(State or other jurisdiction of incorporation or organization) | (Commission File No.) | (I.R.S. employer identification number) |
Title of each class | Trading Symbol | Name of exchange on which registered | ||||||
Exhibit No. | Description | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
Bonanza Creek Energy, Inc. | ||||||||
Dated: August 6, 2020 | By: | /s/ Cyrus D. Marter IV | ||||||
Name: | Cyrus D. Marter IV | |||||||
Title: | Executive Vice President, General Counsel and Secretary | |||||||
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 oil | 56 | % | 62 | % | ||||||||||||||||||||||
Natural gas | 24 | % | 22 | % | ||||||||||||||||||||||
Natural gas liquids | 20 | % | 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 |
Guidance | 2Q20 Actuals | YTD 2020 Actuals | FY20 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 |
Type | Phone Number | Passcode | ||||||
Live participant | 877-793-4362 | 1593535 | ||||||
Replay | 855-859-2056 | 1593535 |
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 expense | 5,795 | 6,390 | 11,494 | 11,816 | |||||||||||||||||||
Midstream operating expense | 3,354 | 2,709 | 7,368 | 5,030 | |||||||||||||||||||
Gathering, transportation, and processing | 3,711 | 4,331 | 7,192 | 8,353 | |||||||||||||||||||
Severance and ad valorem taxes | 3,478 | 7,711 | 8,651 | 11,959 | |||||||||||||||||||
Exploration | 112 | 408 | 485 | 505 | |||||||||||||||||||
Depreciation, depletion, and amortization | 22,283 | 18,898 | 43,867 | 34,657 | |||||||||||||||||||
Abandonment and impairment of unproved properties | 309 | 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 expenses | 47,448 | 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: | |||||||||||||||||||||||
Basic | 20,776 | 20,618 | 20,713 | 20,588 | |||||||||||||||||||
Diluted | 20,776 | 20,664 | 20,759 | 20,630 |
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 amortization | 22,283 | 18,898 | 43,867 | 34,657 | |||||||||||||||||||
Abandonment and impairment of unproved properties | 309 | 878 | 30,366 | 1,757 | |||||||||||||||||||
Well abandonment costs and dry hole expense | — | — | (8) | 62 | |||||||||||||||||||
Stock-based compensation | 1,474 | 1,768 | 2,713 | 3,148 | |||||||||||||||||||
Non-cash lease component | (52) | — | (103) | — | |||||||||||||||||||
Amortization of deferred financing costs | 557 | 123 | 680 | 248 | |||||||||||||||||||
Derivative (gain) loss | 25,146 | (8,173) | (75,273) | 28,371 | |||||||||||||||||||
Derivative cash settlements | 22,613 | (543) | 33,867 | 393 | |||||||||||||||||||
Loss on property transactions, net | 1,398 | 1,432 | 1,398 | 306 | |||||||||||||||||||
Other | 1,532 | (1) | (2,708) | (901) | |||||||||||||||||||
Changes in current assets and liabilities: | |||||||||||||||||||||||
Accounts receivable, net | 5,339 | 8,852 | 24,521 | 15,089 | |||||||||||||||||||
Prepaid expenses and other assets | 1,712 | (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 activities | 20,235 | 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 facility | 15,000 | — | 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 period | 11,147 | 32,782 | 11,095 | 13,002 | |||||||||||||||||||
End of period | $ | 4,238 | $ | 9,236 | $ | 4,238 | $ | 9,236 |
June 30, 2020 | December 31, 2019 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 4,144 | $ | 11,008 | |||||||
Accounts receivable, net: | |||||||||||
Oil and gas sales | 25,106 | 43,714 | |||||||||
Joint interest and other | 22,739 | 38,136 | |||||||||
Prepaid expenses and other | 4,236 | 7,048 | |||||||||
Inventory of oilfield equipment | 7,603 | 7,726 | |||||||||
Derivative assets | 39,459 | 2,884 | |||||||||
Total current assets | 103,287 | 110,516 | |||||||||
Property and equipment (successful efforts method): | |||||||||||
Proved properties | 1,041,290 | 935,025 | |||||||||
Less: accumulated depreciation, depletion, and amortization | (169,580) | (126,614) | |||||||||
Total proved properties, net | 871,710 | 808,411 | |||||||||
Unproved properties | 107,516 | 143,020 | |||||||||
