Bonanza Creek Energy, Inc. (NYSE:BCEI) Q4 2019 Earnings Conference Call - Final Transcript
Feb 28, 2020 • 11:00 am ET
Ladies and gentlemen, thank you for standing by, and welcome to the Fourth Quarter 2019 Bonanza Creek Energy Incorporated Earnings Conference Call. [Operator Instructions]
I would now like to hand the conference over to your speaker today, Mr. Scott Landreth, Senior Director of Finance and Investor Relations. Thank you. Please go ahead, sir.
Thanks, Daniel. Good morning, everyone, and welcome to Bonanza Creek's fourth quarter 2019 earnings conference call and webcast. On the call this morning, I'm joined by Eric Greager, President and CEO; Brant DeMuth, Executive Vice President and Chief Financial Officer; and other members of the senior management team. Yesterday, we issued our earnings press release and posted a new investor presentation to our website and filed our 10-K with the SEC this morning. All of which can be found on the Investor Relations section of our website. Some of the slides in the February investor presentation will be referenced during our prepared remarks this morning.
Please be aware that our remarks will include forward-looking statements that are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. You should read our full disclosures regarding forward-looking statements contained in our 10-K and other SEC filings.
Also during this call, we will refer to certain non-GAAP financial measures, because we believe they are good metrics to use in evaluating performance. Reconciliations of these measures to the most directly comparable GAAP measures are contained in our earnings release and investor presentation. We will start the call with prepared remarks, and then move to Q&A.
Now I would like to turn the call over to Eric Greager, President and CEO. Eric?
Thanks, Scott. Good morning, everyone, and thank you for joining us for our fourth quarter and full-year 2019 earnings call. We appreciate your time and interest in Bonanza Creek. As with previous calls, we will keep our prepared remarks short in order to leave plenty of time for Q&A.
The Company had a successful 2019. And I would like to quickly share a few highlights and thank the Bonanza Creek team and our shareholders for their support. Our 4Q results came in as expected and were largely pre-released last month, so I won't spend time reviewing those, unless there are questions during Q&A.
As for highlights from the year, we saw our average production grow 48%, which led to topline revenue growth, despite a weaker commodity price. On the cost side of the business, we continue to deliver efficiencies that further expanded our margin. EBITDA for the year was $204 million on a $222 million capex program. And while we had a cash flow deficit of approximately $18 million for the year, we were actually free cash flow neutral in the second half of 2019.
Operationally, we continue to report encouraging well results in 2019. In late 2018, we turned to sales the Pronghorn B-28 pad in our eastern legacy acreage that reached peak rates in 2019 and greatly exceeded our type curve expectations.