HOUSTON, May 7, 2020 /PRNewswire/ -- Goodrich Petroleum
Corporation (NYSE American: GDP) (the "Company") today announced
financial results for the first quarter ended March 31, 2020.
THE COMPANY HAS POSTED A NEW PRESENTATION ON ITS WEBSITE
WHICH WILL BE REVIEWED ON THE EARNINGS CONFERENCE CALL.
INVESTORS CAN ACCESS THE SLIDES AT:
http://goodrichpetroleumcorp.investorroom.com/presentations
QUARTER HIGHLIGHTS
Net Income: Net income was $3.0
million in the quarter ($0.24
per basic, $0.22 per diluted
share).
Adjusted EBITDA: Adjusted EBITDA was $16.6 million in the quarter.
Production: Production averaged approximately
137,000 Mcfe per day for the quarter. The Company completed 5.0
gross (1.8 net) wells in the quarter, with 1.0 gross (1.0 net)
operated well added in January and 4 gross (0.8 net) non-operated
wells added at the end of March.
Cash Operating Expenses: Per unit cash operating expense
was $1.03 per Mcfe for the quarter,
broken out as follows:
- Lease operating expense ("LOE") was $0.27 per Mcfe, which included workover expense
of $0.04 per Mcfe
- Production and other taxes were $0.07 per Mcfe, which included $0.04 per Mcfe for production taxes and
$0.03 per Mcfe for ad valorem
taxes
- Transportation and processing expense was $0.39 per Mcfe
- General and Administrative ("G&A") expense payable in cash
was $0.30 per Mcfe
Return on Capital Employed ("ROCE"), defined as
trailing twelve months earnings before interest and taxes ("EBIT")
divided by total assets less current liabilities, was 12.5% at
quarter-end.
RECENT DEVELOPMENTS
SPRING REDETERMINATION UNDER SENIOR CREDIT FACILITY:
In conjunction with its spring redetermination under its reserve
based lending facility, the Company and the participating banks
have executed an amendment to the credit facility establishing a
new borrowing base of $120 million,
down from $125 million, with no
material changes to terms and
conditions.
SECOND LIEN NOTES:
The Company has entered into an amendment to its second lien
note indenture extending the maturity date to May 31, 2022, with no additional changes to terms
and conditions.
SERVICE COST DEFLATION:
The Company is currently seeing a 15-20% reduction in service
company bids for its next set of wells, which have increased its
field level returns as shown in its earnings call presentation.
FINANCIAL RESULTS
CASH FLOW
Adjusted EBITDA was $16.6 million
in the quarter and discretionary cash flow ("DCF"), defined as net
cash provided by operating activities before changes in working
capital, was $15.4 million in the
quarter versus Adjusted EBITDA of $15.2
million and DCF of $14.8
million in the prior year period.
(See accompanying tables at the end of this press release that
reconcile Adjusted EBITDA and DCF, each of which are non-US GAAP
financial measures, to their most directly comparable US GAAP
financial measure.)
NET INCOME
Net income was $3.0 million in the
quarter, or $0.24 per basic and
$0.22 per fully diluted share, versus
net income of $0.4 million, or
$0.04 per basic and $0.03 per fully diluted share, in the prior year
period.
PRODUCTION
Production totaled approximately 12.5 Bcfe in the quarter, or an
average of approximately 137,000 Mcfe (98% natural gas) per day,
versus 9.3 Bcfe, or an average daily production of
approximately 104,000 Mcfe (97% natural gas) per day, in the prior
year period.
REVENUES
Oil and natural gas revenues adjusted for cash settled
derivatives of $6.0 million was
$29.0 million. Oil and natural
gas revenues prior to cash settled derivatives was $23.0 million. Oil and gas revenues
including cash settled derivatives was $27.4
million in the prior year period. Average
realized price per unit was $1.84 per
Mcfe ($1.73 per Mcf of gas and
$47.64 per barrel of oil) in the
quarter, versus $3.12 per Mcfe in the
prior year period ($2.91 per Mcf of
gas and $59.45 per barrel of
oil). Average realized price per unit when incorporating the
Company's settled derivatives for the quarter was $2.32 per Mcfe.
(See accompanying table at the end of this press release that
reconciles oil and natural gas revenues adjusted for cash settled
derivatives, which is a non-US GAAP financial measure, to its most
directly comparable US GAAP financial measure.)
