UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
August 6, 2013
Date of Report (Date of earliest event reported)
GOODRICH PETROLEUM CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware | 001-12719 | 76-0466193 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification Number) |
801 Louisiana St., Suite 700
Houston, Texas 77002
(Address of principal executive offices)
(713) 780-9494
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition |
Goodrich Petroleum Corporation (the “Company”) issued a press release on August 6, 2013, containing financial and operational results for the second quarter of 2013. A copy of the Company’s press release announcing the financial results is attached as Exhibit 99.1 to this current report on Form 8-K.
In accordance with General Instruction B.2 of Form 8-K, the press release shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information and exhibit be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. | Financial Statements and Other Exhibits |
(d) | Exhibits |
Exhibit No. | Description | |
99.1 | Press release issued August 6, 2013. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GOODRICH PETROLEUM CORPORATION |
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/s/ Michael J. Killelea | ||||
Michael J. Killelea | ||||
Senior Vice President, General Counsel and Corporate Secretary | ||||
Dated: August 07, 2013
EXHIBIT INDEX
Exhibit No. | Description | |
99.1 | Press release issued August 6, 2013. |
Goodrich Petroleum Announces Financial Results And Operational Update
HOUSTON, Aug. 6, 2013 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE: GDP) today announced financial and operating results for the quarter ended June 30, 2013 and provided an operational update.
FINANCIAL RESULTS
Cash Flow
Earnings before interest, taxes, DD&A, non-cash general and administrative expenses and exploration ("Adjusted EBITDAX") was $31.5 million in the quarter compared to $45.2 million in the prior year period and $27.1 million in the prior quarter.
Discretionary cash flow ("DCF"), defined as net cash provided by operating activities before changes in working capital was $20.9 million in the quarter compared to $34.8 million in the prior year period and $16.3 million in the prior quarter. Net cash provided by operating activities was $29.6 million compared to $47.4 million for the prior year period.
For the prior year period, both Adjusted EBITDAX and DCF were positively impacted by a $21.3 million gain on realized derivative settlements compared to a $0.1 million gain in the current quarter.
(See accompanying tables at the end of this press release that reconcile Adjusted EBITDAX and DCF, each of which are non-GAAP financial measures, to their most directly comparable GAAP financial measure.)
NET INCOME
The Company announced a net loss applicable to common stock of $20.1 million for the quarter or ($0.55) per basic share, versus a net loss applicable to common stock of $4.7 million or ($0.13) per basic share in the prior year period. Adjusted net loss applicable to common stock was $23.0 million, which excludes the impact of the unrealized gain on derivatives not designated as hedges of $11.0 million, non-recurring exploration expense of $0.6 million and lease expirations of $7.5 million.
(See accompanying tables at the end of this press release that reconcile adjusted net loss applicable to common stock, a non-GAAP measure, to its most directly comparable GAAP financial measure.)
REVENUES
Revenues for the quarter were $48.5 million versus $41.3 million in the prior year period. Average realized price per unit for the quarter was $7.22 per Mcfe versus $5.00 per Mcfe in the prior year period. When factoring in the realized gain on derivatives not designated as hedges, average realized price per unit was $7.23 per Mcfe versus $7.58 per Mcfe in the prior year period.
(See accompanying tables at the end of this press release that reconciles Adjusted Revenues, a non-GAAP measure, to its most directly comparable GAAP financial measure.)
OPERATING EXPENSES
Lease operating expense ("LOE") was $5.9 million in the quarter or $0.88 per Mcfe versus $6.7 million or $0.81 per Mcfe in the prior year period. LOE included $1.1 million or $0.17 per Mcfe for workovers performed in the quarter primarily in the Eagle Ford Shale trend.
Production and other taxes for the quarter were $2.7 million or $0.41 per Mcfe versus $2.1 million or $0.25 per Mcfe in the prior year period driven by higher oil volumes as a percentage of total volumes which carries a higher severance tax rate.
