Venoco, Inc. Announces Second Quarter 2010 Financial and Operational Results

Venoco, Inc. (NYSE: VQ)reported financial and operational results for the second quarter of 2010.

The press release is quoted as saying:

The company reported net income of $4 million for the quarter on oil and gas revenues of $69 million and realized commodity derivative gains of $10 million. Adjusted EBITDA was $46 million in the second quarter of 2010, down 14% from $53 million in the first quarter of 2010 and slightly higher than the $45 million reported in the second quarter of 2009. Through six months of 2010, the company reported Adjusted EBITDA of $99 million. Adjusted Earnings were $3 million, down from $10 million for the first quarter of 2010 and down from $4 million in the second quarter of 2009. Through six months of 2010, the company reported Adjusted Earnings of $12 million.

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