Venoco Inc. (VQ, Financial) filed Annual Report for the period ended 2011-12-31.
Venoco Inc. has a market cap of $675.2 million; its shares were traded at around $11.13 with a P/E ratio of 12.9 and P/S ratio of 2.3.
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Venoco Inc. has a market cap of $675.2 million; its shares were traded at around $11.13 with a P/E ratio of 12.9 and P/S ratio of 2.3.
Highlight of Business Operations:
Declines in the prices we receive for our oil and natural gas production adversely affect many aspects of our business, including our financial condition, revenues, results of operations, liquidity, rate of growth and the carrying value of our oil and natural gas properties, all of which depend primarily or in part upon those prices. For example, due in significant part to lower commodities prices, our revenues from oil and natural gas sales and cash flow from operations declined 52% and 44%, respectively, in 2009 compared to 2008. Declines in the prices we receive for our oil and natural gas also adversely affect our ability to finance capital expenditures, make acquisitions, raise capital and satisfy our financial obligations. For example, continued depressed natural gas prices have caused us to reduce our drilling activity in the Sacramento Basin from 93 wells spud in 2010 to 40 wells in 2011 and we have included five wells in our 2012 capital expenditure budget. In addition, declines in prices reduce the amount of oil and natural gas that we can produce economically and, as a result, adversely affect our quantities of proved reserves. Among other things, a reduction in our reserves can limit the capital available to us, as the maximum amount of available borrowing under our revolving credit facility is, and the availability of other sources of capital likely will be, based to a significant degree on the estimated quantities of those reserves.Read the The complete Report
