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Management Presentation – Goodrich Petroleum Corp.

Goodrich Petroleum Corp. · Feb 11, 2015 · 37 slides

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Slides

  1. Management Presentation – Goodrich Petroleum Corp. – slide 1
    Management Presentation February 2015 1 Copyright 2013 Goodrich Petroleum Corporation
  2. Management Presentation – Goodrich Petroleum Corp. – slide 2
    COMPANY PROFILE Proved Reserves PV10 Growth (MM)1 Large core acreage position with 651 68 562,500 gross (392,930 net) acres in Oil & NGL Gas Texas, Louisiana and Mississippi, 452 472 with over 7.1 Tcfe of resource 362 359 99…
  3. Management Presentation – Goodrich Petroleum Corp. – slide 3
    RESERVE AND RESOURCE POTENTIAL YE14 Proved Reserves by Area 3P Resource Potential by Area (1) ART / Other 5% Eagle Ford North ART / Other 7% 24% Louisiana Haynesville North Eagle Louisiana Ford (Core) 30% Haynesville 23%…
  4. Management Presentation – Goodrich Petroleum Corp. – slide 4
    CAPITALIZATION TABLE As of September 30, 2014 (USD in thousands) September 30, 2014 Cash 2,215 Restricted Cash 51,816 Debt (1): Senior Credit Facility (2) 118,000 Convertible Senior Notes due 2026 429 Convertible Senior Notes…
  5. Management Presentation – Goodrich Petroleum Corp. – slide 5
    PRELIMINARY 2015 CAPEX BUDGET Estimated Capex Operational Area ( MM) Tuscaloosa Marine Shale 73 93 Eagle Ford Shale 00 Haynesville Shale 77 Leasehold, Infrastructure & other 10 10 Total Estimated 2015 Capital Budget Range: 90…
  6. Management Presentation – Goodrich Petroleum Corp. – slide 6
    OIL VOLUME GROWTH 5,700 6,300 4,800 4,200 3,800 *Eagleford (EFS) includes miscellaneous volumes from non-core properties 7 Copyright 2014 Goodrich Petroleum Corporation
  7. Management Presentation – Goodrich Petroleum Corp. – slide 7
    HEDGING SUMMARY Daily Natural Gas & Crude Oil Hedged Volumes (NYMEX) Natural Gas: 2014 2015 2016 NYMEX Natural Gas Call Options (MMBtu/day) 20,000 (1) 20,000 (1) NYMEX Price (/MMBtu) 5.06 5.06 NYMEX Natural Gas Swaps (MMBtu/day)…
  8. Management Presentation – Goodrich Petroleum Corp. – slide 8
    POTENTIAL 2015 OIL PRICING Hypothetical Impact of 2015 Hedge Position** Estimated 2015 Avg. Oil Production (Bopd) 5,000 6,000 7,000 Strip 83.00 78.00 74.00 NYMEX Oil Pricing () 55.00 84.00 79.00 76.00 65.00 87.00 83.00…
  9. Management Presentation – Goodrich Petroleum Corp. – slide 9
    CORE PROPERTIES Acreage: 562,550 gross (392,930 net) HAYNESVILLE SHALE - CORE Gross (Net) Acres: 31,150 (14,300) Proved Reserves (YE'14): 83 Bcfe Probable/Possible Potential (1): 566 Bcfe Objective: Haynesville Shale (Core)…
  10. Management Presentation – Goodrich Petroleum Corp. – slide 10
    WELL LEVEL ECONOMICS BY PLAY Eagle Ford - 5.6 MM Capex Haynesville - 6.5 MM Capex Strip TMS - 10.0 MM Capex Note: Strip as of 1/9/15. Assumes 15% Strip TMS service cost reduction. Lateral lengths: EFS 9,000; HAY 4,600,…
  11. Management Presentation – Goodrich Petroleum Corp. – slide 11
    EAGLE FORD SHALE TREND Overview Pay Zones 90 105 feet TEXAS 450 500 feet 12 Copyright 2014 Goodrich Petroleum Corporation
  12. Management Presentation – Goodrich Petroleum Corp. – slide 12
    EAGLE FORD SHALE ACTIVITY -2000 -4000 -3000 Drilling Inventory: 336 gross, 226 net unrisked -4000 locations -5000 -5000 67 gross (45 net) Eagle -6000 Ford Shale wells producing as of 12/31/14 -6000 COG -7000 GDP…