Transportation and processing expense was $2.5 million, or $0.37 per
Mcfe in the quarter versus $3.5 million or $0.43 per Mcfe in the prior year period.
Depreciation, depletion and amortization ("DD&A") expense for the quarter totaled $34.5 million or $5.18 per Mcfe versus $34.6 million or $4.17 per Mcfe in the prior year period. DD&A rate for the quarter was higher than the prior year due to a higher percentage of production volumes coming from oil which properties carry a higher DD&A rate. DD&A expense per unit was $5.84 per Mcfe for the prior quarter.
Exploration expense was $9.5 million, or $1.43 per Mcfe for the quarter versus $2.0 million or $0.24 per Mcfe in the prior year period. Approximately $7.5 million or 78% of exploration expense for the quarter was a non-cash expense for the expiration of undeveloped leasehold. As part of its ongoing review of capital allocation, the Company elected not to renew expiring leases in its non-core Eagle Ford Shale trend acreage. Exploration expense for the quarter also includes $0.6 million in seismic expense.
General and Administrative ("G&A") expense was $7.6 million, or $1.15 per Mcfe in the quarter versus $6.7 million or $0.81 per Mcfe in the prior year period. G&A expense related to stock based compensation for its employees was $1.7 million or $0.26 per Mcfe versus $1.5 million or $0.18 per Mcfe in the prior year period.
OPERATING INCOME
Operating income, defined as revenues minus operating expenses, totaled a loss of $14.2 million for the quarter in line with the prior year period. Adjusted operating loss which includes the realized gain on derivatives not designated as hedges was a loss of $14.1 million.
(See accompanying tables at the end of this press release that reconcile adjusted operating loss, a non-GAAP financial measure to its most directly comparable GAAP financial measure.)
INTEREST EXPENSE
Interest expense for the quarter was $13.0 million or $1.96 per Mcfe versus $13.1 million or $1.58 per Mcfe in the prior year period. Non-cash interest expense associated with the Company's long term debt comprised 26% of the total or $3.4 million ($0.51 per Mcfe).
CAPITAL EXPENDITURES
Capital expenditures for the quarter were $64.5 million, of which $62.4 million was spent on drilling and completion costs and $2.1 million on leasehold acquisition, facilities and other expenditures. Approximately 60% of the capital was spent in the Eagle Ford Shale trend, 17% in the Tuscaloosa Marine Shale trend and 23% on the completion of previously drilled Haynesville Shale wells that were brought online in the second quarter.
CRUDE OIL AND NATURAL GAS DERIVATIVES
The Company realized a gain of $0.1 million on its derivatives not designated as hedges and an unrealized gain of $11.0 million, for a gain on derivatives not designated as hedges of $11.1 million for the quarter.
LIQUIDITY
The Company exited the quarter with $2.7 million in cash and $75.0 million drawn on its senior bank revolving credit facility, with a borrowing base of $225 million, providing $152.7 million of available liquidity. Upon closing of the TMS acquisition the Company's borrowing base will increase by $18 million to $243 million.
PRODUCTION GUIDANCE
The Company is revising its full year 2013 production guidance to incorporate the experienced frac interference in its Eagle Ford Shale trend development drilling and delays due to a reallocation of capital from the Eagle Ford Shale to the TMS. The Company currently estimates oil volumes will grow by 30-40% in 2013 versus 2012 and overall volumes on a Mcfe basis will decrease by 5-10% year over year. Oil volumes are estimated to comprise approximately 30% of total production and 65-70% of revenues for the year.
OPERATIONAL UPDATE
Tuscaloosa Marine Shale ("TMS"):
The Company drilled and/or completed 4.0 gross (1.2 net) wells in the TMS in the quarter and expects to drill and complete 9.0 gross (4.6 net) wells in the trend for the year. The Company had 3.0 gross (1.1 net) wells waiting on completion at quarter-end.
The Company is currently drilling its CMR/Foster Creek 20-7H-1 (99% WI) well in Wilkinson County, Mississippi and currently plans to spud three additional operated wells by the end of the year. The Company has reallocated approximately $15 million of its 2013 capital expenditure budget from the Eagle Ford Shale to accelerate development of its new TMS acreage block.
