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Goodrich Petroleum Corporation, Company Intelligence Report - Product Image

Goodrich Petroleum Corporation, Company Intelligence Report

  • ID: 2060418
  • June 2014
  • 188 pages
  • GlobalData

Goodrich Petroleum Corporation, Company Intelligence Report

Summary

Goodrich Petroleum Corporation (Goodrich) is an independent oil and gas company engaged in the exploration, development and production of oil and natural gas. The company’s core areas of activity are located in the Haynesville Shale and Cotton Valley Trend in East Texas and North Louisiana, the Eagle Ford Shale (EFS) oil window of South Texas, and the Tuscaloosa Marine Shale (TMS) of South Mississippi and Louisiana. It is headquartered in Houston in the US. Goodrich’s ticker symbol is GDP, and its common stock trades on the New York Stock Exchange (NYSE).

Scope

- Key Highlights: This section provides detailed analysis on the company’s overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, Capex funding, geographical results of oil and gas operations.
- Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals.
- SWOT: The report’s SWOT section provides the internal strength, weakness, READ MORE >

1.1 List of Tables
1.2 List of Figures
2 Goodrich Petroleum Corporation, Company Overview
3 Goodrich Petroleum Corporation, Key Highlights
3.1 Strong Focus on Oil Resources to Support Profitability in Long Run
3.1.1 Eagle Ford Shale Trend
3.1.2 Tuscaloosa Marine Shale Trend
3.2 Significant Core Acreage Position to Provide Strong Base for Future Growth
3.3 Strong Drilling Program in Key Oil-Rich Assets to Support Oil Production Growth
3.3.1 Eagle Ford Shale
3.3.2 Tuscaloosa Marine Shale
3.4 Large Inventory to Provide Base for Strong Growth in Long Run
4 Goodrich Petroleum Corporation, SWOT Analysis
4.1 Strengths
4.1.1 Early Entry and Exposure in Unconventional TMS Play to Support Long-Term Growth
4.1.2 Large Reserve Base and Acreage in Key Shales to Support Long-Term Production and Reserve Growth
4.2 Weaknesses
4.2.1 Limited Geographic Focus
4.2.2 Limited Number of Purchasers
4.2.3 Development Problems at Tuscaloosa Marine Shale Trend to Affect Goodrich’s Profitability
4.3 Opportunities
4.3.1 Focus on Tuscaloosa Marine Shale to Provide Significant Opportunity to Improve Oil Production
4.4 Threats
4.4.1 Risks Associated with Unconventional Extraction of Oil and Gas
5 Goodrich Petroleum Corporation, Goals and Strategies
5.1 Increase Oil contribution in Total Production and Reserve base
5.2 Development of Existing Property Base
5.3 Expanding Acreage Positions in Key Shale Plays
5.4 Maximizing Cash Flow Margins
6 Goodrich Petroleum Corporation, Production Overview
6.1 Production Profile
6.2 Goodrich Petroleum Production Asset Portfolio
6.2.1 The Eagle Ford Shale Trend
6.2.2 Haynesville Shale Trend
6.2.3 Tuscaloosa Marine Shale
7 Goodrich Petroleum, Exploration and Development Overview
7.1 Eagle Ford Shale Trend
7.2 The Tuscaloosa Marine Shale
7.3 Haynesville Shale
7.4 The Cotton Valley Taylor Sand
8 Goodrich Petroleum Corporation, Acreage
8.1 Eagle Ford Shale Trend
8.2 Tuscaloosa Marine Shale Trend
8.3 Haynesville Shale Trend
8.4 Cotton Valley Taylor Sand
