Earn rnin ings C Call S ll Slides 3Q19 November 2019 This - PowerPoint PPT Presentation

Earn rnin ings C Call S ll Slides – 3Q19 November 2019

This presentation has been prepared by Goodrich Petroleum Corporation (the “Company”) solely for information purposes and may include "forward-  looking statements" within the meaning of the U.S. Private Litigation Securities Reform Act of 1995. The Company, its respective employees, directors, officers or advisors, does not make any representation or warranty as to the accuracy or completeness of the information contained in the presentation materials. The Company shall have no liability for this presentation, information contained herein, or any representations (expressed or implied), whether the communications were oral or written. The statements, other than statements of historical facts, included in this presentation that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements include, but are not limited to forward-looking statements about acquisitions, divestitures, trades, potential strategic alliances, the availability of capital, the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including the Company's drilling program, production, hedging activities, capital expenditure levels and other guidance that may be included in this presentation. These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks relating to the Company's financial performance and results, availability of sufficient cash flow to execute its business plan, prices and demand for oil, natural gas and natural gas liquids, the ability to replace reserves and efficiently develop current reserves, the ability to access the capital markets and finance operations, including capital expenditures, and other important factors that could cause actual results to differ materially from those projected as described in this presentation and the Company's reports filed with the Securities and Exchange Commission. See "Risk Factors" in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or  update any forward-looking statement, whether as a result of new information, future events or otherwise. November 2019 2

HAYNESVILLE P PURE P PLAY OPPORTU RTUNITY TY >10 Year Inventory of Core Locations (77% Operated)  Acreage is Held By Production and Fully De-Risked  >1.0 Tcf of Natural Gas Resource Potential in North  Louisiana HAY AYNESVILL LLE S SHALE ALE - COR ORE HAYNESVILLE / BOSSIER SHALE STRONG NG H HAYNES NESVI VILLE E RETURNS NS ANGELINA RIVER TREND (“ART”) Gross ( ss (Net) A Acres (3Q19) 9): 38,000 00 (22,000 000) Proved ed R Reser erves es ( (YE18 18 - SEC) C) 47 471 Bcf cfe2 Gross (Net) Acres (4Q18): 7,000 (3,000) Obj bjectiv ive: H Haynes esville e Shale e Mississippi Proved Reserves (YE18 - SEC) Low Finding/Development and Lifting Cost Generating Objective: Haynesville & Bossier Shale  Competitive Rates of Return with Oil Basins Texas 2.5 Bcf Per 1,000 Feet of Lateral  Low LOE on New Wells - $0.05/Mcf  Severance Tax Abatement For 2 Years or Payout  TUSCALOOSA MARINE SHALE: COMPANY RETURN RNS AND BALANCE SHE HEET T Gross (Net) Acres (3Q19): 48,000 (33,000) Proved Reserves (YE18 – SEC) 9 Bcfe Objectives: Tuscaloosa Marine Shale Return on Capital Employed (“ROCE”) – 17% (3Q19  Annualized EBIT) 3Q19 Adjusted EBITDA of $21.3 Million. EBITDA Margin  of Approximately 64%* EAG AGLE LE F FORD SHALE ALE: Top Tier Capital Efficiency (Both Volumes and Adjusted for Gross ( ss (Net) A Acres (3Q19 19): 18, 18,00 000 (12,000 000)  Proved ed R Reser erves es ( (YE18 18 – SEC) ) 0 0 Obj bjectiv ives: Eagle le F Ford S rd Shale le, P Pears rsall S l Shale le & & Buda da L Lim ime Growth in EBITDA) Low Leverage (3Q19 – Debt to EBITDA <1.5X)  Low Multiple (EV/EBITDA ~ 2.5X)  * EBITDA Margin defined as EBITDA divided by Revenues adjusted for settled derivatives 3 November, 2019

SEC Proved Reserves (Bc Bcfe) e) YE18 YE 18 Proved ed Reserve ves by Commodi dity ETX TMS NLA - Haynesville Total Oil (2%) 600 480 500 Natural 428 Gas (98%) 400 YE18 YE 18 Proved Reserve ves by Area (Bcfe, % , %) 303 TMS-9 (2%) 300 200 NLA HAY CORE-471 (98%) 100 55 YE18 Prov oved Reserv rves by Category ory (Bcfe, , %) %) 0 PUD-353 2015 2016 2017 2018* (74%) * SEC P C PV10 10 o of $418 $418 Million PD-127 (26%) November, 2019 4

(USD in thousands) Cash $ 1,160 Debt Senior Credit Facility 87,900 2L Convertible Notes (PIK) 12,546 100,446 Total Debt $99,286 Total Net Debt November, 2019 5

