$CIVI
CIVITAS RESOURCES, INC.

2013 Q2 Form 10-Q Financial Statement

#000110465913061830 Filed on August 09, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $84.50M $51.50M
YoY Change 64.08% 112.81%
Cost Of Revenue $12.90M $7.000M
YoY Change 84.29% 89.19%
Gross Profit $71.60M $44.50M
YoY Change 60.9% 117.07%
Gross Profit Margin 84.73% 86.41%
Selling, General & Admin $13.30M $7.100M
YoY Change 87.32% 162.96%
% of Gross Profit 18.58% 15.96%
Research & Development $900.0K $2.000M
YoY Change -55.0%
% of Gross Profit 1.26% 4.49%
Depreciation & Amortization $29.60M $13.80M
YoY Change 114.49% 86.49%
% of Gross Profit 41.34% 31.01%
Operating Expenses $61.91M $31.88M
YoY Change 94.18% 242.83%
Operating Profit $22.61M $28.70M
YoY Change -21.23% -99.77%
Interest Expense $5.870M $654.7K
YoY Change 796.6% -72.72%
% of Operating Profit 25.97% 2.28%
Other Income/Expense, Net $1.606M $14.89M
YoY Change -89.21% -7544.65%
Pretax Income $24.21M $34.46M
YoY Change -29.74% 189.59%
Income Tax $9.328M $13.27M
% Of Pretax Income 38.53% 38.5%
Net Earnings $14.70M $21.50M
YoY Change -31.63% 179.22%
Net Earnings / Revenue 17.4% 41.75%
Basic Earnings Per Share $0.36
Diluted Earnings Per Share $0.36 $53.75
COMMON SHARES
Basic Shares Outstanding 39.34M shares 39.48M shares
Diluted Shares Outstanding 39.35M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.00M $3.000M
YoY Change 1433.33%
Cash & Equivalents $46.09M $2.605M
Short-Term Investments
Other Short-Term Assets $3.000M $9.000M
YoY Change -66.67%
Inventory $7.482M $39.00M
Prepaid Expenses
Receivables $42.46M
Other Receivables
Total Short-Term Assets $110.8M $51.00M
YoY Change 117.28%
LONG-TERM ASSETS
Property, Plant & Equipment $6.051M $745.0M
YoY Change -99.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.00M $14.00M
YoY Change -28.56%
Total Long-Term Assets $1.084B $759.0M
YoY Change 42.86%
TOTAL ASSETS
Total Short-Term Assets $110.8M $51.00M
Total Long-Term Assets $1.084B $759.0M
Total Assets $1.195B $810.0M
YoY Change 47.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $0.00 $3.000M
YoY Change -100.0%
Accrued Expenses $3.828M $62.00M
YoY Change -93.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $105.5M $75.00M
YoY Change 40.69%
LONG-TERM LIABILITIES
Long-Term Debt $300.0M $63.00M
YoY Change 376.19%
Other Long-Term Liabilities $55.00M $14.00M
YoY Change 292.86%
Total Long-Term Liabilities $300.0M $77.00M
YoY Change 289.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $105.5M $75.00M
Total Long-Term Liabilities $300.0M $77.00M
Total Liabilities $586.7M $251.0M
YoY Change 133.73%
SHAREHOLDERS EQUITY
Retained Earnings $85.02M
YoY Change
Common Stock $523.4M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $608.4M $560.0M
YoY Change
Total Liabilities & Shareholders Equity $1.195B $810.0M
YoY Change 47.54%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $14.70M $21.50M
YoY Change -31.63% 179.22%
Depreciation, Depletion And Amortization $29.60M $13.80M
YoY Change 114.49% 86.49%
Cash From Operating Activities $51.00M $38.70M
YoY Change 31.78% 233.62%
INVESTING ACTIVITIES
Capital Expenditures $107.8M $76.90M
YoY Change 40.18% 88.02%
Acquisitions
YoY Change
Other Investing Activities -$1.400M $300.0K
YoY Change -566.67%
Cash From Investing Activities -$109.2M -$76.50M
YoY Change 42.75% 87.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 101.1M 40.40M
YoY Change 150.25% 41.75%
NET CHANGE
Cash From Operating Activities 51.00M 38.70M
Cash From Investing Activities -109.2M -76.50M
Cash From Financing Activities 101.1M 40.40M
Net Change In Cash 42.90M 2.600M
YoY Change 1550.0% -425.0%
FREE CASH FLOW
Cash From Operating Activities $51.00M $38.70M
Capital Expenditures $107.8M $76.90M
Free Cash Flow -$56.80M -$38.20M
YoY Change 48.69% 30.38%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2012Q2 bcei Period Within Which Sale Of Asset Takes Place To Classify It As Held For Sale
PeriodWithinWhichSaleOfAssetTakesPlaceToClassifyItAsHeldForSale
P1Y
CY2012Q4 bcei Drilling And Completion Costs Current
DrillingAndCompletionCostsCurrent
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CY2012Q4 us-gaap Accrued Reclamation Costs Current
AccruedReclamationCostsCurrent
400000 USD
CY2012Q4 bcei Accrued Interest Current
AccruedInterestCurrent
219494 USD
CY2012Q4 bcei Accrued Oil And Gas Hedging Current
AccruedOilAndGasHedgingCurrent
238365 USD
CY2012Q4 bcei Production Taxes And Other Current
ProductionTaxesAndOtherCurrent
2340838 USD
CY2012Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
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CY2013Q2 bcei Drilling And Completion Costs Current
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CY2013Q2 us-gaap Accounts Payable Trade Current
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CY2013Q2 bcei Accrued General And Administrative Cost Current
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CY2013Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3828200 USD
CY2013Q2 us-gaap Accrued Reclamation Costs Current
AccruedReclamationCostsCurrent
400000 USD
CY2013Q2 bcei Accrued Interest Current
AccruedInterestCurrent
4625525 USD
CY2013Q2 bcei Accrued Oil And Gas Hedging Current
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CY2012Q4 bcei Accrued General And Administrative Cost Current
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CY2012Q4 us-gaap Accrued Liabilities Current
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CY2013Q2 bcei Production Taxes And Other Current
