BCEI - Earnings call transcript Q4 2019

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Fourth Quarter 2019 Bonanza Creek Energy Incorporated Earnings Conference Call. At this time all participants’ lines are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session [Operator Instructions] Please be advised that today’s conference is being recorded. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Mr. of Investor Director Senior Landreth, Finance Relations. and Scott you. Thank Please go sir. ahead,

Scott Landreth

welcome Good call Creek's morning, Daniel. to and everyone, conference Thanks, earnings and Bonanza XXXX fourth webcast. quarter

with and joined the and Chief and posted SEC press to Yesterday, and the the presentation Eric On we morning, of Officer; DeMuth, our I'm an members filed management this Greager, Vice investor call Financial our President morning. website release senior CEO; other President issued Brant Executive earnings XX-K by this and team. our

which can of of be All Investor found Relations our on section the website.

February Some presentation of the slides in remarks be the prepared during this morning. investor our referenced will

to remarks subject be risks could and that our statements results these forward-looking that to materially statements. will differ Please from many are that uncertainties aware actual include cause

read measures to good measures Also call, during XX-K to regarding contained forward-looking are You full investor these comparable of to our release we presentation. this financial contained the are evaluating and because disclosures believe filings. most measures statements earnings GAAP metrics certain and directly SEC should use in our in non-GAAP performance. other Reconciliations refer in we will our they

then We with call start remarks, to prepared will Q&A. and the move

call the and to Now like to I would turn Eric President Eric? Greager, over CEO.

Eric Greager

time morning, interest Scott. Thanks, your earnings Good in for quarter joining We Bonanza us call. our and you fourth appreciate for everyone, and thank XXXX and Creek. full-year

short prepared Q&A. previous order with As remarks leave in plenty we our keep time will to of for calls,

and for support. like and the a highlights had a thank shareholders to I successful their team quickly Creek Company XXXX. share would The And Bonanza few our

I month, unless reviewing questions those, Q&A. there spend and were Our XQ results time in came largely won't pre-released during are last expected so as

we revenue despite As from which to the weaker led grow year, top-line XX%, a commodity growth, saw our price. for production average highlights

$XXX million $XXX business, free to in the million a cash CapEx for efficiencies deficit were a $XX On of while we the year, expanded year for the was side cash that the XXXX. half And margin. million we EBITDA had deliver neutral further second continue cost of flow we approximately flow on the our of program. actually

Operationally, continue sales B-XX exceeded our pad rates that greatly we reached Pronghorn late expectations. well XXXX, eastern to results we report in to XXXX in the legacy In curve in turned our XXXX. acreage encouraging peak type and

that online Whitetail acreage, the brought which demonstrate in to also Northern continues We of we our reservoir. well the potential believe value

type relative Presentation the over the East demonstrate Slide Legacy our XX East results these this others our by of slide, completion from we added from applied also to designs Northern acreage. Investor and production modern our curve. oil XX first that results further shows come to wells with Relations that To months Legacy wells the well operated offset improved production

regard With benefited constraints of when Mountain to points consistent multiple delivery production delivery maximize Rocky minimize combined in from Company infrastructure, XXXX. provide These low flexibility that, the pressures our productivity. helped line well and with points

truck half the new hauling, while weather-related that our emissions, and which our the year reduced a also We of gathering turn pricing. constructed significantly oil traffic, in use improving second oil truck realized in reduces system also of risks,

to I outperformed here to year, and Throughout of the the most at deliver recent the Bonanza thank met for both we guidance. set these and range ranges our in guidance we within want we beginning or at guidance came and guidance, of the we Creek team we XXXX, the high-end CapEx OpEx metrics original beat the RMI original were G&A Cash production helping the as year. updated these range. guidance below results. In at the LOE guidance original below also

challenging that we headlines, Q&A, to we for the Despite before excited the the guidance are for to like last would Finally, line XXXX I about ahead. opening the for the speak month. prospects up year issued

with that flat to midpoint expectation the at is guidance by for grow essentially XXXX production to is average XXXX. XX% CapEx Our

start-up Our $XX CapEx in guidance the to drilling Lake. French of $XXX million to of includes $XX $XXX for million million million

guidance full-year XXXX per XXXX to $XX Our compares to XXXX of each of G&A million per $XX $X $XX BOE down of Cash of million. to $X.XX XXXX BOE. quarter LOE of compares $X.XX guidance and trended our in million LOE full-year to result

gathering will system. We a also RMI expenses, operating the operating for of our guidance year include which provided XXXX full oil

the $X.XX So, range, in improved by expressed line. $X.XX our RMI those as revenue guidance oil differential as to the increases are to well offset improvements

be to XQ XXXX CapEx spending production of production the XQ of expect half side XQ the half first on quarter. the We to with highest be in during weighted year, year our will to representing with XXXX XXXX weighted second the toward the flat the growth being and

With that, I call to operator back will turn the Q&A. for the

Operator

comes Welles Fitzpatrick first Our from question Instructions] [Operator with SunTrust.

line is Your open. now

Welles Fitzpatrick

good Hey, morning.

