HOUSTON, Aug. 7, 2018 /PRNewswire/ -- Goodrich
Petroleum Corporation (NYSE American: GDP) (the "Company") today
announced financial results, recent developments and an operational
update for the second quarter ended June
30, 2018.
QUARTER HIGHLIGHTS
- Production grew 67% over the previous year period and 66%
sequentially to an average of 60,600 Mcfe per day. Since the end of
the second quarter production has averaged 75,500 Mcfe per day and
the Company expects to commence flowback on two additional
Haynesville wells during the third
quarter. The Company is maintaining its year-end exit rate of
approximately 100,000 Mcfe per day;
- Adjusted EBITDA increased to $8.9
million and Discretionary Cash Flow ("DCF"), defined as net
cash provided by operating activities before changes in working
capital, increased to $9.2 million in
the quarter. The quarter over quarter increase in Adjusted EBITDA
and DCF was driven by significantly higher production volumes and
the following per unit cash cost reductions:
-
- Lease Operating Expense ("LOE") – $0.45/Mcfe, a 42% sequential decrease
- Production and Other Taxes – $0.12/Mcfe, a 37% sequential decrease
- Transportation and Processing Expense – $0.38/Mcfe, a 5% sequential decrease
- General and Administrative Expense Payable in Cash -
$0.61/Mcfe, a 41% sequential
decrease
(See accompanying table at the end of this press release that
reconciles General and Administrative Expense Payable in Cash,
which is a non-US GAAP financial measure, to its most directly
comparable US GAAP financial measure.)
- Net loss was $2.7 million for the
quarter, which included a $2.0
million unrealized loss on commodity derivatives,
representing the change of the fair value of our commodity
derivative contracts.
RECENT DEVELOPMENTS
- The borrowing base under the Company's credit facility was
revised higher to $60 million,
subject to terms and covenants in the senior credit facility and
second lien notes.
OPERATIONAL UPDATE
- The Company has drilled and fracked its Demmon 34H-1 (89% WI)
well in the Bethany-Longstreet field of DeSoto Parish,
Louisiana. The well has a 4,600
foot lateral, was completed with 45 frac stages and is expected to
commence flowback the second week of August;
- The Harris 14&23 No. 1 (98% WI) well in Red River Parish, Louisiana has been drilled
and is currently running production casing and is expected to be
completed within thirty days. The well, which is a 7,000 foot
lateral is planned for 69 frac stages;
- The Company currently has two rigs running. One rig is drilling
the Loftus 27&22-1 (89% WI) well, a 7,500 foot lateral in
DeSoto Parish, Louisiana, and the
second rig will be moving to the Cason – Dickson 14&23 No. 3&4 (85% WI)
wells in Red River Parish,
Louisiana, following the Harris 14&23 No. 1, which are
two planned 10,000 foot laterals off of a common pad.
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://goodrichpetroleum.investorroom.com/events-and-presentations
2Q18 FINANCIAL RESULTS
REVENUES
Revenues totaled $17.8 million in
the quarter, versus $12.5 million in
the prior year period. Average realized price per unit was
$3.23 per Mcfe ($2.67 per Mcf of gas and $69.39 per barrel of oil) in the quarter, versus
$3.67 per Mcfe in the prior year
period ($2.89 per Mcf of gas and
$47.96 per barrel of
oil).
PRODUCTION
Production totaled 5.5 Bcfe in the quarter, or an average of
approximately 60,600 Mcfe per day, versus 3.3 Bcfe, or an average
of approximately 36,300 Mcfe per day, in the prior year
period. Natural gas production totaled 5.2 Bcf in the quarter
(94% of total production), versus 2.8 Bcf (85% of total production)
during the prior year period. Production for the third
quarter to date has averaged 75,500 Mcfe per day (96% natural
gas).
CASH FLOW
Adjusted EBITDA was $8.9 million
in the quarter and discretionary cash flow ("DCF"), defined as net
cash provided by operating activities before changes in working
capital, was $9.2 million in the
quarter versus Adjusted EBITDA of $5.1
million and DCF of $4.8
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 LOSS
The Company announced a net loss of $2.7
million in the quarter ($0.23
per basic and diluted share), versus a net loss of $1.2 million ($0.13
per basic and diluted share) in the prior year period. The
net loss for the quarter included a $2.0
million unrealized loss on commodity derivatives,
representing the change of the fair value of our commodity
derivative contracts.
