Venoco has reported that its third quarter 2007 production was up 22% compared to the third quarter of 2006. Production was 20,701 barrels of oil equivalent per day, up 5.5% compared to the second quarter of 2007.
Third quarter production was a company high of 1.9 million barrels of oil equivalent (boe), up more than 100,000 boe over the second quarter of 2007.
After-tax adjusted net income was $10.7 million for the period. The company’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter reached a company high of $62.1 million, up 8.6% from the second quarter of 2007 and up 70% from the third quarter of 2006.
Tim Marquez, chairman and CEO, said: We are pleased to see production continuing to increase this quarter, and to see the continued growth in adjusted EBITDA.
Production expenses averaged $14.90 per boe in the third quarter of 2007, compared to $14.53 per boe in the second quarter of 2007. General and administrative expenses were $3.97 per boe for the first nine months of 2007, excluding charges of $0.70 per boe.