Bonanza Creek Fails to Improve Its Precarious Balance Sheet
Bonanza Creek delivered production of 21 mboe/d in the third quarter, which was 10% lower sequentially and 27% higher year over year. This compares well with our 20.5 mboe/d forecast and was well above the previously guided range of 19.6-20.2 mboe/d. The firm’s financial results were mixed, with adjusted EBITDA of $25.1 slightly trumping consensus' $24.2 million estimate. However, adjusted earnings per share was negative $0.35 (below consensus' negative $0.26).Though production surprised to the...
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