Venoco, Incorporated (NYSE:VQ) announced this morning that it will cut its capital spending in 2009 to $150 million. As recently as last November, Venoco had planned to spend $400 million on capex in 2009.
Last July, the company withdrew a planned IPO that would haveestablished an E&P master limited partnership. Venoco is alsotrying to complete the sale of about 18.4 million barrels of oilequivalent to Denbury Resources, Inc. (NYSE:DNR). Venoco expects torealize $150 million from the sale, which the company plans to use toreduce outstanding debt.
In other energy news, CREDO Petroleum Corporation (NASDAQ:CRED) issueda pat-itself-on-the-back press release this morning. The Denver Posthas named CREDO as the top performing energy stock in Colorado for 2008.
Let’s see, CREDO stock closed at $9.87/share on January 2, 2008, and at$8.42/share on December 31, 2008. That’s a drop of about 15%. Thingsmust be tougher than we thought in Colorado.
Paul Ausick
January 12, 2009
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
