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Goodrich Petroleum Corporation, Company Intelligence Report
GlobalData, January 2012, Pages: 108
Goodrich Petroleum Corporation, Company Intelligence Report
Summary
Goodrich Petroleum Corporation (Goodrich) is an independent oil and gas company engaged in the exploration, exploitation, development and production of oil and natural gas. Its properties are primarily in the East Texas and Northwest Louisiana area (ETNL), which includes the Haynesville Shale, Cotton Valley, Travis Peak, James and Pettet formations; and South Texas, which includes the Eagle Ford Shale. As of December 31, 2010, the company owned working interests in 382 active oil and gas wells located in 32 fields in seven states. It had estimated proved reserves of approximately 454.2 billion cubic feet (bcf) of natural gas and 1.6 million barrels (MMbbls) of oil and condensate at the end of 2010. During this year, the company drilled and completed 47 gross wells in ETNL, including 36 gross Haynesville Shale wells. In December 2010, the Haynesville Shale accounted for 50.0% of the company’s proved reserves.
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, hedging strategies, 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, opportunities and threats of company to reflect its strategic positions in the market.
- Production and Development Overview: This section highlights the company’s crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the company’s producing and development assets.
- Exploration: This section includes detailed explanation and analysis on the company’s exploration assets resulted due to new discoveries, new drilling and other activities.
- M&A trends: This section mainly provides information and analysis on the company’s recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the company’s status as a buyer or seller during the analyzed period.
- Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Net Asset Valuation method.
- Peer Group Analysis: This section compares the company’s performance with its peer group on the basis of share prices, financial ratios, operational and financial parameters and other related parameters.
- Financial and Operational Metrics: This section covers the company’s historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.
Reasons to buy
The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to -
- Provide detailed analysis to those who are interested in knowing the companies’ existing and future business strategies.
- Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
- Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
- Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
Keywords
Valuation Report, NAV, Oil and gas valuation, Strategic Evaluation, Strategic and Operational Analysis, Forecasted financial Statements, SWOT, Capital expenditure, Market Scenario, Revenue, Financial Ratios, Production, Reserves, Peer Group Comparison, DCF, Outlook, Investment Thesis, Investment Summary, Goodrich
1
1
1.1 List of Tables
1.2 List of Figures
2 Goodrich Petroleum Corporation, Company Overview
3 Goodrich Petroleum Corporation, Investment Summary
3.1 Goodrich’s Eagle Ford Shale Exposure Amplifing its Oil Content to Drive Profitability
3.2 Haynesville Shale Development Will Provide Continous Cash Flow to Goodrich
3.3 Maintaining an Active Hedge Portfolio to Secure Shareholders Value
4 Goodrich Petroleuim Corporation, SWOT Analysis
4.1 Strengths
4.1.1 Strong Operational Performance; Enhanced Production and Reserves Profile
4.1.2 Technical Expertise to Handle Unconventional Resources
4.2 Weaknesses
4.2.1 Declining Reserve/Production (RP) Ratio
4.2.2 Undiversified Upstream Portfolio with High Dependency on Natural Gas
4.3 Opportunities
4.3.1 Highly Prospective Eagle Ford Shale
4.4 Threats
4.4.1 High Dependency on Natural Gas Shale Could Slowdown Goodrich’s Future Cash Flow Stream
5 Goodrich Petroleum Corporation, Goals and Strategies
5.1 Exploiting Existing Assets and Adding Reserves for Long Term Growth
5.2 Goodrich Focused on Reducing Cost and Increasing Cash Flows
6 Goodrich Petroleum Corporation, Production Overview
6.1 Production Profile
6.2 Asset Portfolio
6.2.1 The Haynesville Shale
