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February 2019 Management Presentation – Goodrich Petroleum Corp.

Goodrich Petroleum Corp. · Feb 27, 2019 · 31 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. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 1
    NYSE American: GDP Management Presentation February 2019
  2. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 2
    OPERATED OPPORTUNITY 10 year inventory of high return core HS locations HAYNESVILLE SHALE - CORE Gross (Net) Acres (4Q18): 34,000 (20,000) High margin gas (HS), oil upside (TMS and EFS) Proved Reserves (YE18 - SEC) 471 Bcfe…
  3. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 3
    SEC PROVED RESERVES (Bcfe) 600 480 500 ETX 428 400 303 TMS 300 NLA - 200 Haynesville 100 55 Total 0 2015 2016 2017 2018* * Year-End 2018 PV10 of 418 Million February 2019 4
  4. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 4
    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 February 2019 5
  5. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 5
    160,000 140,000 120,000 TMS 100,000 Haynesville 80,000 Total 60,000 40,000 20,000 - 2017 1Q18 2Q18 3Q18 4Q18* 2019* Est. Est. * Mid-Point of Guidance February 2019 6
  6. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 6
    Activity Wells Production 2019E Gross (Net) Wells: 11 (9.8) Annual Net Production: 49.3 52.9 Bcfe Average Net Lateral Length: 7,000 Avg Daily Production (Mcfe/d): 135,000-145,000 Percentage Operated (Net): 100% Natural Gas: 98%…
  7. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 7
    EV/EBITDA 10.00 8.00 6.00 4.00 2.00 0.00 GDP Peer Group Includes: February 2019 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,…
  8. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 8
    NET DEBT/EBITDA 10.00 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,…
  9. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 9
    Capital Efficiency 14.00 12.00 10.00 8.00 6.00 4.00 2.00 - GDP Peer Group Includes: AXAS,BCEI,COG,CPE,CRK,CXO,ECA,ECR, ESTE,FANG,GDP,HK,HPR,LLEX,LONE,MTDR,MUR,OAS,PDCE,PXD,REN, February 2019 SBOW,SM,SRCI,WPX Source: Bloomberg,…
  10. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 10
    Greenwood- North Louisiana (Haynesville) Waskom / Total Gross/Net Acres: Metcalf/Longwood 34,000/20,000 3,700 Net Ac Average WI/NRI: 59%/43% Acreage HBP: 100% 102 total producing wells (25 Operated) 1/1/19 Inventory of 214 gross…
  11. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 11
    Regional Structure Map (Top of the Haynesville Shale) 13 February 2019
  12. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 12
    Haynesville Shale Regional Cross - Section (West - East) 14 February 2019
  13. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 13
    Haynesville Shale Regional Cross - Section (South - North) February 2019 15
  14. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 14
    Core Lab Haynesville Shale Core Data (Average Core Total Porosity) Data from Core Lab Consortium; contours prepared by Goodrich 16 February 2019
  15. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 15
    Haynesville Completion Evolution Evolving completions maximize near-wellbore stimulation Original Design Tested Current Design 4,600 Laterals 10,000 Laterals 4,600 - 10,000 Laterals 1,000 lbs/ft Proppant 5,000+ lbs/ft Proppant…
  16. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 16
    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:…
  17. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 17
    Recent Haynesville 4,600' Wells 100,000 1,000 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…
  18. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 18
    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:…
  19. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 19
    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)…
  20. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 20
    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…
  21. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 21
    Recent Haynesville 10,000' Wells 100,000 1000 GDP, 8 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,…
  22. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 22
    10,000' Laterals Cum Production (MCF) 12,000,000 Company Type Curve: EUR: 25 Bcf (2.5 Bcf/1,000 ft) 10,000,000 8,000,000 Cum Production (MCF) Company Type Curve 6,000,000 EUR: 20 Bcf (2.0 Bcf/1,000 ft) GDP, 6 Well…
  23. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 23
    1.8 1.6 1.4 1.2 1.0 BCFE 0.8 0.6 0.4 0.2 0.0 GDP Peer Group Includes: Aethon, BHP, Chesapeake, Comstock, Covey Park, Ensight, Exco, February 2019 Geosouthern, Goodrich, Indigo, QEP, Vine Source: RS Energy Group,…
  24. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 24
    3.5 3.0 2.5 2.0 BCFE 1.5 1.0 0.5 0.0 GDP Peer Group Includes: Aethon, BHP, Chesapeake, Comstock, Covey Park, Exco, Geosouthern, January 2019 Goodrich, Indigo, QEP, Vine Source: RS Energy Group, Company - 2/5/19 (Wells…
  25. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 25
    6.0 5.0 4.0 BCFE 3.0 2.0 1.0 0.0 GDP Peer Group Includes: Aethon, BHP, Chesapeake, Comstock, Covey Park, Exco, Geosouthern, February 2019 Goodrich, Indigo, QEP, Vine Source: RS Energy Group, Company - 2/5/19 (Wells…
  26. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 26
    Assumptions Louisiana 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 1.020 Adjustment 1,000 Pricing Average - NYMEX less 0.15 / MMBtu Differentials/…
  27. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 27
    Assumptions Louisiana 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 1.020 Adjustment 1,000 Pricing Average - NYMEX less 0.15 / MMBtu Differentials/…
  28. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 28
    10,000' Lateral Type Curve Assumptions Louisiana 100,000 Avg Daily Production (Mcfpd) EUR 25.0 Bcf (2.5 Bcf/1,000) 10,000 Sales Gas BTU Price 1.020 Adjustment 1,000 Pricing Average - NYMEX less 0.15 / MMBtu Differentials/…
  29. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 29
    Haynesville Generating Superior Returns Regardless of Commodity Blended Average Lateral Length for 2019 Generates 45% - 89% IRR from 2.50 - 3.00 per Mcf Continued Strong EBITDA Growth in 2019 Driven By Substantial Increase in…
  30. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 30
    January 2019 A-1
  31. February 2019 Management Presentation – Goodrich Petroleum Corp. – slide 31
    Period Natural Gas Volumes (Mcfpd) Natural Gas Price 4Q18 39,000 3.02 1Q19 80,000 2.93 2Q19 70,000 2.86 3Q19 70,000 2.86 4Q19 70,000 2.86 1Q20 40,000 2.81 Period Oil Volumes (Bopd) Oil Price 4Q18 350 51.08 1Q19 325 51.08…

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