Bonanza Creek (BCEI) Reported Strong 4Q12 Results And A Solid Operational Update. Estimates Are Likely To Rise On Strong Cost Control and Reiteration of Guidance. Despite the recent run in the shares, valuation is not excessive and its opportunity set continues to expand. This is a follow-up to our pre-quarter comments post found here .
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The 4Q12 Numbers: We don't generally key off of quarterly results as we have a longer-term focus but it was a nice quarter. So briefly ...
- Strong Top Line Driven By Volumes: Better than expected 4Q volumes met flattish revenue per BOE (WTI was lower sequentially during the quarter but NGL pricing held up well and natural gas prices