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

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Go back to 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 Announces Second Quarter 2016 Financial and Operating Results; Suspending Asset Sale Processes; Elects to Not Make Interest Payment on 5.75% Senior Unsecured Note

August 1, 2016 5:00 PM EDT

Second quarter production volumes averaged 23.2 MBoe per day, compared to guidance of 23.0 MBoe per day at the midpointGAAP 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 shareImproving 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 CAPEXSuspending asset sale processes and focusing on other liquidity enhancing and debt reducing measures

(1) Non-GAAP measure, see attached Reconciliation Schedules.

DENVER, Aug. 01, 2016 (GLOBE NEWSWIRE) --... More