Venoco files for Chapter 11 bankruptcy
Venoco, the Denver-based oil and gas company with substantial operations in the tri-county region, has filed a pre-packaged Chapter 11 bankruptcy after agreeing with lenders to slash $1 billion in debt. Venoco said March 18 that it reached an agreement with its senior lenders on a restructuring agreement. The company earlier said it was suspending Read More →
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Plains oil pipelines don’t qualify as interstate
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Read More →Venoco misses interest payment, looks to restructure debt
Venoco is looking to restructure its debt as the Refugio oil spill fallout and oil market decline has hindered operations. The Denver-based oil producer that has offices in Carpinteria has chosen not to make the $13.7 million semi-annual interest payment due Feb. 16 on its 8.875 percent senior unsecured notes as the company considers its Read More →
Read More →Crude-by-rail plan spurs legal debate
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Read More →Low gas prices great for consumers but not necessarily for the economy
At close to $33 per barrel, crude oil has dropped more than 60 percent since June 2014 — which is great for our economy because it significantly reduces the average price of gas and heating oil. Regular gasoline now averages $2 per gallon nationally. This translates to cheaper costs to transport goods and run your Read More →
Read More →Phillips 66 proposes fewer trains for rail expansion at Santa Maria refinery
Phillips 66 is now proposing to run fewer trains for its rail expansion project at its Santa Maria refinery in an attempt to allay the San Luis Obispo County Planning Commission’s environmental concerns. For its original five weekly trains proposal, county staff noted 11 significant and unavoidable environmental impacts associated with the increased operations at Read More →
Read More →Santa Barbara County OKs ExxonMobil’s emergency permit to truck oil
The county of Santa Barbara has approved ExxonMobil’s emergency permit to truck oil. Exxon plans to transport 425,000 barrels of oil currently sitting in two tanks at its Las Flores Canyon storage facility to destinations up to 140 miles north on Highway 101. Trucking to empty the tanks is expected to take three to six Read More →
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