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BONANZA CREEK 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 May 3 , 2021 DENVER , May 03 , 2021 ( GLOBE NEWSWIRE ) -- Bonanza Creek Energy , Inc. ( NYSE : BCEI ) ( the " Company " or " Bonanza Creek " ) today announced its first quarter 2021 financial results , announced a fixed per share dividend , and the formation of an ESG Committee of the Board . The Company has also posted an updated investor presentation to its website . Highlights include : • Initiating an annual cash dividend of $ 1.40 per share to be payable quarterly beginning in the second quarter 2021 • Closed merger with HighPoint Resources Corporation ( " HighPoint " ) on April 1 , 2021 • Average sales volumes for the first quarter 2021 of 20.9 thousand barrels of oil equivalent per day ( " MBoe / d " ) with oil representing 50 % of total volumes • 2Q 4Q 2021 production guidance of 40.0 to 44.0 MBoe / d with oil representing 48 % to 52 % of total volumes • First quarter 2021 total capital expenditures of $ 32.9 million • Total 2021 annual capital expenditures are expected to be between $ 150 and $ 170 million • Lease operating expense ( " LOE " ) of $ 3.05 per Boe for the first quarter 2021 • 2Q - 4Q 2021 LOE guidance of $ 3.00 to $ 3.25 per Boe • GAAP net loss of $ 0.1 million • Adjusted EBITDAX ( 1 ) of $ 43.7 million , or $ 2.10 per diluted share • Formation of an ESG Committee of the Board of Directors to assist in fulfilling the Company's responsibilities on a variety of ESG policies , programs , and initiatives ( 1 ) Non - GAAP measure ; see attached reconciliation schedules at the end of this release . Quarterly Dividend & Capital Discipline Priorities The Company expects its business plan to produce significant discretionary free cash flow over many years . The Company will pay a sustainable fixed dividend from its free cash flow that is resilient , even in stressed commodity price environments . Cash flow in excess of the fixed dividend will be used to fund a disciplined , returns - driven capital program targeting stable production , maintain the Company's best - in - class balance sheet , and participate in other opportunities aimed at increasing shareholder value . The Bonanza Creek Board of Directors has established an annual cash dividend of approximately $ 43 million , or $ 1.40 per share , to be declared and paid on a quarterly basis . The first fixed dividend is to be paid on June 30 , 2021 to shareholders of record at the close of business on June 15 , 2021 . Eric Greager , President and Chief Executive Officer of Bonanza Creek , commented , " The decision to initiate a dividend represents a significant milestone for Bonanza Creek . The dividend reinforces our commitment to delivering value to our shareholders . We tested our business at sustained low commodity prices , and the resilient free cash flow and strong balance sheet provide ample flexibility to support this meaningful dividend , while also pursuing other value - accretive opportunities . Free cash flow in excess of our base dividend will be used to maintain our low leverage , and pursue the highest returning opportunities for our shareholders . " First Quarter 2021 Results During the first quarter of 2021 , the Company reported average daily sales of 20.9 MBoe / d . Product mix for the first quarter was 50 % oil , 21 % NGLS , and 29 % residue natural gas . The Company's oil mix fluctuates with the pace , schedule , and thermal maturity of wells that have been turned to sales in recent quarters . The Company had limited activity in 2020 and has seen its oil mix decline in recent quarters , but expects this decline to moderate in 2021 as activity resumes . The table below provides sales volumes , product mix , and average sales prices for the first quarter 2021 and 2020 . Three Months Ended March 31 , Avg . Daily Sales Volumes : Crude oil ( Bbls / d ) Natural gas ( Mcf / d ) 2021 2020 % Change 10,474 13,510 ( 22 ) % 35,710 39,150 ( 9 ) %