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Johnson Rice Conference Presentation – Goodrich Petroleum Corp.

Goodrich Petroleum Corp. · Sep 30, 2019 · 22 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. Johnson Rice Conference Presentation – Goodrich Petroleum Corp. – slide 1
    NYSE American: GDP Management Presentation Johnson Rice Conference, New Orleans, Louisiana September, 2019
  2. Johnson Rice Conference 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. Johnson Rice Conference Presentation – Goodrich Petroleum Corp. – slide 3
    SEC Proved Reserves (Bcfe) YE18 Proved Reserves by Commodity ETX TMS NLA - Haynesville Total Oil (2%) 600 480 500 Natural 428 Gas (98%) 400 YE18 Proved Reserves by Area (Bcfe, %) 303 TMS-9 (2%) 300 200 NLA HAY CORE-471…
  4. Johnson Rice Conference 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 September, 2019 5
  5. Johnson Rice Conference 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 September, 2019 6
  6. Johnson Rice Conference Presentation – Goodrich Petroleum Corp. – slide 6
    Period Natural Gas Volumes Swap Volumes Collar Volumes Swap Price Collar Prices (MCFPD) (MCFPD) (MCFPD) 3Q19 100,000 100,000 0 2.89 4Q19 100,000 100,000 0 2.89 1Q20 70,000 70,000 0 2.87 2Q20 70,000 47,000 23,000 2.58 2.40 - 2.62…
  7. Johnson Rice Conference 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. Johnson Rice Conference Presentation – Goodrich Petroleum Corp. – slide 8
    ROCE 40% 30% 20% 10% 0% GDP -10% -20% Peer Group Includes: September, 2019 AMPY.APA,AR,AXAS,BCEI,BRY,CDEV,CHAP,CHK,CLR,COG,CPE,CRK,CRZO,CXO,DNR,DVN,ECA,EOG,…
  9. Johnson Rice Conference Presentation – Goodrich Petroleum Corp. – slide 9
    Capital Efficiency 35.0 30.0 25.0 20.0 15.0 10.0 5.0 - GDP Peer Group Includes: AXAS,BCEI,BRY,CHAP,CHK,COG,CPE,CRK,CRZO,CXO,DNR,DVN,ECA,EOG,ESTE,FANG, September, 2019…
  10. Johnson Rice Conference Presentation – Goodrich Petroleum Corp. – slide 10
    NET DEBT/EBITDA 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,LONE,LPI,MCF,MGY,MPO,MR,MTDR,MUR,NBL, September 2019…
  11. Johnson Rice Conference Presentation – Goodrich Petroleum Corp. – slide 11
    EV/EBITDA 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 GDP Peer Group Includes: September, 2019 AMPY,APA,AR,AREX,AXAS,BCEI,BRY,CDEV,CHAP,CHK,CLR,COG,CPE,CRK,CRZO,CXO,DNR,DVN,ECA…
  12. Johnson Rice Conference Presentation – Goodrich Petroleum Corp. – slide 12
    Pay Zones GDP 23,000 Net Acres 100 300 feet September, 2019 13
  13. Johnson Rice Conference 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. Johnson Rice Conference Presentation – Goodrich Petroleum Corp. – slide 14
    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…
  15. Johnson Rice Conference Presentation – Goodrich Petroleum Corp. – slide 15
    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:…
  16. Johnson Rice Conference Presentation – Goodrich Petroleum Corp. – slide 16
    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…
  17. Johnson Rice Conference 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. Johnson Rice Conference Presentation – Goodrich Petroleum Corp. – slide 18
    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…
  19. Johnson Rice Conference Presentation – Goodrich Petroleum Corp. – slide 19
    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/…
  20. Johnson Rice Conference Presentation – Goodrich Petroleum Corp. – slide 20
    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/…
  21. Johnson Rice Conference Presentation – Goodrich Petroleum Corp. – slide 21
    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/…
  22. Johnson Rice Conference Presentation – Goodrich Petroleum Corp. – slide 22
    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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