In Denver that’s still good money.
It is decent money for many positions in Houston as well.
But for a Principal Design/Consulting Engineer with 15 years experience Oil/Gas/Petrochem for Mechanical/Structural/Electrical/Instrument it is too low.
Far to low for Chemical/Process/Petroleum Engineers of significant experience.
And if your company can’t find them, it probably is too low for their needs in Denver as well.
You can get engineers with their degree for $100,000 that can do calculations. Getting some with significant experience to be productive, lead others and not get your company in trouble may cost more.