DENVER, April 25, 2019 (GLOBE NEWSWIRE) — Bonanza Creek Energy, Inc. (NYSE: BCEI) (“Bonanza Creek” or the “Company”) today issued preliminary first quarter 2019 results, provided an operations update and announced its first quarter 2019 earnings release and conference call date. The Company has also posted an updated investor presentation to its website.
- First quarter 2019 estimated sales volumes increased 17% sequentially to 20.7 thousand barrels of oil equivalent per day (“MBoe/d”), with oil representing 65% of total
- First quarter 2019 estimated lease operating expenses (“LOE”) decreased 11% to $2.91/boe, compared to $3.27/boe for Wattenberg in the fourth quarter 2018
- For the full year 2019, the Company is lowering LOE guidance to $2.75 – $3.25/boe from $3.00 – $3.50/boe to reflect ongoing focus on cost control
- For the full year 2019, the Company is setting cash general and administrative (“G&A”) expense guidance to $3.70 – $4.20/boe, a significant improvement compared to 2018
- First quarter 2019 estimated RMI operating expenses equaled $1.24/boe, in line with Company expectations
- The Company exited the first quarter 2019 with over $315 million in liquidity and net debt of approximately $35 million
- Construction of the Company’s new oil gathering line to Riverside Terminal is underway and, as reflected in our annual guidance, is expected to lower corresponding oil differentials in the second half of 2019 by $1.25 – $1.50
- The Company’s Legacy East Pronghorn B-28 pad is performing consistent with type curve expectations
“Bonanza Creek delivered a strong quarter, with production increasing 17% while unit LOE decreased 11% sequentially,” said Eric Greager, the Company’s President and Chief Executive Officer. “Steady growth is supported by an inventory of high-quality drilling locations and a clean balance sheet. Given the improvements in operating efficiencies, cost control, and well performance, we are reducing our LOE guidance to $2.75 – $3.25/boe. Our 2019 plan continues to focus on capital discipline and returns.”
Greager continued, “With Senate Bill 181 signed into law and the rulemaking underway, we believe our industry can move forward with more clarity. All of Bonanza Creek’s leasehold is located in rural Weld County, and we expect minimal operational impacts. We look forward to continuing our collaborative efforts with Weld County, the COGCC, and community stakeholders to safely and responsibly develop our 92,000 gross acres.”
The Company announced that it is scheduled to release its first quarter 2019 operating and financial results after market close on May 8, 2019 and will host a conference call to discuss these results the following morning at 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time). A live webcast and replay of this event will be available on the Investor Relations section of the Company’s website at www.bonanzacrk.com. Dial-in information for the conference call is included below.
About Bonanza Creek Energy, Inc.
Bonanza Creek Energy, Inc. is an independent oil and natural gas company engaged in the acquisition, exploration, development and production of onshore oil and associated liquids-rich natural gas in the United States. The Company’s assets and operations are concentrated in the Rocky Mountain region in the Wattenberg Field, focused on the Niobrara and Codell formations. The Company’s common shares are listed for trading on the NYSE under the symbol: “BCEI.” For more information about the Company, please visit www.bonanzacrk.com. Please note that the Company routinely posts important information about the Company under the Investor Relations section of its website.