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Venoco

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Venoco, Inc.
Company typeDefunct
IndustryPetroleum industry
Founded1992; 32 years ago (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

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.

History

[edit]

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

[edit]

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

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  1. ^ a b "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.