  13. Management Presentation – Goodrich Petroleum Corp. – slide 13
    EAGLE FORD SHALE TYPE CURVE Early entrant to Eagle Ford Shale play Obtained approximately 45,000 gross in 2010 paying approximately 1,650 (30,000 net) acres with average working per acre. interest of 67.3% (52.5% NRI). Approximately…
  14. Management Presentation – Goodrich Petroleum Corp. – slide 14
    HAYNESVILLE SHALE OVERVIEW Pay Zones GDP 36,000 Net Acres TAYLOR TAYLOR SAND SAND TEXAS 100 300 feet LOUISIANA 15 Copyright 2014 Goodrich Petroleum Corporation
  15. Management Presentation – Goodrich Petroleum Corp. – slide 15
    HAYNESVILLE SHALE Regional Activity Haynesville Shale Production Core Haynesville horizontal Avg. EUR: 6.0 Bcfe GDP GDP Acreage GDP GreenwoodWaskom Field Bethany-Longstreet Field EOG (Pop-Pop GU 1) EOG (ACLCO 1H) IP: 19.3…
  16. Management Presentation – Goodrich Petroleum Corp. – slide 16
    BOSSIER SHALE Shelby Trough Bossier Shale Production GDP Minden / GDP Acreage Beckville (Sold December 2014) GDP Bethany / Longstreet GDP (R. Dean 2H) Bossier Shale Horizontal IP: 8.6 MMcfe/day EnCana EOG Bossier Shale…
  17. Management Presentation – Goodrich Petroleum Corp. – slide 17
    HAYNESVILLE SHALE TYPE CURVE North Louisiana Core Early entrant to Haynesville Shale play Controls 31,150 gross (14,300 net) core through legacy North Louisiana Core acres with average interest of acreage position; formed joint…
  18. Management Presentation – Goodrich Petroleum Corp. – slide 18
    HAYNESVILLE SHALE Potential Impact Net Proved Per Well Gross Reserve Estimates (1): Reserves Gross Net (YE14) Probable & Probable & Area (Bcfe) Possible Wells(1) Possible Wells(1) 6.0 Bcfe 7.0 Bcfe 8.0 Bcfe Potential Net Impact…
  19. Management Presentation – Goodrich Petroleum Corp. – slide 19
    TUSCALOOSA MARINE SHALE Emerging shale oil play covering approximately 2.5 million acres Low cost basis on 300,000+ net acres Vintage wells define oil saturation and rock quality Average depth 10,500 14,500 TVD Thickness 100…
  20. Management Presentation – Goodrich Petroleum Corp. – slide 20
    TUSCALOOSA MARINE SHALE Geologic Setting La Salle Arch Tuscaloosa Marine Shale San Marcos Arch South Texas Eagle Ford Shale Geologic Setting at Eagle Ford / TMS Time 91 93 MYA 21 Copyright 2014 Goodrich Petroleum…
  21. Management Presentation – Goodrich Petroleum Corp. – slide 21
    TUSCALOOSA MARINE SHALE Geologic Characteristics Crosby Minerals 12H-1 (Wilkinson Co., Miss.) The TMS lies between the upper and lower Tuscaloosa Sand intervals Marine outer shelf, highly laminated lithology High resistivity target…
  22. Management Presentation – Goodrich Petroleum Corp. – slide 22
    TUSCALOOSA MARINE SHALE GDP T. Lewis 7-38H-1 (Completing) GDP Kinchen 58H-1 (Completing) GDP B-Nez 43H-1 GDP 14 (Drilling) CMR/Foster Creek 8H-1 & 8H-2 (Completing) 6 11 GDP 12 10 4 B-Nez 43H-2 2 5 13 (Completing) 3…
  23. Management Presentation – Goodrich Petroleum Corp. – slide 23
    TMS CROSS SECTION A - A A A Top TMS Top TMS Target Top L Top L Tusc Tusc Passey Method B A Organic-rich shales have slower sonic travel times and higher resistivities than inorganic shales A When normalized to an…
  24. Management Presentation – Goodrich Petroleum Corp. – slide 24
