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Bonanza Creek Energy, Inc. (BCEI)

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Previous Close20.20
Open20.03
Bid20.43 x 800
Ask20.51 x 900
Day's Range20.11 - 20.53
52 Week Range8.25 - 26.75
Volume17,291
Avg. Volume237,235
Market Cap427.722M
Beta (5Y Monthly)2.28
PE Ratio (TTM)5.87
EPS (TTM)3.50
Earnings DateAug 06, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est26.67
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  • GlobeNewswire

    Bonanza Creek Energy Announces Second Quarter 2020 Financial Results

    DENVER, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Bonanza Creek Energy, Inc. (NYSE: BCEI) (the "Company" or "Bonanza Creek") today announced its second quarter 2020 financial results and operating outlook. The Company has also posted an updated investor presentation to its website. Highlights of the second quarter 2020 include: * Average sales volumes of 24.9 thousand barrels of oil equivalent per day (“MBoe/d”), with oil representing 56% of total volumes   * Increasing annual production guidance to a range of 24.0 to 25.0 MBoe/d following YTD average sales volumes of 24.8 MBoe/d   * Capital expenditures of $21.7 million for the second quarter bringing YTD capital expenditures to $62.8 million, at the lower end of annual guidance as expected   * Lease operating expense ("LOE") of $2.56 per Boe for the second quarter; up less than 2% from first quarter 2020, and down 13% from full year 2019   * Recurring cash general and administrative ("G&A")(1) expense, which excludes stock-based compensation and cash severance costs, was $6.1 million for the quarter or $2.72 per Boe, down 21% from first quarter 2020, and down 27% from full year 2019 on a unit basis   * Rocky Mountain Infrastructure ("RMI") second quarter 2020 net effective cost(1) was $0.97 per Boe, which consists of approximately $1.48 per Boe of RMI operating expense offset by $0.51 per Boe of RMI operating revenue from working interest partners   * Exited the quarter with $58 million of debt and a leverage ratio of 0.3x with the continued expectation to fully repay outstanding debt by the end of the year   * GAAP net loss of $38.9 million, or $1.87 net loss per diluted share, including a $2.30 non-cash loss on derivatives   * Adjusted EBITDAX(1) of $36.2 million, or $1.74 per diluted share(1)   Non-GAAP measure; see attached reconciliation schedules at the end of this release.Eric Greager, President and Chief Executive Officer of Bonanza Creek, commented, "We’re grateful that our team remains healthy and productive. We're pleased with the strong performance of our assets, and the progress we're making toward our full-year objectives. We're increasing our annual production guidance range to a mid-point of 24.5 MBoe/d, and reiterating all other guidance ranges for 2020. We expect 3Q volumes to be flat to 2Q, and our capex to be minimal for the balance of the year. Prior to filing our 10-Q for the second quarter, we paid down our revolver to $53 million, and our cash flow projections continue to support our exiting 2020 with no debt."Second Quarter 2020 Results During the second quarter of 2020, the Company reported average daily sales of 24.9 MBoe/d. Product mix for the quarter was 56% oil, 20% NGLs, and 24% residue natural gas. Oil mix was up from 54% in the first quarter of 2020 and fluctuates due to the timing of wells turned to sales. The table below provides sales volumes, product mix, and average sales prices for the second quarter 2020 and 2019. Three Months Ended June 30,  2020 2019 % Change Avg. Daily Sales Volumes:      Crude oil (Bbls/d)14,002  15,096  (7)% Natural gas (Mcf/d)36,249  31,901  14% Natural gas liquids (Bbls/d)4,815  4,015  20% Crude oil equivalent (Boe/d)24,859  24,428  2%        Product Mix      Crude oil56% 62%   Natural gas24% 22%   Natural gas liquids20% 16%          Average Sales Prices (before derivatives):      Crude oil (per Bbl)$22.42  $54.10    Natural gas (per Mcf)$1.19  $1.94    Natural gas liquids (per Bbl)$5.81  $11.66    Crude oil equivalent (per Boe)$15.49  $37.88               Capital expenditures were $21.7 million for the second quarter of 2020. During the quarter, the Company completed 1 gross (0.6 net) standard reach lateral ("SRL") well. There were 8 gross (7.7 net) wells turned to sales, 3 of which were SRL wells.Net oil and gas revenue for the second quarter of 2020 was $36.2 million compared to $60.4 million for the first quarter of 2020. The decrease was a result of lower oil, natural gas, and NGL realized prices. Crude oil accounted for approximately 79% of total revenue for the quarter. Differentials for the Company’s oil production during the quarter averaged approximately $5.53 per barrel off NYMEX WTI, and the Company expects its oil differential to average between $4.75 and $5.25 per barrel for full-year 2020.LOE for the second quarter of 2020 on a unit basis increased less than 2% to $2.56 per Boe from $2.52 per Boe in the first quarter of 2020. The Company has begun successfully implementing the previously-identified $8 million in LOE and RMI operating expense savings relative to original 2020 plans, and is reaffirming both its LOE and RMI operating expense guidance ranges for the year.RMI second quarter 2020 net effective cost was $0.97 per Boe, which consists of approximately $1.48 per Boe of RMI operating expense offset by $0.51 per Boe of RMI operating revenue from working interest partners. RMI operating revenue from working interest partners is based on production volumes, and the fees are not tied to oil or natural gas prices.The Company's general and administrative ("G&A") expenses were $8.4 million for the second quarter of 2020, which included $1.5 million in non-cash stock-based compensation and $0.8 million related to one-time cash severance costs. Recurring cash G&A, which excludes stock-based compensation and cash severance, of $6.1 million for the second quarter of 2020 decreased by $1.6 million or 21% from first quarter 2020 as a result of implemented cost reductions. On a per unit basis, the Company's recurring cash G&A decreased 21% to $2.72 per Boe in the second quarter of 2020 from $3.44 per Boe in the first quarter of 2020.RMI net effective cost and recurring cash G&A are non-GAAP measures. Please see Schedule 7 and Schedule 8 at the end of this release for a reconciliation to the most comparable GAAP measure.Guidance SummaryThe table below provides YTD and second quarter results for 2020 guidance metrics:Guidance2Q20 ActualsYTD 2020 ActualsFY20 Guidance Production (MBoe/d) 24.9  24.8 24.0 - 25.0 % oil 56% 55%54% - 60% Lease operating expense ($/Boe)$2.56 $2.54 $2.50 - $2.90 RMI operating expense ($/Boe)$1.48 $1.63 $1.50 - $1.85 Recurring cash general and administrative ($MM)$6.1 $13.9 $27.0 - $29.0 Severance / Ad valorem (% of revenue) 9.6% 9.0%8% - 9% Oil differential ($/bbl)$5.53 $5.65 $4.25 - $5.25 Total capital expenditures ($MM)$21.7 $62.8 $60.0 - $70.0          Conference Call InformationThe Company will host a conference call to discuss these results on August 7, 2020 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.TypePhone NumberPasscode Live participant877-793-43621593535 Replay855-859-20561593535     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 oil and associated liquids-rich natural gas in the Rocky Mountain region of the United States. The Company’s assets and operations are concentrated in rural, unincorporated Weld County, Colorado, within 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.Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Company based on management’s experience, perception of historical trends and technical analyses, current conditions, anticipated future developments and other factors believed to be appropriate and reasonable by management. When used in this press release, the words “will,” “potential,” “believe,” “estimate,” “intend,” “expect,” “may,” “should,” “anticipate,” “could,” “plan,” “predict,” “project,” “profile,” “model” or their negatives, other similar expressions or the statements that include those words, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These statements include statements regarding development and completion expectations and strategy; decreasing operating and capital costs; impact of the Company's reorganization; and 2020 guidance. