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2Q 2018 Earnings Presentation – Goodrich Petroleum Corp.

Goodrich Petroleum Corp. · Aug 2, 2018 · 26 slides

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Slides

  1. 2Q 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 1
    Earnings Call Slides 2Q18 August 2018
  2. 2Q 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 2
    Capital Expenditures: Capital Expenditures of 31.0 Million in 2Q18, with Full Year Guidance Remaining 85 95 Million 2019 Preliminary Capex Budget of 125 150 Million Projected to More Than Double Production and EBITDA…
  3. 2Q 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 3
    Value and Growth Investment Opportunity with an Enhanced Balance Sheet, Very High Leverage to the Haynesville and the Ability to Rapidly Grow Volumes, Reserves and EBITDA ASSETS: Haynesville Shale, Eagle Ford Shale and TMS 10-15…
  4. 2Q 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 4
    HAYNESVILLE SHALE - CORE Gross (Net) Acres (YE17): 38,000 (19,000) Proved Reserves (YE17 - SEC) 411.3 Bcfe Objective: Haynesville Shale HAYNESVILLE / BOSSIER SHALE ANGELINA RIVER TREND (ART) Gross (Net) Acres (Current): 8,000…
  5. 2Q 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 5
    SEC PROVED RESERVES (Bcfe) 500 428 ETX 400 300 303 TMS 200 NLA - Haynesville 100 55 Total 0 2015 2016 2017 August 2018 6
  6. 2Q 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 6
    USD in thousands) Cash 1,729 Debt Senior Credit Facility 6,000 2L Convertible Notes (PIK) 50,224 Total Debt 56,224 54,495 Total Net Debt August 2018 7
  7. 2Q 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 7
    160,000 140,000 120,000 100,000 TMS 80,000 60,000 40,000 Haynesville 20,000 - 2017 1Q18 2Q18 2018* 2018 2019* Total Exit Est. Rate * Mid-Point of Guidance August 2018 8
  8. 2Q 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 8
    EV/EBITDA 20.00 15.00 10.00 5.00 0.00 GDP Peer Group Includes: August 2018 APA,APC,AR,AREX,AXAS,BBG,BCEI,CHK,CLR,COG,CPE,CRC,CRK,CRZO,CXO,DVN,ECA,ECR,EOG,EPE, EQT,ESTE, FANG,GPOR,HK,JONE,LLEX,…
  9. 2Q 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 9
    EV/EBITDA 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00 GDP Peer Group Includes: August 2018 APA,APC,AR,AREX,AXAS,BBG,BCEI,CHK,CLR,COG,CPE,CRC,CRK,CRZO,CXO,DVN,ECA,ECR,EOG,EPE, EQT,ESTE, FANG,GPOR,HK,JONE,LLEX,…
  10. 2Q 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 10
    NET DEBT/EBITDA 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 -1.00 GDP Peer Group Includes: APA,APC,AR,AREX,AXAS,BBG,BCEI,CHK,CLR,COG,CPE,CRC,CRK,CRZO,CXO,DVN,ECA,ECR,EOG,…
  11. 2Q 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 11
    Capital Efficiency 35,000 30,000 25,000 20,000 15,000 10,000 5,000 - GDP Source: Company and RS Energy Group (9/17) August 2018 Peer Group Includes: APA,AR,AREX,BBG,BCEI,CHK,CLR,CNX,COG,CPE,CRC,CRK,CRZO,…
  12. 2Q 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 12
    Greenwood- North Louisiana (Haynesville) Waskom / Total Gross/Net Acres: Metcalf/Longwood 38,500/19,000 3,700 Net Ac Average WI/NRI: 40%/29% Acreage HBP: 100% 91 total producing wells (17 Operated) Approximately 200 gross (90…
  13. 2Q 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 13
    Haynesville Recent Industry Activity CRK CRK CHK CHK CHK WILL 22&27&34- CRK CHK 3 Permitted CRK FLORSHEIM 9-16 HC CA 12&13-15 -15 HC CA 12&13-15 -15 HC 15-15HC - 001-ALT HUNTER 28-21HC 1&2 GEPH Unit 6 Drilled / Waiting on 6…
  14. 2Q 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 14
    August 2018 15
  15. 2Q 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 15
    August 2018 16
  16. 2Q 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 16
    August 2018 17
  17. 2Q 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 17
    August 2018 18
  18. 2Q 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 18
    August 2018 19
  19. 2Q 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 19
    10,000' Laterals Cum Production (MCF) 10,000,000 9,000,000 Company Type Curve: EUR: 25 Bcf (2.5 Bcf/1,000 ft) 8,000,000 ROTC 2-Well Average 7,000,000 (4,000/ft) Company Type Curve EUR: 20 Bcf (2.0 Bcf/1,000 ft) 6,000,000…
  20. 2Q 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 20
    Assumptions Louisiana Type Curve 4,600' Lateral Type Curve 100,000 Avg Daily Production (Mcfpd) EUR 11.5 Bcf (2.5 Bcf/1,000) 10,000 Sales Gas BTU Price 1.022 Adjustment 1,000 Pricing Average - NYMEX less 0.60 / MMBtu…
  21. 2Q 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 21
    Assumptions Louisiana Type Curve 7,500' Lateral Type Curve 100,000 Avg Daily Production (Mcfpd) EUR 18.75 Bcf (2.5 Bcf/1,000) 10,000 Sales Gas BTU Price 1.022 Adjustment 1,000 Pricing Average - NYMEX less 0.60 / MMBtu…
  22. 2Q 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 22
    10,000' Lateral Type Curve Assumptions Louisiana Type Curve 100,000 Avg Daily Production (Mcfpd) EUR 25.0 Bcf (2.5 Bcf/1,000) 10,000 Sales Gas BTU Price 1.022 Adjustment 1,000 Pricing Average - NYMEX less 0.60 / MMBtu…
  23. 2Q 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 23
    Strong EBITDA Growth in 2018 Driven By Substantial Increase in Production On A Much Lower Unit Cost Structure Two Operated Rigs Running Currently, Which Will Drive Operated Volume Growth Which Carries a Lower Lifting Cost Due to…
  24. 2Q 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 24
    August 2018 A-1
  25. 2Q 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 25
    Period Natural Gas Volumes (Mcfpd) Natural Gas Price 3Q18 38,000 3.02 4Q18 39,000 3.02 1Q19 50,000 2.96 2Q19 40,000 2.85 3Q19 40,000 2.85 4Q19 40,000 2.85 1Q20 40,000 2.81 Period Oil Volumes (Bopd) Oil Price 3Q18 350 51.08…
  26. 2Q 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 26
    Activity Wells Production 2018E Gross (Net) Wells: 17 (8.2) Annual Net Production: 23.73 27.38 Bcfe Average Net Lateral Length: 8,000 Avg Daily Production: 65,000-75,000 Mcfe/d Percentage Operated (Net): 84% Natural Gas: 95%…

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