HighPoint Resources (HPR) delivered strong operational results in Q1 2020, with production of 2.9 million BOE during the quarter. This was above its guidance for 2.7 to 2.8 million BOE of production during the quarter.
Despite the strong operational performance, HighPoint still faces a very tough challenge in dealing with its 2022 unsecured debt maturity. Its unsecured notes are trading at around 30 to 35 cents on the dollar, reflecting the low expectation that they will be paid back in full.
Significant Borrowing Base Reduction
HighPoint announced on May 21 that its credit