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Denver-based Venoco Inc. reported $11 million in adjusted earnings during the third quarter, an 11 percent increase from the $9.9 million the oil and gas producer earned in the same quarter a year ago.
Venoco’s net income was $220.9 million during the quarter, including $209.6 million of unrealized gains from derivative contracts that rose in value as commodity prices fell.
Venoco chief executive Tim Marquez said the company would reduce its capital spending by $100 million to $300 million given lower commodity prices and unpredictable capital markets.