OPERATING EXPENSES
Lease operating expense ("LOE") was $2.5
million ($0.45/Mcfe) in the
quarter, versus $3.0 million
($0.89/Mcfe) in the prior year
period. LOE for the quarter included $0.3 million ($0.05/Mcfe) for workovers, versus $0.7 million ($0.22/Mcfe) in the prior year period. Lease
operating expense for the quarter excluding workovers was
$2.2 million ($0.40/Mcfe) versus $2.2
million ($0.67/Mcfe) in the
prior year period. Per unit LOE is expected to continue to fall as
we increase production from the Haynesville which carries a very low per unit
LOE.
Production and other taxes were $0.7
million in the quarter ($0.12/Mcfe), versus $0.4
million ($0.13/Mcfe) in the
prior year period.
Transportation and processing expense was $2.1 million ($0.38/Mcfe) in the quarter, versus $1.9 million ($0.57/Mcfe) in the prior year period.
Depreciation, depletion and amortization ("DD&A") expense
was $5.6 million ($1.01/Mcfe) in the quarter, versus $3.1 million ($0.93/Mcfe) in the prior year period.
General and administrative expense was $4.8 million ($0.87/Mcfe) in the quarter, which includes
non-cash expense of $1.4 million
($0.26/Mcfe) for stock based
compensation versus $3.8 million
($1.14/Mcfe) in the prior year
period, which included $1.0 million
for stock based compensation. G&A payable in cash was
$3.4 million ($0.61/Mcfe) in the quarter.
OPERATING INCOME
Operating income, defined as revenues minus operating expenses,
totaled $2.1 million in the quarter,
versus $0.4 million in the prior year
period.
CAPITAL EXPENDITURES
Capital expenditures totaled $31.0
million in the quarter, of which $29.3 million was spent on drilling and
completion costs and $1.7 on other
expenditures, versus $14.2 million in
the prior year period of which the majority was spent on drilling
and completion costs. All of the quarter's total drilling and
completion capital expenditures were spent in the Haynesville Shale
Trend.
INTEREST EXPENSE
Interest expense totaled $2.7
million ($0.50/Mcfe) in the
quarter, which includes cash interest of $0.1 million incurred on the credit facility and
non-cash interest of $2.6 million
incurred on the Company's second lien notes, which includes
$1.6 million paid in-kind interest
and $1.0 million amortization of debt
discount. Interest expense for the prior year period totaled
$2.4 million, which included cash
interest of $0.3 million incurred on
the first lien term loan and non-cash interest of $2.1 million incurred on the Company's second
lien notes, which included $1.4
million paid in-kind interest and $0.7 million amortization of debt discount.
CRUDE OIL AND NATURAL GAS DERIVATIVES
The Company had a loss of $2.2
million on its derivatives not designated as hedges in the
quarter, which is comprised of a loss of $2.0 million representing the change of the fair
value of our open natural gas and oil derivative contracts as well
as a $0.2 million loss on cash
settlement, versus a total gain of $0.8
million on its derivatives not designated as hedges in the
prior year period, representing the change in fair value of our
natural gas and oil derivative contracts and a small realized gain
on cash settlement.
BALANCE SHEET
The Company exited the quarter with $1.7
million of cash, $6.0 million
outstanding under the Company's senior credit facility, which has a
revised borrowing base of $60 million
(subject to first and second lien covenants), and total principal
debt outstanding, including the senior credit facility and second
lien notes of $56.2 million.
OTHER INFORMATION
In this press release, the Company refers to several non-US GAAP
financial measures, including Adjusted EBITDA and DCF.
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 loss applicable to common stock,
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.
Initial production rates are subject to decline over time and
should not be regarded as reflective of sustained production
levels. In particular, production from horizontal drilling in
shale oil and natural gas resource plays and tight natural gas
plays that are stimulated with extensive pressure fracturing are
typically characterized by significant early declines in production
rates.
