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Bonanza Creek Talks 2015 Budget, Operational Update
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Bonanza Creek provided the following 4Q 2014 update.
In light of weakened crude oil pricing, the Company will cut its capital spending by approximately 36-38% as compared to 2014 and plans to invest approximately $420 million in its projects in the Wattenberg Field and Arkansas. This budget is expected to maintain the Company's 2014 exit rate sales volumes through the full year, achieving approximately 15% annual growth on a year-over-year basis. The budget is focused on cash flow producing investments, with drilling and completions work comprising in excess of 90% of the total.
The Company expects to spend approximately $380 million in the Wattenberg Field to achieve sales volumes of approximately 23.7 MBoe/d (21.4 MBoe/d two-stream) for the year, or…
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