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Goodrich Petroleum Announces First Quarter 2017 Financial Results

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Stockminder   Tuesday, 05/09/17 10:34:11 AM
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Goodrich Petroleum Announces First Quarter 2017 Financial Results and Operational Update

http://goodrichpetroleum.investorroom.com/2017-05-09-Goodrich-Petroleum-Announces-First-Quarter-2017-Financial-Results-and-Operational-Update


HOUSTON, May 9, 2017 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE MKT: GDP) (the "Company") today announced financial results and an operational update for the first quarter ended March 31, 2017.

FINANCIAL RESULTS SUMMARY

Revenues for the quarter totaled $9.4 million and Adjusted Revenues, when adding in net cash received in settlement of derivatives, was $9.6 million, with 56% of our oil and gas revenue attributable to natural gas.

Production for the quarter totaled 2.3 Bcfe, with average daily production of approximately 26,000 Mcfe per day (79% natural gas). Current production is approximately 29,000 Mcfe per day (80% natural gas), and with the completion of two operated Haynesville Shale wells over the next 30 days in which the Company owns a net revenue interest in excess of 50%, the Company expects natural gas production volumes to grow significantly by the end of June when the new wells have reached peak rate.

Capital expenditures totaled $6.2 million in the quarter, of which $6.0 million was spent on drilling and completion costs and $0.2 million on facilities, capital workovers and other expenditures. The Company's capital expenditure budget for 2017 is expected to range between $40 - 50 million. We plan to focus all of our 2017 drilling efforts in the Haynesville Shale Trend.

Balance sheet for the Company as it exited the quarter had $38 million of cash and $59 million of funded debt....

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