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Venoco, Inc. Announces 2nd Quarter 2014 Financial and Operational Results

Agreement to Sell West Montalvo Field for $200 Million; Completion of Initial Zone in Coal Oil Point Well at South Ellwood

DENVER, CO -- (Marketwired) -- 08/20/14 -- Venoco, Inc. ("Venoco" or the "Company") today reported financial and operational results for the second quarter of 2014. The company reported a net loss of $8.7 million for the quarter on total revenues of $67.0 million.

Adjusted Earnings, which adjusts for unrealized derivative gains and losses and certain other items, were $4.4 million for the quarter, up from $2.7 million in the first quarter of 2014. Adjusted EBITDA was $36.1 million in the second quarter of 2014, compared to $30.4 million in the first quarter. Please see the end of this release for definitions of Adjusted Earnings and Adjusted EBITDA and a reconciliation of those measures to net income/loss.

Highlights include the following:

  • Production of 720 thousand barrels of oil equivalent (MBOE) for the quarter, or 7,907 BOE per day (BOE/d).

  • Total oil volumes in the second quarter of 2014 were up 4% over the first quarter of 2014.

  • Adjusted EBITDA in the second quarter of 2014 was up $5.7 million over the first quarter of 2014.

  • Agreement to sell West Montalvo Field for $200 million.

Recent Event

On August 18, 2014, the Company signed a purchase and sale agreement with an unrelated third party for the sale of its West Montalvo Field for $200 million, subject to certain adjustments. If consummated, the sale will have an economic effective date of July 1, 2014. The Company expects the sale to close on or about October 15, 2014.

"West Montalvo has long been a solid asset for Venoco, but the price we will receive from the sale of the field is highly favorable, and allows us to pay down a significant amount of our revolving credit facility debt," said Mark DePuy, President and Chief Operating Officer. "With the substantial reduction of our revolving credit facility debt, we believe we will be able to amend, or obtain a waiver for, certain covenant terms in the revolver that could otherwise become problematic in future quarters. I'd like to thank everyone in the Venoco family who has ever contributed in making Montalvo such a great asset for us. Ultimately, this sale gives us increased flexibility to concentrate on unlocking the significant upside we see at our other oily Southern California assets, and we plan to employ a disciplined yet significant capital program to optimize those assets in the coming years."

Second Quarter Production

Production in the second quarter of 2014 was 7,907 BOE/d compared to 7,776 BOE/d in the first quarter of 2014. Daily oil production in the second quarter of 2014 of 7,484 Bbls/d was up 3% compared to 7,278 Bbls/d in the first quarter of 2014, primarily as a result of a return to normal operations at our South Ellwood field, which was significantly impacted by a 20-day shutdown during the first quarter of 2014 due to extended repair work conducted on the third-party common carrier pipeline that transports oil from the field.

"Following the prolonged shutdown at South Ellwood during the first quarter, which impacted our production and delayed our development plan for the year, we were able to move ahead in executing on our 2014 capital program during the second quarter," stated Mr. DePuy. "We drilled the 3242-20 well at South Ellwood, which is located in the area we call the Coal Oil Point structure, and completed the lowest several Monterey zones. Unfortunately, the lowest zones were wet, so we will move up the wellbore and test higher zones during the third quarter. Although we are disappointed by the initial results, we remain optimistic going forward," Mr. DePuy continued. "The productive capabilities of the lowest zones in this area of the field are generally more uncertain compared to the upper zones, where we still have several zones to test."

"Looking ahead for the remainder of the year, we will adjust our focus towards our Sockeye field, where we plan to drill a well into the M-2 zone from Platform Gail. The wellbore will penetrate multiple sections of the zone and has been designed by our engineering and drilling team as a dual-lateral, which could yield significant cost benefits while maximizing productive capabilities. While the Sockeye well will be technically challenging, our team has put together a great drilling program, and have proven their capabilities by successfully completing drilling of the very challenging 3242-20 well at South Ellwood. I am looking forward to our activities in the coming months at Sockeye," Mr. DePuy added.

