There are many factors that impact executives, and their decisions, in this tumultuous oil & gas market. We were able to sit down with Rob Turnham, President and Chief Operating Officer for the Goodrich Petroleum Corporation and talk about the current status and plans. Rob and I were able to talk about the Goodrich story and their advantages. They have cut their CapEx by $15 million, and can achieve free cash flow between the $2.05 and $2.65 gas price range.

We also covered ESG, what that means to Rob, and the impact to all of Goodrich's stakeholders. Being environmentally and fiscally responsible is very much part of the corporate culture.   

It is clear that Rob's experience and leadership has served Goodrich quite well in this interesting time we call 2020. On the 360 Digital Closing Bell we have a saying; "Good management - good numbers".  - Rob, Thanks for your time - Stu. 

About Goodrich Petroleum 

RobTurnham - oilandgas360

Robert C. Turnham, Jr.

President and Chief Operating Officer

Robert C. Turnham, Jr. is a founding partner, President and Director of Goodrich Petroleum Corporation, a public E&P company focused on exploration, exploitation and development of unconventional onshore oil and natural gas reserves.  The Company was founded in 1995 and trades on the New York Stock Exchange under the symbol GDP.

Goodrich Petroleum has been an early mover in the Haynesville, Eagle Ford and Tuscaloosa Marine shale basins. The Company has spent over $3 billion of capital expenditures in these areas and raised $2.5 billion of capital through asset sales and capital market transactions since going public.

Prior to 1995, Mr. Turnham was President of Liberty Production Company, a privately held oil and gas exploration and production company, and Turnham Interests, Inc., an oil and gas investment company. Mr. Turnham started his career with Pennzoil Company in 1981.

Mr. Turnham has been a guest commentator on CNBC, Fox Business and Bloomberg, a guest speaker at numerous conferences over the years, and has served on various private company and non-profit boards.

360 Energy Expert Network Preview: Rob Turnham with Goodrich Petroleum- oil and gas 360

Goodrich Petroleum Corporation is an independent exploration and production company engaged in the exploitation, development and production of natural gas and crude oil primarily in the Haynesville Shale in North Louisiana and East Texas, the Tuscaloosa Marine Shale ("TMS") in Eastern Louisiana and Southwestern Mississippi and the Eagle Ford Shale trend in South Texas. Due to the current oil price environment, we are concentrating the vast majority of our exploitation and development efforts on natural gas on our existing leased acreage in the core of the Haynesville Shale in North Louisiana. Goodrich Petroleum Corporation is publicly traded and listed on the NYSE American under the symbol GDP.  

Goodrich Petroleum Corporation (NYSE American: GDP) today announced it has lowered its 2020 preliminary capital expenditure budget by $15 million to $40 - $50  million, which is expected to generate free cash flow of an estimated $15 - $25 million at $2.00 - $2.50 natural gas prices. At the midpoint of this revised guidance, the Company estimates it will generate a free cash flow yield of approximately 13% and 40% on the Company's current enterprise value and market capitalization, respectively, and remain below the Company's net Debt to EBITDA target of 1.5 times.

The Company now expects to grow production by 5 - 7% versus 2019 to a range of approximately 50 – 52 Bcfe, or an average of 137,000 – 142,000 Mcfe per day for the year. Natural gas is expected to comprise approximately 99% of total production.

The preliminary capital expenditure budget is subject to quarterly review and approval by the Company's board of directors, with the flexibility to accelerate in the second half of the year depending on commodity prices. The Company has allocated the majority of the budget to drilling and completing core Haynesville Shale wells in the Bethany-Longstreet area of Caddo and DeSoto Parishes, Louisiana.

The Company has hedged approximately 50% of its expected natural gas volumes for the year at a blended average price of approximately $2.60. In addition, to further support and protect the capital plans and balance sheet, the Company has recently added hedges from April, 2021 through March, 2022 as shown on the current management presentation posted on the Company's website.

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