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, that may cause actual results to differ materially from those implied or expressed by the forward-looking statements, including the following: changes in natural gas, oil and NGL prices; general economic conditions, including the performance of financial markets and interest rates; drilling results; shortages of oilfield equipment, services and personnel; operating risks such as unexpected drilling conditions; ability to acquire adequate supplies of water; risks related to derivative instruments; access to adequate gathering systems and pipeline take-away capacity; and pipeline and refining capacity constraints. Further information on such assumptions, risks and uncertainties is available in the Company’s SEC filings. We refer you to the discussion of risk factors in our Annual Report on Form 10-K for the year ended December 31, 2019, filed on February 27, 2020, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, filed on May 7, 2020, our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, filed on August 6, 2020, and other filings submitted by us to the Securities Exchange Commission. The Company’s SEC filings are available on the Company’s website at www.bonanzacrk.com and on the SEC’s website at www.sec.gov. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Any forward-looking statement speaks only as of the date on which such statement is made, including guidance, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.For further information, please contact: Scott Landreth Senior Director, Finance & Investor Relations and Treasurer 720-225-6679 slandreth@bonanzacrk.comSchedule 1: Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands, expect for per share amounts, unaudited) Three Months Ended June 30, Six Months Ended June 30,  2020 2019 2020 2019 Operating net revenues:        Oil and gas sales$36,192  $85,783  $96,597  $158,377  Operating expenses:        Lease operating expense5,795  6,390  11,494  11,816  Midstream operating expense3,354  2,709  7,368  5,030  Gathering, transportation, and processing3,711  4,331  7,192  8,353  Severance and ad valorem taxes3,478  7,711  8,651  11,959  Exploration112  408  485  505  Depreciation, depletion, and amortization22,283  18,898  43,867  34,657  Abandonment and impairment of unproved properties309  878  30,366  1,757  Bad debt expense—  —  576  —  General and administrative expense (including $1,474, $1,768, $2,713, and $3,148, respectively, of stock-based compensation)8,406  9,803  17,835  20,081  Total operating expenses47,448  51,128  127,834  94,158  Other income (expense):        Derivative gain (loss)(25,146) 8,173  75,273  (28,371) Interest expense, net(984) (385) (1,201) (1,536) Loss on property transactions, net(1,398) (1,432) (1,398) (306) Other income (expense)(118) 11  (1,788) 23  Total other income (expense)(27,646) 6,367  70,886  (30,190) Income (loss) from operations before taxes(38,902) 41,022  39,649  34,029  Income tax benefit (expense)—  —  —  —  Net income (loss)$(38,902) $41,022  $39,649  $34,029           Comprehensive income (loss)$(38,902) $41,022  $39,649  $34,029           Net income (loss) per common share:        Basic$(1.87) $1.99  $1.91  $1.65  Diluted$(1.87) $1.99  $1.91  $1.65  Weighted-average common shares outstanding:        Basic20,776  20,618  20,713  20,588  Diluted20,776  20,664  20,759  20,630               Schedule 2: Condensed Consolidated Statements of Cash Flows (in thousands, unaudited) Three Months Ended June 30, Six Months Ended June 30,  2020 2019 2020 2019 Cash flows from operating activities:        Net income (loss)$(38,902) $41,022  $39,649  $34,029  Adjustments to reconcile net income (loss) to net cash provided by operating activities:        Depreciation, depletion, and amortization22,283  18,898  43,867  34,657  Abandonment and impairment of unproved properties309  878  30,366  1,757  Well abandonment costs and dry hole expense—  —  (8) 62  Stock-based compensation1,474  1,768  2,713  3,148  Non-cash lease component(52) —  (103) —  Amortization of