Eagle Ford Shale:
The Company conducted drilling operations on 7.0 gross (4.7 net) wells in the quarter and expects to drill 22.0 gross (14.7 net) wells for the year. In the quarter 9.0 gross (6.0 net) wells were completed and added to production, with 12.0 gross (8.0 net) wells completed and added to production year to date. For the year the Company expects to complete 22.0 gross (14.7 net) wells, down 3.0 gross (2.0 net) due to the reallocation of capital from the Eagle Ford Shale to the TMS. At quarter-end, 5.0 gross (3.3 net) wells were drilled but waiting on completion.
The Company has reduced its average drill time from inception by 13 days targeting 6,000 foot laterals which has led to a sharp reduction in costs over time, however, oil production for the quarter continued to be affected by frac interference due to pad drilling on a portion of the Company's Eagle Ford Shale acreage.
Haynesville Shale
The Company completed 6.0 gross (2.7 net) previously drilled Haynesville Shale wells in the quarter with 10.0 gross (4.2 net) wells completed and added to production year to date. The Company had 3.0 gross (1.5 net) wells drilled but waiting on completion at quarter-end. For the year, the Company expects to complete 13.0 gross (5.7 net) wells, with the remainder expected to be completed by the end of the third quarter.
OTHER INFORMATION
In this press release, the Company refers to several non-GAAP financial measures, including Adjusted EBITDAX, Discretionary cash flow, Adjusted revenues, Adjusted operating income, Adjusted net loss applicable to common stock and Cash operating margin. Management believes Adjusted EBITDAX, Discretionary cash flow, Adjusted revenues, Adjusted operating income, Adjusted net loss applicable to common stock and Cash margin are good financial indicators of the Company's ability to internally generate operating funds. None of Discretionary cash flow, Adjusted EBITDAX or Cash operating margin, should be considered an alternative to net cash provided by operating activities, as defined by GAAP. Adjusted revenues should not be considered an alternative to total revenues, as defined by GAAP. Adjusted operating income should not be considered an alternative to operating income (loss), as defined by GAAP. Adjusted net loss applicable to common stock should not be considered an alternative to net loss applicable to common stock, as defined by GAAP. Management believes that all of these non-GAAP financial measures provide useful information to investors because they are monitored and used by Company management and widely used by professional research analysts in the valuation and investment recommendations of companies within the oil and gas exploration and production industry.
Initial production rates are subject to decline over time and should not be regarded as reflective of sustained production levels. In particular, production from horizontal drilling in shale oil and natural gas resource plays and tight natural gas plays that are stimulated with extensive pressure fracturing are typically characterized by significant early declines in production rates.
Unless otherwise stated, oil production volumes include condensate.
Certain statements in this news release regarding future expectations and plans for future activities may be regarded as "forward looking statements" within the meaning of the Securities Litigation Reform Act. They are subject to various risks, such as financial market conditions, changes in commodities prices and costs of drilling and completion, operating hazards, drilling risks, and the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas, as well as other risks discussed in detail in the Company's Annual Report on Form 10-K for the year ended December 31, 2012 and other subsequent filings with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.
Goodrich Petroleum is an independent oil and gas exploration and production company listed on the New York Stock Exchange.
