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Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp.

Goodrich Petroleum Corp. · May 10, 2012 · 36 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. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 1
    Bairds 2012 Growth Stock Conference May 10, 2012 1
  2. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 2
    MARKET DATA Headquartered: Houston, Texas ( NYSE : GDP ) Market Data as of May 2, 2012 Price: 15.83 per share Shares Of Common Stock Outstanding (Basic): 36.1 million Market Capitalization: 575 million Enterprise Value: 1,275…
  3. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 3
    CAPITALIZATION TABLE As of December 31, 2011 ( in 000s) Cash 3,350 Long-term Debt: Senior Credit Facility (1) 102,500 Convertible Senior Notes due 2029 (2) 219,000 Senior Notes due 2019 275,000 Total Debt 596,500 Total Net…
  4. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 4
    COMPANY PROFILE & STRATEGY Growth oriented low cost E&P company focused on Proved Reserves Growth unconventional resource plays in Louisiana and Texas. (Bcfe) Multiple objectives with long life reserves and repeatability 501…
  5. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 5
    RESERVE OVERVIEW Proved Reserves by Area 3P Resource Potential by Area (Unrisked) (1) Shelby Trough / ART Other 5% Cotton Valley 3% Eagle Ford Taylor Sand 7% North Louisiana 9% Shelby Trough / ART Haynesville 40% Other CV & E.…
  6. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 6
    2012 DRILLING PROGRAM Area ( MM) 2012 Capex Allocation Haynesville Core Haynesville ART / (NW La.) Eagle Ford Shale Trend 175 Shelby Trough 7% Leasehold / 8% Infrastructure Tuscaloosa Marine Shale 20 Tuscaloosa Marine Shale 7%…
  7. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 7
    PRODUCTION VOLUMES (Average Net Daily MCFE) 120,000 40 36.60 109,700 35 32.24 100,000 92,400 30 81,600 GDP Stock Price 80,000 MCFE Per Day 25 66,100 24.94 60,000 20 15.80 43,800 17.73 15 40,000 10…
  8. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 8
    HEDGING SUMMARY Daily Natural Gas & Crude Oil Hedged Volumes (NYMEX) Natural Gas: 2012 2013 2014 Swaps (MMBtu/day) (1) 20,000 20,000 (1) 20,000 (1) NYMEX Price (/MMBtu) 5.35 5.35 5.35 Collars (MMBtu/day) 40,000 NYMEX Ceiling Price…
  9. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 9
    GDP CASH FLOW GROWTH 60 50 GDP Quarterly EBITDAX (MM) 49.1 40 43.7 42.7 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 EBITDAX 10
  10. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 10
    CASH MARGIN EXPANSION Cash Operating Expense per Mcfe 7.50 7.50 6.50 6.50 Revenue Per Mcfe 5.50 5.50 4.50 4.50 3.50 3.50 2.50 2.50 1.50 1.50 0.50 0.50 3Q'10 1Q'09 2Q'09 3Q'09 4Q'09 1Q'10…
  11. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 11
    CORE PROPERTIES EAST TEXAS COTTON VALLEY / HAYNESVILLE NORTH LOUISIANA HAYNESVILLE CORE Gross (Net) Acres: 51,610 (45,414) Gross (Net) Acres: 31,475 (18,139) Proved Reserves (YE11): 206 Bcfe Proved Reserves (YE11): 235 Bcfe…
  12. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 12
    EAGLE FORD SHALE TREND Overview Pay Zones OLMOS ANACACHO TEXAS AUSTIN CHALK TEXAS EAGLE FORD 90 105 feet BUDA 13
  13. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 13
    EAGLE FORD SHALE TREND Oil Window - La Salle and Frio Counties, Texas Acquisition Summary: Approximately 55,000 gross (39,000 net) acres with average working interest of 72.5% (56% NRI). 6,000 foot laterals with 100-acre spacing…
  14. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 14
    EAGLE FORD SHALE TREND Oil Window - La Salle and Frio Counties, Texas Goodrich Acreage: 55,000 gross (39,000 net) acres 15
  15. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 15
    EAGLE FORD SHALE ACTIVITY -2000 -4000 -3000 GDP Carnes 7H (Buda) IP: 1,167 BOE/day GDP -5000 -4000 Carnes 6H (Buda) IP: 1,635 BOE/day -5000 GDP Carnes 8H (Buda) -6000 IP: 1,091 BOE/day GDP Shiner Ranch G 4H Buda Lime…
  16. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 16
    EAGLE FORD SHALE TYPE CURVES 1200 Low TC - 315 MBoe Normalized Production (BOE/day) 1000 Mid TC - 475 MBoe High TC - 635 MBoe 800 600 400 200 0 0 6 12 18 24 30 36 42 48 54 60 Production Month ANNUAL…
  17. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 17
    EAGLE FORD SHALE Estimated Well Economics Mid-Case Type Curve (475 MBoe / 6,000 ft lateral) High-Case Type Curve (635 MBoe / 9,000 ft lateral) 250% 250% 200% 200% 150% 150% 100% 100% 50% 50% 0% 0% 70.00 80.00…
  18. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 18
    HAYNESVILLE SHALE OVERVIEW Pay Zones GDP 83,000 Net Acres TAYLOR TAYLOR SAND SAND TEXAS 100 300 feet LOUISIANA TEXAS LOUISIANA 19
  19. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 19