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CY2013Q2 us-gaap Accounts Payable And Accrued Liabilities Current
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us-gaap Fair Value Inputs Discount Rate
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us-gaap Exploration Expense
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us-gaap Interest Expense
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us-gaap Interest Expense
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us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
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Assets
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Liabilities
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations
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us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
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bcei Exploration Expense Noncash
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us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
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CY2013Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2012Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
21506103 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2013Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
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us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
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CY2013Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
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CY2012Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
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CY2013Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2012Q4 us-gaap Long Term Debt Noncurrent
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CY2012Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2012Q2 us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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bcei Deferred Income Tax Expense Benefit Continuing Discontinued Operations
DeferredIncomeTaxExpenseBenefitContinuingDiscontinuedOperations
16270187 USD
bcei Deferred Income Tax Expense Benefit Continuing Discontinued Operations
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18813302 USD
bcei Contractual Obligation Accretion Expense For Land Acquisition
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380652 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
5440475 USD
us-gaap Unrealized Gain Loss On Derivatives
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us-gaap Other Noncash Income Expense
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
31491 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
3381752 USD
us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
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us-gaap Increase Decrease In Asset Retirement Obligations
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Oil And Gas Property
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us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
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us-gaap Payments To Explore And Develop Oil And Gas Properties
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us-gaap Payments To Explore And Develop Oil And Gas Properties
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us-gaap Payments For Capital Improvements
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us-gaap Payments For Capital Improvements
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us-gaap Increase Decrease In Restricted Cash
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us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
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us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
1469133 USD
us-gaap Net Cash Provided By Used In Investing Activities
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CY2013Q2 us-gaap Long Term Debt Noncurrent
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us-gaap Proceeds From Long Term Lines Of Credit
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56000000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
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bcei Shares Of Common Stock Returned For Tax Withholdings
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us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
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us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Interest Paid Net
InterestPaidNet
2320886 USD
us-gaap Interest Paid Net
InterestPaidNet
512000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
100000 USD
bcei Changes In Working Capital Related To Drilling Expenditures And Property Acquisition
ChangesInWorkingCapitalRelatedToDrillingExpendituresAndPropertyAcquisition
7400906 USD
bcei Changes In Working Capital Related To Drilling Expenditures And Property Acquisition
ChangesInWorkingCapitalRelatedToDrillingExpendituresAndPropertyAcquisition
39577503 USD
CY2012Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2605378 USD
CY2011Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2089674 USD
