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Goodrich Petroleum Corporation (GDP) announced a definitive merger agreement with a subsidiary of Paloma Partners VI Holdings, LLC, which will offer $23.00 per share in cash to acquire all outstanding shares of Goodrich. This offer reflects a 7% premium over the closing price on November 19, 2021, and a 47% premium to Goodrich's year-to-date volume-weighted average price. The transaction has been unanimously approved by Goodrich's Board and is expected to close in December 2021, with majority shareholders already committed to tender their shares.
Goodrich Petroleum Corporation (NYSE American: GDP) reported a net loss of $48 million for Q3 2021, equating to ($3.52) per share, influenced by a $64.9 million non-cash loss from unsettled derivatives. Adjusted net income stood at $16.9 million, or $1.24 per share. Q3 operating income was $31.6 million, with net cash provided by operating activities at $29.9 million. Production increased to 166,000 Mcfe per day, with a significant rise in oil and gas revenues to $58.7 million, up from $21.5 million year-over-year. The company also raised its borrowing base to $150 million.
Goodrich Petroleum Corporation (NYSE American: GDP) plans to hold a conference call on November 4, 2021, at 10:00 am CT to discuss its third quarter 2021 financial results. Participants can join via domestic dial-in at 1-888-317-6003 or international dial-in at 1-412-317-6061. An Elite Entry Number is required to access the call. A replay will be available shortly after the call concludes. The Company will also provide a slide deck on its financial results on its website.
Goodrich Petroleum Corporation (NYSE American: GDP) announced the acquisition of eight wells in the Haynesville Shale basin, producing about 2,000 Mcfe per day, for $1.5 million. The deal includes obligations to drill eight additional wells over four years, expanding their holdings to approximately 32,000 net acres. Updated production guidance for Q3 and Q4 2021 projects between 15.2 – 16.1 Bcfe and 17.3 – 18.2 Bcfe, respectively. Preliminary 2022 projections estimate production of 76.7 – 87.6 Bcfe.
Goodrich Petroleum Corporation (NYSE American: GDP) announced that the equity strike price condition for its UCC Warrants was met on July 14, 2021. This allows warrant holders to acquire shares of the Company's Common Stock, linked to 0.00001% of the Common Stock Deemed Outstanding. Warrant holders can exercise their Warrants by following specific instructions before the expiry. The shares are registered under the Securities Act and covered by a registration statement. This announcement serves as a guideline for exercising the Warrants rather than a solicitation for offers.
Goodrich Petroleum Corporation (NYSE American: GDP) reported a net loss of $11.6 million for Q2 2021, equating to ($0.86) per share, influenced by a $21.2 million non-cash loss from unsettled derivatives. Adjusted net income reached $9.6 million, or $0.72 per share. Operating income was $13.0 million, with net cash from operations totaling $15.5 million. Average production increased 24% to 155,400 Mcfe/day, with revenues of $38.1 million. The company updated its production guidance for Q3 and Q4 2021, projecting 165,000 to 197,500 Mcfe/day.
Goodrich Petroleum Corporation (NYSE American: GDP) has announced a conference call scheduled for August 5, 2021, at 10:00 am CT to review its second quarter 2021 financial results. Participants can dial in using the respective country codes provided. The Company encourages early dialing for smooth participation, and a slide deck detailing financial and operational results will be available on their website. A telephonic replay will also be accessible after the call.
Goodrich Petroleum Corporation (NYSE American: GDP) announced its participation in upcoming conferences. Key highlights include the Hart Energy's DUG Haynesville Conference on May 27, 2021 in Shreveport, LA, featuring keynote speaker Robert C. Turnham, Jr. discussing growth strategies. The company will also attend EnerCom's The Oil & Gas Conference 26 from August 15-18, 2021 in Denver, Colorado. Interested stakeholders can find the latest corporate presentation on the company's website.
Goodrich Petroleum Corporation (GDP) reported Q1 2021 financial results, showcasing an adjusted net income of $7.1 million ($0.34 per share) and adjusted EBITDA of $20.3 million. Total production was 11.2 Bcfe, averaging 125,000 Mcfe per day, impacted by weather conditions. The company has guided for increased production of 150,000-160,000 Mcfe per day for Q2 2021. Despite a net loss of $3.3 million on derivatives, cash flow remains strong with $19.6 million in discretionary cash flow. Capital expenditure reached $29.3 million for drilling and completion efforts.
Goodrich Petroleum Corporation (NYSE American: GDP) has announced a conference call on May 6, 2021, at 10:00 am CT to discuss its first quarter 2021 financial results. Participants can dial in using designated numbers, including a toll-free line at 1-888-317-6003 for domestic callers. The company encourages early registration, with a slide deck of financial results to be available on its website. A telephonic replay will be accessible shortly after, providing further insights into the company's performance.
