NYSE American: GDP Managem gemen ent P Presen entation th Annual Tuo uohy hy Br Brothers 1 11 th al “Dril ill, l, Chill, ill, & Re-Fil ill” l” Confer eren ence ce August, 2020 2020
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. August, 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% ◦ August, 2020 3
HAYNESVILLE P PURE P PLAY OPPORTU RTUNITY TY 18 Year Inventory of Core Locations (77% Operated) at Current Pace Acreage is Held By Production and Fully De-Risked >1.0 Tcf of Natural Gas Resource Potential in North HAY AYNESVILL LLE S SHALE ALE - COR ORE Louisiana HAYNESVILLE / BOSSIER SHALE STRONG H HAYNESVILL LLE RESULT LTS ANGELINA RIVER TREND (“ART”) Gross ( ss (Net) A Acres (1Q20) 0): 40,300 00 (22,300 300) Proved ed R Reser erves es ( (YE19 19 - SEC) C) 51 510 Bcfe fe Gross (Net) Acres (4Q18): 7,000 (3,000) Obj bjectiv ive: H Haynes esville e Shale e Mississippi Production: 137,000 Mcfe/day (1Q20), 32% YOY Growth Proved Reserves (YE18 - SEC) 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: COMPANY RETURN RNS AND BALANCE 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%* EAG AGLE LE F FORD SHALE ALE: Top Tier Capital Efficiency Net t Acres s (1Q20 20): 4, 4,30 300 Proved ed R Reser erves es ( (YE19 19 – SEC) ) 0 Low Leverage (Net Debt to EBITDA (TTM) – 1.3X) Obj bjectiv ives: Eagle le F Ford S rd Shale le, P Pears rsall S l Shale le & & Buda da L Lim ime Low Multiple (EV/EBITDA ~ 2.50X) * EBITDA Margin defined as EBITDA divided by Revenues adjusted for settled derivatives 4 August, 2020
SEC Proved Reserves (Bc Bcfe) e) YE YE19 19 Proved Re Reserves by Co Commodity Natural ETX TMS NLA - Haynesville Total Gas – 511 600 (99%) 517 480 500 428 Oil - 6 (1%) 400 YE YE19 19 Proved ed Reserve ves by Area (Bcfe, % , %) 303 HS – 511 300 (99%) 200 TMS-6 100 (1%) 55 YE19 Prov oved Reserv rves by Category ory (Bcfe, , %) %) 0 2015 2016 2017 2018* 2019 PUD-372 (72%) SEC C PV10 of $297 $297 Million PDP- 145 (28%) August, 2020 5
Capita talizati tion Net Debt to EBITDA of 1.3X based on TTM EBITDA of $80.3 million $ $ in in milli illions 3/ 3/31/ 31/20 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 Tota otal D Debt $106. $106.3 Total Stockholders' Equity 88.5 Tota otal B Book ook Capitalization on $194.8 $194. Credit S t Sta tati tistics cs 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 August, 2020
160,000 Mcf cfe/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 August, 2020 7
Nat Natural al G Gas as Volumes Swap Sw ap V Volumes Colla lar r Volumes Perio riod Sw Swap ap P Price Coll llar Pric rices (M (Mcf cf/d) (Mcf (M cf/d) (Mcf (M cf/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 V il Volu lumes Sw Swap ap V Volumes Colla lar r Volumes Perio riod Sw Swap ap P Price (Bo/d) (Bo/d) (Boe/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 August, 2020
Volume mes and d Cost st Gui uida danc nce 2020 2020E Dev evelopme ment Sche hedul dule 2020 2020E Product uction Activi ivity 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 Expe pendi ditures s (MM) Net Capit ital l Allocatio ion Total Capital Expenditures $40 - $50 Bethany-Longstreet 91% Pric ice R Reali lizatio ion Thorn Lake 9% Quarterly ly Comple letion Cadence Henry Hub Differential $0.15 – $0.25 1Q20 5 Gross (1.8 Net) Unit t Cost ( t (Per M Mcfe) 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 Tot otal 12 12 Gross ( (5. 5.0 N 0 Net) August, 2020 9
20 15 10 5 0 GD GDP -5 -10 Peer Group Includes: AMPY,APA,AR,BCEI,BRY,CDEV,CHK,CLR,COG,CPE,CRK,CXO,DNR,DVN,EOG, August, 2020 EQT,ESTE,FANG,GDP,GPOR,HPR,KOS,LONE,LPI,MGY,MR,MTDR,MUR,NBL,OAS,OVV,PDCE,PE,PVAC, PXD,QEP,REI,RRC,SBOW,SD,SM,SWN,TALO,WLL,WPX,XEC,XOG Sourc rce: Bloomberg rg, Company (1Q20 20 Financia cials) 10
6 5 4 3 2 1 0 GD GDP Peer Group Includes: AMPY,APA,AR,BCEI,BRY,CDEV,CHK,CLR,COG,CPE,CRK,CXO,DNR,DVN,EOG,EQT,ESTE,FANG, GDP,GPOR,HPR,KOS,LONE,LPI,MGY,MR,MTDR,MUR,NBL,OAS,OVV,PDCE,PE,PVAC,PXD,QEP,REI, August, 2020 RRC,SBOW,SD,SM,SWN,TALO,WLL,WPX,XEC,XOG Source: e: Bloomber erg, Company (1Q 1Q20 0 Financials) 11
12 10 8 6 4 2 0 GD GDP Peer Group Includes: AMPY,APA,AR,BCEI,BRY,CDEV,CHK,CLR,COG,CPE,CRK,CXO,DNR,DVN,EOG, August, 2020 EQT,ESTE,FANG,GDP,GPOR,HPR,KOS,LONE,LPI,MGY,MR,MTDR,MUR,NBL,OAS,OVV,PDCE,PE,PVAC, PXD,QEP,REI,RRC,SBOW,SD,SM,SWN,TALO,WLL,WPX,XEC,XOG Source: e: Bloomber erg, Company (1Q 1Q20 0 Financials) 12
Pay Zones GDP DP 22,300 ,300 Net Acre cres } 100 – 300 feet August, 2020 13
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