With operations in California and Texas, driller Venoco Inc. has had a long run of successful exploration and production ventures in both states. Not long ago, however, the company was hit by a number of adverse events that drove it to file for Chapter 11 bankruptcy protection in Delaware.
In a motion recently filed in the case, Venoco stated it had “faced significant economic challenges as a result of the dramatic decline in global oil prices, the low price of natural gas, and general uncertainty in the energy markets.” In addition, Veneco stated that it had to deal with the recent rupture of the Plains All American pipeline 901, the third-party common carrier pipeline near Santa Barbara, California, that forced Venoco to halt all production activities at one of its offshore platforms, the Platform Holly.
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