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.
| Company type | Defunct |
|---|---|
| Industry | Petroleum industry |
| Founded | 1992 |
| Founder | Timothy Marquez |
| Fate | Bankruptcy 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 |
| Revenue |  $328 million (2015) |
 $62 million (2015) | |
| Total assets | $929 million (2015) |
| Total equity | $73 million (2015) |
Number of employees | 162 (2015) |
| Footnotes / references [1] | |
History
editThe 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
editIn 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
edit- ^ a b "Venoco, Inc. 2015 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ "Venoco sells BMC field, buys Marquez Energy". Oil & Gas Journal. April 13, 2005.
- ^ Gelsi, Steve (November 17, 2006). "First Solar rallies 24% in debut". MarketWatch.
- ^ "VENOCO, INC. (VQ) IPO". NASDAQ.
- ^ Hoffman, Lyz (August 28, 2014). "Venoco Selling Oxnard Oil Field for $200 Million". Santa Barbara Independent.
- ^ "VENOCO, INC. 2014 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ Hoops, Stephanie (September 2, 2014). "Ventura County oil field to be sold for $200 million". Ventura County Star.
- ^ "Venoco notes Monterey shale exploration status". Oil & Gas Journal. November 2, 2010.
- ^ Review of Emerging Resources: U.S. Shale Gas and Shale Oil Plays (PDF) (Report). Energy Information Administration. July 2011.
- ^ "Venoco CEO to acquire co for $12.50/share". Reuters. January 16, 2012.
- ^ Diskin, Megan (March 18, 2016). "Venoco files for bankruptcy due in part to closure of pipe linked to Refugio oil spill". Ventura County Star.
- ^ "Venoco, LLC 17-10828". Prime Clerk. 17 April 2017.
- ^ "Venoco seeks bankruptcy protection after losses from huge 2015 oil spill near". Los Angeles Times. April 17, 2017.
- ^ Proctor, Cathy (April 17, 2017). "Colorado oil and gas company files for Chapter 11 bankruptcy protection — again". American City Business Journals.
- ^ "Venoco, LLC Lease Relinquishments". Bureau of Ocean Energy Management.
- ^ Cooley, Marga K. (August 4, 2011). "County studying possible ban on 'fracking'". Lompoc Record.
- ^ Stewart, Ethan (May 5, 2011). "County Curious About Venoco's Oil-Extraction Techniques". Santa Barbara Independent.
- ^ Redden, Jim (November 2012). "Unlocking the secrets of the U.S.' largest onshore oil reserves: Monterey/Santos". World Oil Online.