7 Goodrich Petroleum Corporation, Exploration and Development Overview
7.1 The Haynesville Shale
7.2 The Cotton Valley Taylor Sand
7.3 The Eagle Ford Shale and the Tuscaloosa Marine Shale
7.3.1 The Eagle Ford Shale
7.3.2 The Tuscaloosa Marine Shale
8 Goodrich Petroleum Corporation, Capital Expenditure
8.1 Costs Incurred
9 Goodrich Petroleum Corporation, Acreage
10 Goodrich Petroleum Corporation, Mergers and Acquisitions, Highlights
11 Goodrich Petroleum Corporation, Forecast Production and Financial Statements
11.1 Income Statement (2008–2015)
11.2 Balance Sheet (2008–2015)
11.3 Cash Flow Statement (2008–2015)
11.4 Financial Ratios
12 Goodrich Petroleum Corporation, Valuation
12.1 Net Asset Value
13 Goodrich Petroleum Corporation, Peer Comparision
13.1 Share Price Performance
13.2 Operational and Financial Performance
13.3 Key Financial and Operational Ratio
14 Goodrich Petroleum Corporation, Detailed Operational and Financial Metrics
14.1 Total Oil and Gas, Reserves and Production
14.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2006-2010
14.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2006-2010
14.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2006-2010
14.2 Crude Oil/Liquids Production and Reserve
14.2.1 Crude Oil/Liquids Production and Reserve Trend, 2006-2010
14.2.2 Crude Oil Production and Reserves By Country/Region, 2006-2010
14.2.3 Crude Oil/Liquids Reserve Changes, 2006-2010
14.3 Natural Gas Production and Reserve
14.3.1 Natural Gas Production and Reserve Trend, 2006-2010
14.3.2 Natural Gas Production and Reserves, By Country/Region, 2006-2010
14.3.3 Natural Gas Reserve Changes, 2006-2010
14.4 Total Crude Oil and Natural Gas Reserves Life Index
14.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2006-2010
14.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2006-2010
14.5 Goodrich Petroleum Corporation, E&P Costs Trends
14.5.1 Upstream Capital Expenditure, 2006-2010
14.5.2 Acquisition Costs By Country/Region, 2006-2010
14.5.3 Exploration and Development Costs, By Country/Region, 2006-2010
14.6 Oil and Gas Cost Per boe, $/boe
14.6.1 Oil and Gas Cost Per boe, $/boe, 2006-2010
14.6.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2006-2010
14.7 Goodrich Petroleum Corporation, Reserve Replacement Ratio
14.7.1 Oil and Gas Production Replacement Ratio, 2006-2010
14.7.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2006-2010
14.8 Goodrich Petroleum Corporation, Results of Oil & Gas Operations Trend
14.8.1 Oil and Gas Revenue and Expenses, 2006-2010
14.8.2 Oil and Gas Revenue and Expenses, By Country/Region, 2006-2010
14.9 Oil and Gas Revenue and Expenses, Per boe
14.9.1 Oil and Gas Revenue and Expenses, By boe, 2006-2010
14.9.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2006-2010
14.10 Oil and Gas Performance Metrics
14.11 Goodrich Petroleum Corporation, Land Holdings and Well Data
14.11.1 Gross and Net Developed and Undeveloped Acreage, 2006-2010
14.11.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2006-2010
14.12 Well Statistics
14.12.1 Producible Oil and Gas Well, 2006-2010
14.12.2 Producible Oil and Gas Well, By Country/Region, 2006-2010
14.12.3 Exploration and Development Wells Drilled, 2006-2010
14.12.4 Exploration and Development Wells Drilled, By Country/Region, 2006-2010
15 Appendix
15.1 Abbreviations
15.2 Methodology
15.2.1 Coverage
15.2.2 Secondary Research
15.2.3 Primary Research
15.3 Contact Us
15.4 Disclaimer
1.1 List of Tables
Table 1: Goodrich Petroleum Corporation, the Haynesville Shale Operational Statistics, 2009 - 2010
Table 2: Goodrich Petroleum Corporation, Total Production Forecast by Commodity, MMboe, 2011–2015
Table 3: Goodrich Petroleum Corporation, Total Drilling Inventory, 2012
Table 4: Goodrich Petroleum Corporation, Cotton Valley Trend, 2012
Table 5: Goodrich Petroleum Corporation, Capital Expenditure, $m, 2007– 2010
Table 6: Goodrich Petroleum Corporation, Costs Incurred, $m, 2007–2010
Table 7: Goodrich Petroleum Corporation, Reserve Replacement Ratio and Finding and Development Cost, 2007–2010
Table 8: Goodrich Petroleum Corporation, Recent Transactions as a Buyer, 2008–2011
Table 9: Goodrich Petroleum Corporation, Forecast Production, 2007–2015
Table 10: GlobalData, Price Forecast, 2011–2015
