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Highpoint Resources Corp (HPR) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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HPR Quarterly Reports

Highpoint Resources Corp

CIK: 1725526 Ticker: HPR

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Press Release

For immediate release

Company contact: Larry C. Busnardo, Vice President, Investor Relations, 303-312-8514

HighPoint Resources Reports First Quarter 2020 Financial and Operating Results

Reported production sales volume of 2.9 million barrels of oil equivalent ("MMBoe") for the first quarter of 2020, above the high end of guidance

Oil production sales volume of 1.6 million barrels of oil ("MMBbls") for the first quarter of 2020; 55% of total equivalent production sales volume and above the high end of guidance

First quarter of 2020 capital expenditures totaled $70 million, below the low end of guidance

Reduced bank debt by $45 million or 32% during the first quarter of 2020; prioritizing the preservation of balance sheet and liquidity and free cash flow generation

Strong hedge position insulates 2020 and 2021 cash flow against fluctuations in crude prices; current mark-to-market value of approximately $170 million

See COVID-19 disclosures on Page 7

DENVER - May 4, 2020 - HighPoint Resources Corporation ("we", "us", the "Company" or "HighPoint") (NYSE: HPR) today reported first quarter of 2020 financial and operating results, including total production and oil volumes above guidance, capital expenditures below guidance and a 32% reduction in bank debt.

For the first quarter of 2020, the Company reported a net loss of $1,016 million, or $4.81 per diluted share. The net loss was driven primarily by a non-cash impairment of $1,265 million related to proved and unproved oil and gas properties as a result of lower current and forecasted commodity prices. Adjusted net income for the first quarter of 2020 was a net loss of $7 million, or $0.03 per diluted share. EBITDAX for the first quarter of 2020 was $81 million. Adjusted net income (loss) and EBITDAX are non-GAAP (Generally Accepted Accounting Principles) measures. Please reference the reconciliations to GAAP net income at the end of this release.

Chief Executive Officer and President Scot Woodall commented, "We are in unprecedented times and responded to the COVID-19 pandemic by moving expeditiously to protect the health and safety of our employees and community by implementing remote workforce measures as part of our business continuity plan. The health, safety and well being of our employees is of utmost importance and I would like to commend them for their commitment, dedication and high level of professionalism in maintaining the smooth functioning of our operations during these challenging times."

"Our top priority remains preserving our balance sheet and liquidity and ensuring free cash flow generation by maintaining a disciplined approach to capital investment. We reacted to what we anticipate will be a sustained period of lower crude prices by prudently deferring drilling and
1Reconciliations of non-GAAP measures, including adjusted net income and EBITDAX can be found in the tables at the end of this release

The following information was filed by Highpoint Resources Corp (HPR) on Monday, May 4, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Highpoint Resources Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Consolidated Statements Of Stockholders' Equity (Unaudited)
Asset Retirement Obligations
Asset Retirement Obligations (Tables)
Asset Retirement Obligations - Schedule Of Asset Retirement Obligations (Detail)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Detail)
Commitments And Contingencies - Gross Future Minimum Transportation Demand And Firm Processing Charges (Detail)
Commitments And Contingencies - Other Commitments (Detail)
Commitments And Contingencies Commitments And Contingencies - Gross Future Minimum Volume Charges (Details)
Derivative Instruments
Derivative Instruments (Tables)
Derivative Instruments - Additional Information (Detail)
Derivative Instruments - Fair Value Amounts Of Derivative Instruments (Detail)
Derivative Instruments - Financial Instruments For Hedging Volume (Detail)
Equity Incentive Compensation Plans And Other Long-Term Incentive Programs
Equity Incentive Compensation Plans And Other Long-Term Incentive Programs (Tables)
Equity Incentive Compensation Plans And Other Long-Term Incentive Programs - Additional Information (Detail)
Equity Incentive Compensation Plans And Other Long-Term Incentive Programs - Non-Cash Stock-Based Compensation Cost Related To Equity Awards (Detail)
Equity Incentive Compensation Plans And Other Long-Term Incentive Programs - Stock Options And Nonvested Equity Shares, Equity Awards Granted (Detail)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Detail)
Fair Value Measurements - Fair Value, Balance Sheet Grouping (Detail)
Fair Value Measurements - Nonrecurring (Details)
Fair Value Measures - Level 3 Unobservable Inputs (Details)
Income Taxes
Income Taxes - Additional Information (Detail)
Leases
Leases (Tables)
Leases Additional Details (Details)
Leases Lease Cost (Details)
Leases Maturity (Details)
Leases Supplemental Balance Sheet (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Additional Information (Detail)
Long-Term Debt - Outstanding Debt (Detail)
Organization
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Accounts Payable And Accrued Liabilities (Detail)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Significant Accounting Policies - Calculation Of Basic And Diluted Earnings (Loss) Per Share (Detail)
Summary Of Significant Accounting Policies - Net Capitalized Costs And Associated Accumulated Depreciation, Depletion &Amp; Amortization And Non Cash Impairments (Detail)
Summary Of Significant Accounting Policies - Non-Cash Impairment Charges (Details)
Summary Of Significant Accounting Policies - Revenue Recognition (Details)
Summary Of Significant Accounting Policies - Summary Of Accounts Receivable (Detail)
Supplemental Disclosures Of Cash Flow Information
Supplemental Disclosures Of Cash Flow Information (Tables)
Supplemental Disclosures Of Cash Flow Information - Additional Information (Details)
Supplemental Disclosures Of Cash Flow Information - Supplemental Cash Flow Information (Details)
Ticker: HPR
CIK: 1725526
Form Type: 10-Q Quarterly Report
Accession Number: 0001725526-20-000057
Submitted to the SEC: Mon May 04 2020 4:43:47 PM EST
Accepted by the SEC: Mon May 04 2020
Period: Tuesday, March 31, 2020
Industry: Crude Petroleum And Natural Gas

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