Eric Greager

Hi, how you? Welles, are

Welles Fitzpatrick

good. any a XXXX I long question it's take rationalize I French update The to purchase obviously, Well, in-house there? any Lake. able part the Any them? shop, but – suppose, it's that is everything of big okay. operator know their chance might portfolio to on mean, chance they And be that as but [Indiscernible] a from I the plan. you it guys from now

Eric Greager

we performance, partner, owners partner, developing closely together both quality Wattenberg. these the to you merger but only undeveloped, very our prior is really not largely can about tell we on What another work And question, Welles. our excited be partner, this the very are prior reservoir partner with conversations. joint do the in have sides oil And demonstrated frequent asset. can high I meetings as really and encouraged by continue It's great of we this development at what to a with we with the point, reservoir

position, I operated I an we the we're eager that's be certainly don't interested quality So, very reservoir started the know would the of and now. interest while and right XXX% about in say are to excited that in taking the get would in acquiring in cards

I on work be that. would think We that win. nice a continue And to

– of program represents part beyond. their other of about I the XXXX the development and feels the On same fair And think potential a ongoing reservoir. the side way the it in

So from know sell perspective, willing to that they're don't that I it.

Welles Fitzpatrick

Okay.

now sense. then, interpretation like mean, responsibility? kind room. guess Okay, with potentially a guys the most X Denver like close sucks correct I that feels it everything of it. else ground on, thud. interpretation the for the and seemed know going these I with Is Page on Colorado I what out I the are And of oxygen My push of it was Rising on of of Post. with recent the that is a mean, you to it met industry's that makes it was setbacks kind

Eric Greager

the doesn't kind a an support Certainly this extreme it hard know With of from year we headway are now the terms simply because base, land, kind don't professionalize side support some that it we've but their set Rising And got they're operating enough on terms working XXX in to those the rules. Yes. and help, the into set are SB environmental in of meaningful of most expect to now build honestly, – what really like a really now hard garner. the don't the they're of of haven't the is I make lot of hasn't being law the that going of going working time. understanding And law is of really rules. the Colorado of operators to COGCC gaining rules except I to really had activists that codify commission of

relationships time had Assembly, in enough in frankly, the And to demonstrate surface and just regulatory industry operators the the improving haven't in administration, the can environment. do of XXX culture the themselves what SB General terms

longer best So, because time It's some to little for too I everyone I've got soon more I this circumstances take as think work. interest much is measures. it to disingenuous insincere of law it everybody as improve has on you appears, the because both resonates to to no be – hasn't it effect. an said, give to ballot a given as bit make And talked to us as sincere resonates kind can time tell sides pushing effort it

Welles Fitzpatrick

kind of It Anyways you go to a guys for sense. was time. makes them the for silly it setback the of when course. Yes, there statewide thank seems that, on well, especially back to vote

Eric Greager

you. thank Welles,

Welles Fitzpatrick

bet. You

Operator

Thank you.

question Mike from comes Stifel. next Scialla with Our

now open. is line Your

Mike Scialla

Eric. morning, Good Hi.

Eric Greager

Good morning.

Mike Scialla

a with any on? process. just question anticipated rule-making permitting, of the pace there? How of follow-up particular terms commission you're in on and rules waiting the the that the any place Once last fully And and is Maybe permits in staffed in that changes going? get gets