Table 11: Goodrich Petroleum Corporation, Income Statement ($m), 2008–2015
Table 12: Goodrich Petroleum Corporation, Balance Sheet ($m), 2008–2015
Table 13: Goodrich Petroleum Corporation, Cash Flow Statement ($m), 2008–2015
Table 14: Goodrich Petroleum Corporation, Profitability Ratios, 2008–2015
Table 15: Goodrich Petroleum Corporation, Other Financial Ratios, 2008–2015
Table 16: Goodrich Petroleum Corporation, Net Asset Value, 2011
Table 17: Goodrich Petroleum Corporation, Prospective Acreage & Non Proven Reserves, 2011
Table 18: Goodrich Petroleum Corporation, NPV Per Unit of Natural Gas, $/Mcf, 2011
Table 19: Goodrich Petroleum Corporation, NPV Per Unit of Crude Oil & NGL, $/bbl, 2011
Table 20: Goodrich Petroleum Corporation, NPV Per Unit of Total Production, $/boe, 2011
Table 21: Goodrich Petroleum Corporation, Sensitivity Analysis on Fair Value ($/share), 2011
Table 22: Goodrich Petroleum Corporation Vs. Peer Group, Operational and Financial Performance, 2010
Table 23: Goodrich Petroleum Corporation and its Peer Group Comparison, Financial Ratios, 2010
Table 24: Goodrich Petroleum Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2006-2010
Table 25: Goodrich Petroleum Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2006-2010
Table 26: Goodrich Petroleum Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2006-2010
Table 27: Goodrich Petroleum Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 2006-2010
Table 28: Goodrich Petroleum Corporation, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2006-2010
Table 29: Goodrich Petroleum Corporation, Crude Oil Reserve Changes, MMbbl, 2006-2010
Table 30: Goodrich Petroleum Corporation, Natural Gas Production and Reserves Metrics, Bcf, 2006-2010
Table 31: Goodrich Petroleum Corporation, Natural Gas Production and Reserves, By Country/Region, Bcf, 2006-2010
Table 32: Goodrich Petroleum Corporation, Natural Gas Reserve Changes, Bcf, 2006-2010
Table 33: Goodrich Petroleum Corporation, Oil and Gas Reserves Life Index, Years, 2006-2010
Table 34: Goodrich Petroleum Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2006-2010
Table 35: Goodrich Petroleum Corporation, Upstream Capital Expenditure, $m, 2006-2010
Table 36: Goodrich Petroleum Corporation, Proved and Unproved Acquisition Costs, By Country/Region, $m, 2006-2010
Table 37: Goodrich Petroleum Corporation, Exploration and Development Costs, By Country/Region, $m, 2006-2010
Table 38: Goodrich Petroleum Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2006-2010
Table 39: Goodrich Petroleum Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2006-2010
Table 40: Goodrich Petroleum Corporation, Oil and Gas Production Replacement Ratio, %, 2006-2010
Table 41: Goodrich Petroleum Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2006-2010
Table 42: Goodrich Petroleum Corporation, Revenue and Expenses, $m, 2006-2010
Table 43: Goodrich Petroleum Corporation, Revenue and Expenses, By Country/Region, $m, 2006-2010
Table 44: Goodrich Petroleum Corporation, Oil and Gas Revenue and Expenses, $/boe, 2006-2010
Table 45: Goodrich Petroleum Corporation, Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2006-2010
Table 46: Goodrich Petroleum Corporation, Oil and Gas Performance Metrics, 2006-2010
Table 47: Goodrich Petroleum Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2006-2010
Table 48: Goodrich Petroleum Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2006-2010
Table 49: Goodrich Petroleum Corporation, Producible Oil and Gas Wells, 2006-2010
Table 50: Goodrich Petroleum Corporation, Producible Oil and Gas Wells, By Country/Region, 2006-2010
Table 51: Goodrich Petroleum Corporation, Exploratory and Developed Wells, 2006-2010
Table 52: Goodrich Petroleum Corporation, Exploratory and Developed Wells, By Country/Region, 2006-2010
1.2 List of Figures
Figure 1: Goodrich Petroleum Corporation, Core Properties Map, 2011
Figure 2: Goodrich Petroleum Corporation, Financial and Operational Overview, 2007–2010
Figure 3: Goodrich Petroleum Corporation, Share Price Movement, February 2011 – February 2012
Figure 4: Goodrich Petroleum Corporation, Eagle Ford Shale, Top Companies by Acreage, Latest Reported
Figure 5: Goodrich Petroleum Corporation, Projected Oil Production, MMbbl, 2011 - 2015