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GOODRICH PETROLEUM CORPORATION | |||||||||
SELECTED INCOME AND PRODUCTION DATA | |||||||||
(In Thousands, Except Per Share Amounts) | |||||||||
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| Three Months Ended |
| Six Months Ended | ||||
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| June 30, |
| June 30, | ||||
|
|
| 2013 |
| 2012 |
| 2013 |
| 2012 |
Volumes |
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| |
| Natural gas (MMcf) |
| 4,906 |
| 6,758 |
| 9,050 |
| 14,224 |
| Oil and condensate (MBbls) |
| 292 |
| 254 |
| 600 |
| 471 |
| MMcfe - Total |
| 6,658 |
| 8,282 |
| 12,651 |
| 17,047 |
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| Mcfe per day |
| 73,167 |
| 91,006 |
| 69,893 |
| 93,665 |
|
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|
Total Revenues |
| $ 48,485 |
| $ 41,346 |
| $ 95,569 |
| $ 86,654 | |
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Operating Expenses |
|
|
|
|
|
|
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| |
| Lease operating expense |
| 5,881 |
| 6,695 |
| 13,097 |
| 15,049 |
| Production and other taxes |
| 2,742 |
| 2,087 |
| 5,502 |
| 4,080 |
| Transportation and processing |
| 2,476 |
| 3,522 |
| 5,073 |
| 7,650 |
| Depreciation, depletion and amortization |
| 34,513 |
| 34,562 |
| 69,487 |
| 66,840 |
| Exploration |
| 9,511 |
| 2,019 |
| 12,846 |
| 4,232 |
| Impairment |
| - |
| - |
| - |
| 2,662 |
| General and administrative |
| 7,645 |
| 6,690 |
| 17,032 |
| 14,611 |
| Gain on sale of assets |
| - |
| (72) |
| (43) |
| (72) |
| Other |
| (91) |
| - |
| (91) |
| - |
Operating loss |
| (14,192) |
| (14,157) |
| (27,334) |
| (28,398) | |
|
|
|
|
|
|
|
|
|
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Other income (expense) |
|
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|
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| |
| Interest expense |
| (13,027) |
| (13,089) |
| (26,400) |
| (26,002) |
| Interest income and other |
| 15 |
| 1 |
| 19 |
| 1 |
| Gain on derivatives not designated as hedges |
| 11,061 |
| 24,043 |
| 9,109 |
| 33,468 |
|
|
| (1,951) |
| 10,955 |
| (17,272) |
| 7,467 |
|
|
|
|
|
|
|
|
|
|
Loss before income taxes |
| (16,143) |
| (3,202) |
| (44,606) |
| (20,931) | |
Income tax benefit |
| - |
| - |
| - |
| - | |
Net loss |
| (16,143) |
| (3,202) |
| (44,606) |
| (20,931) | |
Preferred stock dividends |
| 3,956 |
| 1,512 |
| 5,468 |
| 3,024 | |
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Net loss applicable to common stock |
| $ (20,099) |
| $ (4,714) |
| $ (50,074) |
| $ (23,955) | |
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| Unrealized (gain) loss on derivatives not designated as hedges |
| (10,978) |
| (2,715) |
| (8,874) |
| 3,753 |
| Exploration - Seismic |
| 634 |
| - |
| 1,047 |
| - |
| Lease expirations |
| 7,461 |
| - |
| 8,899 |
| - |
| Dry hole cost |
| 52 |
| - |
| 252 |
| - |
| Gain on sale of assets |
| - |
| (72) |
| (43) |
| (72) |
| Other |
| (91) |
| - |
| (91) |
| - |
| Impairment |
| - |
| - |
| - |
| 2,662 |
|
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|
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|
Adjusted net loss applicable to common stock (1) |
| $ (23,021) |
| $ (7,501) |
| $ (48,884) |
| $ (17,612) | |
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| Discretionary cash flow (see non-GAAP reconciliation) (2) |
| $ 20,928 |
| $ 34,753 |
| $ 37,249 |
| $ 64,699 |
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| Adjusted EBITDAX (see calculation and non-GAAP reconciliation)( 3) |
| $ 31,524 |
| $ 45,163 |
| $ 58,574 |
| $ 85,520 |
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Weighted average common shares outstanding - basic |
| 36,701 |
| 36,366 |
| 36,692 |
| 36,352 | |
Weighted average common shares outstanding - diluted (4) |
| 36,701 |
