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Goodrich Petroleum Announces Financial Results And Operational Update



    Goodrich Petroleum Announces Financial Results And Operational Update

PR Newswire

HOUSTON, Aug. 6, 2013

HOUSTON, Aug. 6, 2013 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE:
GDP) today announced financial and operating results for the quarter ended
June 30, 2013 and provided an operational update.

  o Tuscaloosa Marine Shale ("TMS"):

       o The Encana operated Anderson 17H-2 (7% WI) well is online and
         producing with a peak 24-hour average rate of 1,540 BOE (95% oil) on
         a 17/64 inch choke.  The Anderson 17H-3 (7% WI) well is in early
         stage of flowback with approximately 2% of frac fluid recovered, with
         results to be announced upon achievement of peak rate;
       o The Smith 5-29H-1 (89% WI) well has averaged approximately 1,000 BOE
         (96% oil) per day on a 12/64 inch choke over the last eight days;
       o The Crosby 12H-1 (50% WI) well reached cumulative production of in
         excess of 100,000 BOE in five months, with current production rate of
         approximately 375 BOE per day;
       o Company on target to close by August 22^nd on its recently announced
         acquisition of a 66.7% working interest in 750 gross barrels of oil
         per day (March 2013) and 277,000 gross acres for $26.7 million,
         effective March 1, 2013. Upon closing, the Company will own
         approximately 320,000 net acres in the TMS;
       o The Company has reallocated approximately $15 million of estimated
         capital expenditures from its Eagle Ford Shale 2013 capital
         expenditure budget to accelerate development of its new TMS acreage
         block in the fourth quarter with further acceleration anticipated in
         2014.  

  o Production for the quarter was 6.7 billion cubic feet equivalent ("Bcfe"),
    or an average of 73,200 Mcfe per day, versus 8.3 Bcfe or an average of
    91,000 Mcfe per day in the prior year period. Average daily production for
    the quarter grew 10% sequentially.  Oil production for the quarter totaled
    292,000 barrels of oil or an average of 3,209 barrels per day, versus
    254,000 barrels of oil or 2,791 barrels per day, in the prior year
    period.  Natural gas production for the quarter totaled 4.9 Bcf or an
    average of 54,000 Mcf per day.  Oil production in the Eagle Ford Shale
    trend continued to be impacted by frac interference as the Company has
    been concentrating its development activities on a portion of its acreage
    with pad drilled wells and zipper fracs.  Frac interference is subsiding
    as the Company has moved its rig to an area where it expects less
    interference, with current oil production for the Company in the 4,300 to
    4,500 barrels per day range.
  o Oil volumes comprised 26% of total production and 62% of revenues for the
    quarter as average daily natural gas volumes increased 18% sequentially,
    with average realized oil price of $101.62 per barrel due to premium
    pricing agreements. Average realized price per Mcfe of production was
    $7.23 per Mcfe, including realized gain on derivatives.

FINANCIAL RESULTS

Cash Flow

Earnings before interest, taxes, DD&A, non-cash general and administrative
expenses and exploration ("Adjusted EBITDAX") was $31.5 million in the quarter
compared to $45.2 million in the prior year period and $27.1 million in the
prior quarter.   

Discretionary cash flow ("DCF"), defined as net cash provided by operating
activities before changes in working capital was $20.9 million in the quarter
compared to $34.8 million in the prior year period and $16.3 million in the
prior quarter.  Net cash provided by operating activities was $29.6 million
compared to $47.4 million for the prior year period.

For the prior year period, both Adjusted EBITDAX and DCF were positively
impacted by a $21.3 million gain on realized derivative settlements compared
to a $0.1 million gain in the current quarter.

(See accompanying tables at the end of this press release that reconcile
Adjusted EBITDAX and DCF, each of which are non-GAAP financial measures, to
their most directly comparable GAAP financial measure.)

