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August 31, 2015 6:09 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Venoco, Inc.

Company Overview

Venoco, Inc., an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of oil and natural gas properties in offshore and onshore California. The company holds interests in South Ellwood Field, Santa Clara Federal Unit, Dos Cuadras Field, Beverly Hills West Field, and onshore Monterey shale formation in southern California. As of December 31, 2014, it had net proved reserves of approximately 40.4 million barrels of oil equivalents. The company was founded in 1992 and is headquartered in Denver, Colorado. Venoco, Inc. is a subsidiary of Denver Parent Corporation.

370 17th Street

Suite 3900

Denver, CO 80202

United States

Founded in 1992

158 Employees

Phone:

303-626-8300

Key Executives for Venoco, Inc.

Chief Executive Officer
Age: 59
Co-Founder, Executive Chairman, Member of Compensation Committee and Chief Executive Officer of DPC
Age: 56
Chief Financial Officer
Age: 45
Principal Accounting Officer and Director of Financial Reporting
Age: 39
Senior Vice President of Southern California Operations
Age: 52
Compensation as of Fiscal Year 2015.

Venoco, Inc. Key Developments

Venoco, Inc. Reports Unaudited Consolidated Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2015; Reports Impairment for the Second Quarter Ended June 30, 2015

Venoco, Inc. reported unaudited consolidated earnings and production results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported production volume of 416 MBOE against 720 MBOE a year ago. Daily average production volume was 4,554 BOE/d against 7,907 BOE/d a year ago. For the six months, the company reported production volume of 957 MBOE against 1,419 MBOE a year ago. Daily average production volume was 5,285 BOE/d against 7,841 BOE/d a year ago. For the quarter, the company reported total revenue of $19,870,000 against $67,039,000 a year ago. Loss from operations was $156,224,000 against income from operations of $24,378,000 a year ago. Loss before taxes was $119,820,000 against $8,746,000 a year ago. Net loss was $119,820,000 against $8,746,000 a year ago. Adjusted loss was $5,288,000 against adjusted earnings of $4,430,000 a year ago. Adjusted EBITDA was $26,005,000 against $36,055,000 a year ago. For the six months, the company reported total revenue of $40,288,000 against $130,036,000 a year ago. Loss from operations was $168,905,000 against income from operations of $45,609,000 a year ago. Loss before taxes was $131,614,000 against income before taxes of $807,000 a year ago. Net loss was $131,614,000 against net income of $807,000 a year ago. Adjusted loss was $16,037,000 against adjusted earnings of $7,159,000 a year ago. Adjusted EBITDA was $39,497,000 against $66,498,000 a year ago. For the quarter, the company reported impairment of $146,030,000 against $817,000 a year ago.

Venoco, Inc. announced delayed 10-Q filing

On 08/14/2015, Venoco, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.

Venoco Inc Provides Operations Update

Venoco Inc. has updated its capital plan for 2015, and will commence drilling operations on Platform Gail at the Sockeye Field. The company plans to drill two wells targeting the M2 zone. First production is expected in late August. Production activities at Platform Holly at the South Ellwood field remain temporarily suspended following the May 19, 2015 rupture of the third-party common carrier pipeline owned and operated by Plains All American Pipeline, L.P. Plains is not affiliated with Venoco and it owns and operates the affected pipeline completely independently from Venoco. The duration of the unavailability of the third-party pipeline is unknown and is contingent on, among other things, satisfactory compliance of corrective action orders issued by the US Department of Transportation (Pipeline and Hazardous Materials Safety Administration). The company will resume full operations at Platform Holly when the Plains pipeline returns to service.

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