Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us


April 26, 2015 8:29 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, President of DPC and Chief Operating Officer of DPC
Age: 58
Co-Founder, Executive Chairman, Member of Compensation Committee and Chief Executive Officer of DPC
Age: 55
Interim Chief Financial Officer
Age: 44
Principal Accounting Officer and Director of Financial Reporting
Age: 38
General Counsel and Secretary
Age: 50
Compensation as of Fiscal Year 2014.

Venoco, Inc. Key Developments

Venoco Plans Acquisitions

Venoco, Inc. intends to make acquisitions. Mark DePuy, Venoco's Chief Executive Officer said: “While we're pleased with the recent financing round, we'll continue to seek out further opportunities for capital structure improvements, acquisitions, and growth."

Venoco, Inc. Reports Unaudited Consolidated Earnings and Production Results for the Fourth Quarter and Year Ended December 31, 2014

Venoco, Inc. reported unaudited consolidated earnings and production results for the fourth quarter and year ended December 31, 2014. For the quarter, total revenues were $36.3 million against $66.9 million last year. Income from operations was $7.4 million against $9.7 million last year. Income before taxes was $80.1 million against loss before taxes of $19.8 million last year. Net income was $80.1 million against net loss of $19.8 million last year. Adjusted earnings were $2.2 million against adjusted loss of $9.4 million last year. Adjusted EBITDA was $22.2 million against $27.0 million last year. For the year, total revenues were $224.2 million against $317.5 million last year. Income from operations was $76.8 million against $134.3 million last year. Income before taxes was $120.4 million against $14.3 million last year. Net income was $120.4 million against $14.3 million last year. Adjusted earnings were $19 million against of $33.3 million last year. Adjusted EBITDA was $118.6 million against $167.2 million last year. Capital expenditures for exploration, exploitation, development and other spending were $77 million, including $62 million for drilling and rework activities, $4 million for facilities, and the remaining $11 million for land, seismic and capitalized G&A. In 2014, the company spent $73 million or 95% of its capital expenditures on its Southern California legacy fields. For the quarter, daily average production was 6,612 BOE/d compared to 8,511 BOE/d in the fourth quarter of 2013. Production volume was 608 MBOE against 783 MBOE last year. For the year, daily average production was 7,406 BOE/d compared to 9,499 BOE/d in 2013. Production volume was 2,702 MBOE against 3,467 MBOE last year.

Venoco, Inc. Enters into Agreements Relating to Three New Debt Instruments

On April 2, 2015, Venoco, Inc. entered into agreements relating to three new debt instruments: (i) first lien senior secured notes with an aggregate principal amount of $175 million (the first lien secured notes), (ii) second lien senior secured notes with an aggregate principal amount of $150 million (the second lien secured notes) and (iii) a $75 million cash collateralized senior secured credit facility (the term loan facility). Approximately $72 million of proceeds from the issuance of the first lien secured notes and the term loan facility were used to repay all amounts outstanding under the company's existing revolving credit facility, which was then terminated. The second lien secured notes were issued in exchange for $194 million aggregate principal amount of and accrued interest on the company's outstanding 8.875% senior notes due 2019. The first lien secured notes bear interest at 12% per annum and mature in February 2019. The indenture governing the first lien secured notes includes covenants customary for instruments of this type, including restrictions on the company's ability to incur additional indebtedness, create liens on its properties, pay dividends and make investments, in each case subject to exceptions. The covenants regarding the incurrence of additional indebtedness contain exceptions for, among other things, (i) up to $25 million of additional secured or unsecured indebtedness that may be issued or incurred in connection with certain projects approved by holders of the notes, (ii) up to $50 million of additional second lien secured notes that may be issued in exchange for the company's outstanding 8.875% senior notes due 2019 and (iii) up to $150 million of additional third lien or unsecured indebtedness that may be issued or incurred in exchange for the company's outstanding 8.875% senior notes due 2019 or to fund acquisitions. The indenture also includes restrictions on capital expenditures and an operational covenant pursuant to which the Company is generally required to maintain a specified level of production for each quarterly period until maturity. Other covenants are generally similar to those contained in the indenture governing the existing 8.875% senior notes due 2019. The company's obligations under the first lien secured notes are guaranteed by all of the company's subsidiaries other than Ellwood Pipeline, Inc. and secured by a first priority lien on substantially all of the assets of the company and the guarantors other than the cash collateral under the term loan facility. The company may redeem the first lien secured notes at a redemption price of 109% of the principal amount beginning on January 1, 2016 and declining to 100% by January 1, 2019. The first lien secured notes were issued under an indenture dated as of April 2, 2015 among the company, the guarantors and U.S. Bank National Association, as trustee and collateral agent. The second lien secured notes bear interest at 8.875% if paid in cash or 12% if paid in kind. Interest may be paid in cash or in kind, at the company's option, for semiannual interest periods commencing within 24 months following issuance, but may become payable entirely in cash earlier upon the occurrence of certain events. The second lien secured notes mature in February 2019. The indenture governing the second lien secured notes includes covenants, and exceptions thereto, substantially similar to those set forth in the indenture governing the first lien secured notes. The company's obligations under the notes are guaranteed by the company's subsidiaries that guarantee the first lien secured notes and secured by a second priority lien on the same assets securing its obligations under the first lien secured notes. The company may redeem the second lien secured notes on the same terms as the existing 8.875% senior notes due 2019. The second lien secured notes were issued under an indenture dated as of April 2, 2015 among the company, the guarantors and U.S. Bank National Association, as trustee and collateral agent. The term loan facility, which was fully drawn at closing, matures in October 2015. Amounts borrowed under the facility will bear interest at 4.0% per annum for the first thirty days and at 12% thereafter. The company may repay or refinance the term loan facility at any time. The facility contains representations, warranties and covenants typical for instruments of this type. The company's obligations under the term loan facility are secured by a first priority lien on cash collateral, which collateral may be released upon the occurrence of certain events, and are guaranteed by the company's subsidiaries that guarantee the first lien secured notes and second lien secured notes. The term loan facility was incurred under a term loan and security agreement dated as of April 2, 2015 among the company, the guarantors and the lenders party thereto.

Similar Private Companies By Industry

Company Name Region
American Resources Offshore, Inc. United States
Buck Snag Field Prospect United States
Murray American Energy, Inc. United States
Dakota Petroleum Transport Solutions, LLC United States
Chisos Ltd. United States

Recent Private Companies Transactions

Type
Date
Target
Private Placement
April 2, 2015
--
Merger/Acquisition
August 19, 2014
Venoco Inc., West Montalvo Properties
 

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
NYC2012, Inc. United States
Bertelsmann AG Europe
Rush University United States
Greater Houston Partnership United States

Sponsored Financial Commentaries

Sponsored Links

Report Data Issue

To contact Venoco, Inc., please visit www.venocoinc.com. Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.