Venoco

Venoco, Inc. was a company engaged in hydrocarbon exploration. It primarily operated in the Monterey Formation in California. In 2017, the company filed bankruptcy and was liquidated.

Venoco, Inc.
TypeDefunct
IndustryPetroleum industry
Founded1992 (1992)
FounderTimothy Marquez
FateBankruptcy and liquidation
Headquarters
Denver, Colorado, United States
Key people
Mark A. DePuy, CEO
Timothy Marquez, co-founder, former CEO, Executive Chairman
Scott M. Pinsonnault, CFO
RevenueDecrease $328 million (2015)
Increase $62 million (2015)
Total assetsIncrease $929 million (2015)
Total equityIncrease $73 million (2015)
Number of employees
162 (2015)
Footnotes / references
[1]
Venoco's Platform Gail in the Sockeye Field, Santa Barbara Channel

History

The company was founded in September 1992 by Timothy Marquez.[1]

In 2005, the company sold Big Mineral Creek field for $45 million.[2]

In November 2006, the company became a public company via an initial public offering.[3][4]

In 2007, the company acquired the West Montalvo Oil Field from Berry Petroleum Company for $63 million; it was sold in 2014 to California Resources Corporation for $200 million.[5][6][7]

In 2011, the company spent $100 million to develop wells in the Monterey Formation.[8][9]

In 2012, the company became a privately held company after Timothy Marquez acquired the 49% of the company that he did not own.[10]

In 2015, the Refugio oil spill resulted in the closure of a pipeline upon which the company depended; as a result production was reduced by 50%. In March 2016, the company filed bankruptcy.[11]

On April 17, 2017, Venoco filed bankruptcy again and began liquidation.[12][13] At that time, the company was owned by affiliates of Apollo Global Management.[14]

On January 4, 2018, the company relinquished 5 federal oil and gas leases offshore Southern California.[15]

Fracking controversy

In 2011, a group of concerned citizens opposed Venoco's fracking operations in the Monterey Formation. The Santa Barbara County Board of Supervisors initially cited Venoco for fracking without a permit, but later withdrew the claim. The site of the test wells was in a valley adjacent to two wine-producing regions, Santa Ynez Valley AVA and Santa Maria Valley AVA.[16][17]

In the Salinas basin, in Monterey County, Venoco encountered opposition by environmental groups and concerned citizens over 9 proposed wells. Among the components listed in Venoco's proposed fracking fluid for Monterey County was a gelling agent with a 60 to 70% concentration of "petroleum distillate blend." The exact mixture was unknown as it is proprietary to manufacturer Baker Hughes.[18]

References
  1. "Venoco, Inc. 2015 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "Venoco sells BMC field, buys Marquez Energy". Oil & Gas Journal. April 13, 2005.
  3. Gelsi, Steve (November 17, 2006). "First Solar rallies 24% in debut". MarketWatch.
  4. "VENOCO, INC. (VQ) IPO". NASDAQ.
  5. Hoffman, Lyz (August 28, 2014). "Venoco Selling Oxnard Oil Field for $200 Million". Santa Barbara Independent.
  6. "VENOCO, INC. 2014 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  7. Hoops, Stephanie (September 2, 2014). "Ventura County oil field to be sold for $200 million". Ventura County Star.
  8. "Venoco notes Monterey shale exploration status". Oil & Gas Journal. November 2, 2010.
  9. Review of Emerging Resources: U.S. Shale Gas and Shale Oil Plays (PDF) (Report). Energy Information Administration. July 2011.
  10. "Venoco CEO to acquire co for $12.50/share". Reuters. January 16, 2012.
  11. Diskin, Megan (March 18, 2016). "Venoco files for bankruptcy due in part to closure of pipe linked to Refugio oil spill". Ventura County Star.
  12. "Venoco, LLC 17-10828". Prime Clerk. 17 April 2017.
  13. "Venoco seeks bankruptcy protection after losses from huge 2015 oil spill near". Los Angeles Times. April 17, 2017.
  14. Proctor, Cathy (April 17, 2017). "Colorado oil and gas company files for Chapter 11 bankruptcy protection — again". American City Business Journals.
  15. "Venoco, LLC Lease Relinquishments". Bureau of Ocean Energy Management.
  16. Cooley, Marga K. (August 4, 2011). "County studying possible ban on 'fracking'". Lompoc Record.
  17. Stewart, Ethan (May 5, 2011). "County Curious About Venoco's Oil-Extraction Techniques". Santa Barbara Independent.
  18. Redden, Jim (November 2012). "Unlocking the secrets of the U.S.' largest onshore oil reserves: Monterey/Santos". World Oil Online.
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