Manag agemen ment Presentat ntatio ion Johns nson
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Johns nson on Rice e Conference ference, New ew Orlea eans ns, - - PowerPoint PPT Presentation
NYSE American: GDP Manag agemen ment Presentat ntatio ion Johns nson on Rice e Conference ference, New ew Orlea eans ns, Louisi siana ana September, 2019 This presentation has been prepared by Goodrich Petroleum Corporation (the
This presentation has been prepared by Goodrich Petroleum Corporation (the “Company”) solely for information purposes and may include "forward- looking statements" within the meaning of the U.S. Private Litigation Securities Reform Act of 1995. The Company, its respective employees, directors,
whether the communications were oral or written. The statements, other than statements of historical facts, included in this presentation that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements include, but are not limited to forward-looking statements about acquisitions, divestitures, trades, potential strategic alliances, the availability of capital, the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including the Company's drilling program, production, hedging activities, capital expenditure levels and other guidance that may be included in this presentation. These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks relating to the Company's financial performance and results, availability of sufficient cash flow to execute its business plan, prices and demand for oil, natural gas and natural gas liquids, the ability to replace reserves and efficiently develop current reserves, the ability to access the capital markets and finance operations, including capital expenditures, and
reports filed with the Securities and Exchange Commission. See "Risk Factors" in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases.
Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.
TUSCALOOSA MARINE SHALE:
Gross (Net) Acres (2Q19): 49,000 (34,000) Proved Reserves (YE18 – SEC) 9 Bcfe Objectives: Tuscaloosa Marine Shale
EAGLE E FORD SHALE: E:
Gross (Net) Acres (2Q1 Q19): 18,000 (12,000) Proved Reserve ves (YE18 – SEC) 0 Objective ves: Eagle Ford Shale, Pearsall Shale & Buda Lime
HAYNESVILLE / BOSSIER SHALE ANGELINA RIVER TREND (“ART”)
Gross (Net) Acres (4Q18): 7,000 (3,000) Proved Reserves (YE18 - SEC) Objective: Haynesville & Bossier Shale
HAYNES ESVIL ILLE LE SHALE - CORE CORE
Gross (Net) Acres (2Q1 Q19): 39,000 (22,000) Proved Reserve ves (YE18 - SEC) 471 Bcfe2 Objective ve: Haynes nesvi ville Shale
Texas Louisiana Mississippi
PD-127 (26%) PUD-353 (74%) Oil (2%) Natural Gas (98%) NLA HAY CORE-471 (98%) TMS-9 (2%)
(MCFPD PD) (MCFPD PD) (MCFPD)
Product uction 2019E 2019E
Annual Net Production: 49.3 – 52.9 Bcfe
Avg Daily Production (Mcfe/d): 135,000-145,000
Natural Gas: 98%
Capex pex (MM) $90 - 100
Price e Real alization ation HH Less $0.12 – 0.15
Unit Cost sts s (Per Mcfe)
LOE $0.20 – 0.30
Taxes $0.05 – 0.09