The following table details the Company's daily production by region (BOE(1)/d):


                                   Quarter Ended           Six Months Ended
                           ----------------------------- -------------------
Region                      6/30/13   3/31/14   6/30/14  6/30/2013 6/30/2014
                           --------- --------- --------- --------- ---------
Southern California            9,852     7,776     7,907     9,678     7,841
                           --------- --------- --------- --------- ---------
Sacramento Basin(2)                -         -         -       560         -
                           --------- --------- --------- --------- ---------
Total                          9,852     7,776     7,907    10,238     7,841
                           ========= ========= ========= ========= =========

(1)  Barrel of oil equivalent (BOE) is calculated using the ratio of six Mcf
     of natural gas to one barrel of crude oil, condensate or natural gas
     liquids.
(2)  Production from the Sacramento Basin relates to properties that were
     held in escrow pending the receipt of consents regarding the transfer
     of ownership. As of May 1, 2013, title to all properties included in
     the sale on December 31, 2012 had been transferred to the purchaser.

Second Quarter Costs

Venoco's second quarter 2014 lease operating expenses of $25.26 per BOE were down from $27.81 per BOE in the first quarter of 2014, and up from $19.97 per BOE in the second quarter of 2013.

Venoco's G&A costs, excluding non-cash share-based compensation, were $8.33 per BOE in the second quarter of 2014 compared to $11.40 per BOE in the first quarter of 2014 and $10.32 per BOE in the second quarter of 2013.

The following table details the company's operating costs on a per BOE basis (BOE/d):


                                       Quarter Ended        Six Months Ended
                                -------------------------- -----------------
UNAUDITED (per BOE)              6/30/13  3/31/14  6/30/14  6/30/13  6/30/14
                                -------- -------- -------- -------- --------
Lease Operating Expenses        $  19.97 $  27.81 $  25.26 $  19.67 $  26.53
Property and Production Taxes       1.57     2.48     3.15     1.37     2.82
DD&A Expense                       13.83    15.97    16.38    12.94    16.19
G&A Expense (1)                    10.32    11.40     8.33    11.78     9.85

(1) Net of amounts capitalized and excluding non-cash share-based
    compensation costs and one-time severance costs. See the end of this
    release for a reconciliation of G&A per BOE.

Capital Investment Second Quarter 2014

Venoco's second quarter capital expenditures for exploration, development and other spending were $28 million, including $22 million for drilling and rework activities, $2 million for facilities, and the remaining $4 million for land, seismic and capitalized G&A.

In the second quarter of 2014, the Company spent $27 million or 96% of its capital expenditures on its Southern California legacy fields, primarily at the South Ellwood and West Montalvo fields. During the quarter, the Company drilled the 3242-20 well in the South Ellwood field, which bottoms in the Coal Oil Point structure. The well was completed in July into the deepest zones, which were wet, and the Company will complete the remaining zones during the second half of the year.

Additionally during the quarter, the Company spud its second well for the year at the West Montalvo field, the 3314-32 well, which is expected to be completed in the second half of August. The Company also completed the 3314-7, a well drilled during the first quarter of the year, which began producing in May and was placed on artificial lift in July. There were relatively minimal capital expenditures at the Sockeye field during the second quarter, although the Company plans to increase capital spending at the field in the third quarter.

In the second quarter of 2014, the Company had relatively minimal onshore Monterey capital expenditures of $1 million or 4% of its total second quarter capital expenditures.

Information Regarding Earnings Conference Call

In light of recent significant events, including the pending sale of the West Montalvo Field, discussions with the Company's banks regarding projected covenant compliance and continued Board of Director activity relating to the search for a successor Chief Executive Officer, Venoco will not host a conference call in connection with its second quarter 2014 results. However, if warranted by developments relating to these issues, we will schedule a call at some point in the third quarter to provide updated information. If such a call is scheduled, a press release detailing the date, time, and instructions for those wanting to listen or participate in the Q & A portion of this call will be issued in advance.

Our discussions with our bank lenders relate to the fact that our most recent financial projections indicate a potential default under the debt-to-EBITDA covenant in our revolving credit facility as of September 30, 2014. As a result of that projection, we have reclassified all of our long term debt as current as of June 30, 2014. While no assurance can be given, we expect to be able to negotiate a waiver or amendment to the facility to address this issue given the proactive action we have taken to substantially reduce the amount outstanding under the revolving credit facility with the proceeds of the pending Montalvo asset sale.