| 36,366 |
| 36,692 |
| 36,352 | |
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Earnings per share |
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| |
| Net loss applicable to common stock - basic |
| $ (0.55) |
| $ (0.13) |
| $ (1.36) |
| $ (0.66) |
| Net loss applicable to common stock - diluted |
| $ (0.55) |
| $ (0.13) |
| $ (1.36) |
| $ (0.66) |
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Adjusted earnings per share |
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| |
| Adjusted net loss applicable to common stock - basic (1) |
| $ (0.63) |
| $ (0.21) |
| $ (1.33) |
| $ (0.48) |
| Adjusted net loss applicable to common stock - fully diluted (1) |
| $ (0.63) |
| $ (0.21) |
| $ (1.33) |
| $ (0.48) |
|
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(1) Adjusted net income (loss) applicable to common stock is defined as net income (loss) applicable to common stock adjusted to exclude certain charges or amounts in order to provide users of this financial information with additional meaningful comparisons between current results and the results of prior periods. Management presents this measure because (i) it is consistent with the manner in which the company's performance is measured relative to the performance of its peers, (ii) this measure is more comparable to earnings estimates provided by securities analysts, and (iii) charges or amounts excluded cannot be reasonably estimated and guidance provided by the company excludes information regarding these types of items. These adjusted amounts are not a measure of financial performance under GAAP. | |||||||||
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(2) Discretionary cash flow is defined as net cash provided by operating activities before changes in operating assets and liabilities. Management believes that the non-GAAP measure of operating cash flow is useful as an indicator of an oil and gas exploration and production company's ability to internally fund exploration and development activities and to service or incur additional debt. The company has also included this information because changes in operating assets and liabilities relate to the timing of cash receipts and disbursements which the company may not control and may not relate to the period in which the operating activities occurred. Operating cash flow should not be considered in isolation or as a substitute for net cash provided by operating activities prepared in accordance with GAAP. | |||||||||
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(3) Adjusted EBITDAX is earnings before interest expense, income tax, DD&A, exploration expense and impairment of oil and gas properties. In calculating EBITDAX for this purpose, earnings include realized gains (losses) from derivatives but exclude unrealized gains (losses) from derivatives. Other excluded items include Interest income and other, Gain on sale of assets, Gain on early extinguishment of debt and Other expense. | |||||||||
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(4) Fully diluted shares excludes approximately 10.4 million and 10.3 million potentially dilutive instruments that were anti-dilutive due to the net loss applicable to common stock for the three and six months ended June 30, 2013, respectively. We report our financial results in accordance with accounting principles generally accepted in the United States of America ("GAAP"). However, management believes certain non-GAAP performance measures may provide users of this financial information with additional meaningful comparisons between current results and the results of our peers and of prior periods. |
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GOODRICH PETROLEUM CORPORATION | |||||||||
Per Unit Sales Prices and Costs | |||||||||
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| Three Months Ended |