9 Goodrich Petroleum Corporation, Capital Expenditure
9.1 Costs Incurred
10 Goodrich Petroleum Corporation, Forecast Production and Financial Statements
10.1 Income Statement (2011-2018)
10.2 Balance Sheet (2011-2018)
10.3 Cash Flow Statement (2011-2018)
10.4 Goodrich Petroleum Corporation, Valuation
10.4.1 Discounted Cash Flow Methodology
11 Goodrich Petroleum Corporation, Peer Comparison
11.1 Share Price Performance
11.2 Operational and Financial Performance
11.3 Key Financial and Operational Ratio
12 Goodrich Petroleum Corporation, Production and Reserves Trends
12.1 Total Oil and Gas, Reserves and Production
12.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2009-2013
12.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2009-2013
12.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2009-2013
12.2 Crude Oil/Liquids Production and Reserve
12.2.1 Crude Oil/Liquids Production and Reserve Trend, 2009-2013
12.2.2 Crude Oil Production and Reserves By Country/Region, 2009-2013
12.2.3 Crude Oil/Liquids Reserve Changes, 2009-2013
12.3 Natural Gas Production and Reserve
12.3.1 Natural Gas Production and Reserve Trend, 2009-2013
12.3.2 Natural Gas Production and Reserves, By Country/Region, 2009-2013
12.3.3 Natural Gas Reserve Changes, 2009-2013
12.4 Total Crude Oil and Natural Gas Reserves Life Index
12.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2009-2013
12.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2009-2013
13 Goodrich Petroleum Corporation, E&P Costs Trends
13.1 Allocation of the Upstream Capital Expenditure
13.1.1 Upstream Capital Expenditure, 2009-2013
13.1.2 Acquisition Costs By Country/Region, 2009-2013
13.1.3 Exploration and Development Costs, By Country/Region, 2009-2013
13.2 Oil and Gas Cost Per boe, US$/boe
13.2.1 Oil and Gas Cost Per boe, US$/boe, 2009-2013
13.2.2 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2009-2013
14 Goodrich Petroleum Corporation, Reserve Replacement Ratio
14.1 Oil and Gas Production Replacement Ratio
14.1.1 Oil and Gas Production Replacement Ratio, 2009-2013
14.1.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2009-2013
15 Goodrich Petroleum Corporation, Results of Oil & Gas Operations Trend
15.1 Oil and Gas Revenue and Expenses
15.1.1 Oil and Gas Revenue and Expenses, 2009-2013
15.1.2 Oil and Gas Revenue and Expenses, By Country/Region, 2009-2013
15.2 Oil and Gas Revenue and Expenses, Per boe
15.2.1 Oil and Gas Revenue and Expenses, By boe, 2009-2013
15.2.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2009-2013
15.2.3 Oil and Gas Performance Metrics
16 Goodrich Petroleum Corporation, Land Holdings and Well Data
16.1 Developed and Undeveloped Acreage
16.1.1 Gross and Net Developed and Undeveloped Acreage, 2009-2013
16.1.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2009-2013
16.2 Well Statistics
16.2.1 Producible Oil and Gas Well, 2009-2013
16.2.2 Producible Oil and Gas Well, By Country/Region, 2009-2013
16.2.3 Exploration and Development Wells Drilled, 2009-2013
16.2.4 Exploration and Development Wells Drilled, By Country/Region, 2009-2013
17 Appendix
17.1 Abbreviations
17.2 Sources
17.3 Research Methodology
17.3.1 Coverage
17.3.2 Secondary Research
17.3.3 Primary Research
17.4 Disclaimer

