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BCEI

Bonanza Creek

$18.98

0.125 (0.66%)

09:25
10/23/19
10/23
09:25
10/23/19
09:25

Bonanza Creek expects Q3 average sales volumes 24.3 MBoe/d

Bonanza Creek Energy provided an operations update, including preliminary third quarter 2019 results, and announced plans to host a conference call to discuss third quarter 2019 results.Highlights for the third quarter 2019 include: Average sales volumes are estimated to be 24.3 thousand barrels of oil equivalent per day for the quarter, in line with Company expectations and trending to the high end of the annual guidance range of 22.0 - 24.0 MBoe/d. Capital expenditures for the third quarter are estimated to total $46.8 million, bringing year-to-date capital expenditures to $173.2 million, trending below the mid-point of the annual guidance range of $230 - $255 million. Cash general and administrative expenses, which excludes stock compensation, are expected to be $3.53/Boe for the third quarter, down slightly from the second quarter and resulting in year-to-date Cash G&A of $3.92/Boe, trending below the mid-point of the annual guidance range of $3.70 - $4.20/Boe. Lease operating expenses are expected to be $3.00/Boe for the quarter, up slightly from the second quarter and resulting in year-to-date LOE of $2.93/Boe, trending just below the mid-point of the annual guidance range of $2.75 - $3.25/Boe. RMI operating expenses are expected to be $1.46/Boe for the quarter, up from the second quarter primarily as a result of planned expenses related to the Company's new gathering pipeline to Riverside terminal, which began delivering oil and improved price realizations during the quarter. The Company exited the third quarter 2019 with approximately $278 million in liquidity and net debt of approximately $72 million. CEO Eric Greager commented, "The Company continues to carry forward the momentum created over the past several quarters. As expected, our Q3 sales volumes were flat with Q2, and we brought 23 gross wells to sales during Q3, which will help drive modest production growth in Q4. With cash costs and capex trending below the mid-point and production trending to the high end of guidance, we're focused on executing the balance of our 2019 plan while we sketch out 2020. We will look to deliver a 2020 plan that acknowledges the soft commodity price environment while balancing growth with cash flow." On October 17, the Colorado Oil & Gas Conservation Commission announced plans to change its Director's Objective Criteria for heightened scrutiny of permit applications by increasing the threshold distance between proposed locations and occupied structures from 1,500 feet to 2,000 feet. Bonanza Creek does not expect the increased distance to have any impact on its pending permit applications, development plan, or well inventory. All mineral resources remain accessible with existing development practices and infrastructure. "We believe in good stewardship of the environment, and in being trustworthy citizens in the communities in which we live and operate. We are increasingly confident that the COGCC is committed to objective, fact-based oversight, and we look forward to accomplishing our shared goals of safe, responsible energy development," added Greager.

  • 07

    Nov

BCEI Bonanza Creek
$18.98

0.125 (0.66%)

05/23/19
SOCO
05/23/19
UPGRADE
SOCO
Overweight
Bonanza Creek upgraded to Overweight from Equalweight at Capital One
05/23/19
SOCO
05/23/19
UPGRADE
SOCO
Overweight
Capital One upgrades 11 E&P companies to reflect more bullish stance
Exploration and Production equities have significantly lagged the price of oil over the past two years, which creates a "rather compelling" setup, Capital One analysts tell investors in a research note. The firm sees valuation support for the E&P sector with enterprise value to EBITDA multiples having "compressed significantly." It points out that its coverage universe currently has 50% upside to net asset value at the median. To reflect a more bullish stance on the sector, Capital One upgraded Bonanza Creek (BCEI), Berry Petroleum (BRY), Callon Petroleum (CPE), Marathon Oil (MRO), Noble Energy (NBL), Penn Virginia (PVAC), SM Energy (SM) and Cimarex Energy (XEC) to Overweight from Equal Weight. The firm also upgraded Comstock Resources (CRK), Laredo Petroleum (LPI) and W&T Offshore (WTI) to Equal Weight from Underweight. Capital One's price targets are as follows: Berry Petroleum - $44, Berry Petroleum - $18, Callon Petroleum - $13, Marathon Oil - $21, Noble Energy - $32, Penn Virginia - $75, SM Energy - $27, Cimarex Energy - $7, Laredo Petroleum - $5, W&T Offshore - $6.
09/03/19
KEYB
09/03/19
INITIATION
Target $26
KEYB
Overweight
Bonanza Creek initiated with an Overweight at KeyBanc
KeyBanc initiated Bonanza Creek with an Overweight rating and a price target of $26.
09/04/19
09/04/19
INITIATION
Target $26

Overweight
KeyBanc bullish on Bonanza Creek, initiates with an Overweight
As previously reported, KeyBanc analyst Leo Mariani started coverage of Bonanza Creek with an Overweight rating and a $26 price target. The analyst cited the "reasonable probability" that new Colorado regulations won't be too onerous, its discounted valuation, and solid balance sheet.

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