NET INCOME

The Company announced a net loss applicable to common stock of $20.1 million
for the quarter or ($0.55) per basic share, versus a net loss applicable to
common stock of $4.7 million or ($0.13) per basic share in the prior year
period.  Adjusted net loss applicable to common stock was $23.0 million, which
excludes the impact of the unrealized gain on derivatives not designated as
hedges of $11.0 million, non-recurring exploration expense of $0.6 million and
lease expirations of $7.5 million.

(See accompanying tables at the end of this press release that reconcile
adjusted net loss applicable to common stock, a non-GAAP measure, to its most
directly comparable GAAP financial measure.) 

REVENUES

Revenues for the quarter were $48.5 million versus $41.3 million in the prior
year period.  Average realized price per unit for the quarter was $7.22 per
Mcfe versus $5.00 per Mcfe in the prior year period.  When factoring in the
realized gain on derivatives not designated as hedges, average realized price
per unit was $7.23 per Mcfe versus $7.58 per Mcfe in the prior year period.

(See accompanying tables at the end of this press release that reconciles
Adjusted Revenues, a non-GAAP measure, to its most directly comparable GAAP
financial measure.) 

OPERATING EXPENSES

Lease operating expense ("LOE") was $5.9 million in the quarter or $0.88 per
Mcfe versus $6.7 million or $0.81 per Mcfe in the prior year period.  LOE
included $1.1 million or $0.17 per Mcfe for workovers performed in the quarter
primarily in the Eagle Ford Shale trend.

Production and other taxes for the quarter were $2.7 million or $0.41 per Mcfe
versus $2.1 million or $0.25 per Mcfe in the prior year period driven by
higher oil volumes as a percentage of total volumes which carries a higher
severance tax rate.     

Transportation and processing expense was $2.5 million, or $0.37 per Mcfe in
the quarter versus $3.5 million or $0.43 per Mcfe in the prior year period. 

Depreciation, depletion and amortization ("DD&A") expense for the quarter
totaled $34.5 million or $5.18 per Mcfe versus $34.6 million or $4.17 per Mcfe
in the prior year period. DD&A rate for the quarter was higher than the prior
year due to a higher percentage of production volumes coming from oil which
properties carry a higher DD&A rate.  DD&A expense per unit was $5.84 per Mcfe
for the prior quarter.

Exploration expense was $9.5 million, or $1.43 per Mcfe for the quarter versus
$2.0 million or $0.24 per Mcfe in the prior year period.  Approximately $7.5
million or 78% of exploration expense for the quarter was a non-cash expense
for the expiration of undeveloped leasehold.  As part of its ongoing review of
capital allocation, the Company elected not to renew expiring leases in its
non-core Eagle Ford Shale trend acreage.  Exploration expense for the quarter
also includes $0.6 million in seismic expense.

General and Administrative ("G&A") expense was $7.6 million, or $1.15 per Mcfe
in the quarter versus $6.7 million or $0.81 per Mcfe in the prior year period.
G&A expense related to stock based compensation for its employees was $1.7
million or $0.26 per Mcfe versus $1.5 million or $0.18 per Mcfe in the prior
year period. 

OPERATING INCOME

Operating income, defined as revenues minus operating expenses, totaled a loss
of $14.2 million for the quarter in line with the prior year period.  Adjusted
operating loss which includes the realized gain on derivatives not designated
as hedges was a loss of $14.1 million.

(See accompanying tables at the end of this press release that reconcile
adjusted operating loss, a non-GAAP financial measure to its most directly
comparable GAAP financial measure.) 

INTEREST EXPENSE

Interest expense for the quarter was $13.0 million or $1.96 per Mcfe versus
$13.1 million or $1.58 per Mcfe in the prior year period.  Non-cash interest
expense associated with the Company's long term debt comprised 26% of the
total or $3.4 million ($0.51 per Mcfe). 

CAPITAL EXPENDITURES

Capital expenditures for the quarter were $64.5 million, of which $62.4
million was spent on drilling and completion costs and $2.1 million on
leasehold acquisition, facilities and other expenditures.  Approximately 60%
of the capital was spent in the Eagle Ford Shale trend, 17% in the Tuscaloosa
Marine Shale trend and 23% on the completion of previously drilled Haynesville
Shale wells that were brought online in the second quarter.

