August 20, 2017 8:22 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Bonanza Creek Energy Inc.

Company Overview

Bonanza Creek Energy, Inc., an independent oil and natural gas company, engages in the exploration, development, and production of onshore oil and related liquids-rich natural gas in the United States. The company’s oil and liquids-weighted assets are located primarily in the Wattenberg Field in Colorado; and the Dorcheat Macedonia Field in southern Arkansas. It also owns and operates oil-producing assets in the North Park Basin in Colorado; and the McKamie Patton Field in southern Arkansas. As of December 31, 2016, the company had proved reserves of 90.7 MMBoe. Bonanza Creek Energy, Inc. was founded in 2010 and is headquartered in Denver, Colorado.

410 17th Street

Suite 1400

Denver, CO 80202

United States

Founded in 2010

231 Employees

Phone:

720-440-6100

Fax:

720-305-0804

Key Executives for Bonanza Creek Energy Inc.

Principal Financial Officer and Senior Vice President of Finance & Planning
Age: 43
Total Annual Compensation: $248.1K
Senior Vice President of Land
Age: 50
Total Annual Compensation: $257.5K
Compensation as of Fiscal Year 2016.

Bonanza Creek Energy Inc. Key Developments

Bonanza Creek Seeks Acquisitions

Balance sheet strength of Bonanza Creek Energy Inc. (NYSE:BCEI) allows it to be flexible, patient and selective in its investment decisions, and the opportunity to participate in acquisition opportunities and the flexibility to objectively evaluate divestiture candidates.

Bonanza Creek Energy Inc. Sheds 25% of its Employees

Bonanza Creek Energy Inc. announced it has executed a reduction in force subsequent to the second quarter, which resulted in a reduction of 25% of its employee base. The move along with other cost-saving moves will help drive Bonanza Creek towards its goal of increasing full-cycle returns.

Bonanza Creek Energy, Inc. Reports Unaudited Consolidated Earnings and Production Results for Second Quarter and Six Months Ended June 30, 2017, for the Period from April 29, 2017 to Through June 30, 2017, April 1, 2017 to Through April 28, 2017 and January 1, 2017 to Through April 28, 2017; Provides Production Guidance for the Quarter Ending September 30, 2017; Provides Production and Capex Guidance for the Year Ending December 31, 2017

Bonanza Creek Energy Inc. reported unaudited consolidated earnings and production results for second quarter and six months ended June 30, 2017, For the period from April 29, 2017 to through June 30, 2017, April 1, 2017 to through April 28, 2017 and January 1, 2017 to through April 28, 2017. For the quarter, the company reported net income of $93,356,000 against loss of $49,477,000 a year ago. Adjusted net income was $5,601,000 or $0.27 per diluted share against loss of $19,672,000 or $0.40 per diluted share a year ago. Adjusted EBITDAX was $18,930,000 against $27,725,000 a year ago. Net revenue was $44.1 million, compared to $54.5 million for the second quarter of 2016. Crude oil accounted for approximately 74% of total revenue. For the six months, the company reported net income of $920,000 against loss of $96,714,000 a year ago. Adjusted net income was $5,437,000 or $0.27 per diluted share against loss of $19,672,000 or $0.86 per diluted share a year ago. Adjusted EBITDAX was $45,252,000 against $46,267,000 a year ago. For the second quarter, the company reported production of 731 MBbl against 1,182 MBbl a year ago. Gas was 2,385 MMcf against 3,175 MMcf a year ago. NGL was 318 MBbl against 405 MBbl a year ago. Equivalent was 1,447 MBoe against 1,447 MBoe a year ago. For the Six Months, the company reported production of 1,553 MBbl against 2,465 MBbl a year ago. Gas was 4,893 MMcf against 6,496 MMcf a year ago. NGL was 659 MBbl against 781 MBbl a year ago. Equivalent was 3,027 MBoe against 4,329 MBoe a year ago. For the period from April 29, 2017 to through June 30, 2017, the company reported oil and gas sales of $28,114,000. Loss from operations was $3,543,000, loss from operations before taxes was $3,580,000 and net loss of $3,580,000 or $0.18 per diluted share. Net cash used in operating activities was $3,833,000, acquisition of oil and gas properties of $4,982,000 and exploration and development of oil and gas properties of $4,913,000. For the period from April 1, 2017 to through April 28, 2017, the company reported oil and gas sales of $16,030,000. Income from operations was $496,000, income from operations before taxes was $96,936,000 and net income of $96,936,000 or $1.85 per diluted share. Net cash used in operating activities was $35,536,000, acquisition of oil and gas properties of $6,000 and exploration and development of oil and gas properties of $1,698,000. For the period from January 1, 2017 to through April 28, 2017, the company reported oil and gas sales of $68,589,000. Loss from operations was $1,600,000, income from operations before taxes was $2,660,000 and net income of $2,660,000 or $0.05 per diluted share. Net cash used in operating activities was $19,884,000, acquisition of oil and gas properties of $445,000 and exploration and development of oil and gas properties of $5,123,000. For the quarter ending September 30, 2017, the company expects production in range of 15.8 MBoe/d to 16.2 MBoe/d. For the year ending December 31, 2017, the company expects production in range of 16.3 MBoe/d to 16.7 MBoe/d and total capex in range of $120 million to $130 million.

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