deferred financing costs557  123  680  248  Derivative (gain) loss25,146  (8,173) (75,273) 28,371  Derivative cash settlements22,613  (543) 33,867  393  Loss on property transactions, net1,398  1,432  1,398  306  Other1,532  (1) (2,708) (901) Changes in current assets and liabilities:        Accounts receivable, net5,339  8,852  24,521  15,089  Prepaid expenses and other assets1,712  (263) 2,812  (703) Accounts payable and accrued liabilities(22,189) (683) (31,957) (10,833) Settlement of asset retirement obligations(985) (583) (1,595) (1,175) Net cash provided by operating activities20,235  62,727  68,229  104,448  Cash flows from investing activities:        Acquisition of oil and gas properties(265) (10,376) (549) (11,738) Exploration and development of oil and gas properties(24,829) (74,895) (51,054) (111,398) Proceeds from sale of oil and gas properties—  —  —  1,153  Additions to property and equipment - non oil and gas(54) (72) (416) (148) Net cash used in investing activities(25,148) (85,343) (52,019) (122,131) Cash flows from financing activities:        Proceeds from credit facility15,000  —  30,000  15,000  Payments to credit facility(16,000) —  (52,000) —  Payment of employee tax withholdings in exchange for the return of common stock(953) (930) (1,014) (1,083) Deferred financing costs(13) —  (13) —  Principal payments on finance lease obligations(30) —  (40) —  Net cash provided by (used in) financing activities(1,996) (930) (23,067) 13,917  Net change in cash, cash equivalents, and restricted cash(6,909) (23,546) (6,857) (3,766) Cash, cash equivalents, and restricted cash:        Beginning of period11,147  32,782  11,095  13,002  End of period$4,238  $9,236  $4,238  $9,236                   Schedule 3: Condensed Consolidated Balance Sheets (in thousands, unaudited) June 30, 2020 December 31, 2019 ASSETS    Current assets:    Cash and cash equivalents$4,144  $11,008  Accounts receivable, net:    Oil and gas sales25,106  43,714  Joint interest and other22,739  38,136  Prepaid expenses and other4,236  7,048  Inventory of oilfield equipment7,603  7,726  Derivative assets39,459  2,884  Total current assets103,287  110,516  Property and equipment (successful efforts method):    Proved properties1,041,290  935,025  Less: accumulated depreciation, depletion, and amortization(169,580) (126,614) Total proved properties, net871,710  808,411  Unproved properties107,516  143,020  Wells in progress59,902  98,750  Other property and equipment, net of accumulated depreciation of $3,449 in 2020 and $3,142 in 20193,503  3,394  Total property and equipment, net1,042,631  1,053,575  Long-term derivative assets4,474  121  Right-of-use assets36,952  38,562  Other noncurrent assets2,887  3,544  Total assets$1,190,231  $1,206,318  LIABILITIES AND STOCKHOLDERS’ EQUITY    Current liabilities:    Accounts payable and accrued expenses$27,483  $57,638  Oil and gas revenue distribution payable16,428  29,021  Lease liability12,685  11,690  Derivative liability2,757  6,390  Total current liabilities59,353  104,739  Long-term liabilities:    Credit facility58,000  80,000  Lease liability24,791  27,540  Ad valorem taxes41,694  28,520  Derivative liability1,368  921  Asset retirement obligations for oil and gas properties26,987  27,908  Total liabilities212,193  269,628  Commitments and contingencies    Stockholders’ equity:    Preferred stock, $0.01 par value, 25,000,000 shares authorized, none outstanding—  —  Common stock, $0.01 par value, 225,000,000 shares authorized, 20,826,327 and 20,643,738 issued and outstanding as of June 30, 2020 and December 31, 2019, respectively4,282  4,284  Additional paid-in capital703,874  702,173  Retained earnings269,882  230,233  Total stockholders’ equity978,038  936,690  Total liabilities and stockholders’ equity$1,190,231  $1,206,318           Schedule 4: Per unit operating margins (unaudited) Three Months Ended June 30, Six Months Ended June 30,  2020 2019 Percent Change 2020 2019 Percent Change Crude Oil Equivalent Sales Volumes (MBoe)2,262  2,223  2% 4,522  4,089  11%              Realized pricing (before derivatives)(1)$15.49  $37.88  (59)% $20.75  $38.04  (45)%              