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FEBRUARY 2015 EARNINGS CALL PRESENTATION – Goodrich Petroleum Corp.

Goodrich Petroleum Corp. · Feb 27, 2015 · 23 slides

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  1. FEBRUARY 2015 EARNINGS CALL PRESENTATION – Goodrich Petroleum Corp. – slide 1
    Earnings Call Presentation February 2015 1 Copyright 2015 Goodrich Petroleum Corporation
  2. FEBRUARY 2015 EARNINGS CALL PRESENTATION – Goodrich Petroleum Corp. – slide 2
    COMPANY PROFILE Proved Reserves PV10 Growth (MM)1 Large core acreage position with 651 68 562,500 gross (392,930 net) acres in Oil & NGL Gas Texas, Louisiana and Mississippi, 452 472 with over 7.1 Tcfe of resource 362 359 99…
  3. FEBRUARY 2015 EARNINGS CALL PRESENTATION – Goodrich Petroleum Corp. – slide 3
    RESERVE AND RESOURCE POTENTIAL YE14 Proved Reserves by Area 3P Resource Potential by Area (1) ART / Other 5% Eagle Ford North ART / Other 7% 24% Louisiana Haynesville North Eagle Louisiana Ford (Core) 30% Haynesville 23%…
  4. FEBRUARY 2015 EARNINGS CALL PRESENTATION – Goodrich Petroleum Corp. – slide 4
    OIL VOLUME GROWTH 5,800 4,800 4,200 3,800 *Eagleford (EFS) includes miscellaneous volumes from non-core properties. All volumes are approximate. 5 Copyright 2015 Goodrich Petroleum Corporation
  5. FEBRUARY 2015 EARNINGS CALL PRESENTATION – Goodrich Petroleum Corp. – slide 5
    SENIOR SECURED NOTES Summary of Principal Terms & Conditions Issue: 100,000,000 Purpose: Repay borrowings under First Lien Facility and general corporate purposes Security: Notes secured on second priority basis Initial Issue…
  6. FEBRUARY 2015 EARNINGS CALL PRESENTATION – Goodrich Petroleum Corp. – slide 6
    2015 GUIDANCE Base Case Estimates (MM) 2015 CAPEX: Tuscaloosa Marine Shale 73 - 93 Eagle Ford Shale Haynesville Shale 7 Leasehold, Infrastructure, other 10 Total Capex 90 - 110 Production: Oil (Bbls/d) 4,800 - 5,200…
  7. FEBRUARY 2015 EARNINGS CALL PRESENTATION – Goodrich Petroleum Corp. – slide 7
    HEDGING SUMMARY Daily Natural Gas & Crude Oil Hedged Volumes (NYMEX) Natural Gas: 2014 2015 2016 NYMEX Natural Gas Call Options (MMBtu/day) 20,000 (1) 20,000 (1) NYMEX Price (/MMBtu) 5.06 5.06 NYMEX Natural Gas Swaps (MMBtu/day)…
  8. FEBRUARY 2015 EARNINGS CALL PRESENTATION – Goodrich Petroleum Corp. – slide 8
    POTENTIAL 2015 OIL PRICING Hypothetical Impact of 2015 Hedge Position** Estimated 2015 Avg. Oil Production (Bopd) 5,000 6,000 7,000 Strip 83.00 78.00 74.00 NYMEX Oil Pricing () 55.00 84.00 79.00 76.00 65.00 87.00 83.00…
  9. FEBRUARY 2015 EARNINGS CALL PRESENTATION – Goodrich Petroleum Corp. – slide 9
    CORE PROPERTIES Acreage: 562,550 gross (392,930 net) HAYNESVILLE SHALE - CORE Gross (Net) Acres: 31,150 (14,300) Proved Reserves (YE'14): 83 Bcfe Probable/Possible Potential (1): 566 Bcfe Objective: Haynesville Shale (Core)…
  10. FEBRUARY 2015 EARNINGS CALL PRESENTATION – Goodrich Petroleum Corp. – slide 10
    TUSCALOOSA MARINE SHALE Emerging shale oil play covering approximately 2.5 million acres Low cost basis on 300,000+ net acres Vintage wells define oil saturation and rock quality Average depth 10,500 14,500 TVD Thickness 100…
