Quarterly / Earnings Reports | Third Quarter (3Q) Update

Bonanza Creek's Q3 Output Up 37% YOY; Talks Preliminary Financials

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Bonanza Creek Energy, Inc. detailed its preliminary Q3 2019 results.

Production Up YOY, Flat from Q2

Average sales volumes are estimated to be 24.3 MBOEPD for the quarter (57% oil) - this is flat from the Q2 2019 and up 37% YOY

Financial Highlights:

• 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 ("G&A") 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 ("LOE") 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

Eric Greager, the Company's President and Chief Executive Officer 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."