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,
2017 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
|
|
Six Months
Ended
|
|
Six Months
Ended
|
|
|
|
June 30,
2018
|
|
June 30,
2017
|
|
June 30,
2018
|
|
June 30,
2017
|
Volumes
|
|
|
|
|
|
|
|
|
|
Natural gas
(MMcf)
|
|
5,170
|
|
2,795
|
|
8,122
|
|
4,628
|
|
Oil and condensate
(MBbls)
|
|
57
|
|
84
|
|
118
|
|
166
|
|
Mmcfe -
Total
|
|
5,513
|
|
3,299
|
|
8,829
|
|
5,623
|
|
|
|
|
|
|
|
|
|
|
|
Mcfe per
day
|
|
60,582
|
|
36,253
|
|
48,779
|
|
31,066
|
|
|
|
|
|
|
|
|
|
|
Oil and natural gas
revenues
|
|
$
17,784
|
|
$
12,115
|
|
$
29,627
|
|
$
21,526
|
Other
|
|
51
|
|
350
|
|
42
|
|
352
|
|
|
|
$
17,835
|
|
$
12,465
|
|
$
29,669
|
|
$
21,878
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
Lease operating
expense (LOE excluding workovers - $2,174, $2,221, $4,392, $4,384,
respectively)
|
|
2,465
|
|
2,950
|
|
5,031
|
|
7,261
|
|
Production and other
taxes
|
|
669
|
|
424
|
|
1,309
|
|
1,083
|
|
Transportation and
processing
|
|
2,086
|
|
1,868
|
|
3,398
|
|
3,044
|
|
Depreciation,
depletion and amortization
|
|
5,560
|
|
3,083
|
|
9,012
|
|
5,377
|
|
General and
administrative (payable in cash - $3,374, $1,950, $6,918, $4,559,
respectively)
|
|
4,803
|
|
3,772
|
|
9,999
|
|
8,235
|
|
Other
|
|
165
|
|
-
|
|
165
|
|
-
|
Operating income
(loss)
|
|
2,087
|
|
368
|
|
755
|
|
(3,122)
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
|
Interest expense
(payable in cash - $75, $279, $248, $531, respectively)
|
|
(2,732)
|
|
(2,360)
|
|
(5,405)
|
|
(4,539)
|
|
Interest income
(expense) and other
|
|
116
|
|
12
|
|
109
|
|
21
|
|
Loss on commodity
derivatives not designated as hedges
|
|
(2,174)
|
|
766
|
|
(3,155)
|
|
506
|
|
|
|
(4,790)
|
|
(1,582)
|
|
(8,451)
|
|
(4,012)
|
|
|
|
|
|
|
|
|
|
|
Reorganization gain
(loss), net
|
|
42
|
|
-
|
|
(289)
|
|
195
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
|
(2,661)
|
|
(1,214)
|
|
(7,985)
|
|
(6,939)
|
Income tax
expense
|
|
-
|
|
-
|
|
-
|
|
-
|
Net loss
|
|
$
(2,661)
|
|
$
(1,214)
|
|
$
(7,985)
|
|
$
(6,939)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discretionary cash
flow (see non-US GAAP reconciliation) (1)
|
|
$
9,240
|
|
$
4,837
|
|
$
12,472
|
|
$
5,282
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (see
calculation and non-US GAAP reconciliation) (2)
|
|
$
8,900
|
|
$
5,106
|
|
$
12,311
|
|
$
5,781
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
|
11,629
|
|
9,670
|
|
11,424
|
|
9,381
|
Weighted average
common shares outstanding - diluted (3)
|
|
11,629
|
|
9,670
|
|
11,424
|
|
9,381
|
|
|
|
|
|
|
|
|
|
|
Loss per
share
|
|
|
|
|
|
|
|
|
|
Net loss -
basic
|
|
$
(0.23)
|
|
$
(0.13)
|
|
$
(0.70)
|
|
$
(0.74)
|
|
Net loss -
diluted
|
|
$
(0.23)
|
|
$
(0.13)
|
|
$
(0.70)
|
|
$
(0.74)
|
(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,
gains on reorganization, 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, and any non-recurring non-cash
gains or losses.
|
|
|
|
|
|
|
|
|
|
|
(3) Fully diluted
shares excludes approximately 4.0 million and 3.9 million
potentially dilutive instruments that were anti-dilutive for the
three and six months ended June 30, 2018, respectively, and 4.7
million potentially dilutive instruments that were anti-dilutive
for the three and six months ended June 30, 2017.
