Venoco
| 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) |
Venoco, Inc. was an energy exploration firm mainly engaged in hydrocarbon extraction within California's Monterey Formation. The company ceased operations following a bankruptcy filing and subsequent liquidation in 2017.
History
Established in September 1992 by Timothy Marquez, Venoco expanded its portfolio through acquisitions and development of oil assets. In 2005, the company divested the Big Mineral Creek property for $45 million.
The firm became publicly traded in November 2006 through an initial public offering, which bolstered its financial resources to support growth initiatives. In 2007, Venoco purchased the West Montalvo Oil Field from Berry Petroleum Company for $63 million and later sold this asset in 2014 to California Resources Corporation for $200 million, illustrating deliberate portfolio optimization.
An investment of $100 million was made in 2011 to enhance well development in the Monterey Formation, aiming to increase output from this critical reserve. In 2012, Timothy Marquez privatized the company by acquiring the outstanding 49% equity interest, centralizing control to facilitate strategic management.
Venoco’s production was significantly disrupted following the 2015 Refugio oil spill, resulting in pipeline shutdowns and halving output levels. This event was a contributing factor leading to the company’s bankruptcy declaration in March 2016.
On April 17, 2017, Venoco initiated a second bankruptcy process and commenced liquidation while under the ownership of Apollo Global Management affiliates. By January 2018, as part of its global dissolution efforts, Venoco surrendered five federal offshore oil and gas leases located in Southern California.
Fracking controversy
In 2011, Venoco encountered resistance concerning its hydraulic fracturing activities within the Monterey Formation. The Santa Barbara County Board of Supervisors initially charged the company with conducting fracking without proper authorization but later retracted this allegation. The exploratory wells were situated near prominent viticultural areas such as the Santa Ynez Valley AVA and Santa Maria Valley AVA.
Environmental organizations raised objections in Monterey County’s Salinas basin against Venoco’s plan to drill nine wells. Their concerns focused on the proprietary fracturing fluid used by Venoco, which included a gelling agent composed of approximately 60–70% petroleum distillate blend supplied by Baker Hughes.