CRUDE OIL AND NATURAL GAS DERIVATIVES

The Company realized a gain of $0.1 million on its derivatives not designated
as hedges and an unrealized gain of $11.0 million, for a gain on derivatives
not designated as hedges of $11.1 million for the quarter.

LIQUIDITY

The Company exited the quarter with $2.7 million in cash and $75.0 million
drawn on its senior bank revolving credit facility, with a borrowing base of
$225 million, providing $152.7 million of available liquidity. Upon closing of
the TMS acquisition the Company's borrowing base will increase by $18 million
to $243 million.

PRODUCTION GUIDANCE

The Company is revising its full year 2013 production guidance to incorporate
the experienced frac interference in its Eagle Ford Shale trend development
drilling and delays due to a reallocation of capital from the Eagle Ford Shale
to the TMS. The Company currently estimates oil volumes will grow by 30-40% in
2013 versus 2012 and overall volumes on a Mcfe basis will decrease by 5-10%
year over year. Oil volumes are estimated to comprise approximately 30% of
total production and 65-70% of revenues for the year.

OPERATIONAL UPDATE

Tuscaloosa Marine Shale ("TMS"):

The Company drilled and/or completed 4.0 gross (1.2 net) wells in the TMS in
the quarter and expects to drill and complete 9.0 gross (4.6 net) wells in the
trend for the year.  The Company had 3.0 gross (1.1 net) wells waiting on
completion at quarter-end.

The Company is currently drilling its CMR/Foster Creek 20-7H-1 (99% WI) well
in Wilkinson County, Mississippi and currently plans to spud three additional
operated wells by the end of the year. The Company has reallocated
approximately $15 million of its 2013 capital expenditure budget from the
Eagle Ford Shale to accelerate development of its new TMS acreage block.  

Eagle Ford Shale:

The Company conducted drilling operations on 7.0 gross (4.7 net) wells in the
quarter and expects to drill 22.0 gross (14.7 net) wells for the year.  In the
quarter 9.0 gross (6.0 net) wells were completed and added to production, with
12.0 gross (8.0 net) wells completed and added to production year to date. For
the year the Company expects to complete 22.0 gross (14.7 net) wells, down 3.0
gross (2.0 net) due to the reallocation of capital from the Eagle Ford Shale
to the TMS. At quarter-end, 5.0 gross (3.3 net) wells were drilled but waiting
on completion.

The Company has reduced its average drill time from inception by 13 days
targeting 6,000 foot laterals which has led to a sharp reduction in costs over
time, however, oil production for the quarter continued to be affected by frac
interference due to pad drilling on a portion of the Company's Eagle Ford
Shale acreage.

Haynesville Shale

The Company completed 6.0 gross (2.7 net) previously drilled Haynesville Shale
wells in the quarter with 10.0 gross (4.2 net) wells completed and added to
production year to date. The Company had 3.0 gross (1.5 net) wells drilled but
waiting on completion at quarter-end. For the year, the Company expects to
complete 13.0 gross (5.7 net) wells, with the remainder expected to be
completed by the end of the third quarter. 

OTHER INFORMATION

In this press release, the Company refers to several non-GAAP financial
measures, including Adjusted EBITDAX, Discretionary cash flow, Adjusted
revenues, Adjusted operating income, Adjusted net loss applicable to common
stock and Cash operating margin.  Management believes Adjusted EBITDAX,
Discretionary cash flow, Adjusted revenues, Adjusted operating income,
Adjusted net loss applicable to common stock and Cash margin are good
financial indicators of the Company's ability to internally generate operating
funds.  None of Discretionary cash flow, Adjusted EBITDAX or Cash operating
margin, should be considered an alternative to net cash provided by operating
activities, as defined by GAAP.  Adjusted revenues should not be considered an
alternative to total revenues, as defined by GAAP.  Adjusted operating income
should not be considered an alternative to operating income (loss), as defined
by GAAP.  Adjusted net loss applicable to common stock should not be
considered an alternative to net loss applicable to common stock, as defined
by GAAP.  Management believes that all of these non-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, 2012 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 gas exploration and production
company listed on the New York Stock Exchange.