Per Unit Costs ($/Boe)            Lease operating expense2.56  2.87  (11)% 2.54  2.89  (12)% RMI net effective cost (1)0.97  0.51  90% 1.02  0.54  89% Gathering, transportation, and processing1.64  1.95  (16)% 1.59  2.04  (22)% Severance and ad valorem taxes1.54  3.47  (56)% 1.91  2.92  (35)% Recurring cash general and administrative (2)2.72  3.61  (25)% 3.08  4.04  (24)% Total cash operating costs$9.43  $12.41  (24)% $10.14  $12.43  (18)% Cash operating margin (before derivatives)$6.06  $25.47  (76)% $10.61  $25.61  (59)% Derivative cash settlements10.00  (0.24) (4,267)% 7.49  0.10  7,390% Cash operating margin (after derivatives)$16.06  $25.23  (36)% $18.10  $25.71  (30)%              Non-cash items            Depreciation, depletion, and amortization$9.85  $8.50  16% $9.70  $8.48  14% Non-cash general and administrative$0.65  $0.80  (19)% $0.60  $0.77  (22)%                        (1) Crude oil and natural gas sales excludes $1.2 million, $1.6 million, $2.8 million, and $2.8 million of oil transportation and gas gathering revenues from third parties, which do not have associated sales volumes for the three months ended June 30, 2020 and 2019, and the six months ended June 30, 2020 and 2019, respectively. Alternatively, the aforementioned oil transportation and gas gathering revenues from third parties have been netted against the midstream operating expense to arrive at the RMI net effective cost. See Schedule 8 for a reconciliation from GAAP midstream operating expense to RMI net effective cost. (2) Recurring cash general and administrative expense excludes stock-based compensation and cash severance costs. Please see Schedule 7 for a reconciliation from GAAP G&A to recurring cash G&A.Schedule 5: Adjusted Net Income (in thousands, except per share amounts, unaudited)Adjusted net income is a supplemental non-GAAP financial measure that is used by management to present a more comparable, recurring profitability between periods. The Company defines adjusted net income as net income (loss) after adjusting for (1) the impact of certain non-cash items and one-time transactions and correspondingly (2) the non-cash and one-time items’ impact on taxes based on a tax rate that approximates the Company's effective tax rate in each period. Adjusted net income is not a measure of net income (loss) as determined by GAAP.The following table presents a reconciliation of the GAAP financial measure of net income (loss) to the non-GAAP financial measure of adjusted net income. Three Months Ended June 30, Six Months Ended June 30,  2020 2019 2020 2019 Net income (loss)$(38,902) $41,022  $39,649  $34,029  Adjustments to net income (loss):        Abandonment and impairment of unproved properties309  878  30,366  1,757  Stock-based compensation (1)1,474  1,768  2,713  3,148  Severance costs (1)784  —  1,197  418  Loss on property transactions, net1,398  1,432  1,398  306  Derivative (gain) loss25,146  (8,173) (75,273) 28,371  Derivative cash settlements22,613  (543) 33,867  393  Non-cash lease component(52) —  (103) —  Well abandonment and exploratory dry hole expense—  —  (8) 62  Total adjustments before taxes51,672  (4,638) (5,843) 34,455  Income tax effect—  —  —  —  Total adjustments after taxes51,672  (4,638) $(5,843) $34,455           Adjusted net income$12,770  $36,384  $33,806  $68,484           Adjusted net income per diluted share $0.61  $1.76  $1.63  $3.32           Diluted weighted-average common shares outstanding 20,776  20,664  20,759  20,630           (1) Included as a portion of general and administrative expense in the condensed consolidated statements of operations and comprehensive income (loss).   