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HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp.

Goodrich Petroleum Corp. · Mar 19, 2013 · 33 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 1
    Howard Weil Energy Conference New Orleans, LA March 19, 2013 1
  2. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 2
    MARKET DATA Headquartered: Houston, Texas ( NYSE : GDP ) Market Data as of March 12, 2013 Price: 14.61 Per Share Shares Of Common Stock Outstanding (Basic): 36.8 Million Market Capitalization: 540 Million Enterprise Value: 1.1…
  3. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 3
    CAPITALIZATION TABLE As of December 31, 2012 ( in 000s) Cash 1,200 Long-term Debt: Senior Credit Facility (1) 95,000 Convertible Senior Notes due 2029 (2) 218,900 Senior Notes due 2019 275,000 Total Debt 588,900 Total Net…
  4. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 4
    COMPANY PROFILE & STRATEGY Production Growth (MMcfe/d) 110 Large core acreage position with 326,000 gross 93 (255,000 net) acres in Texas, Louisiana and Mississippi: 82 86 67 99 135,000 net acres in the Tuscaloosa Marine Shale 44…
  5. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 5
    2012 RESERVE OVERVIEW Proved Reserves by Area 3P Resource Potential by Area (Unrisked) (1) Shelby Trough / ART 2% Cotton Valley Eagle Ford Eagle Ford 9% 15% North Louisiana 6% Shelby Trough / ART Haynesville 42% (Core) TMS…
  6. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 6
    2013 DRILLING PROGRAM Area ( MM) 2013 Capex Allocation 115 Tuscaloosa Eagle Ford Shale Trend Leasehold / Marine Shale 15 Infrastructure 25% Haynesville Core (NW La.) 7% Haynesville ART / Shelby Trough 5 Haynesville ART / Shelby…
  7. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 7
    PRODUCTION VOLUMES (Average Net Daily Mcfe) 120,000 50% 109,700 45% 100,000 92,400 40% 85,800 81,600 35% Percentage Oil 80,000 Mcfe / day 30% 66,100 60,000 25% 21% 43,800 20% 40,000 15% 10% 10%…
  8. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 8
    GDP CASH FLOW GROWTH 60 50 50.5 GDP Quarterly EBITDAX (MM) 49.1 48.0 45.2 40 43.7 42.7 40.4 30 33.7 29.8 26.9 28.0 23.9 20 10 0 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12…
  9. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 9
    CASH MARGIN EXPANSION Cash Operating Expense per Mcfe 10.00 10.00 9.00 9.00 8.00 8.00 Revenue Per Mcfe 7.00 7.00 6.00 6.00 5.00 5.00 4.00 4.00 3.00 3.00 2.00 2.00 1.00 1.00 0.00 0.00 3Q'11 1Q'10…
  10. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 10
    HEDGING SUMMARY Daily Natural Gas & Crude Oil Hedged Volumes (NYMEX) Natural Gas: 2013 2014 Swaps (MMBtu/day) (1) 20,000 (1) NYMEX Price (/MMBtu) 5.35 Collars (MMBtu/day) NYMEX Ceiling Price (/MMBtu) NYMEX Floor Price (/MMBtu)…
  11. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 11
    CORE PROPERTIES Acreage: 326,000 gross (255,000 net) EAST TEXAS COTTON VALLEY / HAYNESVILLE NORTH LOUISIANA HAYNESVILLE CORE Gross (Net) Acres: 43,000 (38,000) Gross (Net) Acres: 32,000 (15,000) Proved Reserves (YE'12): 129 Bcfe…
  12. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 12
    TUSCALOOSA MARINE SHALE Emerging shale oil play covering approximately 2.5 million acres GDP has 135,000 net acres Net cost 32 million or approximately 245 / acre Vintage wells define oil saturation and rock quality Average…
  13. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 13
    TUSCALOOSA MARINE SHALE ECA ECA Horseshoe Hill 10H 1 DVN Ash 31-1H EOG IP: 695 Boe/d (30-day avg.) Richland Farms 74H 1 GDP WI: 12% Dupuy Land Co. 20H 5,300 lateral / 18 frac stages IP: 320 Boe/d (30-day avg.) 6,500 lateral IP: 394…
  14. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 14
    TMS WELL DATA (Data: Public Sources) DVN Beech Grove Land Co 68 H1 High 07/04/11 13,750 3,073 12 177,537 137 85 DVN Soterra 6H-1 Low 10/10/11 12,679 3,929 13 242,016 35 176 DVN Richland Farms 74H1 Low 01/19/12 12,900 4,020 10…
  15. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 15
    TMS CUMULATIVE PRODUCTION 140,000 120,000 100,000 Cumulative Boe 80,000 60,000 40,000 20,000 - 0 1 2 3 4 5 6 7 8 9 10 11 12 Month GDP - Crosby 12H-1 ECA - Anderson 18H-1 ECA - Anderson 17H-1 EFS Base Case…
  16. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 16
    TMS LOW CASE TYPE CURVE (400 MBOE) 1,000 BOEPD 100 10 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Month ECA Weyerhaeuser 73H-1 Low Case TMS TC (400 Mboe) 17
  17. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 17