About the Company

Venoco is an independent energy company primarily engaged in the acquisition, exploitation and development of oil and natural gas properties primarily in California. Venoco operates three offshore platforms in the Santa Barbara Channel, has non-operated interests in three other platforms and operates several onshore properties in Southern California.

Forward-looking Statements

Statements made in this news release relating to Venoco's future production, capital expenditures and development projects, and all other statements except statements of historical fact, are forward-looking statements. Forward-looking statements herein include those relating the closing of the pending Montalvo asset sale, the final proceeds of the transaction and the use thereof and Venoco's ability to obtain an amendment to or waiver of certain requirements in its revolving credit facility. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management's assumptions and the Company's future performance are both subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to, the timing and extent of changes in oil and gas prices, the timing and results of drilling and other development activities, the availability and cost of obtaining drilling equipment and technical personnel, risks associated with the availability of acceptable transportation arrangements and the possibility of unanticipated operational problems, delays in completing production, treatment and transportation facilities, higher than expected production costs and other expenses, pipeline curtailments by third parties, and a potential inability to complete transactions as anticipated and/or to obtain waivers to or amendments of Venoco's revolving credit facility as needed. The Company's projects are subject to numerous operating, geological and other risks and may not be successful. All forward-looking statements are made only as of the date hereof and the Company undertakes no obligation to update any such statement. Further information on risks and uncertainties that may affect the Company's operations and financial performance, and the forward-looking statements made herein, is available in the Company's filings with the Securities and Exchange Commission, which are incorporated by this reference as though fully set forth herein.

Source: Venoco, Inc.


                  OIL AND NATURAL GAS PRODUCTION AND PRICES

                               Quarter Ended             Quarter Ended
                         ------------------------  ------------------------
                                              %                         %
UNAUDITED                3/31/14  6/30/14  Change  6/30/13  6/30/14  Change
                         -------  -------  ------  -------  -------  ------
Production Volume:
Oil (MBbls) (1)              655      681       4%     852      681     -20%
Natural Gas (MMcf)           269      231     -14%     267      231     -13%
                         -------  -------  ------  -------  -------  ------
MBOE                         700      720       3%     897      720     -20%
                         =======  =======  ======  =======  =======  ======
Daily Average Production
 Volume:
Oil (Bbls/d)               7,278    7,484       3%   9,363    7,484     -20%
Natural Gas (Mcf/d)        2,989    2,538     -15%   2,934    2,538     -13%
                         -------  -------  ------  -------  -------  ------
BOE/d                      7,776    7,907       2%   9,852    7,907     -20%
                         =======  =======  ======  =======  =======  ======
Oil Price per Barrel
 Produced (in dollars):
Realized price before
 hedging                 $ 94.55  $ 95.63       1% $ 93.46  $ 95.63       2%
Realized hedging gain
 (loss)                    (5.38)   (6.65)     24%   (1.78)   (6.65)    274%
                         -------  -------  ------  -------  -------  ------
Net realized price       $ 89.17  $ 88.98       0% $ 91.68  $ 88.98      -3%
                         =======  =======  ======  =======  =======  ======
Natural Gas Price per
 Mcf (in dollars):
Realized price before
 hedging                 $  6.06  $  5.35     -12% $  4.58  $  5.35      17%
Realized hedging gain
 (loss)                        -        -       -        -        -       -
                         -------  -------  ------  -------  -------  ------
Net realized price       $  6.06  $  5.35     -12% $  4.58  $  5.35      17%
                         =======  =======  ======  =======  =======  ======
Expense per BOE (in
 dollars):
Lease operating expenses $ 27.81  $ 25.26      -9% $ 19.97  $ 25.26      26%
Production and property
 taxes                   $  2.48  $  3.15      27% $  1.57  $  3.15     101%
Transportation expenses  $  0.08  $  0.07     -13% $  0.05  $  0.07      40%
Depreciation, depletion
 and amortization        $ 15.97  $ 16.38       3% $ 13.83  $ 16.38      18%
General and
 administrative (2)      $ 12.37  $ 12.49       1% $ 11.57  $ 12.49       8%
Interest expense         $ 18.49  $ 18.54       0% $ 19.40  $ 18.54      -4%