Eric Greager

permit gathering and Criteria, lot I staff that's recognized and and resulted the COGCC work all that of also a has He under think kind organizations If it connecting writing existing a in a of knew maybe established at rural, and Objective fast-tracked. And it's the to done And to surface from in constraint early other by they system, way. process. time of rules the Robbins take COGCC that And little great stakeholder a this obviously, to resource on the are two-track he be lean rules high it's nothing Director or in was question, is you kind support would a kind reoccupying say bit Mike. that's of Yes, it rule-making with. at all and of that the on. right-of-way work the fact the the time see Director's a and and this it the taking taking the That's going why priority write a have has here, that, creates location COGCC. of an I bandwidth has which adjacent to that to gets

to regular that, and combine to no all operators you that if down like active the or objective just the objective alternative or I'll have the staff that just There's And a applications, Boulder rule-making you're of speak you analyze question in Creek. The and you, from these behalf the time it criteria takes is, criteria. the problem Broomfield about meetings. what And permit have is, good has time takes and if on Bonanza trip the county it approval. the slowed but

ask and We on, are have And we right apply what worked are your and you can you wells staff limited well. monthly pads resources are waiting that pretty areas. priorities, where prioritization so highest COGCC meetings that with they concerned what the has what to about, us the our

of streamlined I now on permit operators and on that with So, has allow lot the and analyzing into gets the to efforts, a the permit as place, working we but COGCC process pace outputs the more rules and think approvals back think the replace rule-making more that flow all se, slowed. now the I permit. resources because don't to in the will don't that's as will anything forever carry waiting approval on we're the going new soon have per objective right criteria

think again, I We're an now kind right on speed is say a pace down can expect of slowed I anything, little what as we it we're not And as move bit. will I has back but a lot, up of state a approvals rules waiting steady that built the are and into more the that's So, industry condition. slowed. back but

Mike Scialla

I prices, given an that $XX. guess And would under looks of change? change obvious falls oil stay for detail. for the scenario, it that thanks it's this one, would to to with say, or happened going majority Well, year. like How plan oil what's there the it

Eric Greager

multiple gas when Yes. flexibility. that the multiple a we build capital preserve RMI structures development we program. We processors, connections. and optionality with our to flexibility. XX build flexibility a We provides around lot the about approach about commitment us same programs lot delivery interconnects, capital We our of take talked talk multiple points, oil I our

So, or expiries not We satisfied us we current of don't provision. ahead out that the we case our terms don't up don't already neck, for and down. acreage are that environment, the have horsepower ability with any commitments drilling to or in down; MVCs either of are ramp down ramped have our that breathing limit in capital a ramp have banking rigs years of

And that We're so, watching optionality preserving really the prompt. comfort. gives us

we wildly continue we're and the to it's watching run. And and strip volatile obviously,

projections, revenue past, and talked about proprietary in performance well real-time optimization on economic we've run the projections, our As real-time cost models. real-time we

in Mike. by those to through those us And program. on And and I are run things toward a returns the optimization returns dollar spend. really to tell the hour-by-hour to good. by have have dictated flexibility, going development is to can basis high make we to orientation all that to of projections. model continue decisions spend decisions. models, of we not going you be don't that's to decide lot we the And We're go of going the an through so, as force And we will grade kind where

Mike Scialla

It's good to hear.

Eric Greager

Yes.

Mike Scialla

Eric. Thanks,

Eric Greager

Thank you, Mike.

Operator

Thank Imperial you. with comes [Operator Instructions] Our from Irene next Haas question Capital.

Your open. line now is

Irene Haas

Yes. I have questions. two

is calculation estimate, significant. at a your Can production I two, can a at have that development filing, maintained? of share be the XXXX, cost guys a And of digit? year lot do which not companies you the considering looking comment there saw your kind from to price and out actually improvement you is huge go kind feel your that both structure appetite cost do distressed Number to currency on it and Firstly, in PV-XX really this? of with single looking you about how probably volatile very bottom-feeding this. you little check have around, Just want a and is

Eric Greager

Irene. Thanks,

And than And reserves really related PDP. the is PDP an that to XP and to we're reserves, XXXX file I the board. a by the managed XX%. across price more this. that working think on particularly and with we XP still the tough we So, And pleased really grow XXXX, despite environment. managed is It's our our business that, grow to indication retreated

the on on costs think of on well I or thousand oil EUR basis. the per side, performance, in a development in foot clearly terms well particular working efficiency of is in terms performance and both and an CapEx

driving But in lift and artificial the contemporary rates better improving think through designs think better, also of performance again, optimization stimulation and time we more well performance performance. we're oil oil about you just way the particular are that combination early

kind reserves of to prices at much despite by XXXX, as So also same PV-XX. in grow from as the XX% time retreat could we a maintain And X%. XXXX the we managed

lost we as price PV-XX, have some as While not was much suggested. value would it in the

think business I again, So is well. that working suggests the pretty

basis perform on haven't in basis impairs keep we going sustainable. as that continue those or today Clearly, all ability RMI done to on but quarter-over-quarter our unit a OpEx costs costs the to working as absolute both future. and We're to improve. well and G&A are on hurts them, LOE, anything to continue

to continue and technology as on ground can dimensions, sequential you surface progress more efficiencies. and we those So, see all the of and apply more on the incremental in for