    TMS BASE CASE TYPE CURVE (600 MBOE) 1,000 BOEPD 100 10 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Month ECA - Horseshoe Hill 10H-1 ECA - Anderson 17H-1 Base Case TMS TC (600 Mboe) 18
  18. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 18
    TMS HIGH CASE TYPE CURVE (800 MBOE) 1,000 BOEPD 100 10 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Month ECA Anderson 18 Boepd GDP Crosby 12 Boepd High Case TMS TC (800 Mboe) 19
  19. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 19
    TMS TYPE CURVES CROSBY FLOWBACK 1,000 BOEPD Equipment Downtime 100 0.0 0.5 1.0 1.5 2.0 Month GDP - Crosby 12H-1 High Case TMS TC (800 Mboe) ECA - Anderson 17H-1(Base Case TC) 20
  20. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 20
    TMS TYPE CURVES 1,000 BOEPD 100 10 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Month ECA - Weyerhaeuser 73H-1 ECA Horseshoe Hill 10H-1 ECA - Anderson 17H-1 ECA - Anderson 18H-1 GDP - Crosby 12H-1…
  21. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 21
    TMS WELL ECONOMICS Single Well Development Well 100% 230% High High 94% 209% Case 90% Case 210% 190% 80% 156% 170% 73% 70% 150% Rate of 56% Rate of 115% Return 60% Return 130% Base 98% Base 42% 47% Case 110% Case 50% 84%…
  22. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 22
    EAGLE FORD SHALE TREND Overview Pay Zones 90 105 feet TEXAS TEXAS 450 500 feet 23
  23. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 23
    EAGLE FORD SHALE TREND Oil Window - La Salle and Frio Counties, Texas Acquisition Summary: Approximately 53,000 gross (39,000 net) acres with average working interest of 72.5% (56% NRI). 6,000 foot laterals with 100-acre spacing…
  24. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 24
    EAGLE FORD SHALE ACTIVITY -2000 -4000 Blackbrush Oil & Gas GDP -3000 Pals Ranch 11H Pearsall Shale acreage Pearsall Shale Approx. 10,000 net acres 1,837 BOE/Day -5000 -4000 (706 BOPD, 700 BNGLD, 2,600Mcfd) -5000 -6000…
  25. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 25
    EAGLE FORD SHALE TYPE CURVE Base-Case Type Curve vs. Normalized Production 1,000 50 Economics (Pretax IRR%) 48 46 Oil Price (/Bbl-NYMEX) 44 80 90 100 42 40 7.0 MM 42% 55% 72% Capex 38 8.0 MM 29% 39% 51% 36 Production…
  26. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 26
    HAYNESVILLE SHALE OVERVIEW Pay Zones GDP 83,000 Net Acres TAYLOR TAYLOR SAND SAND TEXAS 100 300 feet LOUISIANA TEXAS LOUISIANA 27
  27. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 27
    HAYNESVILLE SHALE Regional Activity Haynesville Shale Production Marion Core Haynesville horizontal GDP Claiborne Avg. EUR: 7.0 Bcfe Wood GDP Acreage Upshur GDP GreenwoodWaskom Field Haynesville Rig Activity Bethany-Longstreet…
  28. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 28
    BOSSIER SHALE Shelby Trough Bossier Haynesville Shale Production GDP Minden / Caddo GDP Acreage Smith Beckville Red Haynesville Rig Activity Panola River GDP Rusk Bethany / Longstreet De Soto GDP (R. Dean 2H) Bossier Shale…
  29. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 29
    HAYNESVILLE WELL PERFORMANCE North Louisiana Core Bethany Longstreet, Greenwood-Waskom & Metcalf Fields Haynesville Horizontal Well Performance 11,000 300 Well Count 10,000 Last 20 Wells Average daily production (Mcfpd)…
  30. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 30
    HAYNESVILLE SHALE Potential Impact Net Proved Gross Net Per Well Gross Reserve Estimates (1): Reserves Probable & Probable & Area (Bcfe) Possible Wells(1) Possible Wells(1) 6.5 Bcfe 7.5 Bcfe 8.5 Bcfe Potential Net Impact on GDP…
  31. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 31
    COTTON VALLEY (TAYLOR SAND) Beckville & Minden Fields (Rusk & Panola Co, TX) Beckville & Minden (25% Liquids) BP GDP (Kangerga 3H) KF WH Carter A2 GU B2H IP: 6.0 MMcf/day IP: 4.0 MMcf/day Gross Acres: 43,000 acres Net Acres: 38,000…
  32. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 32
    DRILLING INVENTORY (UN-RISKED) 2013 Capital Program Total Inventory Net Net Proved, 2013 Net Gross Net Probable / Probable, Unrisked YE12 Probable Probable Possible Possible Capital Proved and and Resource Resource Gross Net…
  33. HOWARD WEIL ENERGY CONFERENCE – Goodrich Petroleum Corp. – slide 33
    WHY INVEST IN GOODRICH PETROLEUM NYSE : GDP Transition to a balanced portfolio with greater oil exposure on track Excellent exposure to Eagle Ford and Tuscaloosa Marine Shale oil plays. Great optionality to natural gas through…

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