OPERATING EXPENSES
Lease operating expense ("LOE") was $3.3 million in the quarter, or $0.27 per Mcfe, which included $0.5 million, or $0.04 per Mcfe, for workovers. LOE was
$3.3 million, or $0.36 per Mcfe, in the prior year period, which
included $0.6 million, or
$0.07 per Mcfe, for workovers.
Production and other taxes were $0.9 million in the quarter, or $0.07 per Mcfe, versus $0.6 million, or $0.07 per Mcfe, in the prior year period.
Transportation and processing expense was
$4.9 million in the quarter, or
$0.39 per Mcfe, versus $4.7 million, or $0.50 per Mcfe, in the prior year period.
Depreciation, depletion and amortization ("DD&A")
expense was $13.3 million in
the quarter, or $1.06 per Mcfe,
versus $10.0 million, or $1.08 per Mcfe, in the prior year period.
General and administrative expense ("G&A") was
$4.9 million in the quarter, or
$0.39 per Mcfe, versus $5.3 million, or $0.57 per Mcfe, in the prior year period.
G&A expense payable in cash was $3.8
million, or $0.30 per Mcfe,
versus $3.8 million, or $0.40 per Mcfe, in the prior year period.
(See accompanying table at the end of this press release that
reconciles G&A expense payable in cash, which is a non-US GAAP
financial measure, to its most directly comparable US GAAP
financial measure.)
OPERATING INCOME/LOSS
Operating income adjusted for cash settled derivatives was
$1.7 million for the quarter, which
included $6.0 million received for
cash settled derivatives. Operating loss, defined as revenues
minus operating expenses, totaled $4.3
million in the quarter prior to cash settled derivatives.
Operating income adjusted for cash settled derivatives was
$3.3 million in the prior year
period, which included $1.8 million
paid for cash settled derivatives. Operating income totaled
$5.1 million in the prior year period
prior to cash settled derivatives.
(See accompanying table at the end of this press release that
reconciles operating income adjusted for cash settled derivatives,
which is a non-US GAAP financial measure, to its most directly
comparable US GAAP financial measure.)
INTEREST EXPENSE
Interest expense totaled $2.0
million in the quarter, which included interest payable in
cash of $1.2 million incurred on the
credit facility and non-cash interest of $0.8 million incurred primarily on the Company's
second lien notes, which included $0.4
million paid in-kind interest and $0.4 million amortization of debt discount and
issuance costs. Interest expense for the prior year period
was $3.7 million, which included
interest payable in cash of $0.5
million incurred on the credit facility and non-cash
interest of $3.2 million incurred on
the Company's second lien notes, which included $1.8 million paid in-kind interest and
$1.4 million amortization of debt
discount and issuance costs.
(See accompanying table at the end of this press release that
reconciles interest payable in cash, which is a non-US GAAP
financial measure, to its most directly comparable US GAAP
financial measure.)
CAPITAL EXPENDITURES
Capital expenditures totaled $18.4
million in the quarter, of which a majority was spent on
drilling and completion costs, versus $29.5
million in the prior year period, of which $28.5 million was spent on drilling and
completion costs and $1.0 million on
other expenditures. The Company conducted drilling operations
on 12.0 gross (4.0 net) wells in the quarter and added 5 gross (1.8
net) wells to production, with 4 gross (0.8 net) wells added at the
end of March. The Company had 10.0 gross (4.6
net) drilled but uncompleted ("DUC") wells at the end of the
quarter, which the Company plans to complete in the future in a
better price environment. The Company reaffirms its full year
preliminary budget of $40 -
$50 million and the Board of
Directors will review the 2020 capital expenditure budget
quarterly and adjust, if necessary, based on commodity prices
and the goal of free cash flow generation from moderate growth in
volumes and a further reduction in per unit costs.
BALANCE SHEET
The Company exited the quarter with $1.3
million of cash, $92.9 million
outstanding under the Company's credit facility, and total
principal debt outstanding, including the credit facility and
second lien notes, of $106.3
million.
CRUDE OIL AND NATURAL GAS DERIVATIVES
The Company had a gain of $9.1
million on its derivatives not designated as hedges in the
quarter, which was comprised of a gain of $6.0 million on cash settlements and a
$3.1 million gain representing the
change of the fair value of our open natural gas and oil derivative
contracts, versus a loss of $1.0
million on its derivatives not designated as hedges in the
prior year period, which was comprised of a loss of $1.8 million on cash settlements offset by a
$0.8 million gain representing the
change in fair value of our open natural gas and oil derivative
contracts.