    TMS CROSS SECTION B - B B B Top TMS Target Top TMS Top L Top L Tusc Tusc Passey Method A B Organic-rich shales have slower sonic travel times and higher resistivities than inorganic shales A When normalized to an…
  25. Management Presentation – Goodrich Petroleum Corp. – slide 25
    TUSCALOOSA MARINE SHALE Core Data 26 Copyright 2014 Goodrich Petroleum Corporation
  26. Management Presentation – Goodrich Petroleum Corp. – slide 26
    OPTIMIZED TMS WELLS (19) Optimized Criteria: Lower TMS landing target 5,000+ lateral length 450,000 lbs. proppant per stage (1,600 lbs. per foot) Optimum hybrid slick water frac design Optimized TMS Wells: GDP Crosby 12 H1 GDP…
  27. Management Presentation – Goodrich Petroleum Corp. – slide 27
    TMS OPTIMIZED WELLS (19) Well Control & Structure Map 500 Contour Currently delineated core (GDP: 150,000 net acres) GDP ECA GDP GDP GDP Crosby Lewis CMR Bates C.H. Lewis 12H-1 7-18H-1 8-5H-1 25-24H-1 30-19H-1 GDP Nunnery Area…
  28. Management Presentation – Goodrich Petroleum Corp. – slide 28
    OPTIMIZED WELL PERFORMANCE Area 1 Area 2 Area 3 Area 4 29 Copyright 2014 Goodrich Petroleum Corporation
  29. Management Presentation – Goodrich Petroleum Corp. – slide 29
    TMS VERTICAL WELL ANALOGY Texas Pacific Blades 1 30 years of production 2.0 b factor 2% terminal decline 30 Copyright 2014 Goodrich Petroleum Corporation
  30. Management Presentation – Goodrich Petroleum Corp. – slide 30
    EARLY TMS DEVELOPMENT TMS History & Type Curves - b Factors Improve with Time (AVG 1.46 b factor) 1940s: Humble well encountered Encore, Weyerhaeuser 1H high resistivity, oil-saturated over- 5.5 years of production pressured TMS 1.40…
  31. Management Presentation – Goodrich Petroleum Corp. – slide 31
    LEGACY WELLS (7) COMPOSITE DECLINE CURVE Wells Acquired August 2013 Exhibit 1.45 b factor 32 Copyright 2014 Goodrich Petroleum Corporation
  32. Management Presentation – Goodrich Petroleum Corp. – slide 32
    TMS TYPE CURVE (600 & 800 MBOE) Optimized Wells (19) 33 Copyright 2014 Goodrich Petroleum Corporation
  33. Management Presentation – Goodrich Petroleum Corp. – slide 33
    TMS OPTIMIZED COMPOSITE WELL DECLINE CURVE 82.6% NRI, 10.0MM, 65/bbl GDP Type Curves Gross Reserves 700 Mboe 600 Mboe Net Reserves 578 Mboe 496 Mboe F&D Cost (/BOE) 17.30 20.16 IRR 32% 22% NPV (MM) 5.38 3.31 Core locations…
  34. Management Presentation – Goodrich Petroleum Corp. – slide 34
    TMS WELL ECONOMIC SUMMARY Well Cost: 10.0 MM Most recent single-well pad was approximately 12 MM. Lateral Length: 6,000 Current single-well pad AFE is Frac Stages: 20 approximately 11.5 MM. Royalty Burden: 20% Most recent well…
  35. Management Presentation – Goodrich Petroleum Corp. – slide 35
    DRILLING INVENTORY (UN-RISKED) Preliminary 2015 Capital Program Total Inventory Net Net Proved, 2015 Net Gross Net Probable / Probable, Unrisked Probable Probable Possible Possible Capital YE14 and and Resource Resource Gross Net…
  36. Management Presentation – Goodrich Petroleum Corp. – slide 36
    WHY INVEST IN GOODRICH PETROLEUM NYSE: GDP Transition to a balanced portfolio with greater oil exposure on track Excellent exposure to Eagle Ford and Tuscaloosa Marine Shale oil plays Great optionality to natural gas through…
  37. Management Presentation – Goodrich Petroleum Corp. – slide 37
    NYSE: GDP 38 Copyright 2014 Goodrich Petroleum Corporation

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