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3Q 2019 Earnings Presentation – Goodrich Petroleum Corp.

Goodrich Petroleum Corp. · Nov 7, 2019 · 21 slides

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Slides

  1. 3Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 1
    Earnings Call Slides 3Q19 November 2019
  2. 3Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 2
    HAYNESVILLE PURE PLAY OPPORTUNITY 10 Year Inventory of Core Locations (77% Operated) Acreage is Held By Production and Fully De-Risked 1.0 Tcf of Natural Gas Resource Potential in North Louisiana HAYNESVILLE HAYNESVILLE SHALE -…
  3. 3Q 2019 Earnings 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. 3Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 4
    (USD in thousands) Cash 1,160 Debt Senior Credit Facility 87,900 2L Convertible Notes (PIK) 12,546 Total Debt 100,446 99,286 Total Net Debt November, 2019 5
  5. 3Q 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 November, 2019 6
  6. 3Q 2019 Earnings 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 2.54 2.40 - 2.62…
  7. 3Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 7
    Activity (Turned In Line) Wells Production 2019E Gross (Net) Wells: 8 (7.2) Annual Net Production: 46.4 49.3 Bcfe Average Net Lateral Length: 7,500 Avg Daily Production (Mid-Point): 130,000 Mcfe/d Percentage Operated (Net): 100%…
  8. 3Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 8
    ROCE 40% 30% 20% 10% 0% GDP -10% -20% Peer Group Includes: November, 2019 AMPY.APA,AR,AXAS,BCEI,BRY,CDEV,CHAP,CHK,CLR,COG,CPE,CRK,CRZO,CXO,DNR,DVN,ECA,EOG,…
  9. 3Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 9
    Capital Efficiency 80.00 70.00 60.00 50.00 40.00 30.00 20.00 10.00 0.00 GDP Peer Group Includes: AXAS,BCEI,BRY,CHAP,CHK,COG,CPE,CRK,CRZO,CXO,DNR,DVN,ECA,EOG,ESTE,FANG, November, 2019…
  10. 3Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 10
    NET DEBT/EBITDA 5.00 4.00 3.00 2.00 1.00 0.00 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,KOS,LONE,LPI,MCF,MGY,MPO,MR,MTDR,MUR,NBL,…
  11. 3Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 11
    EV/EBITDA 10.00 8.00 6.00 4.00 2.00 0.00 GDP Peer Group Includes: November, 2019 AMPY,APA,AR,AREX,AXAS,BCEI,BRY,CDEV,CHAP,CHK,CLR,COG,CPE,CRK,CRZO,CXO,DNR,DVN,ECA…
  12. 3Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 12
    Pay Zones GDP 22,000 Net Acres 100 300 feet November, 2019 13
  13. 3Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 13
    Greenwood- North Louisiana (Haynesville) Waskom / Total Gross/Net Acres: Metcalf/Longwood 34,000/20,000 2,700 Net Ac Average WI/NRI: 59%/43% Acreage HBP: 100% 113 total producing wells (31 Operated) 1/1/19 Inventory of 214 gross…
  14. 3Q 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. 3Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 15
    Recent Haynesville 4,600' Wells 100,000 10,000 GDP, 6 Well Average (Avg 4,097' LL; 4,127 /ft Frac) Industry Average Well Performance 299 Wells (3,057 /ft Frac) Company Type Curve: 10,000 EUR: 11.5 Bcf (2.5 Bcf/1,000 ft) 1,000…
  16. 3Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 16
    Recent Haynesville 7,500' Wells 100,000 10,000 GDP, 9 Well Average (Avg 7,780' LL, 3,692 /ft Frac) Industry Average Well Performance 206 Wells (2,962 /ft Frac) Company Type Curve: EUR: 18.75 Bcf (2.5 Bcf/1,000 ft) 10,000…
  17. 3Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 17
    Recent Haynesville 10,000' Wells 100,000 10,000 GDP, 9 Well Average (Avg 9,602' LL; 3,495 /ft) Industry Average Well Performance 187 Wells (2,950 /ft Frac) Company Type Curve: EUR: 25 Bcf (2.5 Bcf/1,000 ft) 10,000 1,000 Gas…
  18. 3Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 18
    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/…
  19. 3Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 19
    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/…
  20. 3Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 20
    Assumptions Louisiana 10,000' Lateral Type Curve 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/…
  21. 3Q 2019 Earnings Presentation – Goodrich Petroleum Corp. – slide 21
    Haynesville Generating Good Returns on High Volume Wells, Favorable Hedging and Low Cost Structure Strong EBITDA Growth in 2019 Driven by Substantial Increase in Production on a Much Lower Unit Cost Structure Eagle Ford and TMS…

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