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HighPoint Resources Corporation (HPR) reported its third-quarter 2020 results, achieving production sales of 2.8 million barrels of oil equivalent (MMBoe), 9% above guidance. Oil production constituted 1.5 million barrels (53% of total). Although the company faced a GAAP net loss of $16 million ($3.72 per diluted share), adjusted net earnings were $17 million ($4.01 per diluted share), supported by EBITDAX of $64 million. Notably, net bank debt was reduced by 34%. A merger with Bonanza Creek was also announced, aiming to strengthen their position in the DJ Basin.
Bonanza Creek Energy and HighPoint Resources have entered a definitive merger agreement valued at approximately $3761 million. The merger aims to create a leading unconventional oil producer in the rural DJ Basin with 50,000 Boe/d production and a leasehold of 206,000 net acres. It is expected to significantly boost free cash flow by $130 million in 2021 and generate synergies of $31 million. Bonanza Creek anticipates maintaining a strong balance sheet with a pro forma leverage ratio of less than 0.7x upon completion.
HighPoint Resources Corporation (NYSE: HPR) has rescheduled its third quarter 2020 financial results announcement to after market close on November 9, 2020. The company will conduct a conference call on November 10, 2020, at 9:00 a.m. Eastern time to discuss the results. This change is due to an unforeseen scheduling conflict. Further details and access to the call can be found on their website.
HighPoint Resources Corporation (NYSE: HPR) has successfully executed a 1-for-50 reverse stock split effective October 30, 2020, at 12:02 a.m. Eastern Time. This means that every fifty pre-split shares have been converted into one post-split share. The company's common stock will commence trading on a split-adjusted basis today. Fractional shares resulting from the split were canceled, and affected stockholders will receive cash instead. The trading symbol "HPR" remains unchanged, and the new CUSIP number is 43114K 207.
HighPoint Resources Corporation (NYSE: HPR) will release its third quarter 2020 financial and operating results on November 6, 2020, before the market opens. A conference call is scheduled for the same day at 9:00 a.m. Eastern time to discuss the results. Investors can access the call via webcast or by phone. A replay will be available for one week after the call. HighPoint focuses on oil and natural gas assets in the Denver-Julesburg Basin.
HighPoint Resources Corporation (NYSE: HPR) announced a 1-for-50 reverse stock split of its common stock, effective October 30, 2020. This move aims to raise the share price above the $1.00 minimum required for NYSE listing. The split was approved by stockholders and reduces outstanding shares from approximately 215 million to about 4.3 million. Fractional shares will be compensated in cash. The trading symbol remains 'HPR', with a new CUSIP number of 43114K 207.
HighPoint Resources Corporation (HPR) reported second quarter 2020 production sales volumes of 2.9 million barrels of oil equivalent (MMBoe), exceeding guidance by 12%. Oil production reached 1.6 MMBbls, also surpassing forecasts. Capital expenditures of $25 million were 38% below guidance, with controllable operating costs at $9.13 per Boe. The company anticipates generating positive free cash flow in the latter half of 2020 to improve net debt and liquidity. However, a net loss of $68 million was reported amidst the COVID-19 pandemic's impacts on oil prices.
HighPoint Resources Corporation (NYSE: HPR) will release its Q2 2020 financial results on August 3, 2020, after market close. A conference call is scheduled for August 4, 2020, at 9:00 a.m. Eastern Time to discuss the results. Interested parties can join the call via webcast at www.hpres.com or by telephone using passcode 5813538. A replay will be available until August 11, 2020. HighPoint focuses on the development of oil and natural gas assets in the Denver-Julesburg Basin.
HighPoint Resources reported Q1 2020 production sales of 2.9 million barrels of oil equivalent, exceeding guidance. Oil production was 1.6 million barrels, accounting for 55% of total. Despite a capital expenditure of $70 million, it reduced bank debt by 32% to $95 million. The company faced a net loss of $1,016 million due to a non-cash impairment of $1,265 million. However, it maintains a strong hedge position with a mark-to-market value of $170 million, providing cash flow protection through 2021.
