NYSE American: GDP Manage agemen ment Presentat entation ion Earnings Call – 1Q20
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. May, 2020 2
Environmental: Total Gas Flared: (% of Production) ~0 ◦ Total GHG Emissions: (2019) (000 Mt) (EPA,LDEQ,MDEQ,TECQ Compliant) 27 ◦ Total Water Use (2019 - MMBls): 5.1 ◦ OSHA Compliant ◦ Social: Number of Employees: 51 ◦ Percentage of Employees Unionized: 0% ◦ Percentage of Women in the Workforce: 51% ◦ Percentage of Minorities in the Workforce: 20% ◦ Governance: Size of Board: 8 ◦ Independent Directors: 6 ◦ Percentage of Independent Directors: 75% ◦ Board Duration: 1 Year ◦ Number of Board Meetings: 10 ◦ Board Meeting Attendance: 100% ◦ May, 2020 3
HAYN YNESV SVILLE PURE PLAY AY OPPO PORTU RTUNITY ITY 16 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 HAYNES ESVIL ILLE LE SHALE - CORE CORE HAYNESVILLE / BOSSIER SHALE STRONG RONG HAYN YNESV SVILL ILLE RESUL ULTS TS ANGELINA RIVER TREND (“ART”) Gross (Net) Acres (1Q2 Q20): 40,300 (22,300) Proved Reserve ves (YE19 - SEC) 510 Bcfe Objective ve: Haynes nesvi ville Shale Gross (Net) Acres (4Q18): 7,000 (3,000) Mississippi Proved Reserves (YE18 - SEC) Production: 137,000 Mcfe/day (1Q20), 32% YOY Growth Objective: Haynesville & Bossier Shale Low Finding/Development and Lifting Cost Generating Texas Competitive Rates of Return 2.5 Bcf Per 1,000 Feet of Lateral Low LOE ($0.05/Mcf) and No Sev Tax on New Wells TUSCALOOSA MARINE SHALE: COMP MPANY ANY RETURN URNS S AND BALANC ANCE SHE HEET T Gross (Net) Acres (1Q20): 47,700 (33,200) Proved Reserves (YE19 – SEC) 7 Bcfe Objectives: Tuscaloosa Marine Shale Return on Capital Employed (“ROCE”) – 12.5% (TTM EBIT/(Assets – Current Liabilities) 1Q20 Adjusted EBITDA of $16.6 Million. EBITDA Margin of Approximately 58%* EAGLE E FORD SHALE: E: Top Tier Capital Efficiency Net Acres (1Q2 Q20): 4,300 Proved Reserve ves (YE19 – SEC) 0 Objective ves: Eagle Ford Shale, Pearsall Shale & Buda Lime Low Leverage (Net Debt to EBITDA (TTM) – 1.3X) Low Multiple (EV/EBITDA ~ 2.50X) * EBITDA Margin defined as EBITDA divided by Revenues adjusted for settled derivatives 4 May, 2020
SEC Prove oved d Reserv eserves es (Bcfe cfe) YE19 9 Prove oved d Rese serv rves es by Commod odity ity Natural Gas – ETX TMS NLA - Haynesville Total 600 511 (99%) 517 480 500 428 Oil - 6 (1%) 400 YE19 9 Prov oved Rese serv rves es by Area rea (Bcfe Bcfe, , %) HS – 511 303 (99%) 300 200 TMS-6 100 (1%) 55 YE19 9 Prov oved Rese serv rves es by Categor tegory y (Bcfe Bcfe, , %) %) 0 PUD- 2015 2016 2017 2018* 2019 372 (72%) SEC PV10 10 of $297 7 Mill llion on PDP- 145 (28%) May, 2020 5
Capit italizati ization on Net Debt to EBITDA of 1.3X based on TTM EBITDA of $80.3 million $ i in millio ions 3/31/20 Target of Less than 1.5X Cash and Cash Equivalents $1.3 Senior Credit Facility (Borrowing Base) 92.9 2L Senior Secured Notes 13.4 Total Debt $106.3 Total Stockholders' Equity 88.5 Total Book Capit itali liza zatio ion $194.8 Credit Statis istic ics TTM 3/31/20 Adjusted EBITDA $80.3 Net Debt / Adjusted TTM EBITDA 1.3x Net Debt to Total Capitalization 53.9% Borrowing Base $120.0 6 May, 2020
