Civitas Resources(US:CIVI)2021-05-05 20:32Company Overview - Bonanza Creek Energy (BCE) is a pure-play rural DJ Basin operator with a strong financial position[5] - The company has approximately 197,000 net acres in the DJ Basin[6] - Pro forma leverage is less than 05x (net debt / LTM EBITDAX) upon closing of merger with HPR[5] Financial Highlights - YE 2020 pro forma total Proved PV-10 at SEC prices was $764 million[5] - YE 2020 pro forma total Proved PV-10 at strip pricing was $1339 million[5] - YE 2020 pro forma PDP PV-10 at strip pricing was $1049 million[5] - The company anticipates greater than $150 million in levered free cash flow in 2021[8, 13] Production and Capex - 2Q - 4Q 2021 production guidance is 400 - 440 Mboe/d with capex of $117 - $137 million[5] - Full year 2021 capex guidance is $150 - $170 million[5, 28] - Pro Forma Proved Reserves as of December 31, 2020 were approximately 169 MMboe (63% PDP)[6] Synergies and Cost Savings - PV-10 of synergies is approximately $150 million, with $31 million expected to be realized within 12 months of close[8, 21] - The company anticipates lower oil differential by $125 - $150 / Bbl due to infrastructure improvements[19]