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Goodrich Petroleum Announces 2013 Capital Expenditure Budget, Guidance And Operational Update

Stocks in this article: GDP

HOUSTON, Jan. 3, 2013 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE: GDP) today announced its preliminary capital expenditure budget for 2013, along with production and cash flow guidance for the year.

2013 CAPITAL EXPENDITURE BUDGET

The Company today announced a preliminary capital expenditure budget for 2013 of $175 – 200 million, which includes $160 – 185 million in drilling and completion expenditures and $15 million allocated to leasehold and infrastructure expenses.  The Company anticipates drilling and/or completion operations on 44 – 48 gross (24 – 26 net) wells for the year, with approximately 85% of the anticipated drilling and completion capital expenditures allocated to oil directed activity.   

The Company's 2013 capital expenditure budget is designed to allow for flexibility to allocate capital within the range of the total capital expenditures in either the Eagle Ford Shale or the Tuscaloosa Marine Shale ("TMS").  Oil directed activity will be concentrated in the Eagle Ford Shale trend with $115 – 137 million allocated to 24 – 28 gross (16 – 19 net) wells, and the TMS trend, with $25 – 50 million allocated to 6 – 10 gross (2 – 4 net) wells.  The gas directed capital expenditure budget is $22 million, which is allocated to the completion of 13 gross (6 net) Haynesville Shale wells that have been previously drilled.

Capital expenditures for 2012 are expected to be approximately $250 million, which is consistent with the Company's previously disclosed budget.

2013 PRODUCTION GUIDANCE

The Company estimates oil volumes to grow by 40 – 60% in 2013 versus 2012, natural gas volumes to grow by 10 – 15% from the previously issued guidance for the fourth quarter of 2012 to the fourth quarter of 2013, yet be down year over year by approximately 10%, and overall production on a Mcfe basis is expected to be relatively flat year over year.  Oil volumes are estimated to comprise approximately 30 – 35% of total production and 65 – 70% of revenue for the year.

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