160,000 Mcfe/Day /Day 140,000 120,000 100,000 80,000 Mcfe/Day 60,000 40,000 20,000 - 2016 2017 2018 2019 2020* * Mid-Point of Guidance May, 2020 7
Natural Gas Volumes mes Swap Volume mes Collar Volume mes Period od Swap Price Collar Prices (Mcf/d) d) (Mcf/d) d) (Mcf/d) d) 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 2Q21 50,000 50,000 0 $2.47 3Q21 50,000 50,000 0 $2.48 4Q21 50,000 50,000 0 $2.45 1Q22 50,000 50,000 0 $2.45 Oil Volumes Swap Volume mes Collar Volume mes Period od Swap Price (Bo/ o/d) d) (Bo/ o/d) d) (Boe/ oe/d) d) 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 8 May, 2020
Volu lume mes and Cost st Gui uidanc nce 2020E 0E Devel evelop opme ment nt Sched hedul ule 2020E 0E Product uction Activi vity Annual Net Production (Bcfe): 50 – 52 Gross (Net) Wells: 12 (5.0) Avg. Daily Production – Midpoint (MMcfe/d): 140 Avg. Net Lateral Length: ~8,500’ Percent Natural Gas: 99% Percentage Operated (Net): 72% Capi pital al Expendi penditures ures (MM) Net Capi pital al Allocat cation Total Capital Expenditures $40 - $50 Bethany-Longstreet 91% Price e Real alization ation Thorn Lake 9% Quarterly y Comp mpletion n Cade dence ce Henry Hub Differential $0.15 – $0.25 1Q20 5 Gross (1.8 Net) Unit Cost st (Per er Mcfe) fe) 2Q20 1 Gross (0.8 Net) LOE: $0.20 - $0.25 3Q20 6 Gross (2.4 Net) Taxes: $0.04 – $0.07 4Q20 0 Gross (0.0 Net) Transportation: $0.30 - $0.40 G&A (Cash): $0.24 - $0.30 Total 12 G Gross (5.0 Net) May, 2020 9
25 20 15 10 5 0 GDP -5 -10 Peer Group Includes: May, 2020 AMPY,APA,AR,AXAS,BCEI,BRY,CDEV,CHAP,CHK,CLR,COG,CPE,CRC,CRK,CXO,DNR,DVN,EOG, EQT,ESTE,FANG,GDP,GPOR,HPR,KOS,LONE,LPI,MCF,MGY,MR,MTDR,MUR,NOG,NBL,OAS,OVV, PDCE,PE,PVAC,PXD,QEP,REI,RRC,SBOW,SD,SM,SWN,TALO,WLL,WPX,XEC,XOG 10 Source: : Bloom ombe berg, , Compa pany (4Q19 Finan ancial als for Peers, , 1Q20 Finan ancial als s for GDP) P)
6 5 4 3 2 1 0 GDP GDP Peer Group Includes: AMPY,APA,AR,AXAS,BCEI,BRY,CDEV,CHAP,CHK,CLR,COG,CPE,CRC,CRK,CXO,DNR,DVN,EOG, EQT,ESTE,FANG,GDP,GPOR,HPR,KOS,LONE,LPI,MCF,MGY,MR,MTDR,MUR,NOG,NBL,OAS,OVV, May, 2020 PDCE,PE,PVAC,PXD,QEP,REI,RRC,SBOW,SD,SM,SWN,TALO,WLL,WPX,XEC,XOG Source: : Bloom ombe berg, , Compa pany (4Q19 Finan ancial als for Peers, s, 1Q20 Finan ancial als for GDP) P) 11
9 8 7 6 5 4 3 2 1 0 GDP GDP Peer Group Includes: May, 2020 AMPY,APA,AR,AXAS,BCEI,BRY,CDEV,CHAP,CHK,CLR,COG,CPE,CRC,CRK,CXO,DNR,DVN,EOG, EQT,ESTE,FANG,GDP,GPOR,HPR,KOS,LONE,LPI,MCF,MGY,MR,MTDR,MUR,NOG,NBL,OAS,OVV, PDCE,PE,PVAC,PXD,QEP,REI,RRC,SBOW,SD,SM,SWN,TALO,WLL,WPX,XEC,XOG 12 Source: : Bloom ombe berg, , Compa pany (4Q19 Finan ancial als for Peers, , 1Q20 Finan ancial als s for GDP) P)
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