HOUSTON, Aug. 11, 2020 /PRNewswire/ -- Goodrich
Petroleum Corporation (NYSE American: GDP) (the "Company") today
announced financial results for the second quarter ended
June 30, 2020.
QUARTER HIGHLIGHTS
- Adjusted EBITDA: Adjusted EBITDA was $15.4 million in the quarter.
- Discretionary Cash Flow was $14.5 million and Capital Expenditures
totaled $10.2 million in the
quarter;
- Net Loss: Net Loss was $15.7 million in the
quarter. Factoring into the net loss for the quarter were a
mark-to-market loss representing the change of the fair value of
our open natural gas and oil derivative contracts of
$9.0 million and an impairment charge
of $6.8 million.
- Production: Production averaged approximately
138,000 Mcfe per day for the quarter. The Company completed 1
gross (0.8 net) wells in the quarter.
- Cash Expenses: Per unit cash expense was
$1.09 per Mcfe for the quarter, with
$1.01 in cash operating expense and
$0.08 per Mcfe in cash interest
expense. Per unit cash operating expense was broken out as
follows:
-
- Lease operating expense ("LOE") was $0.26 per Mcfe
- Production and other taxes were $0.07 per Mcfe
- Transportation and processing expense was $0.43 per Mcfe
- General and Administrative ("G&A") expense payable in cash
was $0.25 per Mcfe
Haynesville Acreage: The Company has recently entered
into an agreement to develop certain acreage in the vicinity of the
Company's Bethany-Longstreet area, which increases its Haynesville
acreage to approximately 24,000 net acres. The Company has now
added approximately 2,000 net acres this year on a drill to earn
basis, with no upfront consideration.
THE COMPANY HAS POSTED A NEW PRESENTATION ON THE COMPANY'S
WEBSITE WHICH WILL BE REVIEWED ON THE EARNINGS CONFERENCE
CALL. INVESTORS CAN ACCESS THE SLIDES AT:
http://goodrichpetroleumcorp.investorroom.com/events
2Q20 FINANCIAL RESULTS
CASH FLOW
Adjusted EBITDA was $15.4 million
in the quarter and discretionary cash flow ("DCF"), defined as net
cash provided by operating activities before changes in working
capital, was $14.5 million in the
quarter, versus Adjusted EBITDA of $21.5
million and DCF of $20.6
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/LOSS
The Company announced a net loss of $15.7
million ($1.25 per basic and
fully diluted share) in the quarter, versus net income of
$11.8 million ($0.96 per basic and $0.82 per fully diluted share) in the prior year
period. Net loss for the quarter, as adjusted for the Company's
mark-to-market loss on unsettled derivatives of $9.0 million and $6.8
million of impairment expense, was an adjusted income of
$0.1 million.
PRODUCTION
Production totaled approximately 12.6 Bcfe in the quarter, or an
average of approximately 138,000 Mcfe (98% natural gas) per day,
versus 12.6 Bcfe, or an average of approximately 138,200 Mcfe (98%
natural gas) per day, in the prior year period.
REVENUES
Oil and natural gas revenues adjusted for cash settled
derivatives of $7.3 million was
$27.8 million. Oil and natural
gas revenues prior to cash settled derivatives was $20.5 million. Oil and gas revenues
including cash settled derivatives was $33.9
million in the prior year period. Average
realized price per unit was $1.63 per
Mcfe ($1.54 per Mcf of gas and
$40.41 per barrel of oil) in the
quarter, versus $2.54 per Mcfe in the
prior year period ($2.35 per Mcf of
gas and $65.00 per barrel of
oil). Average realized price per unit when incorporating the
Company's settled derivatives, including $1.8 million received for July 2020 natural gas positions settled at the
end of the quarter, was $2.21 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 $3.2
million, or $0.26 per Mcfe, in
the quarter, versus $3.0 million, or
$0.24 per Mcfe, in the prior year
period. LOE for the quarter included $0.5 million, or $0.04 per Mcfe, for workovers, versus
$0.2 million, or $0.02 per Mcfe, in the prior year period. Lease
operating expense for the quarter excluding workovers was
$2.7 million, or $0.22 per Mcfe, versus $2.8 million, or $0.22 per Mcfe in the prior year period.