OTHER INFORMATION
In this press release, the Company refers to several non-US GAAP
financial measures, including Adjusted EBITDA, DCF, Return on
Capital Employed ("ROCE"), operating income adjusted for cash
settled derivatives, oil and natural gas revenues adjusted for cash
settled derivatives, G&A expense payable in cash and interest
expense payable in cash. Management believes Adjusted EBITDA,
DCF and ROCE are good financial indicators of the Company's
performance and ability to internally generate operating
funds. DCF should not be considered an alternative to net cash
provided by operating activities, as defined by US
GAAP. Adjusted EBITDA should not be considered an
alternative to net income (loss) applicable to common stock, as
defined by US GAAP. Operating income adjusted for cash settled
derivatives should not be considered an alternative for operating
income, as defined by US GAAP. Oil and natural gas revenues
adjusted for cash settled derivatives should not be considered an
alternative for oil and natural gas revenues, as defined by US
GAAP. G&A payable in cash should not be considered an
alternative to general and administrative expense, as defined by US
GAAP. Interest expense payable in cash should not be considered an
alternative to interest expense, as defined by US GAAP. Management
believes that all of these non-US GAAP financial measures provide
useful information to investors because they are monitored and used
by Company management and widely used by professional research
analysts in the valuation and investment recommendations of
companies within the oil and gas exploration and production
industry.
Unless otherwise stated, oil production volumes include
condensate.
Certain statements in this news release regarding future
expectations and plans for future activities may be regarded as
"forward looking statements" within the meaning of the Securities
Litigation Reform Act. They are subject to various risks,
such as financial market conditions, changes in commodities prices
and costs of drilling and completion, operating hazards, drilling
risks, and the inherent uncertainties in interpreting engineering
data relating to underground accumulations of oil and gas, as well
as other risks discussed in detail in the Company's Annual Report
on Form 10-K for the year ended December 31,
2019 and other subsequent filings with the Securities and
Exchange Commission. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will
prove to be correct.
Goodrich Petroleum is an independent oil and natural gas
exploration and production company listed on the NYSE American
under the symbol "GDP".
GOODRICH PETROLEUM
CORPORATION
|
SELECTED INCOME AND
PRODUCTION DATA
|
(In thousands, except
per share amounts) (Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
|
March 31,
2020
|
|
March 31,
2019
|
Volumes
|
|
|
|
|
|
Natural gas
(MMcf)
|
|
12,242
|
|
9,060
|
|
Oil and condensate
(MBbls)
|
|
38
|
|
47
|
|
Mmcfe — Total
|
|
12,471
|
|
9,342
|
|
|
|
|
|
|
|
Mcfe per
day
|
|
137,042
|
|
103,795
|
|
|
|
|
|
|
Reconciliation of Oil and natural gas revenues adjusted for cash
settled derivatives (non-US GAAP)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
|
March 31,
2020
|
|
March 31,
2019
|
Oil and natural gas
revenues (US GAAP)
|
|
$
22,983
|
|
$
29,146
|
Net cash received
(paid) for settlement of derivative instruments
|
|
5,969
|
|
(1,760)
|
Oil and natural gas
revenues adjusted for cash settled derivatives
|
|
$
28,952
|
|
$
27,386
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and natural gas
revenues
|
|
$
22,983
|
|
$
29,146
|
Other
|
|
3
|
|
(6)
|
|
|
|
$
22,986
|
|
$
29,140
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
Lease operating
expense (LOE excluding workovers - $2,843 and $2,687,
respectively)
|
|
3,328
|
|
3,335
|
|
Production and other
taxes
|
|
863
|
|
631
|
|
Transportation and
processing
|
|
4,875
|
|
4,701
|
|
Depreciation,
depletion and amortization
|
|
13,267
|
|
10,046
|
|
General and
administrative (payable in cash - $3,780 and $3,766,
respectively)
|
|
4,914
|
|
5,310
|
|
Other
|
|
8
|
|
10
|
Operating income
(loss)