Schedule 6: Adjusted EBITDAX (in thousands, unaudited)Adjusted EBITDAX is a supplemental non-GAAP financial measure that is used by management to provide a metric of the Company's ability to internally generate funds for exploration and development of oil and gas properties. The metric excludes items which are non-recurring in nature. Management believes adjusted EBITDAX provides external users of the Company’s consolidated financial statements such as industry analysts, investors, lenders, and rating agencies with additional information to assist in their analysis of the Company. The Company defines Adjusted EBITDAX as earnings before interest, income taxes, depreciation, depletion, and amortization, impairment, exploration expenses and other similar non-cash and non-recurring charges. Adjusted EBITDAX is not a measure of net income (loss) or cash flows as determined by GAAP.The following table presents a reconciliation of the GAAP financial measure of net income (loss) to the non-GAAP financial measure of Adjusted EBITDAX. Three Months Ended June 30, Six Months Ended June 30,  2020 2019 2020 2019 Net income (loss)$(38,902) $41,022  $39,649  $34,029  Exploration112  408  485  505  Depreciation, depletion, and amortization22,283  18,898  43,867  34,657  Amortization of deferred financing costs—  123  —  248  Abandonment and impairment of unproved properties309  878  30,366  1,757  Stock-based compensation (1)1,474  1,768  2,713  3,148  Severance costs (1)784  —  1,197  418  Loss on property transactions, net1,398  1,432  1,398  306  Interest expense, net984  385  1,201  1,536  Derivative (gain) loss25,146  (8,173) (75,273) 28,371  Derivative cash settlements22,613  (543) 33,867  393  Adjusted EBITDAX$36,201  $56,198  $79,470  $105,368           (1) Included as a portion of general and administrative expense in the condensed consolidated statements of operations and comprehensive income (loss). Schedule 7: Recurring Cash G&A (in thousands, unaudited)Recurring cash G&A is a supplemental non-GAAP financial measure that is used by management to provide only the cash portion of its G&A expense, which can be used to evaluate cost management and operating efficiency on a comparable basis from period to period. Management believes recurring cash G&A provides external users of the Company’s consolidated financial statements such as industry analysts, investors, lenders, and rating agencies with additional information to assist in their analysis of the Company. The Company defines recurring cash G&A as GAAP general and administrative expense exclusive of the Company's stock-based compensation and one-time charges. The Company refers to recurring cash G&A to provide typical recurring cash G&A costs that are planned for in a given period. Recurring cash G&A is not a fully inclusive measure of general and administrative expense as determined by GAAP.The following table presents a reconciliation of the GAAP financial measure of general and administrative expense to the non-GAAP financial measure of recurring cash G&A. Three Months Ended June 30, Six Months Ended June 30,  2020 2019 2020 2019 General and administrative expense$8,406  $9,803  $17,835  $20,081  Stock-based compensation(1,474) (1,768) (2,713) (3,148) Cash severance costs(784) —  (1,197) (418) Recurring cash G&A$6,148  $8,035  $13,925  $16,515                   Schedule 8: Rocky Mountain Infrastructure (“RMI”) Net Effective Cost (in thousands, unaudited)RMI net effective cost is a supplemental non-GAAP financial measure that is used by management to assess only the net cash impact the Company’s wholly owned subsidiary, Rocky Mountain Infrastructure, LLC, has on the Company’s consolidated financials. Management believes the net effective cost provides external users of the Company’s consolidated financial statements, such as industry analysts, investors, lenders, and rating agencies, with additional information to assist in their analysis of the Company. The Company defines the RMI net effective cost as GAAP midstream operating expense less revenue generated from working interest partners utilizing the RMI assets.The following table presents a reconciliation of the GAAP financial measures of midstream operating expense and RMI working interest partner revenue to the non-GAAP financial measure of RMI net effective cost. Three Months Ended June 30, Six Months Ended June 30,  2020 2019 2020 2019 Midstream operating expense$3,354  $2,709  $7,368  $5,030  RMI working interest partner revenue(1,157) (1,575) (2,770) (2,838) RMI net effective cost$2,197  $1,134  $4,598  $2,192

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