Production and other taxes were $0.9
million in the quarter, or $0.07 per Mcfe, versus $0.6 million, or $0.05 per Mcfe, in the prior year period.
The increase year over year is the result of reaching the end of
the severance tax abatement period on certain wells since last
year.
Transportation and processing expense was $5.4 million, or $0.43 per Mcfe, in the quarter, versus
$5.8 million, or $0.46 per Mcfe, in the prior year period.
Depreciation, depletion and amortization ("DD&A") expense
was $11.9 million, or $0.95 per Mcfe, in the quarter, versus
$13.3 million, or $1.06 per Mcfe, in the prior year period.
General and administrative expense was $4.5 million, or $0.36 per Mcfe, in the quarter, versus
$4.9 million, or $0.39 per Mcfe, in the prior year period.
G&A expense payable in cash was $3.2
million, or $0.25 per Mcfe,
versus $3.4 million or $0.27 per Mcfe, in the prior year period.
Impairment expense was $6.8
million in the quarter as a result of our full cost ceiling
test due to low natural gas prices over the trailing twelve months,
while we recorded no impairment charge in the prior year
period.
OPERATING INCOME/LOSS
Operating loss adjusted for cash settled derivatives was
$4.9 million for the quarter, which
included $7.3 million received for
cash settled derivatives. Operating loss, defined as revenues
minus operating expenses, totaled $12.3
million in the quarter prior to cash settled derivatives.
Operating income adjusted for cash settled derivatives was
$6.3 million in the prior year
period, which included $2.0 million
received for cash settled derivatives. Operating income
totaled $4.4 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 (loss) 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 $1.7
million in the quarter, which included interest payable in
cash of $1.0 million incurred on the
credit facility and non-cash interest of $0.7 million incurred primarily on the Company's
second lien notes, which included $0.5
million paid in-kind interest and $0.2 million amortization of debt discount and
issuance costs. Interest expense for the prior year period
was $3.4 million, which included
interest payable in cash of $1.0
million incurred on the credit facility and non-cash
interest of $2.4 million incurred on
the Company's second lien notes, which included $1.4 million paid in-kind interest and
$1.0 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 $10.2
million in the quarter, of which a majority was spent on
drilling and completion costs, versus $25.0 million in the
prior year period, of which $24.5
million was spent on drilling and completion costs and
$0.5 million on other
expenditures. The Company conducted drilling operations on 6
gross (2.2 net) wells in the quarter and added 1 gross (0.8 net)
wells to production. The Company had 13 gross (4.7
net) wells in the drilling or completion process at the end of
the quarter, which the Company plans to complete in the future.
BALANCE SHEET
The Company exited the quarter with $1.6
million of cash, $95.4 million
outstanding under the Company's credit facility, and total
principal debt outstanding, including the credit facility and
second lien notes, of $109.3
million.
CRUDE OIL AND NATURAL GAS DERIVATIVES
The Company had a loss of $1.7
million on its derivatives not designated as hedges in the
quarter, which was comprised of a gain of $7.3 million on cash settlements and a
$9.0 million loss representing the
change of the fair value of our open natural gas and oil derivative
contracts, versus a gain of $12.7
million on its derivatives not designated as hedges in the
prior year period, which was comprised of a gain of $10.7 million representing the change of the fair
value of our open natural gas and oil derivative contracts as well
as a $2.0 million gain on cash
settlement.
OTHER INFORMATION
In this press release, the Company refers to several non-US GAAP
financial measures, including Adjusted EBITDA, DCF, operating
income (loss) 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 and DCF 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 (loss)
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 NYSE American under
the symbol "GDP".
