Properties as a list of the significant cultural resources that are worthy of preservation for the future education and enjoyment of the state’s residents and visitors. There are now 11 historic properties in Summit County listed on the state historic register, including the Boreas Railroad Station, the Breckenridge Historic District, the Frisco Schoolhouse (now the town’s visitor center), the Montezuma Schoolhouse, the Soda Creek Homestead and Wildhack’s Grocery Store and post office (now Foote’s Rest in Frisco).
The Rice Family Barn is a two-story barn that was constructed between 1917 and 1919 by Benjamin Franklin Rice and his three sons, Norman, Earl and Ben Jr. The barn was used to house draft horses, hay and equipment to help the town of Dillon, and remains as the best-preserved example of a ranching homestead in Summit County that is open to the public. Constructed in 1883 in the old town of Dillon, the Dillon Schoolhouse is a historic schoolhouse with traditional clapboard siding, wood-framed windows and solid wood doors. The first Dillon school session to be held there started in 1884, when Dillon was still located at the center of Summit County, where the Dillon Reservoir is now. Of the 12 original one-room schoolhouses in the county, it is only one of three that remain.
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TOP NONPROFIT ORGANIZATIONS IN COLORADO IN 2025
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Colorado’s largest nonprofit organizations, ranked by the Denver Business Journal using revenue data from the latest IRS Form 990 available, with headquarters location and revenue:
- Alliance for Sustainable Energy LLC, Golden: $786.33 million
- Young Life, Colorado Springs: $491.78 million
- University Corp. for Atmospheric Research, Boulder: $304.14 million
- United States Olympic & Paralympic Committee, Colorado Springs: $242 million
- Goodwill of Colorado, Colorado Springs: $173.46 million
- Allosource, Centennial: $172.75 million
- Food Bank of the Rockies, Denver: $151.93 million
- Wellpower, Denver: $148.99 million
- RMI, Boulder: $139.4 million
- ARC Thrift Stores of Colorado, Lakewood: $123.9 million
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MARKET UPDATE - 02/07/2025 Close
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(Courtesy of Alpine Bank Wealth Management*)
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Canadian dollar (per U.S. dollar)
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Mexican peso (per U.S. dollar)
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30-year fixed mortgage rate (Freddie Mac 02/06/2025)
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*Not FDIC insured. May lose value. Not guaranteed by the bank.
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Alpine Bank is an independent, employee-owned organization with headquarters in Glenwood Springs and banking offices across Colorado's Western Slope, mountains and Front Range. Alpine Bank serves customers with retail, business, wealth management*, mortgage and electronic banking services. Learn more at alpinebank.com.
*Alpine Bank Wealth Management services are not FDIC insured, may lose value and are not guaranteed by the bank.
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