M&A, of it transact. It rate we that With fixed valuations. price a maintaining us particularly and we have regard it's related to we synergies And oil It tough But we're opportunities. creating to you're whether also and to sort an us some logic people. change performance gives down pin absorption given upon because good a synergies hard, is you regard and with good advantage a of makes team active hard to from And benefit to a balance some synergies really is absolutely strong both really posture. think sheet the and right. really have on or acreage, can valuation and drive which valuations cost allows when costs of industrial lot it

implies So own someone the else our something that a that getting assets. we means although we're we're have do won't value a market, in go the it's out not appetite, our valuation the for have little we more difficult. We public bit and currency, on

things have us also flow. is we've proud for paid think have on going scale, absolutely and not two that not One new patient We're buying Irene, that focus anything really and out And we three-quarter going really cycle do but are sure we we're tackling an much. on on going the of off. when too about market has about of we're in to blocking make to of to just We It's cash silly. performance acreage, the kind we we patience value think we pay without appetite. maximizing of, and the acreage focus been and own years already allowed and the to

business improvement oriented toward cash very flow. efficiencies, focus, we're and So,

Irene Haas

Okay.

right if and works, this. capacity So, like it opportunity you do sounds have arise the math the the for

Eric Greager

That's exactly right, Irene. Thank you.

Irene Haas

thanks. Great,

Operator

our from you. Noel Palmer. question with next Thank comes Parks And and Coker

open. now is line Your

Noel Parks

Good morning.

Eric Greager

Hi, Noel.

Noel Parks

Hi.

Just had couple a questions.

you And the this On type were the you curve well. engineers for outperforming give I in and improvements the they those did the curve. wondered areas? updated you production reserves Pronghorn pad year, slides, remember when ago, for credit the just type did your Whitetail months any And I curves

Eric Greager

to some across these positive We got performance, only other uplift but with acreage. did. the recent absolutely well in parts They areas, not of regard our

have relative and about So, a on or expected whether enough been uplift. performance, we've way I flowing pressures have you talk implied think to because bottom an gotten hole demonstrated long real these in rates definitely

So, I think cost you'll XP flowing the through reserves. see the and performance on well the performance the

Noel Parks

maybe Great. got of what you improvement Can sort with give a you ballpark EURs? of sort of

Eric Greager

EURs. in updated I tell type you, don't Noel, area-by-area our and we the think improvement just on process, ballpark we curve. deck. A went we've I'll through the then changed reserves

go is French East to and you think we Central, XX, Legacy when Legacy Slide So Lake, West. what Legacy

While we've and of the pretty we particularly in and the around be improvement we generate in in curves. terms how around these got Block conservative to type and some like Northern B-XX,

So, we in the of terms left our XP performance. performance Slide certainly, reserves XX unchanged. But flows through

see a as PUD million There in revision well. PDP a X.X BOE substantial and also revisions improvement I

an So, online price did And corrected of upward as that both Wells this saw in is terms revision PUDs. exist. our were the as well XXXX for volumes.

bit we're Northern seeing we'd indication we the it curves didn't while might flow changes they slide definitely and more updating give through. be the that – of you wanted type keep because leading like actual those we're where our point to I going. So, make more just conservative, B-XX, to out Block performance for but a to little some

Noel Parks

in forward, assume and or five-year any And you looking thanks. at down, Great, rule, trend SEC inflation? ahead all going service the flat, thinking also did about costs

Eric Greager

we – in we reserves to related saw XP saw our performance While XXXX improvements some certainly costs.

are the those And pipeline. to PV-XX reserves. upward We the significant dramatically to probably those the revisions basis in significant In a but – had of revision gathering oil differential imagine to had we pretty five-year you flat the related can XQ upward two reserves. that, that in think the improves terms XP down, our we of future, economics

as significant Christmas in of We pretty result three today's We're put we a rounds also those a to of to continuing to did environment. improvement RFPs saw time. about – RFPs leading and up refresh

And today, strip. so, I reasonable right in over the would seeing say is to now period we're very given the what flat down five-year

Brant DeMuth

Brant. And not four-year Keep reserve report our Noel, on is is program, this a mind a program. five-year based in

