goodrich petroleum corp (GDP) Key Developments
Goodrich Petroleum Corporation Provides Preliminary Capital Expenditure Budget for 2015; Announces Completion of Two Additional Wells in Its Blades Area of Tangipahoa Parish, Louisiana
Dec 10 14
Goodrich Petroleum Corporation provided a preliminary capital expenditure budget for 2015 of $150 – 200 million, with flexibility to accelerate with improvement in oil prices and the monetization of certain assets described below. Oil-directed capital is estimated to be in excess of 95% of the total, with the entire oil-directed allocation to the Tuscaloosa Marine Shale, where costs are coming down and results have continued to improve. Oil production volumes are expected to average 6,100 barrels – 6,700 barrels per day for the year, which represents 30 – 42% year-over-year growth. Natural gas volumes are expected to decrease by 15% – 20% year-over-year when factoring in the sale of the Company's East Texas Cotton Valley field for approximately $61 million, which was previously announced and is scheduled to close on December 22, 2014. Approximately 5% of the Company's 2015 capital budget will be allocated toward natural gas development.
The company also announced the completion of two additional wells in its Blades area of Tangipahoa Parish, Louisiana. The Verberne 5H-1 (66.7% WI) well, which was drilled and completed with an approximate lateral length of 6,600 feet and was fracked with 21 stages, has been producing on a restricted choke program and has achieved a peak 24-hour rate to date of 1,375 Boe per day, comprised of 1,335 barrels of oil (96%) and 250 Mcf of natural gas per day on a 14/64 inch choke. The Williams 46H-1 (68.2% WI) well, which was drilled with an approximate lateral length of 6,400 feet and was fracked with 20 stages, is in early flowback and is currently producing approximately 1,000 Boe per day, but has not achieved peak rate. An update on this well will be provided at a later date. Both of these wells were completed with the Company's newly optimized frac design, which includes (i) increased frac stage length with adjusted perforation cluster spacing, resulting in a reduced number of stages with similar proppant per foot; (ii) decreased fluid volumes, which reduced pump time per stage; and (iii) savings for plug drill out and rental equipment due to reduced number of stages. In total, these adjustments resulted in a savings in excess of $1.1 million per well. The Company is in completion phase on its Kent 41H-1 (99.8% WI) well, which was drilled with an approximate 6,000 foot lateral in 27 days at one of the lowest drilling cost to date. On the Company's initial two-well pad, the CMR/Foster Creek 8H-1 (78.8% WI) has been drilled and the CMR/Foster Creek 8H-2 (81.8% WI) well is drilling in the lateral. By achieving drill times of 25 – 30 days, as achieved by several industry-wide wells including most recent Kent 41H-1 well, coupled with the recently modified frac design as utilized on the Verberne 5H-1 and Williams 46H-1 wells, the Company believes it can achieve cost savings in excess of $1.5 million for a single well pad prior to any reduction in service costs or savings associated with drilling off of multi-well pads. Substantial cost savings combined with the Company's strong 2015 hedge position, and the inherent advantages of the TMS, which include premium LLS pricing, lower average royalty burden and severance tax relief, allow for the continued economic development of the play in 2015.
Goodrich To Explore Strategic Alternatives For Eagle Ford Asset
Dec 10 14
Goodrich Petroleum Corp. (NYSE:GDP) is considering to strategic alternatives for Eagle Ford Shale asset. The board of Goodrich Petroleum has authorized management to explore strategic alternatives for all or a portion of the Eagle Ford Shale asset in the first half of 2015
Goodrich Petroleum Corporation Declares Quarterly Preferred Dividends, Payable on December 15, 2014
Nov 10 14
The board of directors of Goodrich Petroleum Corporation has declared a quarterly cash dividend of $0.6719 per share on its 5.375% Series B Cumulative Convertible Preferred Stock, a quarterly cash dividend of $0.625 per depositary share on its 10.00% Series C Cumulative Preferred Stock, and a quarterly cash dividend of $0.609375 per depositary share on its 9.75% Series D Cumulative Preferred Stock. Each of the dividends will be paid on December 15, 2014 to stockholders of record as of December 1, 2014.
Goodrich Petroleum Corp. Presents at GHS 1x1 Series - San Francisco Energy Day, Nov-17-2014 09:00 AM
Nov 6 14
Goodrich Petroleum Corp. Presents at GHS 1x1 Series - San Francisco Energy Day, Nov-17-2014 09:00 AM. Venue: Le Meridien Hotel, 333 Battery Street, San Francisco, California, United States. Speakers: Robert C. Turnham, President, Chief Operating Officer and Executive Director.
Goodrich Petroleum Corp. Presents at Jefferies 2014 Global Energy Conference, Nov-11-2014 09:00 AM
Nov 6 14
Goodrich Petroleum Corp. Presents at Jefferies 2014 Global Energy Conference, Nov-11-2014 09:00 AM. Venue: St Regis Hotel, 1919 Briar Oaks Lane, Houston, Texas, United States. Speakers: Daniel E. Jenkins, Director of Corporate Planning & Investor Relations, Jan L. Schott, Chief Financial Officer and Senior Vice President, Walter G. Goodrich, Executive Vice Chairman, Chief Executive Officer, Non-Independent Member of Executive Committee and Member of Hedging Committee.