  11. FEBRUARY 2015 EARNINGS CALL PRESENTATION – Goodrich Petroleum Corp. – slide 11
    TMS OPTIMIZED WELLS (24) Well Control & Structure Map 500 Contour Currently delineated core (GDP: 150,000 net acres) GDP ECA GDP GDP GDP Crosby Lewis CMR Bates C.H. Lewis 12H-1 7-18H-1 8-5H-1 25-24H-1 30-19H-1 GDP Nunnery…
  12. FEBRUARY 2015 EARNINGS CALL PRESENTATION – Goodrich Petroleum Corp. – slide 12
    OPTIMIZED TMS WELLS (24) Optimized Criteria: Lower TMS landing target 5,000+ lateral length 450,000 lbs. proppant per stage (1,600 lbs. per foot) Optimum hybrid slick water frac design Optimized TMS Wells: GDP Crosby 12 H1 GDP…
  13. FEBRUARY 2015 EARNINGS CALL PRESENTATION – Goodrich Petroleum Corp. – slide 13
    OPTIMIZED WELL PERFORMANCE Area 1 (Core) 14 Copyright 2015 Goodrich Petroleum Corporation
  14. FEBRUARY 2015 EARNINGS CALL PRESENTATION – Goodrich Petroleum Corp. – slide 14
    OPTIMIZED WELL PERFORMANCE Area 2 (Core) 15 Copyright 2015 Goodrich Petroleum Corporation
  15. FEBRUARY 2015 EARNINGS CALL PRESENTATION – Goodrich Petroleum Corp. – slide 15
    OPTIMIZED WELL PERFORMANCE Area 3 (Core) 16 Copyright 2015 Goodrich Petroleum Corporation
  16. FEBRUARY 2015 EARNINGS CALL PRESENTATION – Goodrich Petroleum Corp. – slide 16
    OPTIMIZED WELL PERFORMANCE Area 4 (Non-Core) 17 Copyright 2015 Goodrich Petroleum Corporation
  17. FEBRUARY 2015 EARNINGS CALL PRESENTATION – Goodrich Petroleum Corp. – slide 17
    TMS TYPE CURVE (600 & 800 MBOE) Optimized Wells (24) 18 Copyright 2015 Goodrich Petroleum Corporation
  18. FEBRUARY 2015 EARNINGS CALL PRESENTATION – Goodrich Petroleum Corp. – slide 18
    TMS OPTIMIZED COMPOSITE WELL DECLINE CURVE 82.6% NRI, 10.0MM, 65/bbl GDP Type Curves Gross Reserves 700 Mboe 600 Mboe Net Reserves 578 Mboe 496 Mboe F&D Cost (/BOE) 17.30 20.16 IRR 32% 22% NPV (MM) 5.38 3.31 Core locations…
  19. FEBRUARY 2015 EARNINGS CALL PRESENTATION – Goodrich Petroleum Corp. – slide 19
    TMS AVERAGE DRILL TIME BY QUARTER 20 Copyright 2015 Goodrich Petroleum Corporation
  20. FEBRUARY 2015 EARNINGS CALL PRESENTATION – Goodrich Petroleum Corp. – slide 20
    COST BREAKDOWN 2014 2015 2015 (USD in millions) 6,000 Single-Well Pad 6,000 Single-Well Pad 5,000 Two-Well Pad Drilling 40 Days 29 Days 27 Days Intangible 4.7 3.8 3.5 Tangible 0.9 0.7 0.7 Run Casing 1.4 1.3 1.2 Total Drill…
  21. FEBRUARY 2015 EARNINGS CALL PRESENTATION – Goodrich Petroleum Corp. – slide 21
    TMS WELL ECONOMIC SUMMARY Well Cost: 10.0 MM Recent single-well pad was approximately 12 MM. Lateral Length: 6,000 Current single-well pad AFE is Frac Stages: 20 approximately 10.0 MM. Royalty Burden: 17.4% Expect additional…
  22. FEBRUARY 2015 EARNINGS CALL PRESENTATION – Goodrich Petroleum Corp. – slide 22
    TMS WELL ECONOMICS 13.0 MM Capex 10.0 MM Capex 600 MBoe 700 MBoe 800 MBoe Breakeven Economics 10 MM 13 MM 600 MBoe 50/Bbl 64/Bbl EUR 700 MBoe 44/Bbl 56/Bbl 800 MBoe 37/Bbl 48/Bbl Note: Internally estimated type curves.…
  23. FEBRUARY 2015 EARNINGS CALL PRESENTATION – Goodrich Petroleum Corp. – slide 23
    NYSE: GDP 24 Copyright 2015 Goodrich Petroleum Corporation

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