1.1 List of Tables
Table 1: Goodrich Petroleum Corporation, Drilling Activities, 2013
Table 2: Goodrich Petroleum Corporation, Total Inventory, 2013
Table 3: Goodrich Petroleum Corporation, Total Proved Oil and Natural Gas Reserves by Area (mmcf), 2013
Table 4: Goodrich Petroleum Corporation, Gross and Net Developed and Undeveloped Acreage (acres), 2013
Table 5: Goodrich Petroleum Corporation, Revenues From Purchasers as a Percent of Oil and Natural Gas Revenue, 2013
Table 6: Goodrich Petroleum Corporation, Total Oil and Gas Production, 2011-2018
Table 7: Goodrich Petroleum Corporation, Oil and Condensate and Natural Gas Sales Volume, 2013
Table 8: Goodrich Petroleum Corporation, Drilling Activities, 2013
Table 9: Goodrich Petroleum Corporation, Proved Reserves by Geologic Formation, 2013
Table 10: Goodrich Petroleum Corporation, Total Inventory, 2013
Table 11: Goodrich Petroleum Corporation, Tuscaloosa Marine Shale Well Economic Summary, 2013
Table 12: Goodrich Petroleum Corporation, Tuscaloosa Marine Shale Wells, 2013
Table 13: Goodrich Petroleum Corporation, Haynesville Shale, Reserve Estimate, 2014
Table 14: Goodrich Petroleum Corporation, Acreage Positions and Working Interests in Significant Properties, 2013
Table 15: Goodrich Petroleum Corporation, Capital Expenditure (US$ mil), 2011-2013
Table 16: Goodrich Petroleum Corporation, Preliminary Capital Expenditure Budget, 2014
Table 17: Goodrich Petroleum Corporation, Preliminary Capital Expenditure Program, 2014
Table 18: Goodrich Petroleum Corporation, Total Oil and Gas Production Forecast, 2011-2018
Table 19: GlobalData, Price Forecasts, 2014-2018
Table 20: Goodrich Petroleum Corporation, Income Statement (US$ mil), 2011-2018
Table 21: Goodrich Petroleum Corporation, Balance Sheet (US$ mil), 2011-2018
Table 22: Goodrich Petroleum Corporation, Cash Flow Statement (US$ mil), 2011-2018
Table 23: Goodrich Petroleum Corporation, Free Cash Flow Calculation (US$ mil), 2014-2018
Table 24: Goodrich Petroleum Corporation, Discounted Cash Flow Calculation, 2014
Table 25: Goodrich Petroleum Corporation, Peer Group Comparison, Operational and Financial Performance, 2013
Table 26: Goodrich Petroleum Corporation, Peer Group Comparison, Total Reserves and Production (mmboe), 2012
Table 27: Goodrich Petroleum Corporation, Peer Group Comparison, Financial and Operational Ratios, 2012
Table 28: Goodrich Petroleum Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013
Table 29: Goodrich Petroleum Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2009-2013
Table 30: Goodrich Petroleum Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2009-2013
Table 31: Goodrich Petroleum Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013
Table 32: Goodrich Petroleum Corporation, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2009-2013
Table 33: Goodrich Petroleum Corporation, Crude Oil Reserve Changes, mmbbl, 2009-2013
Table 34: Goodrich Petroleum Corporation, Natural Gas Production and Reserves Metrics, bcf, 2009-2013
Table 35: Goodrich Petroleum Corporation, Natural Gas Production and Reserves, By Country/Region, bcf, 2009-2013
Table 36: Goodrich Petroleum Corporation, Natural Gas Reserve Changes, bcf, 2009-2013
Table 37: Goodrich Petroleum Corporation, Oil and Gas Reserves Life Index, Years, 2009-2013
Table 38: Goodrich Petroleum Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2009-2013
Table 39: Goodrich Petroleum Corporation, Upstream Capital Expenditure, US$ mil, 2009-2013
Table 40: Goodrich Petroleum Corporation, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013
Table 41: Goodrich Petroleum Corporation, Exploration and Development Costs, By Country/Region, US$ mil, 2009-2013
Table 42: Goodrich Petroleum Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013
Table 43: Goodrich Petroleum Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2009-2013
Table 44: Goodrich Petroleum Corporation, Oil and Gas Production Replacement Ratio, %, 2009-2013
Table 45: Goodrich Petroleum Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2009-2013
Table 46: Goodrich Petroleum Corporation, Revenue and Expenses, US$ mil, 2009-2013
Table 47: Goodrich Petroleum Corporation, Revenue and Expenses, By Country/Region, US$ mil, 2009-2013
Table 48: Goodrich Petroleum Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2009-2013
Table 49: Goodrich Petroleum Corporation, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2009-2013
Table 50: Goodrich Petroleum Corporation, Oil and Gas Performance Metrics, 2009-2013
Table 51: Goodrich Petroleum Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2009-2013
Table 52: Goodrich Petroleum Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2009-2013
Table 53: Goodrich Petroleum Corporation, Producible Oil and Gas Wells, 2009-2013
Table 54: Goodrich Petroleum Corporation, Producible Oil and Gas Wells, By Country/Region, 2009-2013
Table 55: Goodrich Petroleum Corporation, Exploratory and Developed Wells, 2009-2013
Table 56: Goodrich Petroleum Corporation, Exploratory and Developed Wells, By Country/Region, 2009-2013