                             Six Months Ended
                         ------------------------
                                              %
UNAUDITED                6/30/13  6/30/14  Change
                         -------  -------  ------
Production Volume:
Oil (MBbls) (1)            1,663    1,336     -20%
Natural Gas (MMcf)         1,140      500     -56%
                         -------  -------  ------
MBOE                       1,853    1,419     -23%
                         =======  =======  ======
Daily Average Production
 Volume:
Oil (Bbls/d)               9,188    7,381     -20%
Natural Gas (Mcf/d)        6,298    2,762     -56%
                         -------  -------  ------
BOE/d                     10,238    7,841     -23%
                         =======  =======  ======
Oil Price per Barrel
 Produced (in dollars):
Realized price before
 hedging                 $ 96.51  $ 95.10      -1%
Realized hedging gain
 (loss)                    (6.17)   (6.03)     -2%
                         -------  -------  ------
Net realized price       $ 90.34  $ 89.07      -1%
                         =======  =======  ======
Natural Gas Price per
 Mcf (in dollars):
Realized price before
 hedging                 $  3.91  $  5.73      47%
Realized hedging gain
 (loss)                        -        -       -
                         -------  -------  ------
Net realized price       $  3.91  $  5.73      47%
                         =======  =======  ======
Expense per BOE (in
 dollars):
Lease operating expenses $ 19.67  $ 26.53      35%
Production and property
 taxes                   $  1.37  $  2.82     106%
Transportation expenses  $  0.04  $  0.07      75%
Depreciation, depletion
 and amortization        $ 12.94  $ 16.19      25%
General and
 administrative (2)      $ 13.68  $ 12.44      -9%
Interest expense         $ 19.57  $ 18.53      -5%

(1) Amounts shown are oil production volumes for offshore properties and
 sales volumes for onshore properties (differences between onshore
 production and sales volumes are minimal). Revenue accruals are adjusted
 for actual sales volumes since offshore oil inventories can vary
 significantly from month to month based on pipeline inventories and oil
 pipeline sales nominations.

(2) Net of amounts capitalized.



               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                     Quarter Ended       Quarter Ended     Six Months Ended
                  ------------------  ------------------  ------------------
UNAUDITED (In
 thousands)        3/31/14   6/30/14   6/30/13   6/30/14   6/30/13   6/30/14
                  --------  --------  --------  --------  --------  --------
REVENUES:
Oil and natural
 gas sales        $ 62,538  $ 66,563  $ 81,449  $ 66,563  $167,408  $129,101
Other                  459       476       910       476     2,214       935
                  --------  --------  --------  --------  --------  --------
Total revenues      62,997    67,039    82,359    67,039   169,622   130,036
                  --------  --------  --------  --------  --------  --------
EXPENSES:
Lease operating
 expense            19,468    18,185    17,914    18,185    36,445    37,653
Property and
 production taxes    1,736     2,270     1,407     2,270     2,534     4,006
Transportation
 expense                57        49        45        49        83       106
Depletion,
 depreciation and
 amortization       11,176    11,794    12,406    11,794    23,978    22,970
Impairment               -       817         -       817         -       817
Accretion of
 asset retirement
 obligation            667       556       615       556     1,271     1,223
General and
 administrative      8,662     8,990    10,375     8,990    25,350    17,652
                  --------  --------  --------  --------  --------  --------
Total expenses      41,766    42,661    42,762    42,661    89,661    84,427
                  --------  --------  --------  --------  --------  --------
Income from
 operations         21,231    24,378    39,597    24,378    79,961    45,609
FINANCING COSTS
 AND OTHER:
Interest expense    12,940    13,351    17,401    13,351    36,255    26,291
Amortization of
 deferred loan
 costs                 833       863       906       863     2,019     1,696
Loss on
 extinguishment
 of debt                 -         -         -         -    21,297         -
Commodity
 derivative
 realized (gains)
 losses              3,525     4,530     5,132     4,530    19,749     8,055
Commodity
 derivative
 unrealized
 (gains) losses
 and amortization
 of derivative
 premiums           (5,620)   14,380   (25,083)   14,380   (36,357)    8,760
                  --------  --------  --------  --------  --------  --------
Total financing
 costs and other    11,678    33,124    (1,644)   33,124    42,963    44,802
                  --------  --------  --------  --------  --------  --------
Income (loss)
 before taxes        9,553    (8,746)   41,241    (8,746)   36,998       807
Income tax
 provision
 (benefit)               -         -         -         -         -         -
                  --------  --------  --------  --------  --------  --------
Net income (loss) $  9,553  $ (8,746) $ 41,241  $ (8,746) $ 36,998  $    807
                  ========  ========  ========  ========  ========  ========



              CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION

UNAUDITED ($ in thousands)                           12/31/13     6/30/14
                                                   -----------  -----------
ASSETS
  Cash and cash equivalents                        $       828  $        65
  Accounts receivable                                   23,737       23,006
  Inventories                                            5,166        3,970
  Other current assets                                   4,587        2,153
  Commodity derivatives                                    340           37
                                                   -----------  -----------
    Total current assets                                34,658       29,231
    Net property, plant and equipment                  662,629      692,992
    Total other assets                                  17,569       14,533
                                                   -----------  -----------
TOTAL ASSETS                                       $   714,856  $   736,756
                                                   ===========  ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
  Current Portion of long-term Debt                $         -  $   730,000
  Accounts payable and accrued liabilities              32,966       38,321
  Interest payable                                      17,408       17,058
  Commodity derivatives                                 13,464       17,546
  Share based compensation                              20,723        3,611
                                                   -----------  -----------
    Total current liabilities                           84,561      806,536
LONG-TERM DEBT                                         705,000            -
COMMODITY DERIVATIVES                                   10,601       14,975
ASSET RETIREMENT OBLIGATIONS                            35,982       37,733
SHARE BASED COMPENSATION                                16,721       17,018
                                                   -----------  -----------
    Total liabilities                                  852,865      876,262
    Total stockholders' equity                        (138,009)    (139,506)
                                                   -----------  -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY         $   714,856  $   736,756
                                                   ===========  ===========


GAAP RECONCILIATIONS

Adjusted Earnings and Adjusted EBITDA

In addition to net income (loss) determined in accordance with GAAP, we have provided in this release our Adjusted Earnings and Adjusted EBITDA for recent periods. Both Adjusted Earnings and Adjusted EBITDA are non-GAAP financial measures that we use as supplemental measures of our performance.

We define Adjusted Earnings as net income (loss) before the effects of the items listed in the table below. We calculate the tax effect of reconciling items by re-performing our period-end tax calculation excluding the reconciling items from earnings. The difference between this calculation and the tax expense/benefit recorded for the period results in the tax effect disclosed below. We believe that Adjusted Earnings facilitates comparisons to earnings forecasts prepared by stock analysts and other third parties. Such forecasts generally exclude the effects of items that are difficult to predict or to measure in advance and are not directly related to our ongoing operations. Adjusted Earnings should not be considered a substitute for net income (loss) as reported in accordance with GAAP.

We define Adjusted EBITDA as net income (loss) before the effects of the items listed in the table below. Because the use of Adjusted EBITDA facilitates comparisons of our historical operating performance on a more consistent basis, we use this measure for business planning and analysis purposes, in assessing acquisition opportunities and in determining how potential external financing sources are likely to evaluate our business.

We present Adjusted Earnings and Adjusted EBITDA because we consider them to be important supplemental measures of our performance. Neither Adjusted Earnings nor Adjusted EBITDA is a measurement of our financial performance under GAAP and neither should be considered as an alternative to net income (loss), operating income or any other performance measure derived in accordance with GAAP, as an alternative to cash flow from operating activities or as a measure of our liquidity. You should not assume that the Adjusted Earnings or Adjusted EBITDA amounts shown are comparable to similarly named measures disclosed by other companies.