Noel Parks

little just we of OPEC scenario, for discipline. production bit that. the back to maybe bullish past if keep we And clarifying Thanks a the some more last Great. coronavirus, turn will thing, thinking get

when I I nicely How suppose much for go $XX we guess, we do in saw staff mean, of ahead, off the up far Looking think, period point? suppose a the to prices while. DJ I of additional this what just or at crews what would you and best-case and could I available got I in is know it terms realistically higher six-month guess you as period rigs, put industry one-year think? sort as don't

Eric Greager

I'm $XX, understand around support think if not the development expect entirely and what kind the asking sure you around question, oil but I in of and prices DJ? TI whole are I do perhaps is Noel, on some we gain

Noel Parks

rig? assuming would even that. it a really and thinking scenario, crews, what couldn't in importantly, a long, trend thought you are there I matter are you've Well, about I so as as that for you wondered fast, more – just practical down was the for so adding but rigs rigs, other – been I'm there to has as happen too able best-case add

Eric Greager

gap like of We Creek's a level can the Bonanza you deal you loaded level, perspective. spread program, whole Yes, true And because a maintain tell as offers one we on the keep program operating great you in the frac And channels. the you you so I the side. And can can flexibility. but not out efficiency really us from efficiencies quite rig same think it's is down, slow together.

the that when one I today, itself pads around So, scale crew sort are are you frac lend and probably fully heat and a program. still thing. little one-rig have things they big utilized gap stockpiling hypothetically out things and a TI barrel of think up a can fully fast slower it $XX when But you in like of still leveled to and a would program economies

got a higher would rig For than second something, us, or we've channel, level rig. into to a think I the be little fractional loaded see second which full-time to perhaps even dive a that

rig – even in that for reason fully us spud wells is, running just flexibility the the commodity under right operated on price a half legacy, QX, XXXX, are moving be gives running French way now, early And – are great to we production. the in but we and own our we talking here, gross on it's of circumstances around we a happens think, we – about there program. which rig anticipating that deal if the with Lake we're a we're many And can turn full non-op how much how net to

one just range a of we out or locations that matter you gap how a it's up coals think the accelerating rig. operated this it much are today, it's $XX, one-rig to I still – It between to much you where really program. how put of

Noel Parks

Okay, great. Thanks lot. a

Eric Greager

you, Thank Noel.

Operator

[Operator you. question with Our Mike comes from Instructions] Stifel. Scialla next Thank

now Your line open. is

Mike Scialla

just last there. Eric, thoughts follow on a your

ahead is you Do decent sustainable anticipate rig, kind or you $XX have is what some had into one say, looking growth inflection realize XXXX? put free further is your for an some times And the to XXXX, you oil level a flow point what price would a cash in point If XXXX you – – non-op, stay of free out. – assuming up? say know one you But or XXXX at you plan thereabouts, get you cash I operated just or here. if I at flow there there that at looking

Eric Greager

Yes.

perhaps we've we if this to we're stabilizes price are say program about that and let's because down, lagging today, and about then that with CapEx slow months. exercise that's current drilling mean, dollars of in is completions in program And definitely be challenging. we on revolver that and next to And have XXXX years, talking involved them associated six – don't you're options the primarily by to XXXX. we think pace pretty I don't spending development spend going revenue completions X.X-rig the of XXXX. I excess about talked the with have until draw then, couple a the over

then just The as French the unlevered quite cash lines opposite. of out generating and the the forward cross. and clearly XXXX, Lake, free XXXX, then in revenues RBL and Now from revenues the XXXX start paying those the into flow. Company flow cash the do flowing CapEx. you And moving there, And back then overwhelmed

point as that You're we program. That's basically from modeled that forward, continue to operate all that level-loaded strip.

And maybe days so, ago. well, from XX strip

feel good really that a the have And it's really robustness that And there. absolutely like French – a the Lake program. we So, great excellent partnership what about great – rock. we we of operating fact is

is even And great fine for But with because turn even this we're of out instead kind price ramp operated kind we've at of the ramp years, out. We're program smooth leverage if that even $XX a early price of and still a ton flat of a leverage QX XXXX, with is, – of still file. less down than ratio number XXXX even at or under in of it our with strip a low-XXs its of truth peak. a got starts to flexibility up

which And record terms contemplate comments program. And the creating. really of that we've betting efficiencies, track so, built of a this robust is think in a on I doesn't

program future, the see and in pivot to. the if optionality capital on side to and the elsewhere can't hard So, but about – we we you preserve feel the need we pretty both because good flexibility it, we

Mike Scialla

at And mid-teens of next growth on for is of still looking side, the that the be growth couple you'd kind years?

