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4Q and FY 2018 Earnings Presentation – Goodrich Petroleum Corp.

Goodrich Petroleum Corp. · Mar 6, 2019 · 26 slides

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Slides

  1. 4Q and FY 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 1
    Earnings Call Slides 4Q18 March 2019
  2. 4Q and FY 2018 Earnings 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. 4Q and FY 2018 Earnings 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 March 2019 4
  4. 4Q and FY 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 4
    (USD in thousands) Cash 4,068 Debt Senior Credit Facility 27,000 2L Convertible Notes (PIK) 53,691 Total Debt 80,691 76,623 Total Net Debt March 2019 5
  5. 4Q and FY 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 5
    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%…
  6. 4Q and FY 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 6
    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. * Mid-Point of Guidance March 2019 7
  7. 4Q and FY 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 7
    EV/EBITDA 10.00 8.00 6.00 4.00 2.00 0.00 GDP Peer Group Includes: March 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. 4Q and FY 2018 Earnings 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. 4Q and FY 2018 Earnings 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, March 2019 SBOW,SM,SRCI,WPX Source: Bloomberg,…
  10. 4Q and FY 2018 Earnings 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. 4Q and FY 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 11
    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:…
  12. 4Q and FY 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 12
    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…
  13. 4Q and FY 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 13
    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:…
  14. 4Q and FY 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 14
    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)…
  15. 4Q and FY 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 15
    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…
  16. 4Q and FY 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 16
    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,…
  17. 4Q and FY 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 17
    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…
  18. 4Q and FY 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 18
    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, Geosouthern, Goodrich, March 2019 Indigo, QEP, Vine Source: RS Energy Group, Company…
  19. 4Q and FY 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 19
    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, Goodrich, Indigo, QEP, March 2019 Vine Source: RS Energy Group, Company 2/5/19 (Wells…
  20. 4Q and FY 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 20
    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, Goodrich, Indigo, QEP, March 2019 Vine Source: RS Energy Group, Company 2/5/19 (Wells…
  21. 4Q and FY 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 21
    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/…
  22. 4Q and FY 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 22
    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/…
  23. 4Q and FY 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 23
    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/…
  24. 4Q and FY 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 24
    Strong EBITDA Growth to Continue in 2019 Driven By Margin Expansion from Substantial Increase in Production and Lower Unit Cost Structure One Operated Rig Running Currently, Expect a 2nd Rig Later in the Year Focus on Growth in…
  25. 4Q and FY 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 25
    March 2019 A-1
  26. 4Q and FY 2018 Earnings Presentation – Goodrich Petroleum Corp. – slide 26
    Period Natural Gas Volumes (Mcfpd) Natural Gas Price 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 1Q19 325 51.08 2Q19 325 51.08 3Q19 300 51.08 4Q19…

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