                                    Quarter Ended          Six Months Ended
                            ----------------------------  ------------------
UNAUDITED ($ in thousands)   6/30/13   3/31/14   6/30/14   6/30/13   6/30/14
                            --------  --------  --------  --------  --------
Adjusted Earnings
 Reconciliation
Net Income                  $ 41,241  $  9,553  $ (8,746) $ 36,998  $    807
Plus:
Unrealized commodity
 (gains) losses              (26,101)   (6,824)   13,176   (38,324)    6,352
Loss on extinguishment of
 debt                              -         -         -    21,297         -
Tax effects                        -         -         -         -         -
                            --------  --------  --------  --------  --------
Adjusted Earnings           $ 15,140  $  2,729  $  4,430  $ 19,971  $  7,159
                            ========  ========  ========  ========  ========



                                    Quarter Ended          Six Months Ended
                            ----------------------------  ------------------
UNAUDITED ($ in thousands)   6/30/13   3/31/14   6/30/14   6/30/13   6/30/14
                            --------  --------  --------  --------  --------
Adjusted EBITDA
 Reconciliation
Net income                  $ 41,241  $  9,553  $ (8,746) $ 36,998  $    807
Interest expense              17,401    12,940    13,351    36,255    26,291
DD&A                          12,406    11,176    11,794    23,978    22,970
Impairment                         -         -       817         -       817
Accretion of asset
 retirement obligation           615       667       556     1,271     1,223
Amortization of deferred
 loan costs                      906       833       863     2,019     1,696
Loss on extinguishment of
 debt                              -         -         -    21,297         -
Non-cash share-based
 compensation expense          1,122       894        16     3,523       910
One-time general and
 administrative                    -         -     3,024         -     3,024
Amortization of derivative
 premiums                      1,018     1,204     1,204     1,967     2,408
Unrealized commodity
 derivative (gains) losses   (26,101)   (6,824)   13,176   (38,324)    6,352
                            --------  --------  --------  --------  --------
Adjusted EBITDA             $ 48,608  $ 30,443  $ 36,055  $ 88,984  $ 66,498
                            ========  ========  ========  ========  ========


We also provide per BOE G&A expenses excluding non-cash share-based compensation charges and production from the Sacramento Basin properties. We believe that these non-GAAP measures are useful in that the items excluded do not represent cash expenses directly related to our ongoing operations. These non-GAAP measures should not be viewed as an alternative to per BOE G&A expenses as determined in accordance with GAAP.


UNAUDITED ($ in thousands,
 except per BOE amounts)           Quarter Ended          Six Months Ended
                           ----------------------------  ------------------
                            6/30/13   3/31/14   6/30/14   6/30/13   6/30/14
                           --------  --------  --------  --------  --------
G&A per BOE Reconciliation

G&A expense                $ 10,375  $  8,662  $  8,990  $ 25,350  $ 17,652
Less:
Non-cash share-based
 compensation expense        (1,122)     (685)       35    (3,523)     (650)
One-time general and
 administrative                   -         -    (3,024)        -    (3,024)
                           --------  --------  --------  --------  --------
G&A Expense Excluding Non-
 Cash Share-Based Comp        9,253     7,977     6,001    21,827    13,978
MBOE                            897       700       720     1,853     1,419
                           --------  --------  --------  --------  --------
G&A Expense per BOE
 Excluding Non-Cash Share-
 Based Comp                $  10.32  $  11.40  $   8.33  $  11.78  $   9.85
                           ========  ========  ========  ========  ========
MBOE excluding Sacramento
 Basin production                 -         -         -     1,752         -
                           --------  --------  --------  --------  --------
G&A Expense per BOE
 Excluding Non-Cash Share-
 Based Comp-Excluding
 Sacramento Basin
 Production                $  10.32  $  11.40  $   8.33  $  12.46  $   9.85
                           ========  ========  ========  ========  ========


For further information, please contact
Zach Shulman
Investor Relations
(303) 583-1637
http://www.venocoinc.com
E-Mail Email Contact

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IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes ab...
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and a...
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
WSM International, the pioneer and leader in server migration services, has announced an agreement with WHOA.com, a leader in providing secure public, private and hybrid cloud computing services. Under terms of the agreement, WSM will provide migration services to WHOA.com customers to relocate some or all of their applications, digital assets, and other computing workloads to WHOA.com enterprise-class, secure cloud infrastructure. The migration services include detailed evaluation and planning...
In today's digital world, change is the one constant. Disruptive innovations like cloud, mobility, social media, and the Internet of Things have reshaped the market and set new standards in customer expectations. To remain competitive, businesses must tap the potential of emerging technologies and markets through the rapid release of new products and services. However, the rigid and siloed structures of traditional IT platforms and processes are slowing them down – resulting in lengthy delivery ...
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of I...
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.