    HAYNESVILLE / BOSSIER SHALE Regional Activity EXCO (Cameron Minerals 1H) IP: 23.9 MMcfe/day GDP GreenwoodWaskom Field Harrison Co. Core Haynesville horizontal GDP Bethany-Longstreet Field Avg. EUR: 7.0 Bcfe EOG (Kurth Inv. 1H)…
  20. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 20
    HAYNESVILLE TYPE CURVES North Louisiana Core Technical EUR Low (6.5 Bcfe) Base (7.5 Bcfe) High (8.5 Bcfe) 100,000 IP rate (MMcf/d) 14.0 15.5 19.5 IP rate (30 day avg. MMcf/d) 10.0 11.0 15.5 Gross EUR (Bcf) 6.5 7.5 8.5 Pretax IRR…
  21. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 21
    HAYNESVILLE WELL PERFORMANCE North Louisiana Core Bethany Longstreet, Greenwood-Waskom & Metcalf Fields Haynesville Horizontal Well Performance 11,000 300 10,000 Well Count Hay Hz Well Group 250 9,000 6.5 Bcf Type Curve Average…
  22. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 22
    HAYNESVILLE SHALE WELL ECONOMICS Mid-Case Type Curve Estimate (7.5 Bcfe) 150% 125% 100% 75% 50% 25% 0% 4.00 5.00 6.00 7.00 8.0 MM 9.0 MM 10.0 MM Note: NYMEX pricing shown. IRR calculation assumes NYMEX pricing…
  23. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 23
    HAYNESVILLE SHALE ACTIVITY Shelby Trough Area Haynesville Shale Penetrations GDP Minden / Beckville GDP Acreage Panola Co. Haynesville Shale Permits Haynesville Rig Activity GDP Bethany Longstreet EXCO (Cameron Minerals 1H)…
  24. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 24
    ANGELINA RIVER TREND Haynesville Type Curves (Restricted Choke Program Nelson 1H) 100,000 10,000 Gas Rate (Mcfpd) 1,000 10 Bcfe 12 Bcfe 14 Bcfe Producing Month 100 0 3 6 9 12 15 18 21 24 27 30 33 36 39 42 45 48 51…
  25. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 25
    ART HAYNESVILLE SHALE Well Economics (Estimated 12.0 Bcfe Curve) 150% 125% 100% 75% 50% 25% 0% 4.00 5.00 6.00 7.00 11.0 MM 12.0 MM 13.0 MM Note: NYMEX pricing shown. IRR calculation assumes NYMEX pricing less…
  26. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 26
    BOSSIER SHALE ACTIVITY Shelby Trough Haynesville Shale Penetrations GDP Minden / Beckville GDP Acreage Panola Co. Haynesville Shale Permits Haynesville Rig Activity GDP Bethany Longstreet GDP (R. Dean 2H) DeSoto Ph. Bossier…
  27. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 27
    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…
  28. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 28
    COTTON VALLEY (TAYLOR SAND) Beckville, Minden & South Henderson Fields (Rusk & Panola Co, TX) Beckville & Minden: Shallow Deep GDP Gross Acres: 46,000 acres 46,000 acres KF WH Carter A2 GU B2H Net Acres: 39,800 acres 37,200 acres…
  29. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 29
    COTTON VALLEY TAYLOR SAND Type Curves 9,000 Low TC - 6.5 Bcfe Normalized Production (Mcfe/day) 8,000 Mid TC - 7.5 Bcfe 7,000 High TC - 8.5 Bcfe 6,000 5,000 4,000 3,000 2,000 1,000 0 0 6 12 18 24 30 36 42 48 54…
  30. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 30
    COTTON VALLEY TAYLOR SAND Estimated Well Economics Mid-Case Type Curve (7.5 Bcfe) 150% 125% 100% 75% 50% 25% 0% 2.00 / 70 / 35 3.00 / 90 / 45 4.00 / 110 / 55 7.5 MM 8.0 MM 8.5 MM Note: NYMEX pricing shown.…
  31. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 31
    TUSCALOOSA MARINE SHALE Emerging Shale Oil Play Emerging shale oil play 102,600 net acres leased Net cost 21 million or approximately 200 / acre Vintage wells define oil saturation and rock quality Average depth 11,000 13,000…
  32. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 32
    TUSCALOOSA MARINE SHALE ECA ECA GDP ECA ECA Board of Education 1H Anderson 17H 1 Crosby 12H 1 Joe Jackson 4H 2 Anderson 18H 1 Horizontal Re-Entry (Completing) (Proposed) (Permitted) (Completing) IP: 373 Bopd, (GDP WI: 5%) 12/64…
  33. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 33
    DRILLING INVENTORY (UN-RISKED) 2012 Capital Program Total Inventory Net Net Proved, 2012 Net Gross Net Probable / Probable, Unrisked YE11 Probable Probable Possible Possible Capital Proved and and Resource Resource Gross Net…
  34. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 34
    ESTIMATED SUM OF THE PARTS NYSE : GDP Valuation Range Asset Amount (1) Metric ( in millions) Low High Low High Flowing Production Multiple 108,200 Mcfe/day 8,000 / Mcfe 12,000 / Mcfe 866 1,298 Proved Undeveloped Reserves 289…
  35. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 35
    WHY INVEST IN GOODRICH PETROLEUM NYSE : GDP Quality of reserves and inventory has never been this good Excellent exposure to Eagle Ford and core Haynesville Shale plays. Great leverage to the Tuscaloosa Marine Shale play, cash…
  36. Bairds 2012 Growth Stock Conference – Goodrich Petroleum Corp. – slide 36
    NYSE : GDP 37

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