160,000 Mcf cfe/Day 140,000 120,000 100,000 80,000 Mcfe/Day 60,000 40,000 20,000 - * Mid-Point of Guidance November, 2019 6

Perio riod Natu tural Gas Vol Volume mes Swap Vol Volume mes Col ollar Vol Volume mes S Swap Price Col ollar Prices (MCFPD ) ) (MCFPD) (MCFPD) (M ) (M 3Q19 100,000 100,000 0 $2.89  4Q19 100,000 100,000 0 $2.89  1Q20 70,000 70,000 0 $2.87  2Q20 70,000 47,000 23,000 $2.54 $2.40 - $2.62  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 - $2.62  Period od Oil il Volu lumes Sw Swap Volu lumes Colla llar Volu lumes Sw Swap Pric rice C Collar Pric rices (BO (BOPD) ) (BO (BOPD) (BO BOPD) 3Q19 300 300 0 $51.08  4Q19 300 300 0 $51.08  1Q20 250 250 0 $60.44  2Q20 225 225 0 $59.41  3Q20 210 210 0 $58.36  4Q20 200 200 0 $57.51  1Q21 200 200 0 $56.58  November, 2019 7

Activi ivity (Turned In Line) Wells ls  Produ ductio ion 2019E 2019E  Gross (Net) Wells: 8 (7.2)  Annual Net Production: 46.4 – 49.3 Bcfe  Average Net Lateral Length: ~7,500’  Avg Daily Production (Mid-Point): : 130,000 Mcfe/d Percentage Operated (Net): 100%   98% Natural Gas: Net Capit ital l Allocatio ion   $90 - 95 Capex ex (MM MM) ) Bethany-Longstreet 67%   Thorn Lake 33%  Pric ice R Reali lizatio ion HH Less $0.20 – 0.30  Quarterly Completion n (TIL) Cadence nce  Unit t Costs ts (Per Mcfe)  1Q19 2 Gross (2.0 Net)  2Q19 3 Gross (2.6 Net) LOE $0.20 – 0.30   3Q19 1 Gross (0.9 Net) Taxes $0.05 – 0.07   4Q19 2 Gross (1.7 Net)  Transportation $0.40 – 0.48  Total 8 Gross (7.2 Net)  G&A (Cash) $0.25 – 0.35  Estimated YE19 Haynesville DUCs – 5 Gross (2.5 Net) Wells 8 November, 2019

ROCE RO 40% 30% 20% 10% 0% GD GDP -10% -20% Peer Group Includes: November, 2019 AMPY.APA,AR,AXAS,BCEI,BRY,CDEV,CHAP,CHK,CLR,COG,CPE,CRK,CRZO,CXO,DNR,DVN,ECA,EOG, EQT,ESTE,FANG,GDP,GPOR,HPR,JAG,KOS,LONE,LPI,MCF,MGY,MR,MTDR,MUR,NBL,NOG,OAS, PDCE,PE,PVAC,PXD,QEP,REI,RRC,SBOW,SD,SM,SRCI,SWN,TALO,WLL,WPX,WTI,XOG 9 Sourc rce: Bloomberg rg, Company (October er 30, 30, 2019) 2019)

Capital E l Effic icie iency 80.00 70.00 60.00 50.00 40.00 30.00 20.00 10.00 0.00 GDP GD Peer Group Includes: AXAS,BCEI,BRY,CHAP,CHK,COG,CPE,CRK,CRZO,CXO,DNR,DVN,ECA,EOG,ESTE,FANG, November, 2019 GDP,HPR,JAG,KOS,LLEX,LONE,MGY,MR,MTDR,MUR,OAS,PDCE,PE,PVAC,PXD,REI,SBOW, SRCI,TALO,WPX 10 Sourc rce: : Bloomberg, , Company (Oct ctober 30, 30, 2019) 2019)

NET D DEBT/ T/EBITD ITDA 5.00 4.00 3.00 2.00 1.00 0.00 GD GDP Peer Group Includes: APA,AR,AREX,AXAS,BCEI,BRY,CDEV,CHAP,CHK,CLR,COG,CPE,CRK,CRZO,CXO,DNR,DVN,ECA, EOG,EQT,ESTE,FANG,GDP,GPOR,HPR,JAG,KOS,LONE,LPI,MCF,MGY,MPO,MR,MTDR,MUR,NBL, November, 2019 OAS,PDCE,PE,PVAC,PXD,QEP,REI,RRC,SBOW,SD,SM,SNEC,SRCI,SWN,TALO,UPL,WLL,WPX,WTI, XOG 11 Sourc rce: : Bloomberg, , Company (Oct ctober 30, 30, 2019) 2019)