Last $4.75 USD
Change Today +0.61 / 14.73%
Volume 5.6M
As of 8:04 PM 12/17/14 All times are local (Market data is delayed by at least 15 minutes).

goodrich petroleum corp (GDP) Snapshot

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06/2/14 - $30.52
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goodrich petroleum corp (GDP) Details

Goodrich Petroleum Corporation, an independent oil and natural gas company, is engaged in the exploration, development, and production of oil and natural gas. The company holds interest in the Eagle Ford Shale Trend located in South Texas; the Haynesville Shale and Cotton Valley Taylor Sand in northwest Louisiana and East Texas; and the Tuscaloosa Marine Shale located in southwest Mississippi and southeast Louisiana. It owns working interests in 436 producing oil and natural gas wells located in 44 fields in 8 states. As of December 31, 2013, the company had estimated proved reserves of approximately 452.2 billion cubic feet equivalent of natural gas, 6.3 million barrels of crude oil or other liquid hydrocarbons (MMBbls) of natural gas liquids, and 14.1 MMBbls of oil and condensate. Goodrich Petroleum Corporation was founded in 1995 and is headquartered in Houston, Texas.

103 Employees
Last Reported Date: 02/21/14
Founded in 1995

goodrich petroleum corp (GDP) Top Compensated Officers

Executive Vice Chairman, Chief Executive Offi...
Total Annual Compensation: $478.4K
President, Chief Operating Officer and Execut...
Total Annual Compensation: $452.4K
Chief Financial Officer and Senior Vice Presi...
Total Annual Compensation: $291.2K
Executive Vice President
Total Annual Compensation: $353.6K
Senior Vice President, General Counsel and Co...
Total Annual Compensation: $286.0K
Compensation as of Fiscal Year 2013.

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

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

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

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.


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