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Bonanza Creek Energy Announces First Quarter 2021 Financial Results, Initiation of a Quarterly Dividend, and Formation of an ESG Committee of the Board of Directors


 
Capital expenditures were $32.9 million for the first quarter of 2021. At the end of the quarter, the Company turned to sales 9 gross (8.6 net) wells, 6 of which were extended reach lateral (“XRL”) wells. Capital expenditures for the first quarter were below our guidance range of $35 to $40 million as a result of lower than budgeted costs on planned activity, and certain non-well activity that will be completed a few weeks later than planned. The Company expects its full-year capital expenditures to be in the range of $150 to $170 million.
Net oil and gas revenue for the first quarter of 2021 was $74.2 million compared to $62.6 million for the fourth quarter of 2020. The increase was a result of higher oil, natural gas, and NGL realized prices, partially offset by a decline in sales volumes. Crude oil accounted for approximately 67% of total revenue for the quarter. Differentials for the Company’s oil production increased slightly during the quarter to approximate ....

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