Bonanza Creek Energy Provides Update to 2020 Operating Plan
Bonanza Creek Energy, Inc. (BCEI)
Last bonanza creek energy, inc. earnings: 2/27 04:05 pm
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US:NYSE Investor Relations:
bonanzacrk.com/investor-center
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Source: GlobeNewswire
DENVER, March 12, 2020 (GLOBE NEWSWIRE) -- Bonanza Creek Energy, Inc. (NYSE: BCEI) (“Bonanza Creek” or the “Company”) today updated its 2020 operating plan due to the unprecedented drop in commodity prices. Consistent with the Company’s focus on economic returns, financial strength, and operational flexibility, Bonanza Creek is significantly reducing planned development activity in 2020. The Company’s operated drilling rig will finish the final well on its current pad this week and then be releasedOngoing completion activities involving the two final XRL wells of an 8-well pad will be finished within two weeks and the pad will be brought online later this year. Further completion activities will be suspended Absent additional development activity, the Company expects to exit 2020 with no debt and 4Q 2020 production that is approximately flat with 4Q 2019. Should commodity prices recover, and the economic returns justify their completion, the Company can quickly restart developmen
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