Venoco profit falls on weak natural gas prices

Wed Aug 8, 2012 7:49am EDT

Aug 8 (Reuters) - Oil and natural gas company Venoco Inc's second-quarter profit fell 24 percent on a slump in natural gas prices.

Natural gas prices fell 46 percent in the April-June quarter from a year earlier to average $2.4 per million British thermal units.

Net income at Venoco, which is ramping up oil production, fell to $14.5 million from $19 million a year earlier.

Revenue fell 5 percent to $82.5 million.

Venoco shares, which have fallen 11 percent in the last 12 months, closed at $9.42 on Tuesday on the New York Stock Exchange.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.