HighPoint Resources reports Q3 adj. EPS 8c, consensus 50c

Reports Q3 revenue $67.3M, consensus $61.7M. Reported production sales volume of 2.8 million barrels of oil equivalent for the third quarter of 2020, exceeding the high end of guidance by 9%. Chief Executive Officer and President Scot Woodall commented, "The current operating environment continued to present challenges during the third quarter, but I am proud of our ability to exceed our quarterly objectives and continue to make progress toward our full year goals. Our employees remain healthy and safe and I'm pleased with our ability to execute as production exceeded guidance on significantly lower spending and we aggressively reduced operating costs. This allowed us to generate positive free cash flow, which was used to reduce net bank debt by 34%. Today, we announced an agreement to merge with Bonanza Creek in a strategic combination that provides our stakeholders an opportunity to participate in a larger DJ Basin company with a strong balance sheet and free cash flow profile. We look forward to working with the Bonanza Creek team in the coming months as we integrate the two organizations."