Bonanza Creek Energy records $34.9M quarterly loss

DENVER — Bonanza Creek Energy Inc., a Denver-based oil and natural-gas company with operations in Weld County, on Wednesday reported a loss of $34.9 million, or 71 cents per share, for its third quarter that ended Sept. 30.

The company’s assets and operations are concentrated primarily in the Rocky Mountain region in the Wattenberg Field, focused on the Niobrara and Codell formations, and in southern Arkansas.

Bonanza Creek (NYSE: BCEI) reported revenue of $49.3 million for the quarter, a 10 percent decrease from the second quarter of this year and a 32 percent decrease compared with its third quarter of 2015. Crude oil accounted for approximately 77 percent of revenue.

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For the third quarter, the company reported a 10 percent decrease in average daily production oil compared with the previous quarter, and a 28 percent decrease from the third quarter of 2015. The reduction in production was a result of suspended drilling and completion operations at the end of the first quarter of this year.

The company lowered its lease operating expenses in the Rocky Mountain region to $6.4 million during the quarter, a $2.3 million reduction compared with the previous quarter.

The price of a barrel of crude oil was $46.04 mid-day Wednesday. During the last 52-week period, the price per barrel has ranged from $27.82 to $53.07.