1.2 List of Figures
Figure 1: Goodrich Petroleum Corporation, Oil and Natural Gas Operations and Core Properties, 2013
Figure 2: Goodrich Petroleum, Financial and Operational Overview, 2010-2013
Figure 3: Goodrich Petroleum, Share Performance, May 2013-April 2014
Figure 4: Goodrich Petroleum Corporation, Core Properties, 2013
Figure 5: Goodrich Petroleum Corporation, Percentage Contribution of Oil and Gas in Total Proved Reserves, 2012-2013
Figure 6: Goodrich Petroleum Corporation, Eagle Ford Shale Trend, 2013
Figure 7: Goodrich Petroleum Corporation, Tuscaloosa Marine Shale, 2013
Figure 8: Goodrich Petroleum Corporation, Tuscaloosa Marine Shale, 2013
Figure 9: Goodrich Petroleum Corporation, Acreage Under Core Properties, 2013
Figure 10: Goodrich Petroleum Corporation, Drilling Activity, Tuscaloosa Marine Shale, 2013
Figure 11: Goodrich Petroleum Corporation, Eagle Ford Shale Activity, 2013
Figure 12: Goodrich Petroleum Corporation, Total Oil and Gas Production (mmboe), 2011-2018
Figure 13: Goodrich Petroleum Corporation, Production Mix (%), 2011-2018
Figure 14: Goodrich Petroleum Corporation, Core Properties, 2013
Figure 15: Goodrich Petroleum Corporation, Proved Reserves by Areas in (%), 2013
Figure 16: Goodrich Petroleum Corporation, Proved, Probable and Possible Reserves Resource Potential by Area (%), 2013
Figure 17: Goodrich Petroleum Corporation, Eagle Ford Shale Trend Overview, 2013
Figure 18: Goodrich Petroleum Corporation, EFS Trend Activity, 2013
Figure 19: Goodrich Petroleum Corporation, Tuscaloosa Marine Shale Overview, 2014
Figure 20: Goodrich Petroleum Corporation, Tuscaloosa Marine Shale, Geologic Setting, 2014
Figure 21: Goodrich Petroleum Corporation, Tuscaloosa Marine Shale, Core Data, 2014
Figure 22: Goodrich Petroleum Corporation, Tuscaloosa Marine Shale, Well Economics, 2013
Figure 23: Goodrich Petroleum Corporation, Haynesville Shale Overview, 2014
Figure 24: Goodrich Petroleum Corporation, Haynesville Shale, Regional Activity, 2013
Figure 25: Goodrich Petroleum Corporation, Bossier Shale, Overview, 2013
Figure 26: Goodrich Petroleum Corporation, Haynesville Shale Well Performance, 2013
Figure 27: Goodrich Petroleum Corporation, Cotton Valley Taylor Sand, 2013
Figure 28: Goodrich Petroleum Corporation, Capital Expenditure (US$ mil), 2009-2013
Figure 29: Goodrich Petroleum Corporation, Costs Incurred (US$ mil), 2009-2013
Figure 30: Goodrich Petroleum Corporation, and Peers, Relative Share Price Performance (%), March 2013-February 2014
Figure 31: Goodrich Petroleum Corporation and Peer Group, Operational and Financial Parameter Comparison (US$/boe), 2013
Figure 32: Goodrich Petroleum Corporation and Peer Group, Total Reserves and Production (mmboe), 2013
Figure 33: Goodrich Petroleum Corporation and Peer Group, Reserve Life Index (years), 2013
Figure 34: Goodrich Petroleum Corporation, Peer Group Comparison, Valuation Ratios, 2013
Figure 35: Goodrich Petroleum Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013
Figure 36: Goodrich Petroleum Corporation, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2009-2013
Figure 37: Goodrich Petroleum Corporation, Total Oil & Gas Production, By Country/Region, mmboe, 2009-2013
Figure 38: Goodrich Petroleum Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2013
Figure 39: Goodrich Petroleum Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013
Figure 40: Goodrich Petroleum Corporation, Oil Reserves, End of Period, By Country/Region, mmbbl, 2009-2013
Figure 41: Goodrich Petroleum Corporation, Oil Production, By Country/Region, mmbbl, 2009-2013
Figure 42: Goodrich Petroleum Corporation, Crude Oil Reserve Changes, mmbbl, 2013
Figure 43: Goodrich Petroleum Corporation, Natural Gas Production and Reserves Metrics, bcf, 2009-2013
Figure 44: Goodrich Petroleum Corporation, Gas Reserves, End of Period, By Country/Region, bcf, 2009-2013
Figure 45: Goodrich Petroleum Corporation, Gas Production, By Country/Region, bcf, 2009-2013
Figure 46: Goodrich Petroleum Corporation, Natural Gas Reserve Changes, bcf, 2013
Figure 47: Goodrich Petroleum Corporation, Oil and Gas Reserves Life Index, Years, 2009-2013
Figure 48: Goodrich Petroleum Corporation, Gas Reserve Life Index, By Country/Region, Years, 2009-2013
Figure 49: Goodrich Petroleum Corporation, Oil & Gas Reserve Life Index, By Country/Region, Years, 2009-2013
Figure 50: Goodrich Petroleum Corporation, Oil Reserve Life Index, By Country/Region, Years, 2009-2013
Figure 51: Goodrich Petroleum Corporation, Upstream Capital Expenditure, US$ mil, 2009-2013
Figure 52: Goodrich Petroleum Corporation, Proved Acquisition Costs, By Country/Region, US$ mil, 2009-2013