| Six Months Ended | ||||
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| June 30, |
| June 30, | ||||
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| 2013 |
| 2012 |
| 2013 |
| 2012 |
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Average sales price per unit: |
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| Oil (per Bbl) |
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| Including realized gain on oil derivatives |
| $ 101.91 |
| $ 107.16 |
| $ 104.79 |
| $ 105.63 |
| Excluding realized gain on oil derivatives |
| $ 101.62 |
| $ 98.96 |
| $ 104.40 |
| $ 102.36 |
| Natural gas (per Mcf) |
|
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| Including realized gain on natural gas derivatives |
| $ 3.75 |
| $ 5.26 |
| $ 3.59 |
| $ 5.22 |
| Excluding realized gain on natural gas derivatives |
| $ 3.75 |
| $ 2.41 |
| $ 3.59 |
| $ 2.72 |
| Natural gas and oil (per Mcfe) |
|
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| Including realized gain on oil and natural gas derivatives |
| $ 7.23 |
| $ 7.58 |
| $ 7.54 |
| $ 7.27 |
| Excluding realized gain on oil and natural gas derivatives |
| $ 7.22 |
| $ 5.00 |
| $ 7.52 |
| $ 5.09 |
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Costs Per Mcfe |
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| |
| Lease operating expense |
| $ 0.88 |
| $ 0.81 |
| $ 1.04 |
| $ 0.88 |
| Production and other taxes |
| $ 0.41 |
| $ 0.25 |
| $ 0.43 |
| $ 0.24 |
| Transportation and processing |
| $ 0.37 |
| $ 0.43 |
| $ 0.40 |
| $ 0.45 |
| Depreciation, depletion and amortization |
| $ 5.18 |
| $ 4.17 |
| $ 5.49 |
| $ 3.92 |
| Exploration |
| $ 1.43 |
| $ 0.24 |
| $ 1.02 |
| $ 0.25 |
| Impairment |
| $ - |
| $ - |
| $ - |
| $ 0.16 |
| General and administrative |
| $ 1.15 |
| $ 0.81 |
| $ 1.35 |
| $ 0.86 |
| Gain on sale of assets/other |
| $ (0.01) |
| $ (0.01) |
| $ - |
| $ - |
|
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| $ 9.41 |
| $ 6.70 |
| $ 9.71 |
| $ 6.75 |
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Note: Amounts on a per Mcfe basis may not total due to rounding. |
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GOODRICH PETROLEUM CORPORATION | ||||||||
Selected Cash Flow Data (In Thousands): | ||||||||
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Reconciliation of Discretionary Cash Flow and Net Cash Provided by Operating Activities (unaudited) | ||||||||
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| Three Months Ended |
| Six Months Ended | |||||
| June 30, |
| June 30, | |||||
| 2013 |
| 2012 |
| 2013 |
| 2012 | |
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| |
Net cash provided by operating activities (GAAP) | $ 29,588 |
| $ 47,393 |
| $ 35,860 |
| $ 77,930 | |
Net changes in working capital | (8,660) |
| (12,640) |
| 1,389 |
| (13,231) | |
Discretionary cash flow | $ 20,928 |
| $ 34,753 |
| $ 37,249 |
| $ 64,699 | |
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|
|
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Weighted average common shares outstanding - basic | 36,701 |
| 36,366 |
| 36,692 |
| 36,352 | |
Weighted average common shares outstanding - diluted (4) | 36,701 |
| 36,366 |
| 36,692 |
| 36,352 | |
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Supplemental Balance Sheet Data |
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| As of |
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|
| June 30, |
| December 31, |
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| 2013 |
| 2012 |
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| Cash and cash equivalents | $ 2,650 |
| $ 1,188 |
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|
|
| Long-term debt | 554,108 |
| 568,671 |
|
|
|
|
|
|
|
|
|
|
|
| |
Reconciliation of Net income (loss) to Adjusted EBITDAX |
|
|
| |||||
|
| Three Months Ended |
| Six Months Ended | ||||
|
| June 30, |