|
GOODRICH PETROLEUM
CORPORATION
|
Per Unit Sales Prices
and Costs (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Six Months
Ended
|
|
|
|
June 30,
2018
|
|
June 30,
2017
|
|
June 30,
2018
|
|
June 30,
2017
|
|
|
|
|
|
|
|
|
|
|
Average sales price
per unit:
|
|
|
|
|
|
|
|
|
|
Oil (per
Bbl)
|
|
|
|
|
|
|
|
|
|
Including net cash received
from/paid to settle oil derivatives
|
|
$
58.69
|
|
$
47.96
|
|
$
58.33
|
|
$
49.03
|
|
Excluding net cash received
from/paid to settle oil derivatives
|
|
$
69.39
|
|
$
47.96
|
|
$
67.12
|
|
$
49.03
|
|
Natural gas (per
Mcf)
|
|
|
|
|
|
|
|
|
|
Including net cash received
from/paid to settle natural gas derivatives
|
|
$
2.76
|
|
$
2.89
|
|
$
2.74
|
|
$
2.92
|
|
Excluding net cash received
from/paid to settle natural gas derivatives
|
|
$
2.67
|
|
$
2.89
|
|
$
2.67
|
|
$
2.89
|
|
Oil and natural gas
(per Mcfe)
|
|
|
|
|
|
|
|
|
|
Including net cash received
from/paid to settle oil and natural gas derivatives
|
|
$
3.20
|
|
$
3.67
|
|
$
3.30
|
|
$
3.86
|
|
Excluding net cash received
from/paid to settle oil and natural gas derivatives
|
|
$
3.23
|
|
$
3.67
|
|
$
3.36
|
|
$
3.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs Per
Mcfe
|
|
|
|
|
|
|
|
|
|
Lease operating
expense ($0.40, $0.67, $0.50 and $0.78 Per Mcfe excluding
workovers, respectively)
|
|
$
0.45
|
|
$
0.89
|
|
$
0.57
|
|
$
1.29
|
|
Production and other
taxes
|
|
$
0.12
|
|
$
0.13
|
|
$
0.15
|
|
$
0.19
|
|
Transportation and
processing
|
|
$
0.38
|
|
$
0.57
|
|
$
0.38
|
|
$
0.54
|
|
Depreciation,
depletion and amortization
|
|
$
1.01
|
|
$
0.93
|
|
$
1.02
|
|
$
0.96
|
|
General and
administrative (payable in cash - $0.61, $0.59, $0.78, and $0.81,
respectively)
|
|
$
0.87
|
|
$
1.14
|
|
$
1.13
|
|
$
1.46
|
|
Other
|
|
$
0.03
|
|
$
-
|
|
$
0.02
|
|
$
-
|
|
|
|
$
2.86
|
|
$
3.67
|
|
$
3.27
|
|
$
4.45
|
|
|
|
.
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Six Months
Ended
|
|
June 30,
2018
|
|
June 30,
2017
|
|
June 30,
2018
|
|
June 30,
2017
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities (US GAAP)
|
|
6,399
|
|
11,463
|
|
12,655
|
|
16,128
|
Net changes in
working capital
|
|
(2,841)
|
|
6,626
|
|
183
|
|
10,846
|
Discretionary cash
flow
|
$
9,240
|
|
$
4,837
|
|
$
12,472
|
|
$
5,282
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
2018
|
|
June 30,
2017
|
|
June 30,
2018
|
|
June 30,
2017
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
(2,661)
|
|
$
(1,214)
|
|
$
(7,985)
|
|
$
(6,939)
|
Adjustments to
reconcile net loss to net cash provided by operating
activities
|
|
|
|
|
|
|
|
|
Depletion,
depreciation and amortization
|
|
5,560
|
|
3,083
|
|
9,012
|
|
5,377
|
(Gain) loss on
derivatives not designated as hedges
|
|
2,174
|
|
(766)
|
|
3,155
|
|
(506)
|
Net cash received
(paid) for settlement of derivative instruments
|
|
(157)
|
|
5
|
|
(541)
|
|
147
|
Share based
compensation (non-cash)
|
|
1,492
|
|
1,651
|
|
3,167
|
|
3,379
|
Amortization of
finance cost, debt discount, paid in-kind interest and
accretion
|
|
2,656
|
|
2,048
|
|
5,157
|
|
3,975
|
Loss (gain) from
material transfers & inventory write-downs
|
|
218
|
|
(73)
|
|
218
|
|
(73)
|
Reorganization items,
net
|
|
(42)
|
|
103
|
|
289
|
|
(78)
|
Change in assets and
liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable,
trade and other, net of allowance
|
|
567
|
|
19
|
|
(598)
|
|
1,757
|
Accrued oil and gas
revenue
|
|
(1,531)
|
|
(1,927)
|
|
(2,359)
|
|
(2,626)
|
Prepaid expenses and
other
|
|
88
|
|
(488)
|
|
(20)
|
|
(400)
|
Accounts
payable
|
|
(2,912)
|
|
9,347
|
|
3,936
|
|
11,211
|
Accrued
liabilities
|
|
947
|
|
(325)
|
|
(776)
|
|
904
|
Net cash
provided by operating activities
|
|
6,399
|
|
11,463
|
|
12,655
|
|
16,128
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
(24,110)
|
|
(14,135)
|
|
(53,100)
|
|
(17,519)
|
Proceeds from sale of
assets
|
|
3,711
|
|
-
|
|
26,920
|
|
-
|
Net cash
used in investing activities
|
|
(20,399)
|
|
(14,135)
|
|
(26,180)
|
|
(17,519)
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Principal payments of
bank borrowings
|
|
-
|
|
-
|
|
(16,723)
|
|
-
|
Proceeds from bank
borrowings
|
|
6,000
|
|
-
|
|
6,000
|
|
-
|
Net receipts
(payments) related to Convertible Second Lien Notes
|
|
3
|
|
(134)
|
|
3
|
|
(170)
|
Issuance cost,
net
|
|
-
|
|
(132)
|
|
(10)
|
|
(278)
|
Other
|
|
(5)
|
|
-
|
|
(8)
|
|
-
|
Net cash
provided by (used in) financing activities
|
|
5,998
|
|
(266)
|
|
(10,738)
|
|
(448)
|
Net decrease in cash
and cash equivalents
|
|
(8,002)
|
|
(2,938)
|
|
(24,263)
|
|
(1,839)
|
Cash and cash
equivalents, beginning of period
|
|
9,731
|
|
37,949
|
|
25,992
|
|
36,850
|
Cash and cash
equivalents, end of period
|
|
$
1,729
|
|
$
35,011
|
|
$
1,729
|
|
$
35,011
|
GOODRICH PETROLEUM
CORPORATION
|
Other Information and
Reconciliations (In Thousands) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Balance Sheet Data
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
|
|
|
|
|
|
June 30,
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
1,729
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt,
net
|
|
$
50,080
|
|
|
|
|
|
|
|
Unamortized debt
discount and issuance cost
|
|
6,144
|
|
|
|
|
|
|
|
Total principal
amount of debt
|
|
$
56,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net income (loss) to Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Six Months
Ended
|
|
|
|
June 30,
2018
|
|
June 30,
2017
|
|
June 30,
2018
|
|
June 30,
2017
|
|
|
|
|
|
|
|
|
|
|
|
Net loss (US
GAAP)
|
|
$
(2,661)
|
|
$
(1,214)
|
|
$
(7,985)
|
|
$
(6,939)
|
|
Depreciation,
depletion and amortization ("DD&A")
|
|
5,560
|
|
3,083
|
|
9,012
|
|
5,377
|
|
Stock compensation
expense (non-cash)
|
|
1,491
|
|
1,651
|
|
3,167
|
|
3,379
|
|
Interest
expense
|
|
2,732
|
|
2,360
|
|
5,405
|
|
4,539
|
|
(Gain) loss on
derivatives not designated as hedges
|
|
2,174
|
|
(766)
|
|
3,155
|
|
(506)
|
|
Net cash received in
(paid for) settlement of derivative instruments
|
|
(156)
|
|
4
|
|
(541)
|
|
147
|
|
Other excluded items
**
|
|
(240)
|
|
(12)
|
|
98
|
|
(216)
|
|
Adjusted EBITDA
(2)
|
|
$
8,900
|
|
$
5,106
|
|
$
12,311
|
|
$
5,781
|
|
|
|
|
|
|
|
|
|
|
|
** Other
excluded items include 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,
2018
|
|
June 30,
2017
|
|
June 30,
2018
|
|
June 30,
2017
|
|
Change in fair value
of derivatives not designated as hedges
|
|
$
(2,018)
|
|
$
762
|
|
$
(2,614)
|
|
$
359
|
|
Net cash received in
(paid for) settlement of derivative instruments
|
|
(156)
|
|
4
|
|
(541)
