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Goodrich Petroleum Corporation (GDP) reported its financial results for Q4 and year-end 2020. Adjusted net income stood at $3.3 million for Q4, while the annual net loss was $44.1 million. The quarter saw a net loss of $7.9 million driven by an $18.9 million impairment expense. Adjusted EBITDA was $17.4 million for Q4 and $62.0 million for the year. Production was impacted by deferred completions, totaling 12.4 Bcfe in Q4. Proved reserves increased by 5% to 543 Bcfe, with a year-end PV10 value of $183 million. The company plans $75-$85 million in capital expenditures for 2021.
On March 2, 2021, Goodrich Petroleum Corporation (NYSE American: GDP) announced its participation in several upcoming events. A webinar hosted by the Energy Prospectus Group is set for March 12, 2021, at 10:00 am CT. Additionally, the company will attend the Virtual 33rd Annual ROTH Conference from March 15-17 and the Virtual Scotia Howard Weil 49th Annual Energy Conference on March 23-24. The EnerCom Dallas 2021 event will be held virtually on April 6-7. Further details, including a corporate presentation, will be available on the company's website.
Goodrich Petroleum Corporation (NYSE American: GDP) will hold a conference call on March 11, 2021, at 10:00 am CT to discuss its fourth quarter and year-end 2020 financial results. The company encourages participants to join 10-15 minutes early and provides a telephonic replay available for access one hour after the call. The access code for the replay is 10152712. More details are available on the company’s website and a slide deck will be posted regarding the financial results.
Goodrich Petroleum Corporation (NYSE American: GDP) announced the promotion of Kristen M. McWatters to Senior Vice President, Chief Financial Officer, and Chief Accounting Officer, effective December 17, 2020. McWatters replaces Robert T. Barker, who is retiring after serving since January 2017. Barker's retirement is based on personal reasons and not related to any operational disagreements. McWatters, a CPA, joined the company in 2017 and has been the Controller since March 2020, bringing prior experience from Spark Energy and Southwestern Energy.
Goodrich Petroleum Corporation (NYSE American: GDP) will join the Capital One Securities, Inc. Virtual Conference from December 7 to 9, 2020. The management team will engage in virtual meetings with the investment community. A corporate presentation will be accessible on the Company's website, underscoring their operations in oil and natural gas exploration and production. Goodrich is an independent entity listed under the symbol GDP.
Goodrich Petroleum Corporation (NYSE: GDP) reported third-quarter revenues of $21.5 million, down from $27.2 million year-over-year. Average realized prices fell to $1.86 per Mcfe, reflecting lower natural gas and crude oil prices. Cash operating expenses totaled $12.6 million, leading to a per unit cash expense decrease. Production was 11.5 Bcfe, affected by delays, but the company expects a recovery in Q4 with guidance of 140,000 - 145,000 Mcfe/day. Capital expenditures were reduced to $16.9 million. Looking ahead, 2021 production guidance is set at 165,000 - 175,000 Mcfe/day.
Goodrich Petroleum Corporation (NYSE American: GDP) has announced a conference call scheduled for November 5, 2020, at 10:00 am Central Time to discuss its third quarter 2020 financial results. Investors can join the call by dialing 1-888-317-6003 for domestic calls or 1-412-317-6061 for international calls. An elite entry number is required for participation. Post-call, a slide deck will be available on the company's website. A telephonic replay will be accessible about an hour after the call's conclusion.
Goodrich Petroleum Corporation (NYSE American: GDP) reported a net loss of $15.7 million for Q2 2020, compared to net income of $11.8 million in Q2 2019. Adjusted EBITDA was $15.4 million, down from $21.5 million year-over-year. Production averaged 138,000 Mcfe per day, unchanged from the prior year. Capital expenditures totaled $10.2 million, significantly lower than $25.0 million in the previous year. The company also expanded its Haynesville acreage to 24,000 net acres, adding 2,000 net acres this year.
