July 15, 2024

Report: CO Energy Industry Gives Back Millions to Communities, Advances Environmental Innovation 

by Joe Barone, Shale Directories in Blog

This June the Colorado Oil & Gas Association released its updated 2023 Community Impact Report, showcasing the industry’s ongoing commitment to supporting Colorado communities and the sector’s continued advances in environmental innovation. 

This year’s report again shows Colorado energy producers and their employees remain committed to driving down emissions and giving back to strengthen communities across the state.  

Total Philanthropic Contributions  

COGA’s updated 2023 report places strong emphasis on the industry’s longstanding commitment to supporting communities across Colorado, especially those where energy team members live and work. The report emphasized investments from the industry are tailored to each community’s unique needs, ensuring support impacts as many lives as possible.  

Key highlights of COGA members’ efforts show: 

  • Employees across COGA’s network served over 53,000 hours for Coloradan nonprofits. 
  • Over $16 million was raised and invested back into the community in 2023. 
  • $86 million has been cumulatively donated between 2017 and 2023.

Over 400 nonprofits were directly supported by these actions, including projects like Operation Warm in Aurora and the Food Bank of the Rockies: 

 

Supporting Education and Equitable Development 

Building on their pledge to increase understanding and support of marginalized communities, COGA members also made significant progress in advancing equity and investment in underserved communities.  

76 percent of surveyed COGA members strategically invested in disproportionately impacted communities. Additionally, 68 percent of them contributed to nonprofits that support underserved populations. 

COGA’s report argues that these commitments are essential tools in driving innovation, ideas, safety, personal belonging, and the competitive advantages needed for the success and future growth of the industry. 

Environmental Progress and Emissions Reduction 

As the fourth largest crude oil producer and the eighth largest natural producer in the U.S., Colorado is a force in the U.S. oil and gas industry. COGA members are ensuring the state’s position as a top producer is also used as a platform to advance environmental innovation.  

Natural gas, like that produced in Colorado, helped drive down energy-related emissions by three percent nationally in 2023, with 80 percent of emissions reductions largely due to natural gas and solar displacing higher carbon intensity energy.  

The energy sector is also leading the way driving down industry emissions in Colorado. Gov. Jared Polis’s updated Greenhouse Gas Roadmap released earlier this year underscores how Colorado energy producers are exceeding the stringent emission reduction targets set by the state.  

 

Energy producers, COGA noted at the time, are working to do even more this year. Christy Woodward, Senior Director of Regulatory Affairs, Colorado Oil & Gas Association, explained: 

“As the Governor recently noted, our industry has been delivering greater GHG emission reductions than planned, and we’re committed to doing even more, including through actions identified in the Roadmap. Working in partnership with the state, our members are investing in technology and innovation to drive even better results for Colorado and the communities where we live and work.”  

Supporting Colorado’s Growth and Well-Being 

State and severance taxes paid by Colorado energy producers continue to be a lifeline for countless public services across the state. A new per barrel fee on energy production signed into law this year will provide taxpayers with an additional $138 million annually, primarily for infrastructure projects:  

“State. Sen President Steve Fenberg, D-Boulder, said the new fee is expected to generate an average of $138 million annually. Eighty percent of the new revenue stream would go toward public transit across the state, including a potential Front Range rail line. The other 20 percent would support parks and wildlife conservation.”  

All told, COGA’s 2023 report highlights the total fiscal flow to Colorado state and local governments amounts to about $1 billion per year. The Colorado Department of Local Affairs used a portion of these funds to issue more than $100 million in Energy Impact Assistance grants to over 300 localities. Additionally, over $120 million went back to Colorado schools through the state’s Building Equitable Schools Today (BEST) grant program. 

More than $2.5 billion has been generated by COGA members for schools from 2008-2020, serving more than 325,000 students. These grants are used in the construction of new schools, as well as general construction improvements and renovation of existing school facility systems and structures.  

Bottom Line: This year’s COGA Community Impact report showed once again the Colorado oil and gas industry remains a vital source of support for communities. From hundreds of millions of tax revenue supporting roads and schools, to the industry’s philanthropic contributions, Colorado energy producers continue to make the state a better place for families to live and thrive. 

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