Transportation $0.40 – 0.48
G&A (Cash) $0.25 – 0.35
Activity y Well ells
Gross (Net) Wells: 12 (9.3)
Average Net Lateral Length: 8,000’
Percentage Operated (Net): 92%
September, 2019
Peer Group Includes: AMPY.APA,AR,AXAS,BCEI,BRY,CDEV,CHAP,CHK,CLR,COG,CPE,CRK,CRZO,CXO,DNR,DVN,ECA,EOG, EQT,ESTE,FANG,GDP,GPOR,HPR,JAG,KOS,LLEX,LONE,LPI,MCF,MGY,MR,MTDR,MUR,NBL,NOG,OAS, PDCE,PE,PVAC,PXD,QEP,REI,RRC,SBOW,SD,SM,SRCI,SWN,TALO,WLL,WPX,WTI,XOG Source: : Bloom
berg, , Compa pany (JSe Sept ptembe ber 3, 2019)
Peer Group Includes: AXAS,BCEI,BRY,CHAP,CHK,COG,CPE,CRK,CRZO,CXO,DNR,DVN,ECA,EOG,ESTE,FANG, GDP,HPR,JAG,KOS,LLEX,LONE,MGY,MR,MTDR,MUR,OAS,PDCE,PE,PVAC,PXD,REI,SBOW, SRCI,TALO,WPX Source: : Bloom
berg, , Compa pany (Septe tember 3, 2019)
September 2019
Peer Group Includes: APA,AR,AREX,AXAS,BCEI,BRY,CDEV,CHAP,CHK,CLR,COG,CPE,CRK,CRZO,CXO,DNR,DVN,ECA, EOG,EQT,ESTE,FANG,GDP,GPOR,HPR,JAG,LONE,LPI,MCF,MGY,MPO,MR,MTDR,MUR,NBL, OAS,PDCE,PE,PVAC,PXD,QEP,REI,RRC,SBOW,SD,SM,SNEC,SRCI,SWN,TALO,UPL,WLL,WPX,WTI, XOG Source: : Bloom
berg, , Compa pany (Septe tember 3, 2019)
11
Peer Group Includes: AMPY,APA,AR,AREX,AXAS,BCEI,BRY,CDEV,CHAP,CHK,CLR,COG,CPE,CRK,CRZO,CXO,DNR,DVN,ECA ,EOG,EQT,ESTE,FANG,GDP,GPOR,HPR,JAG,KOS,LONE,LPI,MCF,MGY,MR,MTDR,MUR,NBL,OAS,PDCE, PE,PVAC,PXD,QEP,REI,RRC,SBOW,SD,SM,SRCI,SWN,TALO,UPL,WLL,WPX,WTI,XOG Source: : Bloom
berg, , Compa pany (Septe tember 3, 2019)
North Louisiana (Haynesville)
~34,000/20,000
Operated)
net) potential locations on 880’ spacing
the NLA core position
remaining 27% of NLA Core Acreage
Operated and Long Lateral Acreage
Opportunities Shelby Trough/Angelina River Trend (ART) Haynesville and Bossier Shales:
3,000
Portion of the Company’s Acreage for $23 Million
Rig Source: Ulterra Bits
(8) CHK ROTC 1 & 2 10,000’ Laterals IP: 72,000 Mcf/d 19 Bcf in 19 months (11) GDP-Wurtsbaugh 25-24 #2&3 7,500’ Laterals IP: 25,000 Mcf/d IP: 29,000 Mcf/d (10) GDP Wurtsbaugh 26 4,600’ Lateral IP: 22,000 Mcf/d (9) GDP MSR - Hunt 5H-1 4,600’ Lateral IP: 17,000 Mcf/d (22) CHK Black 1H IP: 44,000 Mcf/d 10,000’ Lateral (21) Vine HA RA SU74;L L Golson 3 - 003-ALT IP: 18,800 Mcf/d 4,661’ Lateral
GEPH Unit IP: 47,988 Mcf/d 15,000’ Lateral
HUNTER 28-21HC 1&2 IP: 27,000 Mcf/d each 9,200’ Laterals (13) GDP Franks 25&24 #1 IP: 30,000 Mcf/d 9,600’ Lateral (12) GDP Wurtsbaugh 25-24 #1 8,800’ Lateral IP: 31,000 Mcf/d (19) GDP Cason-Dickson #1&2 IP: 31 MMcf/d, IP: 23 MMcf/d 8,000 & 3,000’ Laterals
FLORSHEIM 9-16 HC #1&2 10,000’ Laterals IP: 26,500 Mcf/d IP: 27,600 Mcf/d (20) GDP Cason-Dickson 23&24 #3&4 IP: 62,000 Mcf/d 9,300’ Laterals (18) GDP Harris 14&23 #1 IP: 27,500 Mcf/d 6,100’ Lateral (14) GDP Loftus 27&22 #1 & 2 26,000 Mcfe/d 25,000 Mcfe/d 7,500’ Laterals (15) GDP Demmon 34H #1 22,500 Mcf/d 4,600’ Lateral (16) GDP Wurtsbaugh 35H #1 IP: 22,500 Mcf/d 4,600’ Lateral (7) CRK Cook 21-28 HC #2 10,000’ Lateral IP: 26,800 Mcf/d 3,798#/ft (6) CRK Cook 21-28 HC #1 10,000’ Lateral IP: 25,600 Mcf/d 3,803#/ft (2) CRK Nissen 28-21HC #2 10,000’ Lateral IP: 25,000 Mcf/d 3,801#/ft (1) CRK Nissen 28-21HC #1 10,000’ Lateral IP: 27,000 Mcf/d 3,796#/ft (17) Covey Park Tucker 31-6C H1 IP 18,045 Mcf/d 7,466’ Lateral