Figure 53: Goodrich Petroleum Corporation, Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013
Figure 54: Goodrich Petroleum Corporation, Development Costs, By Country/Region, US$ mil, 2009-2013
Figure 55: Goodrich Petroleum Corporation, Exploration Costs, By Country/Region, US$ mil, 2009-2013
Figure 56: Goodrich Petroleum Corporation, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013
Figure 57: Goodrich Petroleum Corporation, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013
Figure 58: Goodrich Petroleum Corporation, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013
Figure 59: Goodrich Petroleum Corporation, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013
Figure 60: Goodrich Petroleum Corporation, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2009-2013
Figure 61: Goodrich Petroleum Corporation, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2009-2013
Figure 62: Goodrich Petroleum Corporation, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2009-2013
Figure 63: Goodrich Petroleum Corporation, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2009-2013
Figure 64: Goodrich Petroleum Corporation, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2009-2013
Figure 65: Goodrich Petroleum Corporation, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2009-2013
Figure 66: Goodrich Petroleum Corporation, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2009-2013
Figure 67: Goodrich Petroleum Corporation, Revenue and Expenses, US$ mil, 2009-2013
Figure 68: Goodrich Petroleum Corporation, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013
Figure 69: Goodrich Petroleum Corporation, Exploration Expenses, By Country/Region, US$ mil, 2009-2013
Figure 70: Goodrich Petroleum Corporation, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013
Figure 71: Goodrich Petroleum Corporation, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013
Figure 72: Goodrich Petroleum Corporation, Oil & Gas Revenue, By Country/Region, US$ mil, 2009-2013
Figure 73: Goodrich Petroleum Corporation, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013
Figure 74: Goodrich Petroleum Corporation, Production Costs, By Country/Region, US$ mil, 2009-2013
Figure 75: Goodrich Petroleum Corporation, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013
Figure 76: Goodrich Petroleum Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2009-2013
Figure 77: Goodrich Petroleum Corporation, Exploration Expenses per boe, By Country/Region, US$/boe, 2009-2013
Figure 78: Goodrich Petroleum Corporation, Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2009-2013
Figure 79: Goodrich Petroleum Corporation, Lifting Cost per boe, By Country/Region, US$/boe, 2009-2013
Figure 80: Goodrich Petroleum Corporation, Annual Net Income per boe, By Country/Region, US$/boe, 2009-2013
Figure 81: Goodrich Petroleum Corporation, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2009-2013
Figure 82: Goodrich Petroleum Corporation, Total DD&A per boe, By Country/Region, US$/boe, 2009-2013
Figure 83: Goodrich Petroleum Corporation, Total Revenue per boe, By Country/Region, US$/boe, 2009-2013
Figure 84: Goodrich Petroleum Corporation, Oil and Gas Performance Metrics, 2009-2013
Figure 85: Goodrich Petroleum Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2009-2013
Figure 86: Goodrich Petroleum Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2009-2013
Figure 87: Goodrich Petroleum Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 2009-2013
Figure 88: Goodrich Petroleum Corporation, Total Gross Developed Acreage, By Country/Region, Acres, 2009-2013
Figure 89: Goodrich Petroleum Corporation, Total Net Developed Acreage, By Country/Region, Acres, 2009-2013
Figure 90: Goodrich Petroleum Corporation, Producible Oil and Gas Wells, 2009-2013
Figure 91: Goodrich Petroleum Corporation, Gross Productive Gas Wells, By Country/Region, Number, 2009-2013
Figure 92: Goodrich Petroleum Corporation, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2009-2013
Figure 93: Goodrich Petroleum Corporation, Gross Productive Oil Wells, By Country/Region, Number, 2009-2013
Figure 94: Goodrich Petroleum Corporation, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2009-2013
Figure 95: Goodrich Petroleum Corporation, Net Productive Gas Wells, By Country/Region, Number, 2009-2013
Figure 96: Goodrich Petroleum Corporation, Net Productive Oil & Gas Wells, By Country/Region, Number, 2009-2013
Figure 97: Goodrich Petroleum Corporation, Net Productive Oil Wells, By Country/Region, Number, 2009-2013
Figure 98: Goodrich Petroleum Corporation, Exploratory and Developed Wells, 2009-2013

