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Summary: Goodrich Petroleum Corp. Sep 11 Product Image

Summary: Goodrich Petroleum Corp. Sep 11

  • Published: September 2011
  • Standard & Poors

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Abstract
The ratings on Houston-based Goodrich Petroleum Corp. (GDP) reflect its relatively small reserve base, meaningful exposure to natural gas (which we estimate to be 90% of this year's production), lower reserve life compared with some of its peers', projected negative free cash flow over the next few years, high costs, and the company's position in a highly cyclical, capital-intensive, competitive industry. Our ratings on GDP also reflect the company's good hedging position (45% of 2011 and 2012 natural gas production), adequate near-term liquidity, and its ongoing shift to oil development in the Eagle Ford shale. Standard & Poor's Ratings Services views GDP's business profile as vulnerable given its small size, high leverage to weak natural gas prices, and high proportion...

Companies mentioned in this report are: Goodrich Petroleum Corp.
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key READ MORE >

Goodrich Petroleum Corp.

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