1 2 3 4 5 6 7 8 9 10-16 17 18-20 21 22
(22) GDP Melody Jones 20H-1 4,600’ Lateral IP: 22,000 Mcf/d
22
265 263 260 256 250 245 235 223 209 201 200 193 191 178 164 154 152 142 138 126 120 114 106 92 89 84 82 67 65 62 56 47 43 43 39 31
10 100 1,000 10,000
100 1,000 10,000 100,000 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36
Well Count
Gas Production, Mcfpd Months
Company Type Curve: EUR: 11.5 Bcf (2.5 Bcf/1,000 ft) Company Type Curve: EUR: 9.2 Bcf (2.0 Bcf/1,000 ft) GDP, 5 Well Average (Avg 3,995' LL; 4,156 #/ft Frac) Industry Average Well Performance 265 Wells (3,125 #/ft Frac)
SI - Offset Fracs
Industry Average Proppant 2,775 #/ft Industry Average Proppant 3,365 #/ft
178 176 177 178 177 175 171 167 156 155 151 140 139 132 127 117 107 103 86 83 67 68 64 57 49 46 42 38 34 32 31 31 29 26 23 14
10 100 1,000 10,000
100 1,000 10,000 100,000 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36
Well Count
Gas Production, Mcfpd Months
Company Type Curve: EUR: 18.75 Bcf (2.5 Bcf/1,000 ft) Company Type Curve EUR: 15.0 Bcf (2.0 Bcf/1,000 ft) Industry Average Well Performance 178 Wells (3,026 #/ft Frac) GDP, 9 Well Average (Avg 7,638' LL, 3,646 #/ft Frac) Industry Average Proppant 2,511 #/ft Industry Average Proppant 3,354 #/ft
152 141 143 139 135 129 123 118 112 103 96 89 77 68 67 60 53 51 44 36 28 27 25 21 19 17 12 12 10 10 8 7 6 6 4 4 1 10 100 1,000 100 1,000 10,000 100,000 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36
Well Count
Gas Production, Mcfpd Months
Company Type Curve: EUR: 25 Bcf (2.5 Bcf/1,000 ft) Company Type Curve EUR: 20 Bcf (2.0 Bcf/1,000 ft) Industry Average Well Performance 152 Wells (2,956 #/ft Frac) GDP, 8 Well Average (Avg 9,656' LL; 3,462 #/ft) Industry Average Proppant 2,198 #/ft Industry Average Proppant 3,248 #/ft
Assumptions Louisiana EUR 11.5 Bcf (2.5 Bcf/1,000’) Sales Gas BTU Price Adjustment 1.020 Pricing Differentials/ Transportation Average - NYMEX less $0.15 / MMBtu Transportation: $0.35 / Mcf Fixed Opex Fixed Opex: $3,290 / month Variable Opex $0.07 / Mcf Severance Tax Payout or 24 month tax holiday; thereafter $0.12 / Mcf Ad Val Tax $0.04 / Mcf Royalty Burden 27.0% D&C Capex $8.5 MM Facilities Capex $0.185 MM, included in D&C Capex Spud to 1st Sale 60 Days PV10 (M$)
($3.00/Mcf Pricing)
$4,875 Economic EUR’s vary depending on gas price assumptions. 100 1,000 10,000 100,000 20 40 60 80 100 120 Avg g Daily y Produ ducti tion
pd) Month ths
4,600' Lateral ral Type Curve ve 4,600' Lateral
EUR Capex (Mmcfe) ($M) 90% 100% 110% 90% 100% 110% 2.25 4.5% 11.8% 20.3% 2.25 19.1% 11.8% 6.5% 2.50 14.7% 25.0% 37.3% 2.50 35.8% 25.0% 17.2% 2.75 27.0% 41.3% 58.3% 2.75 56.5% 41.3% 30.3% 3.00 41.9% 61.0% 83.6% 3.00 81.4% 61.0% 46.2% 3.50 80.0% 111.5% 148.8% 3.50 145.5% 111.5% 86.8%
Ownership: WI 100% - NRI 73% Pricing: Flat Pricing AFE: Two well pad.