Eric Greager

Yes, to. ahead. I think go Yes, going not it's

Brant DeMuth

it know, I we classify if yet. specific growth. it, a as modest to would refine I No, number Mike, don't want to

Eric Greager

Yes, XXXX it's XXXX. probably French the for XX% of Mid-teens bit is think Lake get that talking of stand same more where about the little we production contributing. of until thing – And kind today. you over we're a slog we Brant's progression could right. in exactly I say best

starts that XXXX, happen. and XXXX So, to

look you think can I to mid-teens XXXX, a and is sort probably XXXX for of thing So reasonable expect.

Mike Scialla

does then, you just to from at do And you all? me. one change wanted how if see the And playing Okay. – mix I that last one for much oil year this so, out? see

Eric Greager

two. I really on turned think feel XX% we And given to number about that is, to does as past. it any reason DJ actually sales quarter solution drive previous for depend good well we in we've on about and you – talked the is range. we've It this depends in the XX%. that or pretty understand the And the of guided a gas quarter, pads environment.

to you we the vapor holds that SRV, back point. the to the as wells closer can gas, reservoir pressure put do. And if but going a oil-prone more ours, you the rock well, manage particularly down you're in production, bubble eventually, the eventually when So get you like draw curve out coax the you the on lot the pressure of fluid which where in oil early

see Naturally, and as put larger more wells happening on we've inventory, the up you start build in a more then, those wells you'll GOR to GOR. base to up. all And the that's larger And come of going are and sales.

turn for little a that growing that's ever pads that gets on GOR. you base in to growing the harder it move So, bit

going oil what cut. our if less it's I And So, kind think kind this in you're to volatility of range, is in to of you XX% going see XX% converge continue like. to high-XXs to

Mike Scialla

you it. much. very Got Thank

Eric Greager

Thanks, Yes. Mike.

Operator

a is follow-up question Welles next Fitzpatrick our And with from you. Thank SunTrust.

now Your line open. is

Welles Fitzpatrick

Is is those that? lot pressure mass what me But of of that back commodity there It private about low that types in Is Hi, critical hop guys. might guys. below might on for on. Obviously, roll-up like bit moves be and RMI? the – a talk systems environment? a midstream on little of side. any Thanks basin. a of about kind involve equity-backed it M&A on whatnot the the putting let What any of lot

Eric Greager

but it's creating creating opportunities, paralysis. It also is, It's Welles.

well. the this that advantage As fast, you upstream and not We're are like in of difference when say, multiples, things something systems as our hurt we the companies gathering could take the and around which look can and will business benefit imagine, two with sale-leaseback, RMI there in a midstreamers buy move from fees. to interested maybe opportunities

inch are patient little our true opportunities, on that volumes too, to something the And through midstream trying not us problem the given because there terms but think at E&P the the and site and in is to really a are to sheet fee along how balance sure creates that thought we them. And and are on the miles be economic to forecast stress regard, scale revenue their which looking really for their it. we've is and I allows in capacity, of think, stress and then of they're in how flank. efficiencies at that play gathering pipe business midstreamers Again, model contributes something going eastern they're participating and in paralysis they that is to looking

think unlock RMI other owned the entity fact there you opportunity, and value is huge a side, others Bonanza within some On particularly, Creek the that probably a there we And us. if like about as could wholly are there.

be I an the make sheet environment and patience to where think. of our But have we Board gives and really good decisions team balance to again, think opportunities in of conversations. our our So, are strength time going continue to the lots I of those there leadership us

Welles Fitzpatrick

back Okay. unique on. hop advantage. sense. me for let It's makes It Thanks a

Eric Greager

Yes.

You bet, Welles. you. Thank

Operator

Thank turn and the Greager our any remarks. for gentlemen, you. call closing to I to Eric like now session. back over question-and-answer Ladies this concludes would

Eric Greager

you have We'd the the and to remind I call we thanks Annual seeing and XXth to Suisse again your interest look this in unveil be Credit want you, Bonanza be will we'll everyone then. will who those Yes. for you. at love forward you, week early Creek. Energy Thank conversations Thank to just Summit, operator, with there. joining and

Operator

Ladies this and today’s conference you concludes participating. call. for gentlemen, Thank

disconnect. now may You

Civitas Resources (CIVI) 28 Feb 202019 Q4 Earnings call transcript