Oil and natural gas company Venoco Inc raised its full-year capital expenditure forecast to $250 million from $200 million, partly due to the construction of a newly approved pipeline.
Venoco on Monday said its unit Ellwood Pipeline Inc received final approval for installation of the onshore pipeline at its South Ellwood field in California.
We expect to realize $5 to $7 per barrel more on the approximately 2,000 barrels per day of production from our South Ellwood field, Chief Executive Tim Marquez said.
The capital expenditure budget raise is expected to impact its 2012 production, the company said in a statement.
Shares of the Denver, Colorado-based company closed at $10.70 on Friday on the New York Stock Exchange.