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GOODRICH PETROLEUM
CORPORATION
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SELECTED INCOME AND
PRODUCTION DATA
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(In thousands, except
per share amounts) (Unaudited)
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Three Months
Ended
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Three Months
Ended
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Six Months
Ended
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Six Months
Ended
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June 30,
2020
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June 30,
2019
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June 30,
2020
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June 30,
2019
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Volumes
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Natural gas
(MMcf)
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12,349
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12,305
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24,591
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21,366
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Oil and condensate
(MBbls)
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36
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45
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74
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92
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Mmcfe -
Total
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12,562
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12,577
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25,033
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21,918
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Mcfe per
day
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138,046
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138,208
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137,544
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121,096
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Reconciliation of
Oil and natural gas revenues adjusted for cash settled derivativs
(non-US GAAP)
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Three Months
Ended
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Three Months
Ended
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Six Months
Ended
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Six Months
Ended
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June 30,
2020
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June 30,
2019
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June 30,
2020
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June 30,
2019
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Oil and natural gas
revenues (US GAAP)
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$
20,471
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$
31,886
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$
43,454
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$
61,032
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Net cash received
(paid) for settlement of derivative instruments (4)
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7,339
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1,973
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13,308
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213
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Oil and natural gas
revenues adjusted for cash settled derivatives
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$
27,810
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$
33,859
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$
56,762
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$
61,245
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Oil and natural gas
revenues
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$
20,471
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$
31,886
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$
43,454
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$
61,032
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Other
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3
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(2)
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6
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(8)
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$
20,474
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$
31,884
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$
43,460
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$
61,024
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Operating
Expenses
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Lease operating
expense (LOE excluding workovers - $2,697, $2,788, $5,539 and
$5,474, respectively)
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3,225
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2,978
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6,553
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6,313
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Production and other
taxes
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907
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624
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1,770
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1,255
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Transportation and
processing
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5,375
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5,754
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10,250
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10,455
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Depreciation,
depletion and amortization
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11,876
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13,299
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25,143
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23,345
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General and
administrative (payable in cash - $3,170, $3,380, $6,950 and
$7,146, respectively)
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4,522
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4,936
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9,436
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10,246
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Impairment of oil and
natural gas properties
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6,847
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-
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6,847
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-
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Other
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(10)
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(59)
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(2)
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(49)
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Operating income
(loss)
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(12,268)
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4,352
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(16,537)
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9,459
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Other income
(expense)
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Interest expense
(payable in cash - $978, $990, $2,148 and $1,454,
respectively)
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(1,725)
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(3,398)
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(3,677)
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(7,055)
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Interest income and
other expense
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23
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18
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142
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24
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Gain (loss) on
commodity derivatives not designated as hedges (4)
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(1,688)
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12,653
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7,450
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11,645
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Loss on early
extinguishment of debt
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-
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(1,846)
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-
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(1,846)
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(3,390)
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7,427
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3,915
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2,768
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Income (loss) before
income taxes
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(15,658)
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11,779
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(12,622)
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12,227
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Income tax
benefit
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-
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-
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-
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-
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Net income
(loss)
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$
(15,658)
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$
11,779
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$
(12,622)
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$
12,227
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Discretionary cash
flow (see non-US GAAP reconciliation) (1)
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$
14,512
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$
20,571
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$
29,897
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$
35,371
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Adjusted EBITDA (see
calculation and non-US GAAP reconciliation) (2)
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$
15,445
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$
21,533
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$
31,850
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$
36,747
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Weighted average
common shares outstanding - basic
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12,540
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12,211
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12,536
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12,181
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Weighted average
common shares outstanding - diluted (3)
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12,540
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14,581
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12,536
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14,498
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Net income (loss) per
share
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Net income (loss) per
common share - basic
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$
(1.25)
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$
0.96
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$
(1.01)
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$
1.00
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Net income (loss) per
common share - diluted
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$
(1.25)
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$
0.82
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$
(1.01)
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$
0.85
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(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.
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(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.
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(3) Fully diluted
shares excludes approximately 2.3 million potentially dilutive
instruments that were anti-dilutive for the three months ended June
30, 2020 and approximately 2.1 million potentially dilutive
instruments that were anti-dilutive for the six months ended June
30, 2020.
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(4) Includes $1.8
million gain realized related to July 2020 natural gas derivative
contracts settled in June 2020.