Wells in progress | 59,902 | 98,750 | |||||||||
Other property and equipment, net of accumulated depreciation of $3,449 in 2020 and $3,142 in 2019 | 3,503 | 3,394 | |||||||||
Total property and equipment, net | 1,042,631 | 1,053,575 | |||||||||
Long-term derivative assets | 4,474 | 121 | |||||||||
Right-of-use assets | 36,952 | 38,562 | |||||||||
Other noncurrent assets | 2,887 | 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 payable | 16,428 | 29,021 | |||||||||
Lease liability | 12,685 | 11,690 | |||||||||
Derivative liability | 2,757 | 6,390 | |||||||||
Total current liabilities | 59,353 | 104,739 | |||||||||
Long-term liabilities: | |||||||||||
Credit facility | 58,000 | 80,000 | |||||||||
Lease liability | 24,791 | 27,540 | |||||||||
Ad valorem taxes | 41,694 | 28,520 | |||||||||
Derivative liability | 1,368 | 921 | |||||||||
Asset retirement obligations for oil and gas properties | 26,987 | 27,908 | |||||||||
Total liabilities | 212,193 | 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, respectively | 4,282 | 4,284 | |||||||||
Additional paid-in capital | 703,874 | 702,173 | |||||||||
Retained earnings | 269,882 | 230,233 | |||||||||
Total stockholders’ equity | 978,038 | 936,690 | |||||||||
Total liabilities and stockholders’ equity | $ | 1,190,231 | $ | 1,206,318 |
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 expense | 2.56 | 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 processing | 1.64 | 1.95 | (16) | % | 1.59 | 2.04 | (22) | % | |||||||||||||||||||||||||||
Severance and ad valorem taxes | 1.54 | 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 settlements | 10.00 | (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) | % |
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 properties | 309 | 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, net | 1,398 | 1,432 | 1,398 | 306 | |||||||||||||||||||
Derivative (gain) loss | 25,146 | (8,173) | (75,273) | 28,371 | |||||||||||||||||||
Derivative cash settlements | 22,613 | (543) | 33,867 | 393 | |||||||||||||||||||
Non-cash lease component | (52) | — | (103) | — | |||||||||||||||||||
Well abandonment and exploratory dry hole expense | — | — | (8) | 62 | |||||||||||||||||||
Total adjustments before taxes | 51,672 | (4,638) | (5,843) | 34,455 | |||||||||||||||||||
Income tax effect | — | — | — | — | |||||||||||||||||||
Total adjustments after taxes | 51,672 | (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). |
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 | ||||||||||||||||||
Exploration | 112 | 408 | 485 | 505 | ||||||||||||||||||||||
Depreciation, depletion, and amortization | 22,283 | 18,898 | 43,867 | 34,657 | ||||||||||||||||||||||
Amortization of deferred financing costs | — | 123 | — | 248 | ||||||||||||||||||||||
Abandonment and impairment of unproved properties | 309 | 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, net | 1,398 | 1,432 | 1,398 | 306 | ||||||||||||||||||||||
Interest expense, net | 984 | 385 | 1,201 | 1,536 | ||||||||||||||||||||||
Derivative (gain) loss | 25,146 | (8,173) | (75,273) | 28,371 | ||||||||||||||||||||||
Derivative cash settlements | 22,613 | (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). |
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 |
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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Cover |
Aug. 06, 2020 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 06, 2020 |
Entity Registrant Name | Bonanza Creek Energy, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-35371 |
Entity Tax Identification Number | 61-1630631 |
Entity Address, Address Line One | 410 17th Street, Suite 1400 |
Entity Address, City or Town | Denver |
Entity Address, State or Province | CO |
Entity Address, Postal Zip Code | 80202 |
City Area Code | 720 |
Local Phone Number | 440-6100 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | BCEI |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001509589 |
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