Venoco
American hydrocarbon company
From Wikipedia, the free encyclopedia
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
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]