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GOODRICH PETROLEUM
CORPORATION
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Per Unit Sales Prices
and Costs (Unaudited)
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Three Months
Ended
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Three Months
Ended
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Six Months
Ended
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Six Months
Ended
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June 30,
2020
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June 30,
2019
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June 30,
2020
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June 30,
2019
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Average sales price
per unit:
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Oil (per
Bbl)
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Including net cash received
from/paid to settle oil derivatives
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$
58.55
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$
59.28
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$
57.35
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$
58.16
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Excluding net cash received
from/paid to settle oil derivatives
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$
40.41
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$
65.00
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$
44.15
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$
62.18
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Natural gas (per
Mcf)
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Including net cash received
from/paid to settle natural gas derivatives (4)
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$
2.08
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$
2.54
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$
2.14
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$
2.62
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Excluding net cash received
from/paid to settle natural gas derivatives
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$
1.54
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$
2.35
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$
1.63
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$
2.59
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Oil and natural gas
(per Mcfe)
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Including net cash received
from/paid to settle oil and natural gas derivatives (4)
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$
2.21
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$
2.70
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$
2.27
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$
2.80
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Excluding net cash received
from/paid to settle oil and natural gas derivatives
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$
1.63
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$
2.54
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$
1.74
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$
2.78
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Costs Per
Mcfe
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Lease operating
expense ($0.22, $0.22, $0.22 and $0.25 excluding workovers,
respectively)
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$
0.26
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$
0.24
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$
0.26
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$
0.29
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Production and other
taxes
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$
0.07
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$
0.05
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$
0.07
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$
0.06
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Transportation and
processing
|
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$
0.43
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$
0.46
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$
0.42
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$
0.48
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Depreciation,
depletion and amortization
|
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$
0.95
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$
1.06
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$
1.00
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$
1.07
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General and
administrative (payable in cash - $0.25, $0.27, $0.28 and $0.33,
respectively)
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$
0.36
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$
0.39
|
|
$
0.38
|
|
$
0.47
|
|
Impairment of oil and