Gas Price Gas Price
Assumptions Louisiana EUR 18.75 Bcf (2.5 Bcf/1,000’) Sales Gas BTU Price Adjustment 1.020 Pricing Differentials/ Transportation Average - NYMEX less $0.15 / MMBtu Transportation - $0.35 / Mcf Fixed Opex Fixed Opex: $3,290 / month Variable Opex $0.07 / Mcf Severance Tax Payout or 24 month tax holiday; thereafter $0.12 / Mcf Ad Val Tax $0.04 / Mcf Royalty Burden 27.0% D&C Capex $10.9 MM Facilities Capex $0.185 MM, included in D&C Capex Spud to 1st Sale 60 Days
PV10 (M$)
($3.00/Mcf Pricing)
$10,198 Economic EUR’s vary depending on gas price assumptions. 100 1,000 10,000 100,000 20 40 60 80 100 120 Avg g Daily y Produ ducti tion
pd) Month ths
7,500' Lateral ral Type Curve ve 7,500' Lateral
EUR Capex (Mmcfe) ($M) 90% 100% 110% 90% 100% 110% 2.25 18.3% 27.7% 38.7% 2.25 37.8% 27.7% 20.4% 2.50 31.4% 44.7% 60.0% 2.50 58.9% 44.7% 34.2% 2.75 47.1% 65.0% 85.7% 2.75 84.2% 65.0% 50.8% 3.00 44.7% 88.9% 115.9% 3.00 114.1% 88.9% 70.4% 3.50 65.7% 148.7% 192.1% 3.50 189.3% 148.7% 119.0%
Ownership: WI 100% - NRI 73% Pricing: Flat Pricing AFE: Two well pad.
Gas Price Gas Price
Assumptions Louisiana EUR 25.0 Bcf (2.5 Bcf/1,000’) Sales Gas BTU Price Adjustment 1.020 Pricing Differentials/ Transportation Average - NYMEX less $0.15 / MMBtu Transportation - $0.35 / Mcf Fixed Opex Fixed Opex: $3,290 / month Variable Opex $0.07 / Mcf Severance Tax Payout or 24 month tax holiday; thereafter $0.12 / Mcf Ad Val Tax $0.03 / Mcf Royalty Burden 27.0% D&C Capex $13.1 MM Facilities Capex $0.185 MM, included in D&C Capex Spud to 1st Sale 60 Days
PV10 (M$)
($3.00/Mcf Pricing)
$14,376 Economic EUR’s vary depending on gas price assumptions. 100 1,000 10,000 100,000 20 40 60 80 100 120 Avg g Daily y Produ ducti tion
pd) Month ths
10,000' Lateral ral Type Curve 10,000' Lateral
EUR Capex (Mmcfe) ($M) 90% 100% 110% 90% 100% 110% 2.25 24.8% 35.9% 48.5% 2.25 47.6% 35.9% 27.1% 2.50 40.1% 55.4% 72.9% 2.50 71.8% 55.4% 43.1% 2.75 58.2% 78.5% 101.9% 2.75 100.5% 78.5% 62.2% 3.00 79.3% 105.6% 135.8% 3.00 134.1% 105.6% 84.4% 3.50 131.0% 172.3% 220.3% 3.50 217.6% 172.3% 138.9%
Ownership: WI 100% - NRI 73% Pricing: Flat Pricing AFE: Two well pad.
Gas Price Gas Price