|
|
147
|
|
Net gain (loss) on
derivatives not designated as hedges
|
|
$
(2,174)
|
|
$
766
|
|
$
(3,155)
|
|
$
506
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
interest payable in cash to interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Six Months
Ended
|
|
|
|
June 30,
2018
|
|
June 30,
2017
|
|
June 30,
2018
|
|
June 30,
2017
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
(GAAP)
|
|
$
2,732
|
|
$
2,360
|
|
$
5,405
|
|
$
4,539
|
|
Amorization of debt
discount and paid-in-kind interest
|
|
(2,657)
|
|
(2,081)
|
|
(5,157)
|
|
(4,008)
|
|
Interest payable in
cash
|
|
$
75
|
|
$
279
|
|
$
248
|
|
$
531
|
GOODRICH PETROLEUM
CORPORATION
|
Other Information and
Reconciliations continued (In Thousands) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
capital expenditures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
2018
|
|
June 30,
2017
|
|
June 30,
2018
|
|
June 30,
2017
|
Net cash used in
investing activities (US GAAP)
|
|
$
(20,399)
|
|
$
(14,135)
|
|
$
(26,180)
|
|
$
(17,519)
|
Cash calls
utilized
|
|
(711)
|
|
(121)
|
|
(711)
|
|
(415)
|
Inventory
utilized
|
|
(282)
|
|
(574)
|
|
(486)
|
|
(574)
|
Cash proceeds from
sale of assets
|
|
(3,711)
|
|
-
|
|
(26,920)
|
|
-
|
Miscellaneous
capitalized costs & ARO adjustments
|
|
(314)
|
|
(64)
|
|
(491)
|
|
(64)
|
Cost incurred in
prior period and paid in current period
|
|
-
|
|
-
|
|
10,511
|
|
648
|
Capital accrual at
period end
|
|
(5,555)
|
|
704
|
|
(7,706)
|
|
(2,505)
|
Total capital
expenditures
|
|
$
(30,972)
|
|
$
(14,190)
|
|
$
(51,983)
|
|
$
(20,429)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
drilling and completion capital expenditures used in finding and
development cost per Mcfe calculations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Six Months
Ended
|
|
|
|
June 30,
2018
|
|
June 30,
2017
|
|
June 30,
2018
|
|
June 30,
2017
|
Total capital
expenditures (per above)
|
|
$
(30,972)
|
|
$
(14,190)
|
|
$
(51,983)
|
|
$
(20,429)
|
Capitalized internal
costs
|
|
964
|
|
963
|
|
1,642
|
|
1,525
|
Total capital
expenditures, net of internal costs
|
|
$
(30,008)
|
|
$
(13,227)
|
|
$
(50,341)
|
|
$
(18,904)
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
general & administrative expense payable in cash to general
and administrative expense (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Six Months
Ended
|
|
|
|
June 30,
2018
|
|
June 30,
2017
|
|
June 30,
2018
|
|
June 30,
2017
|
General &
administrative expense (GAAP)
|
|
$
4,803
|
|
$
3,772
|
|
$
9,999
|
|
$
8,235
|
Share based
compensation
|
|
(1,443)
|
|
(975)
|
|
(3,119)
|
|
(1,983)
|
Bonus share based
compensation
|
|
-
|
|
(698)
|
|
-
|
|
(1,395)
|
Non-cash rent
expense
|
|
14
|
|
(149)
|
|
38
|
|
(298)
|
General &
administrative expense payable in cash
|
|
$
3,374
|
|
$
1,950
|
|
$
6,918
|
|
$
4,559
|
|
Oil and natural gas
production (Mfce)
|
|
5,513
|
|
3,299
|
|
8,829
|
|
5,623
|
|
General and
administrative expense payable in cash per Mcfe
|
|
$
0.61
|
|
$
0.59
|
|
$
0.78
|
|
$
0.81
|
View original
content:http://www.prnewswire.com/news-releases/goodrich-petroleum-announces-second-quarter-2018-financial-results-recent-developments-and-an-operational-update-300692694.html
SOURCE Goodrich Petroleum Corporation