natural gas properties
|
|
$
0.55
|
|
|
|
$
0.27
|
|
|
|
Other
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
|
$
2.61
|
|
$
2.19
|
|
$
2.40
|
|
$
2.35
|
|
|
|
.
|
|
|
|
|
|
|
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
|
|
Six Months
Ended
|
|
Six Months
Ended
|
|
June 30,
2020
|
|
June 30,
2019
|
|
June 30,
2020
|
|
June 30,
2019
|
Net cash provided by
operating activities (US GAAP)
|
|
$
16,230
|
|
$
23,346
|
|
$
31,080
|
|
$
41,253
|
Net changes in
working capital
|
|
1,718
|
|
2,775
|
|
1,183
|
|
5,882
|
Discretionary cash
flow (1)
|
$
14,512
|
|
$
20,571
|
|
$
29,897
|
|
$
35,371
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
2020
|
|
June 30,
2019
|
|
June 30,
2020
|
|
June 30,
2019
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
(15,658)
|
|
$
11,779
|
|
$
(12,622)
|
|
$
12,227
|
Adjustments to
reconcile net loss to net cash provided by operating
activities
|
|
|
|
|
|
|
|
|
Depreciation,
depletion and amortization ("DD&A")
|
|
11,876
|
|
13,299
|
|
25,143
|
|
23,345
|
Right of use asset
depreciation
|
|
313
|
|
341
|
|
626
|
|
626
|
Impairment of oil and
natural gas properties
|
|
6,847
|
|
-
|
|
6,847
|
|
-
|
(Gain) loss on
derivatives not designated as hedges
|
|
1,688
|
|
(12,653)
|
|
(7,450)
|
|
(11,645)
|
Net cash received
from (paid for) settlement of derivative instruments (4)
|
|
7,339
|
|
1,973
|
|
13,308
|
|
213
|
Share based
compensation (non-cash)
|
|
1,373
|
|
1,580
|
|
2,529
|
|
3,148
|
Amortization of
finance cost, debt discount, paid in-kind interest and
accretion
|
|
747
|
|
4,252
|
|
1,529
|
|
7,445
|
Other
|
|
(13)
|
|
-
|
|
(13)
|
|
12
|
Change in assets and
liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable,
trade and other, net of allowance
|
|
90
|
|
(1,260)
|
|
(83)
|
|
(1,916)
|
Accrued oil and gas
revenue
|
|
17
|
|
(3,641)
|
|
3,752
|
|
(1,405)
|
Prepaid expenses and
other
|
|
48
|
|
96
|
|
52
|
|
131
|
Accounts
payable
|
|
355
|
|
7,522
|
|
286
|
|
10,163
|
Accrued
liabilities
|
|
1,208
|
|
58
|
|
(2,824)
|
|
(1,091)
|
Net cash
provided by operating activities
|
|
16,230
|
|
23,346
|
|
31,080
|
|
41,253
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
(18,158)
|
|
(26,812)
|
|
(33,196)
|
|
(55,066)
|
Proceeds from sale of
assets
|
|
-
|
|
-
|
|
-
|
|
1,284
|
Net cash
used in investing activities
|
|
(18,158)
|
|
(26,812)
|
|
(33,196)
|
|
(53,782)
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Principal payments of
bank borrowings
|
|
-
|
|
(47,500)
|
|
-
|
|
(49,500)
|
Proceeds from bank
borrowings
|
|
2,500
|
|
99,900
|
|
2,500
|
|
106,900
|
Repayments of
Convertible Second Lien Notes
|
|
-
|
|
(56,728)
|
|
-
|
|
(56,728)
|
Proceeds from New 2L
Notes
|
|
-
|
|
12,000
|
|
-
|
|
12,000
|
Issuance cost,
net
|
|
-
|
|
(2,000)
|
|
-
|
|
(2,000)
|
Purchase of treasury
stock and other
|
|
(270)
|
|
(537)
|
|
(272)
|
|
(542)
|
Net cash
provided by financing activities
|
|
2,230
|
|
5,135
|
|
2,228
|
|
10,130
|
Net increase
(decrease) in cash and cash equivalents
|
|
302
|
|
1,669
|
|
112
|
|
(2,399)
|
Cash and cash
equivalents, beginning of period
|
|
1,262
|
|
-
|
|
1,452
|
|
4,068
|
Cash and cash
equivalents, end of period
|
|
$
1,564
|
|
$
1,669
|
|
$
1,564
|
|
$
1,669
|
|
|
|
|
|
|
|
|
|
|
GOODRICH PETROLEUM
CORPORATION
|
|
|
|
|
Other Information and
Reconciliations (In Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Balance Sheet Data (unaudited)
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
|
|
|
|
|
|
June 30,
2020
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
1,564
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt,
net
|
|
$
107,925
|
|
|
|
|
|
|
|
Unamortized debt
discount and issuance cost
|
|
1,334
|
|
|
|
|
|
|
|
Total principal
amount of debt
|
|
$
109,259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net income (loss) to Adjusted EBITDA (non-US GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Six Months
Ended
|
|
|
|
June 30,
2020
|
|
June 30,
2019
|
|
June 30,
2020
|
|
June 30,
2019
|
|
Net income (loss) (US
GAAP)
|
|
$
(15,658)
|
|
$
11,779
|
|
$
(12,622)
|
|
$
12,227
|
|
Depreciation,
depletion and amortization ("DD&A")
|
|
11,876
|
|
13,299
|
|
25,143
|
|
23,345
|
|
Share-based
compensation expense (non-cash)
|
|
1,374
|
|
1,580
|
|
2,529
|
|
3,148
|
|
Impairment of oil and
natural gas properties
|
|
6,847
|
|
-
|
|
6,847
|
|
-
|
|
Interest
expense
|
|
1,725
|
|
3,398
|
|
3,677
|
|
7,055
|
|
(Gain) loss on
commodity derivatives not designated as hedges, not
settled
|
|
9,027
|
|
(10,680)
|
|
5,858
|
|
(11,432)
|
|
Loss on early
extinguishment of debt
|
|
-
|
|
1,846
|
|
-
|
|
1,846
|
|
Other items
**
|
|
254
|
|
311
|
|
418
|
|
558
|
|
Adjusted EBITDA
(2)
|
|
$
15,445
|
|
$
21,533
|
|
$
31,850
|
|
$
36,747
|
|
|
|
|
|
|
|
|
|
|
|
** Other items
include $0.3 million, $0.3 million, $0.4 million and $0.6 million,
respectively, from the impact of accounting for operating leases
under ASC 842 as well as interest income, reorganization items and
other non-recurring income and expense.
