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2Q 2019 Earnings Presentation – Goodrich Petroleum Corp.

Goodrich Petroleum Corp. · Aug 7, 2019 · 24 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. 2Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 1
    Earnings Call Slides 2Q19 August 2019
  2. 2Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 2
    OPERATED OPPORTUNITY 10 year inventory of high return core HS locations High margin gas (HS), oil upside (TMS and EFS) HAYNESVILLE SHALE - CORE Low capital intensity from low decline rate PDPs Gross (Net) Acres (2Q19): 39,000…
  3. 2Q 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 August 2019 4
  4. 2Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 4
    (USD in thousands) Cash 1,669 Debt Senior Credit Facility 84,400 2L Convertible Notes (PIK) 12,135 Total Debt 96,535 94,866 Total Net Debt August 2019 5
  5. 2Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 5
    160,000 Mcfe/Day 140,000 120,000 100,000 80,000 60,000 Mcfe/Day 40,000 20,000 - * Mid-Point of Guidance August 2019 6
  6. 2Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 6
    Period Natural Gas Volumes (Mcfpd) Natural Gas Price 2Q19 100,000 2.89 3Q19 100,000 2.89 4Q19 100,000 2.89 1Q20 70,000 2.87 2Q20 24,000 2.58 3Q20 21,000 2.62 4Q20 19,000 2.71 1Q21 17,000 2.86 Period Oil Volumes (Bopd) Oil…
  7. 2Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 7
    Activity Wells Production 2019E Gross (Net) Wells: 12 (9.3) Annual Net Production: 49.3 52.9 Bcfe Average Net Lateral Length: 8,000 Avg Daily Production (Mcfe/d): 135,000-145,000 Percentage Operated (Net): 92% Natural Gas: 98%…
  8. 2Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 8
    ROCE 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% GDP -10.0% -15.0% Peer Group Includes: August 2019 APA,AR,AREX,AXAS,BCEI,BRY,CDEV,CHAP,CHK,CLR,COG,CPE,CRK,CRZO,CXO,DNR,DVN,ECA,EOG,…
  9. 2Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 9
    Capital Efficiency 40 35 30 25 20 15 10 5 0 GDP Peer Group Includes: AXAS,BCEI,BRY,CHAP,CHK,COG,CPE,CRK,CRZO,CXO,DNR,DVN,ECA,EOG,ESTE,FANG, August 2019 GDP,HPR,JAG,LLEX,LONE,MGY,MPO,MR,MUR,OAS,PDCE,PE,PVAC,PXD,REI,SBOW,SRCI,…
  10. 2Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 10
    NET DEBT/EBITDA 6 5 4 3 2 1 0 GDP Peer Group Includes: APA,AR,AREX,AXAS,BCEI,BRY,CDEV,CHAP,CHK,CLR,COG,CPE,CRK,CRZO,CXO,DNR,DVN,ECA, EOG,EQT,ESTE,FANG,GDP,GPOR,HPR,JAG,LLEX,LONE,LPI,MCF,MGY,MPO,MR,MTDR,MUR,NBL, August 2019…
  11. 2Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 11
    EV/EBITDA 10 8 6 4 2 0 GDP Peer Group Includes: August 2019 APA,AR,AREX,AXAS,BCEI,BRY,CDEV,CHAP,CHK,CLR,COG,CPE,CRK,CRZO,CXO,DNR,DVN,ECA,EOG EQT,ESTE,FANG,GDP,GPOR,HPR,JAG,LLEX,LONE,LPI,MCF,MGY,MPO,MR,MTDR,MUR,NBL,…
  12. 2Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 12
    Pay Zones GDP 23,000 Net Acres 100 300 feet August 2019 13
  13. 2Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 13
    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% 113 total producing wells (31 Operated) 1/1/19 Inventory of 214 gross…
  14. 2Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 14
    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:…
  15. 2Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 15
    Recent Haynesville 4,600' Wells 100,000 10,000 GDP, 5 Well Average (Avg 3,995' LL; 4,156 /ft Frac) SI - Offset Fracs Industry Average Well Performance 265 Wells (3,125 /ft Frac) Company Type Curve: 10,000 EUR: 11.5 Bcf (2.5…
  16. 2Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 16
    4,600' Laterals Cum Production (MCF) 8,000,000 Company Type Curve: EUR: 11.5 Bcf (2.5 Bcf/1,000 ft) 7,000,000 6,000,000 GDP, 5 Well Average (3,995' LL; 4,156 /ft Frac) 5,000,000 Cum Production (MCF) 4,000,000…
  17. 2Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 17
    Recent Haynesville 7,500' Wells 100,000 10,000 GDP, 9 Well Average (Avg 7,638' LL, 3,646 /ft Frac) Industry Average Well Performance 178 Wells (3,026 /ft Frac) Company Type Curve: EUR: 18.75 Bcf (2.5 Bcf/1,000 ft) 10,000…
  18. 2Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 18
    10,000,000 7,500' Laterals Cum Production (MCF) 9,000,000 GDP, 9 Well Average (Avg 7,638' LL, 3,646 /ft Frac) 8,000,000 7,000,000 Company Type Curve: EUR: 18.75 Bcf (2.5 Bcf/1,000 ft) 6,000,000 Cum Production (MCF)…
  19. 2Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 19
    Recent Haynesville 10,000' Wells 100,000 1,000 GDP, 8 Well Average (Avg 9,656' LL; 3,462 /ft) Industry Average Well Performance 152 Wells (2,956 /ft Frac) Company Type Curve: 152 141 143 EUR: 25 Bcf (2.5 Bcf/1,000 ft) 139 135…
  20. 2Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 20
    12,000,000 10,000' Laterals Cum Production (MCF) Company Type Curve: EUR: 25 Bcf (2.5 Bcf/1,000 ft) 10,000,000 GDP, 8 Well Average (Avg 9,656' LL; 3,462 /ft) 8,000,000 Cum Production (MCF) Company Type Curve 6,000,000…
  21. 2Q 2019 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. 2Q 2019 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. 2Q 2019 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. 2Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 24
    Haynesville Generating Superior Returns Regardless of Commodity Incorporating Company Hedges and Blended Average Lateral Length for 2019 Generates 45% - 89% IRR from 2.50 - 3.00 per Mcf Continued Strong EBITDA Growth in 2019 Driven…

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