GOODRICH PETROLEUM CORPORATION
SELECTED INCOME AND PRODUCTION DATA
(In Thousands, Except Per Share Amounts)
                               Three Months Ended       Six Months Ended
                               June 30,                 June 30,
                               2013        2012         2013        2012
Volumes
 Natural gas (MMcf)            4,906       6,758        9,050       14,224
 Oil and condensate (MBbls)    292         254          600         471
 MMcfe - Total                 6,658       8,282        12,651      17,047
 Mcfe per day                  73,167      91,006       69,893      93,665
Total Revenues                 $  48,485   $ 41,346     $  95,569   $  86,654
Operating Expenses
 Lease operating expense       5,881       6,695        13,097      15,049
 Production and other taxes    2,742       2,087        5,502       4,080
 Transportation and            2,476       3,522        5,073       7,650
 processing
 Depreciation, depletion and   34,513      34,562       69,487      66,840
 amortization
 Exploration                   9,511       2,019        12,846      4,232
 Impairment                    -           -            -           2,662
 General and administrative    7,645       6,690        17,032      14,611
 Gain on sale of assets        -           (72)         (43)        (72)
 Other                         (91)        -            (91)        -
Operating  loss                (14,192)    (14,157)     (27,334)    (28,398)
Other income (expense)
 Interest expense              (13,027)    (13,089)     (26,400)    (26,002)
 Interest income and other     15          1            19          1
 Gain on derivatives not       11,061      24,043       9,109       33,468
 designated as hedges
                               (1,951)     10,955       (17,272)    7,467
Loss before income taxes       (16,143)    (3,202)      (44,606)    (20,931)
Income tax benefit             -           -            -           -
Net loss                       (16,143)    (3,202)      (44,606)    (20,931)
Preferred stock dividends      3,956       1,512        5,468       3,024
Net loss applicable to common  $ (20,099)  $  (4,714)   $ (50,074)  $ (23,955)
stock
 Unrealized (gain) loss on
 derivatives not designated    (10,978)    (2,715)      (8,874)     3,753
 as hedges
 Exploration - Seismic         634         -            1,047       -
 Lease expirations             7,461       -            8,899       -
 Dry hole cost                 52          -            252         -
 Gain on sale of assets        -           (72)         (43)        (72)
 Other                         (91)        -            (91)        -
 Impairment                    -           -            -           2,662
Adjusted net loss applicable   $ (23,021)  $  (7,501)   $ (48,884)  $ (17,612)
to common stock (1)
 Discretionary cash flow (see  $  20,928   $ 34,753     $  37,249   $  64,699
 non-GAAP reconciliation) (2)
 Adjusted EBITDAX (see
 calculation and non-GAAP      $  31,524   $ 45,163     $  58,574   $  85,520
 reconciliation)( 3)
Weighted average common        36,701      36,366       36,692      36,352
shares outstanding - basic
Weighted average common
shares outstanding - diluted   36,701      36,366       36,692      36,352
(4)
Earnings per share
 Net loss applicable to        $           $    (0.13)  $           $    
 common stock - basic          (0.55)                   (1.36)      (0.66)
 Net loss applicable to        $           $    (0.13)  $           $    
 common stock - diluted        (0.55)                   (1.36)      (0.66)
Adjusted earnings per share
 Adjusted net loss applicable  $           $    (0.21)  $           $    
 to common stock - basic (1)   (0.63)                   (1.33)      (0.48)
 Adjusted net loss applicable  $                        $           $    
 to common stock - fully       (0.63)      $    (0.21)  (1.33)      (0.48)
 diluted (1)

 