|
|
|
|
|
|
|
|
|
|
|
Derivative
Activity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Six Months
Ended
|
|
|
|
June 30,
2020
|
|
June 30,
2019
|
|
June 30,
2020
|
|
June 30,
2019
|
|
Gain (loss) on
commodity derivatives not designated as hedges, not
settled
|
|
$
(9,027)
|
|
$
10,680
|
|
$
(5,858)
|
|
$
11,432
|
|
Net cash received
from (paid for) settlement of derivative instruments (4)
|
|
7,339
|
|
1,973
|
|
13,308
|
|
213
|
|
Total gain (loss) on
derivatives not designated as hedges
|
|
$
(1,688)
|
|
$
12,653
|
|
$
7,450
|
|
$
11,645
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
interest payable in cash to interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Six Months
Ended
|
|
|
|
June 30,
2020
|
|
June 30,
2019
|
|
June 30,
2020
|
|
June 30,
2019
|
|
Interest expense
(GAAP)
|
|
$
1,725
|
|
$
3,398
|
|
$
3,677
|
|
$
7,055
|
|
Amortization of debt
discount and issuance cost and paid-in-kind interest
|
|
(747)
|
|
(2,408)
|
|
(1,529)
|
|
(5,601)
|
|
Interest payable in
cash
|
|
$
978
|
|
$
990
|
|
$
2,148
|
|
$
1,454
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Six Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
2020
|
|
June 30,
2019
|
|
June 30,
2020
|
|
June 30,
2019
|
Net cash used in
investing activities (US GAAP)
|
|
$
(18,158)
|
|
$
(26,812)
|
|
$
(33,196)
|
|
$
(53,782)
|
Cash proceeds related
to sale of assets
|
|
-
|
|
-
|
|
-
|
|
(1,284)
|
Miscellaneous
capitalized costs & ARO adjustments
|
|
(253)
|
|
(239)
|
|
(429)
|
|
(441)
|
Cost incurred in
prior period and paid in current period
|
|
9,330
|
|
9,145
|
|
6,175
|
|
8,086
|
Capital accrual at
period end
|
|
(1,117)
|
|
(7,067)
|
|
(1,117)
|
|
(7,067)
|
Total capital
expenditures
|
|
$
(10,198)
|
|
$
(24,973)
|
|
$
(28,567)
|
|
$
(54,488)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
general & administrative expense payable in cash to general and
administrative expense (non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Six Months
Ended
|
|
|
|
June 30,
2020
|
|
June 30,
2019
|
|
June 30,
2020
|
|
June 30,
2019
|
General &
administrative expense (GAAP)
|
|
$
4,522
|
|
$
4,936
|
|
$
9,436
|
|
$
10,246
|
Share based
compensation
|
|
(1,352)
|
|
(1,556)
|
|
(2,486)
|
|
(3,100)
|
General &
administrative expense payable in cash
|
|
$
3,170
|
|
$
3,380
|
|
$
6,950
|
|
$
7,146
|
|
Oil and natural gas
production (Mcfe)
|
|
12,562
|
|
12,577
|
|
25,033
|
|
21,918
|
|
General and
administrative expense payable in cash per Mcfe
|
|
$
0.25
|
|
$
0.27
|
|
$
0.28
|
|
$
0.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Operating income (loss) adjusted for cash settled derivatives
(non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Six Months
Ended
|
|
|
|
June 30,
2020
|
|
June 30,
2019
|
|
June 30,
2020
|
|
June 30,
2019
|
Operating income
(loss) (US GAAP)
|
|
$
(12,268)
|
|
$
4,352
|
|
$
(16,537)
|
|
$
9,459
|
Net cash received
from (paid for) settlement of derivative instruments (4)
|
|
7,339
|
|
1,973
|
|
13,308
|
|
213
|
Operating income
(loss) adjusted for cash settled derivatives
|
|
$
(4,929)
|
|
$
6,325
|
|
$
(3,229)
|
|
$
9,672
|
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SOURCE Goodrich Petroleum Corporation