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Q3 2020 Earnings Presentation – Goodrich Petroleum Corp.

Goodrich Petroleum Corp. · Nov 5, 2020 · 20 slides

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Slides

  1. Q3 2020 Earnings Presentation – Goodrich Petroleum Corp. – slide 1
    NYSE American: GDP Management Presentation Earnings Call 3Q20
  2. Q3 2020 Earnings Presentation – Goodrich Petroleum Corp. – slide 2
    Environmental: Total Gas Flared: (% of Production) 0 Total GHG Emissions: (2019) (000 Mt) (EPA,LDEQ,MDEQ,TECQ Compliant) 27 Total Water Use (2019 - MMBls): 5.1 OSHA Compliant Social: Number of Employees: 48 Percentage of Employees…
  3. Q3 2020 Earnings Presentation – Goodrich Petroleum Corp. – slide 3
    HAYNESVILLE PURE PLAY OPPORTUNITY 18+ Year Inventory of Core Locations (77% Operated) 24,000 Net Acres (Core - HBP and De-Risked) 1.7 Tcf of Natural Gas Resource Potential in North Louisiana HAYNESVILLE HAYNESVILLE SHALE - CORE /…
  4. Q3 2020 Earnings Presentation – Goodrich Petroleum Corp. – slide 4
    SEC Proved Reserves (Bcfe) YE19 Proved Reserves by Commodity Natural ETX TMS NLA - Haynesville Total Gas 511 600 (99%) 517 480 500 428 Oil - 6 (1%) 400 YE19 Proved Reserves by Area (Bcfe, %) 303 HS 511 300 (99%) 200 TMS-6…
  5. Q3 2020 Earnings Presentation – Goodrich Petroleum Corp. – slide 5
    200,000 Mcfe/Day 150,000 100,000 Mcfe/Day 50,000 - 2016 2017 2018 2019 2020* 2021* * Mid-Point of Guidance 6
  6. Q3 2020 Earnings Presentation – Goodrich Petroleum Corp. – slide 6
    Development Schedule 2021E Volumes and Cost Guidance 2021E Activity Production Annual Net Production (Bcfe): 60 64 Gross (Net) Wells: 17 (9.0) Avg. Daily Production Midpoint (MMcfe/d): 170 Avg. Net Lateral Length: 8,000 Percent…
  7. Q3 2020 Earnings Presentation – Goodrich Petroleum Corp. – slide 7
    Natural Gas Volumes Swap Volumes Collar Volumes Period Swap Price Collar Prices (Mcf/d) (Mcf/d) (Mcf/d) 3Q20 70,000 45,000 25,000 2.56 2.40 - 2.62 4Q20 70,000 45,000 25,000 2.59 2.40 - 2.62 1Q21 70,000 43,000 27,000 2.64 2.40 -…
  8. Q3 2020 Earnings Presentation – Goodrich Petroleum Corp. – slide 8
    Pay Zones GDP 24,000 Net Acres 100 300 feet 9
  9. Q3 2020 Earnings Presentation – Goodrich Petroleum Corp. – slide 9
    Haynesville - Core Total Gross/Net Acres: 36,000/21,000 Average WI/NRI: 59%/43% Acreage HBP: 100% 120+ total producing wells 10/1/20 Inventory of 216 gross (96 net) potential locations on 880 NORTH spacing providing 18+ year…
  10. Q3 2020 Earnings Presentation – Goodrich Petroleum Corp. – slide 10
    Haynesville Recent Industry Activity (1) CRK (23) CRK (2) CRK 3. CRK Gates 26-35 1 & 2 4. CRK 5. CHK (22) CHK Nissen 28-21HC 1 Nissen 28-21HC 2 FLORSHEIM 9-16 HC 10,000 Laterals HUNTER 28-21HC 1&2 GEPH Unit Black 1H 10,000 Lateral…
  11. Q3 2020 Earnings Presentation – Goodrich Petroleum Corp. – slide 11
    Core Haynesville Inventory GROSS NET PROVED YE19 SEC POTENTIAL TOTAL 3P NET NET PARISH/ GROSS NET REMAINING REMAINING RESERVES PV10 RESERVES RESOURCE COUNTY AREA ACRES ACRES LOCATIONS LOCATIONS (BCFE) * (MM) (BCFE) ** POTENTIAL…
  12. Q3 2020 Earnings Presentation – Goodrich Petroleum Corp. – slide 12
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  13. Q3 2020 Earnings Presentation – Goodrich Petroleum Corp. – slide 13
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  14. Q3 2020 Earnings Presentation – Goodrich Petroleum Corp. – slide 14
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  15. Q3 2020 Earnings Presentation – Goodrich Petroleum Corp. – slide 15
    Assumptions Louisiana 4,600' Lateral Type Curve 100,000 Avg Daily Production (Mcfpd) EUR 12.6 Bcf (2.7 Bcf/1,000) 10,000 Sales Gas BTU Price 1.020 Adjustment 1,000 Pricing Average - NYMEX less 0.15 / MMBtu Differentials/…
  16. Q3 2020 Earnings Presentation – Goodrich Petroleum Corp. – slide 16
    Assumptions Louisiana 7,500' Lateral Type Curve 100,000 Avg Daily Production (Mcfpd) EUR 21 Bcf (2.8 Bcf/1,000) 10,000 Sales Gas BTU Price 1.020 Adjustment 1,000 Pricing Average - NYMEX less 0.15 / MMBtu Differentials/…
  17. Q3 2020 Earnings Presentation – Goodrich Petroleum Corp. – slide 17
    Assumptions Louisiana 10,000' Lateral Type Curve 100,000 Avg Daily Production (Mcfpd) EUR 25 Bcf (2.5 Bcf/1,000) 10,000 Sales Gas BTU 1.020 Price Adjustment 1,000 Pricing Differentials/ Average - NYMEX less 0.15 / MMBtu…
  18. Q3 2020 Earnings Presentation – Goodrich Petroleum Corp. – slide 18
    3.00 2.50 2.74 2.00 2.30 1.50 1.79 1.59 1.69 1.00 1.34 0.50 0.94 1.02 1.05 0.00 GDP Cash Opex Cash Interest Expense Peers include: AR,COG,CRK,EQT,GDP, GPOR,MR,RRC,SWN 19
  19. Q3 2020 Earnings Presentation – Goodrich Petroleum Corp. – slide 19
    Cash Margin* 60% 40% 3 54% 47% 38% 20% 33% 21% 2% 11% 6% 0% 2% -27% -20% GDP Peer Companies Include: -40% AR,COG,CRK,EQT,GDP,GP OR,MR,RRC,SWN * Cash Margin = Per Unit Cash Flow/Net Realized Price 20
  20. Q3 2020 Earnings Presentation – Goodrich Petroleum Corp. – slide 20
    Cash Flow Generation With Strong Balance Sheet and Low Trading Multiple Creates an Attractive Entry Point for the Stock 18+ Year Inventory on Core Haynesville Position Provides 1.7 Tcf of Resource Potential on Acreage Predominately…

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