Goodrich Petroleum (GDP) Misses Q4 EPS by 16c

Goodrich Petroleum (NYSE: GDP) reported Q4 EPS of ($0.08), $0.16 worse than the analyst estimate of $0.08. Revenue for the quarter came in at $33.6 million versus the consensus estimate of $33.17 million.

FINANCIAL RESULTS

• Cash Flow
  • Adjusted EBITDA was $20.9 million in the quarter, compared to $21.4 million in the prior year period. Adjusted EBITDA for the year was $79.0 million versus $48.0 million in the prior year.
  • Discretionary cash flow ("DCF"), defined as net cash provided by operating activities before changes in working capital, was $19.8 million in the quarter, compared to $20.0 million in the prior year period. DCF was $75.5 million for the year, versus $46.3 million in the prior year.
• Net Income (Loss)
  • Net loss for the quarter was $0.9 million, or ($0.08) per basic and fully diluted share, versus net income of $8.1 million, or $0.68 per basic and $0.58 per fully diluted share in the prior year period. Net income for the year was $13.3 million, or $1.09 per basic and $0.96 per fully diluted share, versus net income of $1.8 million, or $0.15 per basic and $0.13 per fully diluted share in the prior year.
• Production
  • Production totaled 13.3 Bcfe in the quarter, or an average of approximately 145,000 Mcfe (98% natural gas) per day, versus 9.1 Bcfe, or an average of approximately 99,000 Mcfe (97% natural gas) per day in the prior year period. Production for the year was 47.7 Bcfe, or an average of approximately 131,000 Mcfe per day (98% natural gas), versus 25.7 Bcfe, or an average of approximately 71,000 Mcfe (95% natural gas) per day in the prior year.
• Revenues
  • Oil and natural gas revenues adjusted for cash settled derivatives totaled $33.6 million in the quarter, comprised of $30.2 million of realized oil and natural gas revenues and $3.4 million of cash settled derivatives. The average realized price per unit was $2.27 per Mcfe ($2.14 per Mcf of natural gas and $58.52 per barrel of oil) or $2.53 per Mcfe when including cash settled derivatives, versus $3.72 per Mcfe ($3.50 per Mcf of natural gas and $64.57 per barrel of oil) or $3.45 per Mcfe when including cash settled derivatives in the prior year.

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

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• JD.com (JD) Reiterated at Buy by Benchmark Amid Earnings Recovery
• SVB & T Corporation (SVBT) Tops Q2 EPS by 275c