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49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp.

Goodrich Petroleum Corp. · Mar 23, 2021 · 26 slides

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Slides

  1. 49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp. – slide 1
    NYSE American: GDP Management Presentation 49th Annual Scotia Howard Weil Energy Conference March 23 -24, 2021
  2. 49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp. – slide 2
    GDP believes in environmental, social and governance stewardship. Our culture is one of respect, ethics and honesty. We view safety, personal responsibility, teamwork and inclusion as essential to our Companys sustainability. We are…
  3. 49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp. – slide 3
    HAYNESVILLE PURE PLAY OPPORTUNITY 12+ Year Inventory of Core Locations (80% Operated) 26,000+ Net Acres (Core - De-Risked). 4,000 Net Acres Added in 2020, Including 2,000 Net Acres in 4Q20 1.8 Tcf of Natural Gas Resource Potential in…
  4. 49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp. – slide 4
    SEC Proved Reserves (Bcfe) YE20 Proved Reserves by Commodity Natural ETX TMS NLA - Haynesville Total Gas 540 600 (99%) 543 517 480 500 428 Oil - 3 (1%) 400 YE20 Proved Reserves by Area (Bcfe, %) 303 HS 540 300 (99%) 200…
  5. 49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp. – slide 5
    Capitalization in millions 12/31/20 Cash and Cash Equivalents 1.4 Senior Credit Facility 81.4 2L Senior Secured Notes 28.8 Total Net Debt 108.8 Total Stockholders' Equity 41.6 Total Book Capitalization 150.4 Credit Statistics…
  6. 49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp. – slide 6
    200,000 Mcfe/Day 150,000 100,000 Mcfe/Day 50,000 - 2016 2017 2018 2019 2020 2021* * Mid-Point of Guidance 7
  7. 49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp. – slide 7
    Natural Gas Volumes Swap Volumes Collar Volumes Period Swap Price Collar Prices (Mcf/d) (Mcf/d) (Mcf/d) 1Q21 70,000 43,000 27,000 2.64 2.40 - 2.62 2Q21 100,000 70,000 30,000 2.54 2.50 - 3.50 3Q21 100,000 70,000 30,000 2.55 2.50 -…
  8. 49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp. – slide 8
    Development Schedule 2021E Volumes and Cost Guidance 2021E Activity Production Annual Net Production (Bcfe): 58.4 62.1 Gross (Net) Wells: 17 (9.4) Avg. Daily Production Midpoint (MMcfe/d): 165 Avg. Net Lateral Length: 7,500 Percent…
  9. 49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp. – slide 9
    Pay Zones GDP 26,000 Net Acres 100 300 feet 10
  10. 49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp. – slide 10
    Haynesville - Core Total Gross/Net Acres: 40,800/23,000 Average WI/NRI: 56%/41% Acreage HBP: 95% 140+ total producing wells (40 Operated) 1/1/21 Inventory of 249 gross (111 NORTH net) potential locations on 880 LOUISIANA CORE…
  11. 49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp. – slide 11
    Core Haynesville Inventory GROSS NET PROVED YE20 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. 49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp. – slide 12
    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…
  13. 49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp. – slide 13
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  14. 49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp. – slide 14
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  15. 49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp. – slide 15
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  16. 49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp. – slide 16
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  17. 49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp. – slide 17
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  18. 49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp. – slide 18
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  19. 49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp. – slide 19
    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/…
  20. 49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp. – slide 20
    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/…
  21. 49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp. – slide 21
    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…
  22. 49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp. – slide 22
    3.00 2.50 2.44 2.00 2.35 1.50 1.49 1.84 1.27 1.84 1.00 1.21 1.06 1.20 0.50 0.92 1.04 0.00 GDP Cash Opex Cash Interest Expense Peers include: AR,COG,CNX, CRK,EQT,GDP, RRC,SWN 23
  23. 49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp. – slide 23
    Cash Margin* 60% 2% 50% 56% 40% 30% 21% 2% 52% 52% 39% 49% 43% 2% 35% 20% 30% 24% 22% 10% 14% 0% GDP Peer Companies Include: AR,COG,CNX,CRK,EQT, GDP,RRC,SWN * Cash Margin = Per Unit Cash Flow/Net Realized Price…
  24. 49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp. – slide 24
    40% 35% 30% 25% 20% 15% 10% 38% 25% 18% 12% 17% 14% B 11% 10% 5% 0% GDP Peers include: AR,CNX,COG,CRK,EQT,GDP, RRC,SWN 25
  25. 49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp. – slide 25
    45% 40% 35% 30% 25% 20% 15% 10% 5% 0% GDP Peers include: APA,AR,BCEI,CDEV,CLR,CNX,COG,CPE,CRK,DVN,EOG,EQT,ESTE,FANG, GDP,LPI,MCF,MGY,MRO,MTDR,MUR,OVV,PDCE,PXD,PVAC,RRC,SBOW,SD, SM,SWN,TALO,WLL,WTI,XEC 26
  26. 49th Annual Scotia Howard Weil Energy Conference – Goodrich Petroleum Corp. – slide 26
    Cash Flow Generation With Strong Balance Sheet and Low Trading Multiple Creates an Attractive Entry Point for the Stock 12+ Year Inventory on Core Haynesville Position Provides 1.85 Tcf of Resource Potential on Acreage Predominately…

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