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Q3 2018 Earnings Results – Goodrich Petroleum Corp.

Goodrich Petroleum Corp. · Nov 9, 2018 · 25 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. Q3 2018 Earnings Results – Goodrich Petroleum Corp. – slide 1
    Earnings Call Slides 3Q18 November 2018
  2. Q3 2018 Earnings Results – Goodrich Petroleum Corp. – slide 2
    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…
  3. Q3 2018 Earnings Results – Goodrich Petroleum Corp. – slide 3
    Capital Expenditures: Capital Expenditures of 38.3 Million in 3Q18, with Fourth Quarter Guidance of 8 10 Million 2019 Preliminary Capex Budget of 125 150 Million Reaffirmed, Which is Projected to More Than Double Production and…
  4. Q3 2018 Earnings Results – Goodrich Petroleum Corp. – slide 4
    160,000 140,000 120,000 100,000 TMS 80,000 60,000 40,000 Haynesville 20,000 - 2017 1Q18 2Q18 3Q18 4Q18* 2019* Total Est. Est. * Mid-Point of Guidance November 2018 5
  5. Q3 2018 Earnings Results – Goodrich Petroleum Corp. – slide 5
    USD in thousands) Cash 1,931 Debt Senior Credit Facility 15,000 2L Convertible Notes (PIK) 51,938 Total Debt 66,938 65,007 Total Net Debt November 2018 6
  6. Q3 2018 Earnings Results – Goodrich Petroleum Corp. – slide 6
    HAYNESVILLE SHALE - CORE Gross (Net) Acres (3Q18): 38,100 (19,100) Proved Reserves (YE17 - SEC) 411.3 Bcfe Objective: Haynesville Shale HAYNESVILLE / BOSSIER SHALE ANGELINA RIVER TREND (ART) Gross (Net) Acres (3Q18): 8,300…
  7. Q3 2018 Earnings Results – Goodrich Petroleum Corp. – slide 7
    SEC PROVED RESERVES (Bcfe) 500 428 ETX 400 300 303 TMS 200 NLA - Haynesville 100 55 Total 0 2015 2016 2017 November 2018 8
  8. Q3 2018 Earnings Results – Goodrich Petroleum Corp. – slide 8
    EV/EBITDA 10.00 8.00 6.00 4.00 2.00 0.00 GDP Peer Group Includes: November 2018 APA,APC,AR,AREX,AXAS,BCEI,CHK,CLR,COG,CPE,CRK,CRZO,CXO,DVN,ECA,ECR,EOG EPE,EQT,ESTE,FANG,GPOR,HK,HPR,JONE,LLEX,LONE,LPI,MCF,MPO,MTDR,MUR,NBL,…
  9. Q3 2018 Earnings Results – Goodrich Petroleum Corp. – slide 9
    NET DEBT/EBITDA 8.00 6.00 4.00 2.00 0.00 GDP -2.00 Peer Group Includes: APA,APC,AR,AREX,AXAS,BCEI,CHK,CLR,COG,CPE,CRK,CRZO,CXO,DVN,ECA,ECR,EOG EPE,EQT,ESTE,FANG,GPOR,HK,HPR,JONE,LLEX,LONE,LPI,MCF,MPO,MTDR,MUR,NBL,…
  10. Q3 2018 Earnings Results – Goodrich Petroleum Corp. – slide 10
    Capital Efficiency 35,000 30,000 25,000 20,000 15,000 10,000 5,000 - GDP Peer Group Includes: APA,APC,AR,AREX,AXAS,BCEI,CHK,CLR,COG,CPE,CRK,CRZO,CXO,DVN,ECA,ECR,EOG November 2018…
  11. Q3 2018 Earnings Results – Goodrich Petroleum Corp. – slide 11
    Greenwood- North Louisiana (Haynesville) Waskom / Total Gross/Net Acres: Metcalf/Longwood 38,100/19,100 3,300 Net Ac Average WI/NRI: 50%/36% Acreage HBP: 100% 91 total producing wells (17 Operated) Approximately 214 gross (97…
  12. Q3 2018 Earnings Results – Goodrich Petroleum Corp. – slide 12
    Haynesville Recent Industry Activity (1) CRK (2) CRK 3. CRK 4. CRK 5. CHK (22) CHK Nissen 28-21HC 1 Nissen 28-21HC 2 FLORSHEIM 9-16 HC HUNTER 28-21HC 1&2 GEPH Unit Black 1H 10,000 Lateral 10,000 Lateral 1&2 10,000 Laterals IP:…
