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Goodrich Lowers 2018 Guidance Due to 'Completion Delays'; Preps to Add Second Rig

Share Print Bookmark    |    Tuesday,May 15,2018

Goodrich reported its Q1 2018 results.

Highlights:

- Q1 2018 production of 37,000 Mcfe/d (up +42% YOY and up +19% from 4Q17)

• Lowers Production Guidance: Due to completion delays, the Company is revising its full year production guidance to an average of 65,000 to 75,000 Mcfe per day, but maintaining its 2018 Exit Rate of 100,000 Mcfe per day.

- Revenues totaled $11.8 million in the quarter, versus $9.4 million in the prior year period.

• Operating Loss: Operating loss, defined as revenues minus operating expenses, totaled $1.3 million in the quarter, versus an operating loss of $3.5 million in the prior year period.

- Agreed to sell portion of TMS interests for $3.3 million

- Plans to add second rig

Drilling Activity

Red River Parish, LA

Cason-Dickson 14-23 1H well (92% WI):

• 64 stage frac
• 8,000' lateral length
• 4,000 lbs proppant/ft

Cason-Dickson 14-23 2H well (86% WI):

• 33 stage frac
• 3,000' lateral length
• 5,000 lbs proppant/ft

Both wells are expected to commence flowback today with initial production rates on both wells expected to be released within the next two weeks.

The Company is currently running one rig, which is drilling its Wurtsbaugh 35 No. 1 (72% WI) well in the Bethany-Longstreet field. The well, which will be an earn-in well under a farmout agreement, is planned for a 4,600 foot lateral with a frac date currently scheduled for June. A second rig is expected to commence operations in late June to drill the Harris-Dickson 14-23 3H (estimated 95% WI) well, which is planned as an approximate 7,000 foot lateral to re-drill the remainder of the lateral originally planned for the Cason-Dickson 14-23 2H well.