Goodrich Petroleum Announces Tuscaloosa Marine Shale Operational Update
Sep 2 14
Goodrich Petroleum Corp. announced the completion of its Denkmann 33-28H-2 (75% WI) well in Amite County, Mississippi. The well, which was drilled with an approximate 6,000 foot lateral and was fracked with 22 stages, has achieved a peak 24-hour average production rate to date of approximately 1,250 barrels of oil equivalent ("BOE") per day, comprised of 1,200 barrels of oil and 300 Mcf of gas on a 16/64 inch choke. The Company has also commenced flowback on its Bates 25-24H-1 (98% WI) well in Amite County, Mississippi, an approximate 5,000 foot lateral with 19 frac stages, and is currently fracking its CMR/Foster Creek 31-22H-1 (90% WI) well in Wilkinson County, Mississippi, which has an approximate 6,700 foot lateral with 24 planned frac stages. The Company has also drilled and is in completion phase on its CMR/Foster Creek 24-13H-1 (97% WI) well in Wilkinson County, Mississippi, which has an approximate 6,600 foot lateral, and its Spears 31-6H-1 (77% WI) well in Amite County, Mississippi, which has an approximate 7,600 foot lateral. The Company currently has three rigs running in the play and is conducting drilling operations on its Verberne 5H-1 (66% WI) and Williams 46H-1 (61% WI) wells offsetting its Blades 33H-1 (67% WI) well in Tangipahoa Parish, Louisiana, and its CMR/Foster Creek 8H-1 (79% WI) well in Wilkinson County, Mississippi, which is planned for a two well pad offsetting the Company's Crosby 12H-1 (50% WI) well.
Goodrich Petroleum Corporation Declares Quarterly Preferred Dividends, Payable on September 15, 2014
Aug 21 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 September 15, 2014 to stockholders of record as of September 2, 2014.
Goodrich Petroleum Corp. Reports Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Production Guidance for Third Quarter of 2014 and Capital Expenditure Guidance for Full Year of 2014; Projects Tax Rate for the Full Year of 2014
Aug 7 14
Goodrich Petroleum Corp. reported earnings results for the second quarter and six months ended June 30, 2014. For the quarter, total revenues were $53.319 million compared to $48.485 million a year ago. Operating loss was $3.552 million compared to $14.192 million a year ago. Loss before income taxes was $25.106 million compared to $16.143 million a year ago. Net loss applicable to common stock was $32.536 million or $0.73 per diluted share compared to $20.099 million or $0.55 per diluted share a year ago. Adjusted net loss applicable to common stock was $21.303 million or $0.48 per diluted share compared to $23.021 million or $0.63 per diluted share a year ago. Net cash provided by operating activities was $63.291 million compared to $29.588 million a year ago. Adjusted EBITDAX was $31.450 million compared to $31.524 million a year ago. Adjusted revenues were $50.240 million compared to $48.568 million a year ago. Adjusted operating loss was $6.631 million compared to $14.109 million a year ago. Capital expenditures totaled $106.5 million in the quarter, of which $89.9 million was spent on drilling and completion costs, $13.2 million on leasehold acquisition and $3.4 million on facilities, capital workovers and other expenditures. Approximately 70% of the quarter's total capital expenditures were spent in the TMS drilling and completing wells and extending existing leasehold for future drilling operations.
For six months, total revenues were $105.122 million compared to $95.569 million a year ago. Operating loss was $5.675 million compared to $27.334 million a year ago. Loss before income taxes was $47.598 million compared to $44.606 million a year ago. Net loss applicable to common stock was $62.459 million or $1.41 per diluted share compared to $50.074 million or $1.36 per diluted share a year ago. Adjusted net loss applicable to common stock was $44.181 million or $1.00 per diluted share compared to $48.884 million or $1.33 per diluted share a year ago. Net cash provided by operating activities was $69.846 million compared to $35.860 million a year ago. Adjusted EBITDAX was $60.501 million compared to $58.574 million a year ago. Adjusted revenues were $99.312 million compared to $95.804 million a year ago. Adjusted operating loss was $11.485 million compared to $27.099 million a year ago. Capital expenditures for the first six months of the year totaled $162.3 million.
Production totaled 6.2 billion cubic feet equivalent ("Bcfe") in the quarter, or an average of 68,600 Mcfe/day, versus 6.7 Bcfe, or an average of 73,200 Mcfe/day in the prior year period. Oil production totaled 381,000 barrels of oil in the quarter, or an average of approximately 4,200 Bbls/day, versus 292,000 barrels of oil, or an average of approximately 3,200 Bbls/day, in the prior year period. Oil production grew 11% sequentially over the prior quarter. Oil production growth for the quarter was back-end loaded, with current production of approximately 4,800 -- 5,000 Bbls/day. Natural gas production totaled 4.0 Bcf in the quarter, or an average of approximately 43,500 Mcf/day, versus 4.9 Bcf, or an average of 54,000 Mcf/day, in the prior year period.
For six months, the company reported production of natural gas of 8,388 MMcf compared to 9,050 MMcf a year ago. Oil and condensate is 722 MBbls compared to 600 MBbls. Total production is 12,721 MMcfe compared to 12,651 MMcfe a year ago. Oil production was 70,281 Mcfe per day compared to 69,893 Mcfe per day.
The Company currently anticipates that its full year 2014 capital expenditure budget will be at the low end of the previously issued guidance range of $325 - $375 million. The company projecting a 0 tax rate for the full year of 2014.
The Company anticipates producing 37,000 - 39,000 Mcf/day of natural gas during the third quarter of 2014. The company expects oil production of 4,800 - 5,400 Bbls/day.