Goodrich Petroleum (GDP) Tops Q4 EPS by 12c, Revenues Beat

Goodrich Petroleum (NYSE: GDP) reported Q4 EPS of $0.58, $0.12 better than the analyst estimate of $0.46. Revenue for the quarter came in at $33.9 million versus the consensus estimate of $33.23 million.

• Adjusted EBITDA grew by 49% sequentially to $21.4 million in the fourth quarter, due to a 17% growth in production, an 11% increase in average realized prices and an 8% decrease in per unit cash operating expenses versus the third quarter of 2018.
• Net Income grew to $8.1 million ($0.68 per basic, $0.58 per fully diluted share) for the quarter.
• Production for the quarter grew 17% sequentially to an average of 99,200 Mcfe per day, versus an average of 84,700 Mcfe per day in the third quarter of 2018. As previously released, 2019 production is expected to grow approximately 100% versus 2018, and average 135,000 – 145,000 Mcfe per day, with a capital expenditure budget of $90-100 million.
• For the year, we conducted drilling or completion operations on 19 wells, adding 16 gross (7.5 net) wells to production in the Haynesville Shale Trend.
• We ended the year with 480 Bcfe of proved oil and natural gas reserves with a SEC PV10 of $418 million.

For earnings history and earnings-related data on Goodrich Petroleum (GDP) click here.

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