|
|
(4,269)
|
|
5,107
|
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
|
|
Interest expense
(payable in cash - $1,170 and $465, respectively)
|
|
(1,952)
|
|
(3,657)
|
|
Interest income and
other expense
|
|
119
|
|
6
|
|
Gain (loss) on
commodity derivatives not designated as hedges
|
|
9,138
|
|
(1,008)
|
|
|
|
7,305
|
|
(4,659)
|
|
|
|
|
|
|
Income before income
taxes
|
|
3,036
|
|
448
|
Income tax
benefit
|
|
-
|
|
-
|
Net income
|
|
$
3,036
|
|
$
448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discretionary cash
flow (see non-US GAAP reconciliation) (1)
|
|
$
15,385
|
|
$
14,800
|
|
|
|
|
|
|
|
Adjusted EBITDA (see
calculation and non-US GAAP reconciliation) (2)
|
|
$
16,648
|
|
$
15,214
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
|
12,533
|
|
12,151
|
Weighted average
common shares outstanding - diluted (3)
|
|
13,849
|
|
14,132
|
|
|
|
|
|
|
Income per
share
|
|
|
|
|
|
Net income per common
share - basic
|
|
$
0.24
|
|
$
0.04
|
|
Net income per common
share - diluted
|
|
$
0.22
|
|
$
0.03
|
|
|
|
|
(1) Discretionary
cash flow is defined as net cash provided by operating activities
before changes in operating assets and liabilities. Management
believes that the non-US GAAP measure of discretionary cash flow is
useful as an indicator of an oil and natural gas exploration and
production company's ability to internally fund exploration and
development activities and to service or incur additional debt. The
company has also included this information because changes in
operating assets and liabilities relate to the timing of cash
receipts and disbursements which the company may not control and
may not relate to the period in which the operating activities
occurred. Operating cash flow should not be considered in isolation
or as a substitute for net cash provided by operating activities
prepared in accordance with US GAAP.
|
|
|
|
|
|
(2) Adjusted EBITDA
is defined as earnings before interest expense, income and similar
taxes, DD&A, share based compensation expense and impairment of
oil and natural gas properties. In calculating adjusted EBITDA,
reorganization gains/losses and gains/losses on commodity
derivatives not designated as hedges net of cash received or paid
in settlement of derivative instruments are also excluded. Other
excluded items include interest income and other, adjustments per
our 2019 Senior Credit Facility agreement for operating leases
under ASC 842 and any other extraordinary non-cash
gains/losses.
|
|
|
|
|
|
(3) Fully diluted
shares excludes approximately 0.6 million and 1.9 million
potentially dilutive instruments that were anti-dilutive for the
three months March 31, 2020 and 2019,
respectively.
|
|
GOODRICH PETROLEUM
CORPORATION
|
Per Unit Sales Prices
and Costs (Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
|
March 31,
2020
|
|
March 31,
2019
|
|
|
|
|
|
|
Average sales price
per unit:
|
|
|
|
|
|
Oil (per
Bbl)
|
|
|
|
|
|
Including net cash received
from/paid to settle oil derivatives
|
|
$
56.23
|
|
$
57.06
|
|
Excluding net cash received
from/paid to settle oil derivatives
|
|
$
47.64
|
|
$
59.45
|
|
Natural gas (per
Mcf)
|
|
|
|
|
|
Including net cash received
from/paid to settle natural gas derivatives
|
|
$
2.19
|
|
$
2.73
|
|
Excluding net cash received
from/paid to settle natural gas derivatives
|
|
$
1.73
|
|
$
2.91
|
|
Oil and natural gas
(per Mcfe)
|
|
|
|
|
|
Including net cash received
from/paid to settle oil and natural gas derivatives
|
|
$
2.32
|
|
$
2.93
|
|
Excluding net cash received
from/paid to settle oil and natural gas derivatives
|
|
$
1.84
|
|
$
3.12
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs Per
Mcfe
|
|
|
|
|
|
Lease operating
expense ($0.23 and $0.29 per Mcfe excluding workovers,
respectively)
|
|
$
0.27
|
|
$
0.36
|
|
Production and other
taxes
|
|
$
0.07
|
|
$
0.07
|
|
Transportation and
processing
|
|
$
0.39
|
|
$
0.50
|
|
Depreciation,
depletion and amortization
|
|
$
1.06
|
|
$
1.08
|
|
General and
administrative (payable in cash - $0.30 and $0.40,
respectively)
|
|
$
0.39
|
|
$
0.57
|
|
Other
|
|
$
-
|
|
$
-
|
|
|
|
$
2.19
|
|
$
2.57
|
|
|
|
.
