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Management Presentation – Goodrich Petroleum Corp.

Goodrich Petroleum Corp. · Dec 1, 2014 · 37 slides

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Slides

  1. Management Presentation – Goodrich Petroleum Corp. – slide 1
    Management Presentation December 2014 1 Copyright 2013 Goodrich Petroleum Corporation
  2. Management Presentation – Goodrich Petroleum Corp. – slide 2
    COMPANY PROFILE & STRATEGY Large core acreage position with 608,100 gross (431,400 net) acres in Texas, Louisiana and Mississippi, with over 8.6 Tcfe of resource potential: 300,000+ net acres in the Tuscaloosa Marine Shale…
  3. Management Presentation – Goodrich Petroleum Corp. – slide 3
    RESERVE AND RESOURCE POTENTIAL YE13 Proved Reserves by Area 3P Resource Potential by Area (1) Shelby Trough / ART 1% Cotton Valley / Other Eagle Ford North Louisiana 9% 16% Shelby Trough Haynesville Eagle Ford / ART (Core) 5%…
  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
    ESTIMATED 2014 CAPEX BUDGET Estimated Capex Operational Area ( MM) Tuscaloosa Marine Shale 225 300 Eagle Ford Shale 40 40 Haynesville Shale 50 25 Leasehold, Infrastructure & other 10 10 Total Estimated 2014 Capital Budget…
  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) 6,000 7,000 8,000 NYMEX Oil 65 83.00 81.00 79.00 Pricing () 75 87.00 86.00 84.00 85 91.00 91.00 90.00…
  9. Management Presentation – Goodrich Petroleum Corp. – slide 9
    CORE PROPERTIES Acreage: 608,100 gross (431,400 net) COTTON VALLEY / HAYNESVILLE SHALE HAYNESVILLE SHALE - CORE Gross (Net) Acres: 41,000 (37,000) Gross (Net) Acres: 32,100 (15,100) Proved Reserves (YE'13): 143 Bcfe Proved Reserves…
  10. Management Presentation – Goodrich Petroleum Corp. – slide 10
    EAGLE FORD SHALE TREND Overview Pay Zones 90 105 feet TEXAS 450 500 feet 11 Copyright 2014 Goodrich Petroleum Corporation
  11. Management Presentation – Goodrich Petroleum Corp. – slide 11
    EAGLE FORD SHALE ACTIVITY -2000 -4000 -3000 -5000 -4000 -5000 67 gross (45 net) Eagle -6000 Ford Shale wells producing as of 9/30/14 -6000 HK COG -7000 GDP -8000 CHK EOG CRZO -10000 APC -11000 -9000…
  12. Management Presentation – Goodrich Petroleum Corp. – slide 12
    EAGLE FORD SHALE TYPE CURVE Early entrant to Eagle Ford Shale play in 2010 paying approximately 1,650 per acre Obtained approximately 45,000 gross (30,000 net) acres with average working interest of 72.5% (56% NRI) Estimated 383…
  13. Management Presentation – Goodrich Petroleum Corp. – slide 13
    HAYNESVILLE SHALE OVERVIEW Pay Zones GDP 76,000 Net Acres TAYLOR TAYLOR SAND SAND TEXAS 100 300 feet LOUISIANA 14 Copyright 2014 Goodrich Petroleum Corporation
  14. Management Presentation – Goodrich Petroleum Corp. – slide 14
    HAYNESVILLE SHALE Regional Activity Haynesville Shale Production Core Haynesville horizontal Avg. EUR: 6.8 Bcfe GDP GDP Acreage GDP GreenwoodWaskom Field Bethany-Longstreet Field EOG (Pop-Pop GU 1) EOG (ACLCO 1H) IP: 19.3…
  15. Management Presentation – Goodrich Petroleum Corp. – slide 15
    BOSSIER SHALE Shelby Trough Bossier Shale Production GDP Minden / GDP Acreage Beckville GDP Bethany / Longstreet GDP (R. Dean 2H) Bossier Shale Horizontal IP: 8.6 MMcfe/day EnCana EOG Bossier Shale Horizontal ALCO Unit…
  16. Management Presentation – Goodrich Petroleum Corp. – slide 16
    HAYNESVILLE SHALE Potential Impact Net Proved Gross Net Per Well Gross Reserve Estimates (1): Reserves Probable & Probable & Area (Bcfe) Possible Wells(1) Possible Wells(1) 6.5 Bcfe 7.5 Bcfe 8.5 Bcfe Potential Net Impact on GDP…
  17. Management Presentation – Goodrich Petroleum Corp. – slide 17
    COTTON VALLEY (TAYLOR SAND) Beckville & Minden Fields (Rusk & Panola Co, TX) Beckville & Minden (25% Liquids) BP GDP (Kangerga 3H) KF WH Carter A2 GU B2H IP: 6.0 MMcf/day IP: 4.0 MMcf/day Gross Acres: 41,000 acres Net Acres: 37,000…