(1) Adjusted net income (loss) applicable to common stock is defined as net
income (loss) applicable to common stock adjusted to exclude certain charges
or amounts in order to provide users of this financial information with
additional meaningful comparisons between current results and the results of
prior periods. Management presents this measure because (i) it is consistent
with the manner in which the company's performance is measured relative to the
performance of its peers, (ii) this measure is more comparable to earnings
estimates provided by securities analysts, and (iii) charges or amounts
excluded cannot be reasonably estimated and guidance provided by the company
excludes information regarding these types of items. These adjusted amounts
are not a measure of financial performance under GAAP. 
(2) Discretionary cash flow is defined as net cash provided by operating
activities before changes in operating assets and liabilities. Management
believes that the non-GAAP measure of operating cash flow is useful as an
indicator of an oil and 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 GAAP. 
(3) Adjusted EBITDAX is earnings before interest expense, income tax, DD&A,
exploration expense and impairment of oil and gas properties. In calculating
EBITDAX for this purpose, earnings include realized gains (losses) from
derivatives but exclude unrealized gains (losses) from derivatives. Other
excluded items include Interest income and other, Gain on sale of assets, Gain
on early extinguishment of debt and Other expense.
(4) Fully diluted shares excludes approximately 10.4 million and 10.3 million
potentially dilutive instruments that were anti-dilutive due to the net loss
applicable to common stock for the three and six months ended June 30, 2013,
respectively.  We report our financial results in accordance with accounting
principles generally accepted in the United States of America ("GAAP").
However, management believes certain non-GAAP performance measures may provide
users of this financial information with additional meaningful comparisons
between current results and the results of our peers and of prior periods.

 

GOODRICH PETROLEUM CORPORATION
Per Unit Sales Prices and Costs
                                Three Months Ended        Six Months Ended
                                June 30,                  June 30,
                                2013         2012         2013       2012
Average sales price per unit:
  Oil (per Bbl)
       Including realized gain  $ 101.91     $ 107.16     $ 104.79   $ 105.63
  on oil derivatives 
       Excluding realized gain  $ 101.62     $   98.96    $ 104.40   $ 102.36
  on oil derivatives
  Natural gas (per Mcf)
       Including realized gain  $      3.75  $      5.26  $          $    
  on natural gas derivatives                               3.59       5.22
       Excluding realized gain  $      3.75  $      2.41  $          $    
  on natural gas derivatives                               3.59       2.72
  Natural gas and oil (per
  Mcfe)
       Including realized gain                            $          $    
  on oil and natural gas        $      7.23  $      7.58   7.54       7.27
  derivatives
       Excluding realized gain                            $          $    
  on oil and natural gas        $      7.22  $      5.00   7.52       5.09
  derivatives
Costs Per Mcfe
  Lease operating expense       $      0.88  $      0.81  $          $    
                                                           1.04       0.88
  Production and other taxes    $      0.41  $      0.25  $          $    
                                                           0.43       0.24
  Transportation and            $      0.37  $      0.43  $          $    
  processing                                               0.40       0.45
  Depreciation, depletion and   $      5.18  $      4.17  $          $    
  amortization                                             5.49       3.92
  Exploration                   $      1.43  $      0.24  $          $    
                                                           1.02       0.25
  Impairment                    $            $            $          $    
                                 -            -              -        0.16
  General and administrative    $      1.15  $      0.81  $          $    
                                                           1.35       0.86
  Gain on sale of assets/other  $    (0.01)  $    (0.01)  $          $        
                                                             -          -
                                $      9.41  $      6.70  $          $    
                                                           9.71       6.75
Note: Amounts on a per Mcfe basis may not total due to
rounding.

 