  13. Q3 2018 Earnings Results – Goodrich Petroleum Corp. – slide 13
    Recent Haynesville 4,600' Wells 100,000 1000 GDP, 4 Well Average (Avg 4,100' LL; 4,200 /ft Frac) Average Well Performance 59 Wells (3,400 /ft Frac) SI - Offset Fracs Company Type Curve: 10,000 EUR: 11.5 Bcf (2.5 Bcf/1,000…
  14. Q3 2018 Earnings Results – Goodrich Petroleum Corp. – slide 14
    4,600' Laterals Cum Production (MCF) 6,000,000 GDP, 4 Well Average (4,100' LL; 4,200 /ft Frac) 5,000,000 Company Type Curve: EUR: 11.5 Bcf (2.5 Bcf/1,000 ft) 4,000,000 Company Type Curve: Cum Production (MCF) EUR:…
  15. Q3 2018 Earnings Results – Goodrich Petroleum Corp. – slide 15
    Recent Haynesville 7,500' Wells 100,000 1000 GDP, 5 Well Average (Avg 7,600' LL, 4,500 /ft Frac) Average Well Performance SI - Offset Fracs 87 Wells (3,100 /ft Frac) Company Type Curve: EUR: 18.75 Bcf (2.5 Bcf/1,000 ft)…
  16. Q3 2018 Earnings Results – Goodrich Petroleum Corp. – slide 16
    7,500' Laterals Cum Production (MCF) 8,000,000 GDP, 5 Well Average (Avg 7,600' LL, 4,500 /ft Frac) 7,000,000 6,000,000 Company Type Curve: EUR: 18.75 Bcf (2.5 Bcf/1,000 ft) Company Type Curve 5,000,000 EUR: 15.0 Bcf (2.0…
  17. Q3 2018 Earnings Results – Goodrich Petroleum Corp. – slide 17
    Recent Haynesville 10,000' Wells 100,000 1000 GDP, 6 Well Average (Avg 9,500' LL; 3,700 /ft) Average Well Performance 35 Wells (3,200 /ft Frac) Company Type Curve: EUR: 25 Bcf (2.5 Bcf/1,000 ft) 10,000 100 Gas Production,…
  18. Q3 2018 Earnings Results – Goodrich Petroleum Corp. – slide 18
    10,000' Laterals Cum Production (MCF) 12,000,000 Company Type Curve: EUR: 25 Bcf (2.5 Bcf/1,000 ft) 10,000,000 GDP, 6 Well Average (Avg 9,500' LL; 3,700 /ft) 8,000,000 Cum Production (MCF) Company Type Curve 6,000,000…
  19. Q3 2018 Earnings Results – Goodrich Petroleum Corp. – slide 19
    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…
  20. Q3 2018 Earnings Results – Goodrich Petroleum Corp. – slide 20
    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…
  21. Q3 2018 Earnings Results – Goodrich Petroleum Corp. – slide 21
    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…
  22. Q3 2018 Earnings Results – Goodrich Petroleum Corp. – slide 22
    Strong EBITDA Growth in 2018 and 2019 Driven By Margin Expansion from Substantial Increase in Production and a Much Lower Unit Cost Structure One Operated Rig Running Currently, With 2nd Rig Likely Due to Swap Which Increases our…
  23. Q3 2018 Earnings Results – Goodrich Petroleum Corp. – slide 23
    November 2018 A-1
  24. Q3 2018 Earnings Results – Goodrich Petroleum Corp. – slide 24
    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%…
  25. Q3 2018 Earnings Results – Goodrich Petroleum Corp. – slide 25
    Period Natural Gas Volumes (Mcfpd) Natural Gas Price 2Q18 25,275 3.03 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…

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