Figure 6: Goodrich Petroleum Corporation, Haynesville Shale – Top Ten Companies by Acreage, 2011
Figure 7: Goodrich Petroleum Corporation, Production Hedged , 2008 - 2012
Figure 8: Goodrich Petroleum Corporation, Lifting Cost per boe Analysis with Peer Average, $/boe, 2007–2010
Figure 9: Goodrich Petroleum Corporation and Peer Group Comparison, Lifting Cost per boe, $/boe, 2010
Figure 10: Goodrich Petroleum Corporation, Total Production, MMboe, 2008–2015
Figure 11: Goodrich Petroleum Corporation, Total Production Forecast by Commodity , MMboe, 2011–2015
Figure 12: Goodrich Petroleum Corporation, the Haynesville Shale, 2010
Figure 13: Goodrich Petroleum Corporation, the Haynesville Shale Acreage Position, 2011
Figure 14: Goodrich Petroleum Corporation, the Eagle Ford Shale Trend Overview, 2011
Figure 15: Goodrich Petroleum Corporation, Capital Expenditure, $m, 2007– 2010
Figure 16: Goodrich Petroleum Corporation, Total Cost Incurred, 2007–2010
Figure 17: Goodrich Petroleum Corporation, Reserve Replacement Ratio and Finding and Development Cost, 2007–2010
Figure 18: Goodrich Petroleum Corporation, Comparison of Exploration Cost and Reserve Addition Through Drill bit, 2006–2010
Figure 19: Goodrich Petroleum Corporation, Comparison of Acquisition Costs and Reserve Additions Through Acquisition, 2006–2010
Figure 20: Goodrich Petroleum Corporation, Peer Group Comparison, Acreage (million acres), 2010
Figure 21: Goodrich Petroleum Corporation, Net Developed and Undeveloped Acreage, 2007-2010
Figure 22: Goodrich Petroleum Corporation and Peer Group, Relative Share Price Performance, 2010–2011
Figure 23: Goodrich Petroleum Corporation and its Peers, Per Boe Parameters, 2010
Figure 24: Goodrich Petroleum Corporation and its Peers, Operational and Financial Parameters in $/boe, 2010
Figure 25: Goodrich Petroleum Corporation and its Peers, Total Reserves and Production, MMboe, 2010
Figure 26: Goodrich Petroleum Corporation and its Peers, Valuation Metrics, 2010
Figure 27: Goodrich Petroleum Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2006-2010
Figure 28: Goodrich Petroleum Corporation, Total Oil & Gas Reserves, End of Period, By Country/Region, MMboe, 2006-2010
Figure 29: Goodrich Petroleum Corporation, Total Oil & Gas Production, By Country/Region, MMboe, 2006-2010
Figure 30: Goodrich Petroleum Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2010
Figure 31: Goodrich Petroleum Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 2006-2010
Figure 32: Goodrich Petroleum Corporation, Oil Reserves, End of Period, By Country/Region, MMbbl, 2006-2010
Figure 33: Goodrich Petroleum Corporation, Oil Production, By Country/Region, MMbbl, 2006-2010
Figure 34: Goodrich Petroleum Corporation, Crude Oil Reserve Changes, MMbbl, 2010
Figure 35: Goodrich Petroleum Corporation, Natural Gas Production and Reserves Metrics, Bcf, 2006-2010
Figure 36: Goodrich Petroleum Corporation, Gas Reserves, End of Period, By Country/Region, Bcf, 2006-2010
Figure 37: Goodrich Petroleum Corporation, Gas Production, By Country/Region, Bcf, 2006-2010
Figure 38: Goodrich Petroleum Corporation, Natural Gas Reserve Changes, Bcf, 2010
Figure 39: Goodrich Petroleum Corporation, Oil and Gas Reserves Life Index, Years, 2006-2010
Figure 40: Goodrich Petroleum Corporation, Gas Reserve Life Index, By Country/Region, Years, 2006-2010
Figure 41: Goodrich Petroleum Corporation, Oil & Gas Reserve Life Index, By Country/Region, Years, 2006-2010
Figure 42: Goodrich Petroleum Corporation, Oil Reserve Life Index, By Country/Region, Years, 2006-2010
Figure 43: Goodrich Petroleum Corporation, Upstream Capital Expenditure, $m, 2006-2010
Figure 44: Goodrich Petroleum Corporation, Proved Acquisition Costs, By Country/Region, $m, 2006-2010
Figure 45: Goodrich Petroleum Corporation, Unproved Acquisition Costs, By Country/Region, $m, 2006-2010
Figure 46: Goodrich Petroleum Corporation, Development Costs, By Country/Region, $m, 2006-2010
Figure 47: Goodrich Petroleum Corporation, Exploration Costs, By Country/Region, $m, 2006-2010
Figure 48: Goodrich Petroleum Corporation, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2006-2010
Figure 49: Goodrich Petroleum Corporation, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2006-2010