  18. Management Presentation – Goodrich Petroleum Corp. – slide 18
    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…
  19. Management Presentation – Goodrich Petroleum Corp. – slide 19
    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 20 Copyright 2014 Goodrich Petroleum…
  20. Management Presentation – Goodrich Petroleum Corp. – slide 20
    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…
  21. Management Presentation – Goodrich Petroleum Corp. – slide 21
    TUSCALOOSA MARINE SHALE GDP CMR/Foster Creek 8H-1 & 8H-2 (Drilling) ECA Sabine 12H-1 & 12H-2 (Producing) ECA Longleaf 29H-1 & 29H-2 (Drilling) CRK CMR/Foster Creek 28-40H-1 (Completing) 13 HK 6 Rogers 1H (Completing) 11…
  22. Management Presentation – Goodrich Petroleum Corp. – slide 22
    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…
  23. Management Presentation – Goodrich Petroleum Corp. – slide 23
    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…
  24. Management Presentation – Goodrich Petroleum Corp. – slide 24
    TUSCALOOSA MARINE SHALE Core Data 25 Copyright 2014 Goodrich Petroleum Corporation
  25. Management Presentation – Goodrich Petroleum Corp. – slide 25
    OPTIMIZED TMS WELLS (16) 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…
  26. Management Presentation – Goodrich Petroleum Corp. – slide 26
    TMS OPTIMIZED WELLS (16) Well Control & Structure Map 500 Contour 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 Area 1 WILKINSON Area 2 PIKE WALTHALL GDP AMITE GDP CMR Foster…
  27. Management Presentation – Goodrich Petroleum Corp. – slide 27
    OPTIMIZED WELL PERFORMANCE Area 1 Area 2 Area 3 Area 4 28 Copyright 2014 Goodrich Petroleum Corporation
  28. Management Presentation – Goodrich Petroleum Corp. – slide 28
    TMS VERTICAL WELL ANALOGY Texas Pacific Blades 1 30 years of production 2.0 b factor 2% terminal decline 29 Copyright 2014 Goodrich Petroleum Corporation
  29. Management Presentation – Goodrich Petroleum Corp. – slide 29
    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…
  30. Management Presentation – Goodrich Petroleum Corp. – slide 30
    LEGACY WELLS (7) COMPOSITE DECLINE CURVE Wells Acquired August 2013 Exhibit 1.45 b factor 31 Copyright 2014 Goodrich Petroleum Corporation
  31. Management Presentation – Goodrich Petroleum Corp. – slide 31
    TMS TYPE CURVE (600 & 800 MBOE) Optimized Wells (16) 32 Copyright 2014 Goodrich Petroleum Corporation
  32. Management Presentation – Goodrich Petroleum Corp. – slide 32
    TMS OPTIMIZED COMPOSITE WELL DECLINE CURVE Alternative b-factor Analysis 82.6% NRI, 13MM, 85/bbl GDP Normalized TC 1.45 B TC 1.3 B TC Gross Reserves 700 Mboe 600 Mboe 470 Mboe Net Reserves 578 Mboe 496 Mboe 388 Mboe F&D Cost…
  33. Management Presentation – Goodrich Petroleum Corp. – slide 33
    TMS WELL ECONOMIC SUMMARY Well Cost: 13.0 MM 11.5 MM 10.0 MM Lateral Length: 6,000 6,000 6,000 Frac Stages: 22 22 22 Royalty Burden: 17.4% 17.4% 17.4% 0% until Payout 0% until Payout 0% until Payout Severance Tax: 12.5% after…
  34. Management Presentation – Goodrich Petroleum Corp. – slide 34
    TMS WELL ECONOMICS Exploitation Well (Single Well Pad) Development Well (Two Well Pad) 13.0 MM Capex 11.5 MM Capex 600 MBoe 700 MBoe 800 MBoe Breakeven Economics 10 MM 11.5 MM 13 MM 600 MBoe 50/Bbl 57/Bbl 64/Bbl EUR 700…
  35. Management Presentation – Goodrich Petroleum Corp. – slide 35
    DRILLING INVENTORY (UN-RISKED) Preliminary 2014 Capital Program Total Inventory Net Net Proved, 2014 Net Gross Net Probable / Probable, Unrisked Probable Probable Possible Possible Capital YE13 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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