Johns nson on Rice e Conference ference, New ew Orlea eans ns, - PowerPoint PPT Presentation

NYSE American: GDP Manag agemen ment Presentat ntatio ion Johns nson on Rice e Conference ference, New ew Orlea eans ns, Louisi siana ana September, 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. September, 2019 2

OPERA RATE TED OPPO PORTUN RTUNIT ITY >10 year inventory of high return core HS locations  High margin gas (HS), oil upside (TMS and EFS)  HAYNES ESVIL ILLE LE SHALE - CORE CORE Low capital intensity from low decline rate PDPs  Gross (Net) Acres (2Q1 Q19): 39,000 (22,000) HAYNESVILLE / BOSSIER SHALE Proved Reserve ves (YE18 - SEC) 471 Bcfe2 Objective ve: Haynes nesvi ville Shale ANGELINA RIVER TREND (“ART”) STRONG RONG FUNDAME MENTA TALS Gross (Net) Acres (4Q18): 7,000 (3,000) Mississippi Proved Reserves (YE18 - SEC) Objective: Haynesville & Bossier Shale Cash margin expansion continuing in 2019  TUSCALOOSA MARINE SHALE: Texas Low leverage on low reinvestment rate  Louisiana Gross (Net) Acres (2Q19): 49,000 (34,000) Proved Reserves (YE18 – SEC) 9 Bcfe Top-tier full cycle returns on low leasehold costs  Objectives: Tuscaloosa Marine Shale Improving debt-adjusted growth for the multiple  EAGLE E FORD SHALE: E: Gross (Net) Acres (2Q1 Q19): 18,000 (12,000) 2Q19 19 HIG IGHLIG IGHTS TS Proved Reserve ves (YE18 – SEC) 0 Objective ves: Eagle Ford Shale, Pearsall Shale & Buda Lime 2Q19 Average Production of 138 MMcfe/d  2Q19 Adjusted EBITDA of $21.5 Million  2Q19 Net Income of $11.8 Million (Includes MTM of  >1.0 Tcf of natural gas resource potential Derivatives) in North Louisiana . Fully de-risked Return on Capital Employed (“ROCE”) of 18% on 2Q19  Annualized EBIT 3 September, 2019

SEC Prove oved d Reserv eserves es (Bcfe cfe) YE18 8 Prove oved d Rese serv rves es by Commod odity ity ETX TMS NLA - Haynesville Total Oil (2%) 600 480 500 Natural 428 Gas (98%) 400 YE18 8 Prov oved Rese serv rves es by Area rea (Bcfe Bcfe, , %) 303 TMS-9 (2%) 300 200 NLA HAY CORE-471 (98%) 100 55 YE18 8 Prove oved d Rese serv rves es by Category tegory (Bcfe cfe, , %) %) 0 PUD-353 2015 2016 2017 2018* (74%) * SEC PV10 0 of $418 8 Mill llion on PD-127 (26%) September, 2019 4

(USD in thousands) Cash $ 1,669 Debt Senior Credit Facility 84,400 2L Convertible Notes (PIK) 12,135 96,535 Total Debt $94,866 Total Net Debt September, 2019 5

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

Period riod Nat atural ural Gas Volumes s Swap p Volumes s Collar lar Volumes s Swa wap p Price ce Collar lar Price ces s PD ) (MCFPD) CFPD) (MCFPD PD) (MCFPD 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 $2.58 $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  Perio iod Oil Volumes s Swap p Volumes s Collar ar Volumes s Swap p Price ce Collar llar Price ces s (BOPD) OPD) (BOPD) OPD) (BOP OPD) D) 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  September, 2019 7

Activity y Well ells  Product uction 2019E 2019E  Gross (Net) Wells: 12 (9.3)  Annual Net Production: 49.3 – 52.9 Bcfe  Average Net Lateral Length: 8,000 ’  Avg Daily Production (Mcfe/d): 135,000-145,000  Percentage Operated (Net): 92%  Natural Gas: 98%  Net Capit ital l Alloca catio ion  Capex pex (MM) $90 - 100  Bethany-Longstreet 67% Price e Real alization ation HH Less $0.12 – 0.15   Thorn Lake 33%  Unit Cost sts s (Per Mcfe)  Quarter erly ly Complet etio ion n Caden ence ce  LOE $0.20 – 0.30  1Q19 2 Gross (2.0 Net) Taxes $0.05 – 0.09   2Q19 3 Gross (2.6 Net) Transportation $0.40 – 0.48   G&A (Cash) $0.25 – 0.35 3Q19 2 Gross (2.0 Net)   4Q19 5 Gross (2.7 Net)  Total 12 Gross (9.3 Net)  8 September, 2019

ROCE CE 40% 30% 20% 10% 0% GDP GDP -10% -20% Peer Group Includes: September, 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,LLEX,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 Source: : Bloom ombe berg, , Compa pany (JSe Sept ptembe ber 3, 2019)

Capital tal Efficien iciency cy $35.0 $30.0 $25.0 $20.0 $15.0 $10.0 $5.0 $- GDP GDP Peer Group Includes: AXAS,BCEI,BRY,CHAP,CHK,COG,CPE,CRK,CRZO,CXO,DNR,DVN,ECA,EOG,ESTE,FANG, September, 2019 GDP,HPR,JAG,KOS,LLEX,LONE,MGY,MR,MTDR,MUR,OAS,PDCE,PE,PVAC,PXD,REI,SBOW, SRCI,TALO,WPX 10 Source: : Bloom ombe berg, , Compa pany (Septe tember 3, 2019)

NET DEBT BT/EB /EBITDA ITDA 5 4 3 2 1 0 GDP 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,LONE,LPI,MCF,MGY,MPO,MR,MTDR,MUR,NBL, September 2019 OAS,PDCE,PE,PVAC,PXD,QEP,REI,RRC,SBOW,SD,SM,SNEC,SRCI,SWN,TALO,UPL,WLL,WPX,WTI, XOG 11 Source: : Bloom ombe berg, , Compa pany (Septe tember 3, 2019)