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Venoco Sees Upswing in Oil Production; Hones In on California Ops
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Venoco, Inc. today reported financial and operational results for the fourth quarter and full-year 2013. The company reported net income for the year of $14.3 million on total revenues of $318 million.
Adjusted Earnings, which adjusts for unrealized derivative gains and losses and certain one-time charges, were $33 million for the year, and Adjusted EBITDA was $167 million. Please see the end of this release for definitions of Adjusted Earnings and Adjusted EBITDA and a reconciliation of those measures to net income/loss.
Highlights include the following: Production of 3.5 million barrels of oil equivalent (MMBOE) for the year, or 9,499 BOE per day (BOE/d); excluding volumes contributed by Sacramento Basin properties held in escrow during the first quarter of 2013, production for the…- ✓ Full news archive — U.S., Canada & international coverage
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