Goodrich Petroleum (GDP) Misses Q2 EPS by 99c, Revenues Beat

Goodrich Petroleum (NYSE: GDP) reported Q2 EPS of ($1.25), $0.99 worse than the analyst estimate of ($0.26). Revenue for the quarter came in at $27.8 million versus the consensus estimate of $25.37 million.

2Q20 FINANCIAL RESULTS

• CASH FLOW
  • Adjusted EBITDA was $15.4 million in the quarter and discretionary cash flow ("DCF"), defined as net cash provided by operating activities before changes in working capital, was $14.5 million in the quarter, versus Adjusted EBITDA of $21.5 million and DCF of $20.6 million in the prior year period.
• NET INCOME/LOSS
  • The Company announced a net loss of $15.7 million ($1.25 per basic and fully diluted share) in the quarter, versus net income of $11.8 million ($0.96 per basic and $0.82 per fully diluted share) in the prior year period. Net loss for the quarter, as adjusted for the Company's mark-to-market loss on unsettled derivatives of $9.0 million and $6.8 million of impairment expense, was an adjusted income of $0.1 million.
• PRODUCTION
  • Production totaled approximately 12.6 Bcfe in the quarter, or an average of approximately 138,000 Mcfe (98% natural gas) per day, versus 12.6 Bcfe, or an average of approximately 138,200 Mcfe (98% natural gas) per day, in the prior year period.
• REVENUES
  • Oil and natural gas revenues adjusted for cash settled derivatives of $7.3 million was $27.8 million. Oil and natural gas revenues prior to cash settled derivatives was $20.5 million. Oil and gas revenues including cash settled derivatives was $33.9 million in the prior year period. Average realized price per unit was $1.63 per Mcfe ($1.54 per Mcf of gas and $40.41 per barrel of oil) in the quarter, versus $2.54 per Mcfe in the prior year period ($2.35 per Mcf of gas and $65.00 per barrel of oil). Average realized price per unit when incorporating the Company's settled derivatives, including $1.8 million received for July 2020 natural gas positions settled at the end of the quarter, was $2.21 per Mcfe.

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

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