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2Q 2021 Earnings Presentation – Goodrich Petroleum Corp.

Goodrich Petroleum Corp. · Aug 9, 2021 · 26 slides

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Slides

  1. 2Q 2021 Earnings Presentation – Goodrich Petroleum Corp. – slide 1
    NYSE American: GDP Management Presentation 2Q21 Earnings Call
  2. 2Q 2021 Earnings Presentation – 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. 2Q 2021 Earnings Presentation – Goodrich Petroleum Corp. – slide 3
    HAYNESVILLE PURE PLAY OPPORTUNITY 12+ Year Inventory of Core Locations (80% Operated) 27,500 Net Acres (Core - De-Risked). 1,500 Net Acres Added in 2Q21 and 4,000 Net Acres Added in 2020 1.9 Tcf of Natural Gas Resource Potential in…
  4. 2Q 2021 Earnings Presentation – 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. 2Q 2021 Earnings Presentation – Goodrich Petroleum Corp. – slide 5
    Capitalization in millions 6/30/21 Cash and Cash Equivalents 0.8 Senior Credit Facility 90.4 2L Senior Secured Notes 31.5 Total Net Debt 121.1 Total Stockholders' Equity 36.5 Total Book Capitalization 157.6 Credit Statistics…
  6. 2Q 2021 Earnings Presentation – 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. 2Q 2021 Earnings Presentation – Goodrich Petroleum Corp. – slide 7
    Natural Gas Volumes Swap Volumes Collar Volumes Period (Mcf/d) (Mcf/d) (Mcf/d) Swap Price Collar Prices 3Q21 143,300 113,300 30,000 2.86 2.50 - 3.50 4Q21 150,000 120,000 30,000 2.90 2.50 - 3.50 1Q22 150,000 90,000 60,000 2.87 2.63 -…
  8. 2Q 2021 Earnings Presentation – Goodrich Petroleum Corp. – slide 8
    Development Schedule 2021E Volumes and Cost Guidance 2021E Activity Production Gross (Net) Wells: 22 (10.5) Annual Net Production (Bcfe): 56.5 61.5 Avg. Net Lateral Length: 8,000 2021 Daily Production Midpoint (MMcfe/d): 162 2H21…
  9. 2Q 2021 Earnings Presentation – Goodrich Petroleum Corp. – slide 9
    Pay Zones GDP 27,500 Net Acres 100 300 feet 10
  10. 2Q 2021 Earnings Presentation – Goodrich Petroleum Corp. – slide 10
    Haynesville - Core Total Gross/Net Acres: 41,400/24,100 Average WI/NRI: 58%/42% Acreage HBP: 95% 145+ total producing wells (40 Operated) 1/1/21 Inventory of 258 gross (117 NORTH net) potential locations on 880 LOUISIANA CORE…
  11. 2Q 2021 Earnings Presentation – 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. 2Q 2021 Earnings Presentation – 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. 2Q 2021 Earnings Presentation – Goodrich Petroleum Corp. – slide 13
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  15. 2Q 2021 Earnings Presentation – Goodrich Petroleum Corp. – slide 15
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  16. 2Q 2021 Earnings Presentation – Goodrich Petroleum Corp. – slide 16
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  17. 2Q 2021 Earnings Presentation – Goodrich Petroleum Corp. – slide 17
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  18. 2Q 2021 Earnings Presentation – Goodrich Petroleum Corp. – slide 18
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  19. 2Q 2021 Earnings Presentation – 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 0.25 / MMBtu Differentials/…
  20. 2Q 2021 Earnings Presentation – 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 0.25 / MMBtu Differentials/…
  21. 2Q 2021 Earnings Presentation – 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 0.25 / MMBtu…
  22. 2Q 2021 Earnings Presentation – Goodrich Petroleum Corp. – slide 22
    3.00 2.50 2.51 2.00 2.35 1.50 2.02 1.47 1.84 1.48 1.00 1.34 1.06 1.15 0.50 0.95 0.98 0.00 GDP Cash Opex Cash Interest Expense Peers include: AR,COG,CNX, CRK,EQT,GDP, RRC,SWN 23
  23. 2Q 2021 Earnings Presentation – Goodrich Petroleum Corp. – slide 23
    Cash Margin* 70% 60% 2% 50% 40% 21% 2% 30% 63% 60% 56% 39% 47% 46% 44% 2% 30% 20% 29% 21% 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. 2Q 2021 Earnings Presentation – Goodrich Petroleum Corp. – slide 24
    50% 45% 40% 35% 30% 25% 20% 15% 45% 40% 26% 10% 16% 12% 11% B 10% 10% 5% 0% GDP Peers include: AR,CNX,COG,CRK,EQT,GDP, RRC,SWN 25
  25. 2Q 2021 Earnings Presentation – Goodrich Petroleum Corp. – slide 25
    50% 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. 2Q 2021 Earnings Presentation – Goodrich Petroleum Corp. – slide 26
    Cash Flow Generation With Strong Balance Sheet, Superior Rates of Return and Low Trading Multiple Creates an Attractive Entry Point for the Stock 12+ Year Inventory on Core Haynesville Position Provides 1.9 Tcf of Resource…

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