Bonanza Creek Energy (BCEI) Misses Q2 EPS by 12c; Suspending Asset Sale Processes; Elects to Not Make Interest Payment on 5.75% Senior Unsecured Note

Bonanza Creek Energy (NYSE: BCEI) reported Q2 EPS of ($0.40), $0.12 worse than the analyst estimate of ($0.28).

• Second quarter production volumes averaged 23.2 MBoe per day, compared to guidance of 23.0 MBoe per day at the midpoint
• GAAP cash used in operating activities of $11.8 million; adjusted EBITDAX(1) of $27.7 million; GAAP net loss of $1.00 per diluted share; adjusted net loss(1) of $0.40 per diluted share
• Improving operational efficiency resulted in reductions in LOE and midstream expense; the Company is updating its 2016 guidance, reducing the full-year midpoint for LOE, midstream, and CAPEX
• Suspending asset sale processes and focusing on other liquidity enhancing and debt reducing measures

For earnings history and earnings-related data on Bonanza Creek Energy (BCEI) click here.

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