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Goodrich Chop 2020 Capex, Drilling Program Down -30%
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Goodrich Petroleum Corp. has detailed its 2020 capital plans.
The company plans to reduced its capital program by -35%, however drilling & completion activity is set to only fall 19% year over year.
The company plans to bring online 5.8 net wells vs 7.2 net wells in 2019. Drilling & Completion activity will be focused on the core Haynesville Shale wells in the Bethany-Longstreet area of Caddo and DeSoto Parishes, Louisiana.
Production is set to grow +15% year over year. We will however look for growth in 2020 vs 2019 exit.
Budget Summary
The budget is based on natural gas and oil prices of $2.50 and $55.00, respectively.
Hedges
In addition, the Company has hedged approximately 45% - 50% of its expected natural gas volumes for the year at a blended average price of approximately $2.60.
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Capital Expenditure - 2020
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