Bonanza Creek
Posted: Thu May 08, 2014 6:13 pm
Results came in below my forecast, primarily because of weather related delays. - Dan
DENVER, May 8, 2014 - Bonanza Creek Energy, Inc. (BCEI) today reported its first quarter 2014 operating and financial results.
Key highlights from continuing operations(1) for the first quarter 2014, as compared to first quarter 2013, include:
• 60% increase in sales volumes to 19,701 Boe/d; 71% crude oil and liquids
• 63% increase in revenue to $127.4 million
• 20% increase in net income to $13.5 million, or $0.34 per share
• 14% increase in adjusted net income(2) to $18.4 million, or $0.46 per share
• 54% increase in adjusted EBITDAX(2) to $80.5 million
(1) Bonanza Creek began the divestiture process of its California properties in the second quarter 2012 and sold its remaining property, the Midway Sunset Field, on March 21, 2014. Under generally accepted accounting principles, the results of operations for the California properties are presented as "discontinued operations."
(2) Non-GAAP measure, see attached Reconciliation Schedules
DENVER, May 8, 2014 - Bonanza Creek Energy, Inc. (BCEI) today reported its first quarter 2014 operating and financial results.
Key highlights from continuing operations(1) for the first quarter 2014, as compared to first quarter 2013, include:
• 60% increase in sales volumes to 19,701 Boe/d; 71% crude oil and liquids
• 63% increase in revenue to $127.4 million
• 20% increase in net income to $13.5 million, or $0.34 per share
• 14% increase in adjusted net income(2) to $18.4 million, or $0.46 per share
• 54% increase in adjusted EBITDAX(2) to $80.5 million
(1) Bonanza Creek began the divestiture process of its California properties in the second quarter 2012 and sold its remaining property, the Midway Sunset Field, on March 21, 2014. Under generally accepted accounting principles, the results of operations for the California properties are presented as "discontinued operations."
(2) Non-GAAP measure, see attached Reconciliation Schedules