ConocoPhillips will bolster local economy, green movement

ConocoPhillips will bolster local economy, green movement

By Shannon CoeSaturday, April 12, 2008

Who would have thought oil would seep its way into our green backyard? ConocoPhillips' purchase of the former StorageTek campus in Louisville is proving to be one of the more dramatic changes in our green community.
The Houston-based company will tear down most of the buildings on the 432-acre campus to build a global training center and global technology center, which will teach employees from more than 40 countries. The company made the $58.5 million purchase in January from Sun Microsystems, which is leasing the campus until the end of 2008 when development will begin for ConocoPhillips. ConocoPhillips is the powerhouse that will put Colorado in the lead for alternative renewable energy sources with the development of the new training campus that will have a high economic impact, especially in the Louisville community. It is a great addition to the area.
The company has a large portfolio of assets and is a well-established global company, with $194.5 billion in revenue in 2007. The original Conoco, Continental Oil Company, located its headquarters in Denver in the 1870s. ConocoPhillips has 600 employees currently in Colorado. It has a large gas line storage terminal in Commerce City, oil and gas production in Garfield County and a gas pipeline from Colorado to Texas. The number of permanent employees is not known, but the training facility will attract thousands of ConocoPhillips employees annually. The estimated number of permanent jobs is 10,000, which will create another 18,000; this will contribute $1.7 billion a year to the Louisville economy.
The development of the Louisville campus also will help aid Colorado's real estate sector. CB Richard Ellis, the potential developer, estimates construction on over 4.7 million square feet of building on the campus.
And ConocoPhillips is committed to contributing to renewable energy and carbon-fuel recovery. Its investment in renewable energy in 2007 was $150 million. ConocoPhillips is using this location for research and development for renewable energy. Fear-driven environmentalists are scared this will be a center for toxic waste. It will not only foster sharing of knowledge, innovation, and creativity, but it will certainly provide flexibility and alternatives for the ever-changing energy market.
ConocoPhillips' move also will establish Colorado as leading state for renewable energy. It will further legislation to require energy alternatives and support Colorado's $7 million dollar clean energy fund. Gov. Bill Ritter stated at a new conference announcing the deal, "They are building a bridge to the future by investing in new, cleaner technologies and in renewable energy."
Environmentalists, businesses, lawmakers and residents alike will be pleased with the changes big oil-tycoons, such as ConocoPhillips has made with their advanced efforts in the Green Movement. Check it out greenies, oil is in the cause!
Shannon Coe is from Boulder