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1Q 2019 Earnings Presentation – Goodrich Petroleum Corp.

Goodrich Petroleum Corp. · May 8, 2019 · 26 slides

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Slides

  1. 1Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 1
    Earnings Call Slides 1Q19 May 2019
  2. 1Q 2019 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. 1Q 2019 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 May 2019 4
  4. 1Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 4
    (USD in thousands) Cash 0 Debt Senior Credit Facility 32,000 2L Convertible Notes (PIK) 55,500 Total Debt 87,500 87,500 Total Net Debt May 2019 5
  5. 1Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 5
    160,000 140,000 120,000 TMS 100,000 80,000 60,000 Haynesville 40,000 20,000 Total - * Mid-Point of Guidance May 2019 6
  6. 1Q 2019 Earnings 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. 1Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 7
    Period Natural Gas Volumes (Mcfpd) Natural Gas Price 1Q19 80,000 2.93 2Q19 100,000 2.89 3Q19 100,000 2.89 4Q19 100,000 2.89 1Q20 70,000 2.87 Period Oil Volumes (Bopd) Oil Price 1Q19 325 51.08 2Q19 325 51.08 3Q19 300 51.08…
  8. 1Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 8
    EV/EBITDA 12 10 8 6 4 2 0 GDP Peer Group Includes: May 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,LLEX,LONE,LPI,MCF,MPO,MTDR,MUR,NBL,…
  9. 1Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 9
    NET DEBT/EBITDA 10.00 8.00 6.00 4.00 2.00 0.00 GDP 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, May 2019…
  10. 1Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 10
    Capital Efficiency 20.00 15.00 10.00 5.00 - GDP Peer Group Includes: APC,AXAS,BCEI,CHK,COG,CPE,CRK,CXO,DVN,ECA,ESTE,FANG,GDP,HK,HPR,LLEX, May 2019 LONE,MCF,MR,MUR,OAS,PDCE,PE,PXD,SBOW,SM,WPX Source: Bloomberg, Company…
  11. 1Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 11
    Pay Zones GDP 23,000 Net Acres 100 300 feet May 2019 12
  12. 1Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 12
    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…
  13. 1Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 13
    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:…
  14. 1Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 14
    May 2019 15
  15. 1Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 15
    4,600' Laterals Cum Production (MCF) 6,000,000 GDP, 5 Well Average (3,995' LL; 4,156 /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:…
  16. 1Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 16
    Recent Haynesville 7,500' Wells 100,000 1000 GDP, 9 Well Average (Avg 7,638' LL, 3,646 /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)…
  17. 1Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 17
    7,500' Laterals Cum Production (MCF) 8,000,000 GDP, 9 Well Average (Avg 7,638' LL, 3,646 /ft Frac) 7,000,000 Company Type Curve: EUR: 18.75 Bcf (2.5 Bcf/1,000 ft) 6,000,000 Company Type Curve 5,000,000 EUR: 15.0 Bcf (2.0…
  18. 1Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 18
    Recent Haynesville 10,000' Wells 100,000 1000 GDP, 7 Well Average (Avg 9,808' LL; 3,362 /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,…
  19. 1Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 19
    10,000' Laterals Cum Production (MCF) 12,000,000 Company Type Curve: EUR: 25 Bcf (2.5 Bcf/1,000 ft) Average Well Performance 35 Wells (3,200 /ft Frac) 10,000,000 8,000,000 Cum Production (MCF) Company Type Curve…
  20. 1Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 20
    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, May 2019 Indigo, QEP, Vine 21 Source: RS Energy Group, Company…
  21. 1Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 21
    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, May 2019 Vine Source: RS Energy Group, Company - 2/5/19 (Wells…
  22. 1Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 22
    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, May 2019 Vine Source: RS Energy Group, Company - 2/5/19 (Wells…
  23. 1Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 23
    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/…
  24. 1Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 24
    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/…
  25. 1Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 25
    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/…
  26. 1Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 26
    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 Focus on Growth in Cash Flow and Return on Capital…

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