|
|
|
Note: Amounts on a
per Mcfe basis may not total due to rounding.
|
GOODRICH PETROLEUM
CORPORATION
|
Cash Flow Data (In
thousands) (Unaudited)
|
|
|
|
|
|
Reconciliation of
discretionary cash flow and net cash provided by operating
activities (non-US GAAP)
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
March 31,
2020
|
|
March 31,
2019
|
|
|
|
|
Net cash provided by
operating activities (US GAAP)
|
|
$
14,850
|
|
$
17,907
|
Net changes in
working capital
|
|
(535)
|
|
3,107
|
Discretionary cash
flow (1)
|
|
$
15,385
|
|
$
14,800
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
March 31,
2020
|
|
March 31,
2019
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
Net income
|
|
$
3,036
|
|
$
448
|
Adjustments to
reconcile net income to net cash provided by operating
activities
|
|
|
|
|
Depletion,
depreciation and amortization
|
|
13,267
|
|
10,046
|
Right of use asset
depreciation
|
|
313
|
|
285
|
(Gain) loss on
derivatives not designated as hedges
|
|
(9,138)
|
|
1,008
|
Net cash received
(paid) for settlement of derivative instruments
|
|
5,969
|
|
(1,760)
|
Share based
compensation (non-cash)
|
|
1,156
|
|
1,568
|
Amortization of
finance cost, debt discount, paid in-kind interest and
accretion
|
|
782
|
|
3,193
|
Other
|
|
-
|
|
12
|
Change in assets and
liabilities:
|
|
|
|
|
Accounts receivable,
trade and other, net of allowance
|
|
(173)
|
|
(656)
|
Accrued oil and gas
revenue
|
|
3,735
|
|
2,236
|
Prepaid expenses and
other
|
|
4
|
|
35
|
Accounts
payable
|
|
(69)
|
|
2,641
|
Accrued
liabilities
|
|
(4,032)
|
|
(1,149)
|
Net cash
provided by operating activities
|
|
14,850
|
|
17,907
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
Capital
expenditures
|
|
(15,038)
|
|
(28,254)
|
Proceeds from sale of
assets
|
|
-
|
|
1,284
|
Net cash
used in investing activities
|
|
(15,038)
|
|
(26,970)
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
Principal payments of
bank borrowings
|
|
-
|
|
(2,000)
|
Proceeds from bank
borrowings
|
|
-
|
|
7,000
|
Purchase of treasury
stock
|
|
(2)
|
|
(5)
|
Net cash
provided by (used in) financing activities
|
|
(2)
|
|
4,995
|
Decrease in cash and
cash equivalents
|
|
(190)
|
|
(4,068)
|
Cash and cash
equivalents, beginning of period
|
|
1,452
|
|
4,068
|
Cash and cash
equivalents, end of period
|
|
$
1,262
|
|
$
-
|
GOODRICH PETROLEUM
CORPORATION
|
Other Information and
Reconciliations (In thousands)
|
|
|
|
|
|
|
Supplemental
Balance Sheet Data (unaudited)
|
|
|
|
As of
|
|
|
|
|
|
March 31,
2020
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
1,262
|
|
|
|
|
|
|
|
|
|
Long-term debt,
net
|
|
$
105,089
|
|
|
|
Unamortized debt
discount and issuance cost
|
|
1,218
|
|
|
|
Total principal
amount of debt
|
|
$
106,307
|
|
|
|
|
|
|
|
|
Reconciliation of
Net income to Adjusted EBITDA (non-US GAAP)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
|
March 31,
2020
|
|
March 31,
2019
|
|
|
|
|
|
|
|
Net income (US
GAAP)
|
|
$
3,036
|
|
$
448
|
|
Interest
expense
|
|
1,952
|
|
3,657
|
|
Depreciation,
depletion and amortization
|
|
13,267
|
|
10,046
|
|
Share-based
compensation expense (non-cash)
|
|
1,155
|
|
1,568
|
|
Gain on commodity
derivatives not designated as hedges, not settled
|
|
(3,169)
|
|
(752)
|
|
Other items
**
|
|
407
|
|
247
|
|
Adjusted EBITDA
(2)
|
|
$
16,648
|
|
$
15,214
|
|
|
|
|
|
|
|
** Other items
include $0.4 million and $0.3 million from the impact of accounting
for operating leases under ASC 842 as well as interest income for
the three months ended March 31, 2020 and 2019,
respectively.