Goodrich’s Eagle Ford Shale Exposure Amplifying its Oil Content to Drive Profitability

Goodrich has been a predominantly natural gas centric company with its reserve base and production largely dominated by natural gas. During 2007 – 2010, despite of positive revenue numbers the company has consistently reported negative earning except for 2008. These continuous negative earnings for years coupled with sustained low natural gas prices, made Goodrich shift its focus towards development of crude oil through Eagle Ford shale. Goodrich acquired 55,000 gross and 39,000 net acres in the oil rich Eagle Ford shale in South Texas area during April 2010. The company has total proved reserve of 2.5 MMboe and unrisked resource potential of 145 MMboe in Eagle Ford shale. This exposure into the Eagle Ford shale is in line with Goodrich’s strategy of increasing its oil mix in its reserve and production portfolio. As of December 2010, crude oil accounted for 2.1% of Goodrich’s total proved reserves and 2.7% of the company’s total production. The figure below shows the Eagle Ford shale’s top companies by acreage for 2011.

Goodrich plans to spend around $175m, or 56% of its estimated capex, on leaseholds, drilling, and completion costs associated with the Eagle Ford shale oil play during 2011. Moreover in 2012, the company has allocated the capex of $155m for the development of Eagle Ford shale. The company plans to drill around 29 gross (19 net) wells during 2012, with two drilling rigs dedicated to this shale play. With this, Goodrich expects that its oil volume will grow from 0.15 MMbbls in 2010 to 0.60 MMbbls in 2011and oil contribution towards total production will be around 9%. This increased oil mix along with surging crude oil prices will enable Goodrich to create additional production value and enhance its profitability. The figure below shows the Goodrich’s projected oil production for 2011 – 2015.

The Eagle Ford Shale is one of the emerging oil rich shale in the US. GlobalData expects that future development activities in this shale will increase the oil contribution towards Goodrich upstream portfolio. During 2010 oil’s contribution towards total company’s production remained around 2.7% which is expected to reach 19% by 2015. GlobalData expects that oil production will grow at the CAGR of 36.5% for 2011 – 2015.

Goodrich strategy to shift towards Eagle Ford shale seems to be a right, as it will enable the company to maintain the right commodity mix, required to mitigate the associated price risk. GlobalData expects that with further development in Eagle Ford shale, Goodrich will be able to report positive bottom-line and will be able to grow in long run.

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