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">2. BASIS OF PRESENTATION</font></b><font style="FONT-SIZE: 10pt;" size="2">:</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 28.6pt; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">These statements have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;). The quarterly financial statements included herein do not necessarily include all of the disclosures as may be required under generally accepted accounting principles. The readers of these quarterly financial statements should also read the audited consolidated financial statements and related notes of BCEI that were included in BCEI&#8217;s Annual Report on Form&#160;10-K filed with the SEC on March&#160;15, 2013. These consolidated financial statements include all of the adjustments, which, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations. All such adjustments are of a normal recurring nature only. The results of operations for the quarterly periods are not necessarily indicative of the results to be expected for the full fiscal year.</font></p> <p style="TEXT-INDENT: 28.6pt; MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt;"><i><font style="FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Principles of Consolidation</font></i><font style="FONT-SIZE: 10pt;" size="2">&#8212;The consolidated balance sheets include the accounts of the Company and its wholly owned subsidiaries, Bonanza Creek Energy Operating Company,&#160;LLC, Bonanza Creek Energy Resources, LLC, Holmes Eastern Company, LLC, Bonanza Creek Energy Upstream LLC, and Bonanza Creek Energy Midstream, LLC. All significant intercompany accounts and transactions have been eliminated.</font></p> <p style="TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt;"><i><font style="FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Oil and Gas Producing Activities</font></i><font style="FONT-SIZE: 10pt;" size="2">&#8212;The Company follows the successful efforts method of accounting for its oil and gas properties. Under this method of accounting, all property acquisition costs and costs of exploratory and development wells will be capitalized at cost when incurred, pending determination of whether the well has found proved reserves. If an exploratory well has not found proved reserves, the costs of drilling the well and other associated costs will be charged to expense. The costs of development wells will be capitalized whether productive or nonproductive. Costs incurred to maintain wells and related equipment and lease and well operating costs are charged to expense as incurred. Gains and losses arising from sales of properties will be included in income. However, sales that do not significantly affect a field&#8217;s unit-of-production depletion rate will be accounted for as normal retirements with no gain or loss recognized. Geological and geophysical costs of exploratory prospects and the costs of carrying and retaining unproved properties are expensed as incurred.</font></p> <p style="TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Depletion, depreciation and amortization (&#8220;DD&amp;A&#8221;) of capitalized costs of proved oil and gas properties are provided for on a field-by-field basis using the units of production method based upon proved reserves. The computation of DD&amp;A takes into consideration the anticipated proceeds from equipment salvage and the Company&#8217;s expected cost to abandon its well interests.</font></p> <p style="TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The Company assesses its proved oil and gas properties for impairment whenever events or circumstances indicate that the carrying value of the assets may not be recoverable. The impairment test compares undiscounted future net cash flows to the assets&#8217; net book value. If the net capitalized costs exceed future net cash flows, then the cost of the property will be written down to &#8220;fair value.&#8221; Fair value for oil and natural gas properties is generally determined based on discounted future net cash flows.</font></p> </div>
dei Entity Registrant Name
EntityRegistrantName
Bonanza Creek Energy, Inc.
dei Entity Central Index Key
EntityCentralIndexKey
0001509589
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2013-06-30
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2013Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
40287018 shares
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
300000000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
7270105 USD
CY2013Q2 bcei Contractual Obligation Due In Remainder Of Fiscal Year
ContractualObligationDueInRemainderOfFiscalYear
22906303 USD
CY2013Q2 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
34278528 USD
CY2013Q2 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
34266837 USD
CY2013Q2 us-gaap Contractual Obligation Due In Fourth Year
ContractualObligationDueInFourthYear
33992787 USD
CY2013Q2 bcei Contractual Obligation Due In Five Years And Thereafter
ContractualObligationDueInFiveYearsAndThereafter
396815442 USD
CY2013Q2 us-gaap Contractual Obligation
ContractualObligation
522259897 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
41816988 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
515704 USD
CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
14714908 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
25970724 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
30052256 USD
CY2012Q4 bcei Oil And Gas Joint Interest Billing Receivables And Other Receivables Net Current
OilAndGasJointInterestBillingReceivablesAndOtherReceivablesNetCurrent
5484620 USD
CY2013Q2 bcei Oil And Gas Joint Interest Billing Receivables And Other Receivables Net Current
OilAndGasJointInterestBillingReceivablesAndOtherReceivablesNetCurrent
10967129 USD

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