Figure 50: Goodrich Petroleum Corporation, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010
Figure 51: Goodrich Petroleum Corporation, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010
Figure 52: Goodrich Petroleum Corporation, Proved Reserves Acquisition Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010
Figure 53: Goodrich Petroleum Corporation, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2006-2010
Figure 54: Goodrich Petroleum Corporation, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2006-2010
Figure 55: Goodrich Petroleum Corporation, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2006-2010
Figure 56: Goodrich Petroleum Corporation, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2006-2010
Figure 57: Goodrich Petroleum Corporation, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2006-2010
Figure 58: Goodrich Petroleum Corporation, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2006-2010
Figure 59: Goodrich Petroleum Corporation, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2006-2010
Figure 60: Goodrich Petroleum Corporation, Revenue and Expenses, $m, 2006-2010
Figure 61: Goodrich Petroleum Corporation, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 62: Goodrich Petroleum Corporation, Exploration Expenses, By Country/Region, $m, 2006-2010
Figure 63: Goodrich Petroleum Corporation, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 64: Goodrich Petroleum Corporation, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 65: Goodrich Petroleum Corporation, Oil & Gas Revenue, By Country/Region, $m, 2006-2010
Figure 66: Goodrich Petroleum Corporation, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 67: Goodrich Petroleum Corporation, Production Costs, By Country/Region, $m, 2006-2010
Figure 68: Goodrich Petroleum Corporation, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010
Figure 69: Goodrich Petroleum Corporation, Oil and Gas Revenue and Expenses, $/boe, 2006-2010
Figure 70: Goodrich Petroleum Corporation, Exploration Expenses per boe, By Country/Region, $/boe, 2006-2010
Figure 71: Goodrich Petroleum Corporation, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2006-2010
Figure 72: Goodrich Petroleum Corporation, Lifting Cost per boe, By Country/Region, $/boe, 2006-2010
Figure 73: Goodrich Petroleum Corporation, Annual Net Income per boe, By Country/Region, $/boe, 2006-2010
Figure 74: Goodrich Petroleum Corporation, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2006-2010
Figure 75: Goodrich Petroleum Corporation, Total DD&A per boe, By Country/Region, $/boe, 2006-2010
Figure 76: Goodrich Petroleum Corporation, Total Revenue per boe, By Country/Region, $/boe, 2006-2010
Figure 77: Goodrich Petroleum Corporation, Oil and Gas Performance Metrics, 2006-2010
Figure 78: Goodrich Petroleum Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2006-2010
Figure 79: Goodrich Petroleum Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2006-2010
Figure 80: Goodrich Petroleum Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 2006-2010
Figure 81: Goodrich Petroleum Corporation, Total Gross Developed Acreage, By Country/Region, Acres, 2006-2010
Figure 82: Goodrich Petroleum Corporation, Total Net Developed Acreage, By Country/Region, Acres, 2006-2010
Figure 83: Goodrich Petroleum Corporation, Producible Oil and Gas Wells, 2006-2010
Figure 84: Goodrich Petroleum Corporation, Gross Productive Gas Wells, By Country/Region, Number, 2006-2010
Figure 85: Goodrich Petroleum Corporation, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2006-2010
Figure 86: Goodrich Petroleum Corporation, Gross Productive Oil Wells, By Country/Region, Number, 2006-2010
Figure 87: Goodrich Petroleum Corporation, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2006-2010
Figure 88: Goodrich Petroleum Corporation, Net Productive Gas Wells, By Country/Region, Number, 2006-2010
Figure 89: Goodrich Petroleum Corporation, Net Productive Oil & Gas Wells, By Country/Region, Number, 2006-2010
Figure 90: Goodrich Petroleum Corporation, Net Productive Oil Wells, By Country/Region, Number, 2006-2010
Figure 91: Goodrich Petroleum Corporation, Exploratory and Developed Wells, 2006-2010
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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