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Goodrich Unveils 2015 Budget; May Sell Off Eagle Ford Assets
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Goodrich Petroleum Corporation announced its preliminary 2015 capital expenditure budget and operational update.
2015 Capital BudgetThe Company today announced a preliminary capital expenditure budget for 2015 of $150 – 200 million, with flexibility to accelerate with improvement in oil prices and the monetization of certain assets described below. Oil-directed capital is estimated to be in excess of 95% of the total, with the entire oil-directed allocation to the Tuscaloosa Marine Shale, where costs are coming down and results have continued to improve. Oil production volumes are expected to average 6,100 – 6,700 barrels per day for the year, which represents 30 – 42% year-over-year growth. Natural gas volumes are expected to decrease by 15 – 20% year-over-year when factoring in the…
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