| June 30, | ||||
|
| 2013 |
| 2012 |
| 2013 |
| 2012 |
|
|
|
|
|
|
|
|
|
| Net loss (GAAP) | $ (16,143) |
| $ (3,202) |
| $ (44,606) |
| $ (20,931) |
| Exploration expense | 9,511 |
| 2,019 |
| 12,846 |
| 4,232 |
| Depreciation, depletion and amortization | 34,513 |
| 34,562 |
| 69,487 |
| 66,840 |
| Impairment | - |
| - |
| - |
| 2,662 |
| Stock compensation expense | 1,700 |
| 1,483 |
| 3,474 |
| 3,035 |
| Interest expense | 13,027 |
| 13,089 |
| 26,400 |
| 26,002 |
| Unrealized (gain) loss on derivatives not designated as hedges | (10,978) |
| (2,715) |
| (8,874) |
| 3,753 |
| Other excluded items * | (106) |
| (73) |
| (153) |
| (73) |
| Adjusted EBITDAX | $ 31,524 |
| $ 45,163 |
| $ 58,574 |
| $ 85,520 |
|
|
|
|
|
|
|
|
|
| * Other excluded items include Interest income and other, Gain on sale of assets and Other expense. | |||||||
|
|
|
|
|
|
|
|
|
Other Information |
|
|
| |||||
|
| Three Months Ended |
| Six Months Ended | ||||
|
| June 30, |
| June 30, | ||||
|
| 2013 |
| 2012 |
| 2013 |
| 2012 |
|
|
|
|
|
|
|
|
|
| Interest expense - cash | $ 9,599 |
| $ 9,953 |
| $ 19,558 |
| $ 19,731 |
| Interest expense - noncash | 3,428 |
| 3,136 |
| 6,842 |
| 6,271 |
| Total Interest | 13,027 |
| 13,089 |
| 26,400 |
| 26,002 |
|
|
|
|
|
|
|
|
|
| Unrealized (gain) loss on derivatives not designated as hedges | (10,978) |
| (2,715) |
| (8,874) |
| 3,753 |
| Realized gain on derivatives not designated as hedges | (83) |
| (21,328) |
| (235) |
| (37,221) |
| Total gain on derivatives not designated as hedges | (11,061) |
| (24,043) |
| (9,109) |
| (33,468) |
|
|
|
|
|
|
|
|
|
| General and Administrative expense - cash | 5,945 |
| 5,207 |
| 13,558 |
| 11,576 |
| General and Administrative expense - noncash | 1,700 |
| 1,483 |
| 3,474 |
| 3,035 |
| Total General and Administrative expense | 7,645 |
| 6,690 |
| 17,032 |
| 14,611 |
|
| ||||||||
| ||||||||
GOODRICH PETROLEUM CORPORATION | ||||||||
Selected Cash Flow Data continued (In Thousands): | ||||||||
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|
|
|
|
|
|
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|
|
|
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|
Reconciliation of Adjusted Revenues and Total Revenues (unaudited) | ||||||||
|
|
|
|
|
|
|
|
|
| Three Months Ended |
| Six Months Ended | |||||
| June 30, |
| June 30, | |||||
| 2013 |
| 2012 |
| 2013 |
| 2012 | |
|
|
|
|
|
|
|
| |
Total Revenues (GAAP) | $ 48,485 |
| $ 41,346 |
| $ 95,569 |
| $ 86,654 | |
Realized gain on derivatives not designated as hedges | 83 |
| 21,328 |
| 235 |
| 37,221 | |
Adjusted Revenues | $ 48,568 |
| $ 62,674 |
| $ 95,804 |
| $ 123,875 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted Operating Income and Operating Income (unaudited) | ||||||||
|
|
|
|
|
|
|
|
|
| Three Months Ended |
| Six Months Ended | |||||
| June 30, |
| June 30, | |||||
| 2013 |
| 2012 |
| 2013 |
| 2012 | |
|
|
|
|
|
|
|
| |
Operating loss (GAAP) | $ (14,192) |
| $ (14,157) |
| $ (27,334) |
| $ (28,398) | |
Realized gain on derivatives not designated as hedges | 83 |
| 21,328 |
| 235 |
| 37,221 | |
Adjusted Operating Income (loss) | $ (14,109) |
| $ 7,171 |
| $ (27,099) |
| $ 8,823 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Cash operating margin (unaudited) | ||||||||
|
|
|
|
|
|
|
|
|
| Three Months Ended |
| Six Months Ended | |||||
| June 30, |
| June 30, | |||||
| 2013 |
| 2012 |
| 2013 |
| 2012 | |
|
|
|
|
|
|
|
| |
Adjusted EBITDAX (see calculation and non-GAAP reconciliation) (3) | $ 31,524 |
| $ 45,163 |
| $ 58,574 |
| $ 85,520 | |
Adjusted Revenues (see non-GAAP reconciliation) | $ 48,568 |
| $ 62,674 |
| $ 95,804 |
| $ 123,875 | |
Cash operating margin | 65% |
| 72% |
| 61% |
| 69% | |
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CONTACT: Robert C. Turnham, Jr., President, or Jan L. Schott, Chief Financial Officer, (713) 780-9494, fax, (713) 780-9254