GOODRICH PETROLEUM CORPORATION
Selected Cash Flow Data (In Thousands):
Reconciliation of Discretionary Cash Flow and Net Cash Provided by Operating
Activities (unaudited)
                             Three Months Ended         Six Months Ended
                             June 30,                   June 30,
                             2013         2012          2013        2012
Net cash provided by         $  29,588    $             $  35,860   $  77,930
operating activities (GAAP)                47,393
Net changes in working       (8,660)      (12,640)      1,389       (13,231)
capital
Discretionary cash flow      $  20,928    $             $  37,249   $  64,699
                                           34,753
Weighted average common      36,701       36,366        36,692      36,352
shares outstanding - basic
Weighted average common
shares outstanding - diluted 36,701       36,366        36,692      36,352
(4)
Supplemental Balance Sheet Data
                             As of
                             June 30,     December 31,
                             2013         2012
  Cash and cash equivalents  $     2,650  $        
                                           1,188
  Long-term debt             554,108      568,671
Reconciliation of Net income (loss) to Adjusted EBITDAX
                             Three Months Ended         Six Months Ended
                             June 30,                   June 30,
                             2013         2012          2013        2012
  Net loss (GAAP)            $ (16,143)   $             $ (44,606)  $ (20,931)
                                          (3,202)
  Exploration expense        9,511        2,019         12,846      4,232
  Depreciation, depletion    34,513       34,562        69,487      66,840
  and amortization
  Impairment                 -            -             -           2,662
  Stock compensation expense 1,700        1,483         3,474       3,035
  Interest expense           13,027       13,089        26,400      26,002
  Unrealized (gain) loss on
  derivatives not designated (10,978)     (2,715)       (8,874)     3,753
  as hedges
  Other excluded items *     (106)        (73)          (153)       (73)
        Adjusted EBITDAX     $  31,524    $             $  58,574   $  85,520
                                           45,163
  *  Other excluded items include Interest income and other, Gain on sale of
  assets and Other expense.
Other Information
                             Three Months Ended         Six Months Ended
                             June 30,                   June 30,
                             2013         2012          2013        2012
  Interest expense - cash    $     9,599  $             $  19,558   $  19,731
                                           9,953
  Interest expense - noncash 3,428        3,136         6,842       6,271
  Total Interest             13,027       13,089        26,400      26,002
  Unrealized (gain) loss on
  derivatives not designated (10,978)     (2,715)       (8,874)     3,753
  as hedges
  Realized gain on
  derivatives not designated (83)         (21,328)      (235)       (37,221)
  as hedges
  Total gain on derivatives  (11,061)     (24,043)      (9,109)     (33,468)
  not designated as hedges
  General and Administrative 5,945        5,207         13,558      11,576
  expense - cash
  General and Administrative 1,700        1,483         3,474       3,035
  expense - noncash
  Total General and          7,645        6,690         17,032      14,611
  Administrative expense

 

GOODRICH PETROLEUM CORPORATION
Selected Cash Flow Data continued (In Thousands):
Reconciliation of Adjusted Revenues and Total Revenues (unaudited)
                            Three Months Ended        Six Months Ended
                            June 30,                  June 30,
                            2013        2012          2013        2012
Total Revenues (GAAP)       $  48,485   $   41,346    $  95,569   $   86,654
Realized gain on
derivatives not designated  83          21,328        235         37,221
as hedges
Adjusted Revenues           $  48,568   $   62,674    $  95,804   $ 123,875
Reconciliation of Adjusted Operating Income and Operating Income (unaudited)
                            Three Months Ended        Six Months Ended
                            June 30,                  June 30,
                            2013        2012          2013        2012
Operating loss (GAAP)       $ (14,192)  $ (14,157)    $ (27,334)  $  (28,398)
Realized gain on
derivatives not designated  83          21,328        235         37,221
as hedges
Adjusted Operating Income   $ (14,109)  $     7,171   $ (27,099)  $      8,823
(loss)
Calculation of Cash operating margin (unaudited)
                            Three Months Ended        Six Months Ended
                            June 30,                  June 30,
                            2013        2012          2013        2012
Adjusted EBITDAX (see
calculation and non-GAAP    $  31,524   $     45,163  $  58,574   $   85,520
reconciliation) (3)
Adjusted Revenues (see      $  48,568   $     62,674  $  95,804   $ 123,875
non-GAAP reconciliation)
Cash operating margin       65%         72%           61%         69%

 

 

SOURCE Goodrich Petroleum Corporation

Website: http://www.goodrichpetroleum.com
Contact: Robert C. Turnham, Jr., President, or Jan L. Schott, Chief Financial
Officer, (713) 780-9494, fax, (713) 780-9254
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