NYSE American: GDP Managem gemen ent P Presen entation September, 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. 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: 48 ◦ 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% ◦ 3
HAYNESVILLE P PURE P PLAY OPPORTU RTUNITY TY 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 HAY AYNESVILL LLE S SHALE ALE - COR ORE HAYNESVILLE / BOSSIER SHALE STRONG H HAYNESVILL LLE RESULT LTS ANGELINA RIVER TREND (“ART”) Gross ( ss (Net) A Acres (2Q20) 0): 42,000 00 (24,000 000) 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 Proved Reserves (YE18 - SEC) Production: 138,000 Mcfe/day (2Q20) Objective: Haynesville & Bossier Shale Low Finding/Development and Lifting Cost Generating Texas Strong 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 (2Q20): 47,800 (33,200) Proved Reserves (YE19 – SEC) 7 Bcfe Objectives: Tuscaloosa Marine Shale 2Q20 Adjusted EBITDA of $15.4 Million. EBITDA Margin of Approximately 56%* Cash Opex: $1.01/Mcfe; Cash Opex Plus Cash Interest: $1.09/Mcfe EAG AGLE LE F FORD SHALE ALE: Low Leverage (Net Debt to EBITDA (TTM) – 1.45X) Net t Acres s (2Q20 20): 4, 4,30 300 Proved ed R Reser erves es ( (YE19 19 – SEC) ) 0 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 ~2.9X) and Top Tier Capital Efficiency and Returns * EBITDA Margin defined as EBITDA divided by Revenues adjusted for settled derivatives 4
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%) 5
Capita talizati tion $ $ in in milli illions 6/30/ 30/20 20 Cash and Cash Equivalents $1.6 Senior Credit Facility 95.4 2L Senior Secured Notes 13.9 Tota otal D Debt $109.3 $109. Total Stockholders' Equity 74.4 Tota otal B Book ook Capitalization on $183. $183.7 Credit S t Sta tati tistics cs TTM 6/30/20 Adjusted EBITDA $74.1 Net Debt / Adjusted TTM EBITDA 1.45X Net Debt to Total Capitalization 59% Borrowing Base $120.0 6
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 7
Nat Natural al G Gas as Volumes Sw Swap ap V Volumes Colla lar r Volumes Perio riod Swap Sw ap P Price Coll llar Pric rices (Mcf (M cf/d) (M (Mcf cf/d) (M (Mcf cf/d) 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 100,000 70,000 30,000 $2.54 $2.50 - $3.50 3Q21 100,000 70,000 30,000 $2.55 $2.50 - $3.50 4Q21 100,000 70,000 30,000 $2.53 $2.50 - $3.50 1Q22 100,000 70,000 30,000 $2.53 $2.50 - $3.50 Oil V il Volu lumes Swap Sw ap V Volumes Colla lar r Volumes Perio riod Sw Swap ap P Price (Bo/d) (Bo/d) (Boe/d) 3Q20 210 210 0 $58.36 4Q20 200 200 0 $57.51 1Q21 200 200 0 $56.58 8
Volume mes and d Cost st Gui uida danc nce 2020 2020E Dev evelopme ment Sche hedul dule 2020E 2020 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) 9
$3.00 $2.50 $2. $2.74 $2.00 $2.30 $2. $1.50 $1. $1.79 $1. $1.59 $1. $1.69 $1.00 $1. $1.34 $0.50 $1. $1.09 $0.94 $0. $1.05 $1. $0.00 GDP Per Unit Cash Costs Cash Interest Expense Peers include: AR,COG,CRK,EQT,GDP, GPOR,MR,RRC,SWN 10
Cash Margin 60% 40% 3 3 51 51% 47% 47 38 38% 20% 33% 33 21 21% 2% 2% 11 11% 6% 6% 0% 2% 2% -27 27% -20% GDP DP Peer Companies Include: -40% AR,COG,CRK,EQT,GDP,GP OR,MR,RRC,SWN 11
Pay Zones GDP DP 24,000 ,000 Net Acre cres } 100 – 300 feet 12
Haynesville - Core Total Gross/Net Acres: ~36,000/21,000 Average WI/NRI: ~59%/43% Acreage HBP: 100% 120+ total producing wells (`40 Operated) NORTH 1/1/20 – Inventory of 216 gross (96 LOUISIAN ANA A CORE net) potential locations on 880’ spacing providing 19+ year inventory AREA Operator for Approximately 75% of 21,000 ,000 Net t Ac the NLA core position CHK Joint Venture on most of the remaining 25% of NLA Core Acreage Recent Acquisitions Adding to Inventory with No Upfront Capital Continuing to Look For Bolt-On Opportunities TOTAL H L HAYNESVILLE LLE Shelby Trough/Angelina River Trend (ART) SHA HALE Haynesville and Bossier Shales: ~24, 24,000 00 net A t Ac Total Gross/Net Acres: ~6,000/ 3,000 Average WI/NRI: ~40% / 30% ART RT 3,000 3, 000 Net t Ac Ac Rig Source: Ulterra Bits 13
Recommend
More recommend
