Goodrich Petroleum Suspends Third Quarter of 2015 Dividend on Series B, C & D Preferred Stock
Aug 31 15
Goodrich Petroleum reported the suspension of the quarterly dividends on its 5.375% Series B Cumulative convertible preferred stock, its 10.00% Series C cumulative preferred stock as well on its 9.75% Series D cumulative preferred stock for the quarter ending 30 September 2015. Any unpaid dividends on the Series B, Series C and Series D, including the unpaid dividends for the quarter ended 3o September 2015 and any future unpaid dividends, will accumulate. Following non payment of dividends on its Series B, Series C and Series D for six quarterly periods (whether consecutive or non-consecutive), the holders of each series of preferred stock will have the right to elect two additional directors to serve on the company's board of directors until all accumulated and unpaid dividends are paid in full. The dividend rate per annum on the Series B will be increased 1% per annum until all accumulated and unpaid dividends are paid in full.
Goodrich Petroleum Corporation Appoints Robert C. Turnham as Senior Vice President and Chief Financial Officer Replacing Jan Schott
Aug 19 15
Goodrich Petroleum Corporation announced that Jan Schott, its Senior Vice President and Chief Financial Officer, has resigned to take a financial position with a private company. Ms. Schott will remain with the Company through early September to assist the company during the initial transition phase. Robert C. Turnham, Jr., the Company's President and Chief Operating Officer, will assume the role as interim-CFO while the Company conducts a search.
Goodrich Petroleum Corp. Reports Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Production Guidance for Full Year of 2015 and Capital Expenditure Guidance for Third Quarter of 2015
Aug 5 15
Goodrich Petroleum Corp. reported earnings results for the second quarter and six months ended June 30, 2015. For the quarter, total revenues were $26.101 million compared to $53.319 million a year ago. Operating loss was $10.879 million compared to $3.552 million a year ago. Loss before income taxes was $31.638 million compared to $25.106 million a year ago. Net loss applicable to common stock was $39.068 million or $0.68 per diluted share compared to $32.536 million or $0.73 per diluted share a year ago. Adjusted net loss applicable to common stock was $18.919 million or $0.33 per diluted share compared to $21.303 million or $0.48 per diluted share a year ago. Net cash used in operating activities was $11.229 million against net cash provided by operating activities was $63.291 million a year ago. Adjusted EBITDAX was $24.823 million compared to $31.450 million a year ago. Adjusted revenues were $37.269 million compared to $50.240 million a year ago. Adjusted operating profit was $289 million compared to loss of $6.631 million a year ago. Capital expenditures totaled $17.1 million in the quarter, of which $14.1 million was spent on drilling and completion costs, $1.9 million on leasehold acquisition and $1.1 million on facilities, capital workovers and other expenditures.
For six months, total revenues were $50.131 million compared to $105.122 million a year ago. Operating loss was $24.348 million compared to $5.675 million a year ago. Loss before income taxes was $52.756 million compared to $47.598 million a year ago. Net loss applicable to common stock was $67.617 million or $1.27 per diluted share compared to $62.459 million or $1.41 per diluted share a year ago. Adjusted net loss applicable to common stock was $37.780 million or $0.71 per diluted share compared to $44.181 million or $1.00 per diluted share a year ago. Net cash used in operating activities was $5.512 million against net cash provided by operating activities was $69.846 million a year ago. Adjusted EBITDAX was $49.288 million compared to $60.501 million a year ago. Adjusted revenues were $74.393 million compared to $99.312 million a year ago. Adjusted operating loss was $86 million compared to $11.485 million a year ago.
Production totaled approximately 758,000 Boe in the quarter, or an average of 8,332 Boe per day, versus 1,041,000 Boe, or an average of 11,437 Boe per day, in the prior year period. Oil production totaled 382,000 barrels of oil in the quarter (50% of total production), or an average of approximately 4,200 Bbls per day, which was flat to the prior year period. Oil production for the quarter was negatively impacted from the completion deferral of six wells in the TMS. Natural gas production totaled 2.3 Bcf in the quarter, or an average of approximately 24,800 Mcf per day, versus 4.0 Bcf, or an average of 43,500 Mcf per day, in the prior year period. Natural gas production for the quarter was negatively impacted by the Company's sale in December 2014 of its non-core, Beckville/Minden field in East Texas when compared to the previous year period.
For six months, the company reported production of natural gas of 4,330 MMcf compared to 8,388 MMcf a year ago. Oil and condensate is 817 MBbls compared to 722 MBbls. Total production is 1,539 MMcfe compared to 2,120 MMcfe a year ago. Oil production was 8,501 Mcfe per day compared to 11,713 Mcfe per day.
The Company anticipates capital expenditures between $15-20 million in the third quarter of 2015.
The Company previously issued full year 2015 production guidance of an average of 4,800 – 5,200 barrels of oil and 23,000 – 26,000 Mcf of natural gas per day. The company reaffirms its full year 2015 preliminary capital budget of $90 – 110 million.