|
|
|
|
|
|
|
Reconciliation of
Return on Capital Employed ("ROCE") (non-US GAAP)
|
|
|
|
|
|
|
|
For the trailing 12
months ended March 31, 2020
|
|
|
|
|
|
Net income (US
GAAP)
|
|
$
15,876
|
|
|
|
Add: Interest
expense
|
|
9,296
|
|
|
|
Earnings before
Interest and Income Taxes ("EBIT") (non-US GAAP)
|
|
$
25,172
|
|
|
|
|
|
|
|
|
|
As of March 31,
2020
|
|
|
|
|
|
Total Assets (US
GAAP)
|
|
$
243,905
|
|
|
|
Less: Current
Liabilities (US GAAP)
|
|
(42,615)
|
|
|
|
Capital Employed
("CE") (non-US GAAP)
|
|
$
201,290
|
|
|
|
|
|
|
|
|
|
Return on Capital
Employed (ROCE) (EBIT / CE)
|
|
12.5%
|
|
|
|
|
|
|
|
|
Derivative
Activity (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
|
March 31,
2020
|
|
March 31,
2019
|
|
Gain (loss) on
commodity derivatives not designated as hedges, settled
|
|
$
5,969
|
|
$
(1,760)
|
|
Gain on commodity
derivatives not designated as hedges, not settled
|
|
3,169
|
|
752
|
|
Total gain (loss) on
commodity derivatives not designated as hedges
|
|
$
9,138
|
|
$
(1,008)
|
|
|
|
|
|
|
Reconciliation of
interest payable in cash to interest expense
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
|
March 31,
2020
|
|
March 31,
2019
|
|
|
|
|
|
|
|
Interest expense (US
GAAP)
|
|
$
1,952
|
|
$
3,657
|
|
Amortization of debt
discount and issuance cost and paid-in-kind interest
|
|
(782)
|
|
(3,192)
|
|
Interest payable in
cash
|
|
$
1,170
|
|
$
465
|
GOODRICH PETROLEUM
CORPORATION
|
Other Information and
Reconciliations continued (In thousands, except per unit
amounts)
|
|
|
|
|
|
|
Reconciliation of
capital expenditures (unaudited)
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
March 31,
2020
|
|
March 31,
2019
|
Net cash used in
investing activities (US GAAP)
|
|
$
(15,038)
|
|
$
(26,970)
|
Cash proceeds related
to sale of assets
|
|
-
|
|
(1,284)
|
Miscellaneous
capitalized costs & ARO adjustments
|
|
(166)
|
|
(202)
|
Cost incurred in
prior period and paid in current period
|
|
6,175
|
|
8,086
|
Capital accrual at
period end
|
|
(9,330)
|
|
(9,145)
|
Total capital
expenditures
|
|
$
(18,359)
|
|
$
(29,515)
|
|
|
|
|
|
|
Reconciliation of
general & administrative expense payable in cash to general and
administrative expense (non-US GAAP)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
|
March 31,
2020
|
|
March 31,
2019
|
General &
administrative expense (US GAAP)
|
|
$
4,914
|
|
$
5,310
|
Share based
compensation
|
|
(1,134)
|
|
(1,544)
|
General &
administrative expense payable in cash
|
|
$
3,780
|
|
$
3,766
|
|
Oil and natural gas
production (Mcfe)
|
|
12,471
|
|
9,342
|
|
General and
administrative expense payable in cash per Mcfe
|
|
$
0.30
|
|
$
0.40
|
|
|
|
|
|
|
Reconciliation of Operating income adjusted for cash settled
derivatives (non-US GAAP)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
|
March 31,
2020
|
|
March 31,
2019
|
Operating income
(loss) (US GAAP)
|
|
$
(4,269)
|
|
$
5,107
|
Net cash received in
(paid for) settlement of derivative instruments
|
|
5,969
|
|
(1,760)
|
Operating income
adjusted for cash settled derivatives
|
|
$
1,700
|
|
$
3,347
|
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SOURCE Goodrich Petroleum Corporation