News Release Details
HighPoint Resources Provides Update on Development Program
- All drilling and completion activity that is currently in progress will be completed, and all new planned activity will be deferred; this will not impact first half of 2020 production volumes
- Maintain flexibility to adjust capital program further based on market conditions
- Strong hedge position protects 2020 cash flow and has a current mark-to-market value of approximately
- Still anticipate generating positive free cash flow in 2020
- Anticipate reducing bank debt by approximately
$45 millionduring the first quarter of 2020 and have no significant debt maturity before October 2022
Chief Executive Officer and President
The Company’s current liquidity position is approximately
The Company plans to provide more comprehensive details and updated 2020 guidance as part of its first quarter earnings conference call in May and, as such, the 2020 guidance issued on
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. Forward-looking statements include, among other things, statements regarding future development activities, production, returns, free cash flow, debt levels and future opportunities.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Actual results may vary significantly from those indicated in the forward-looking statements. Please refer to our Annual Report on Form 10-K for the year ended
We define free cash free cash flow, a non-U.S. GAAP financial measure, as net cash from operating activities, excluding changes in working capital, less oil and gas capital investments. We are unable to present a reconciliation of forward-looking free cash flow because components of the calculation, including fluctuations in working capital accounts, are inherently unpredictable. Moreover, estimating the most directly comparable GAAP measure with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. We believe that forward-looking estimates of free cash flow are important to investors because they assist in the analysis of our ability to generate cash from our operations in excess of capital investments in crude oil and natural gas properties.
Source: HighPoint Resources Corporation