Goodrich Petroleum (GDP) Announces Capital Expenditure Budget And 2020 Guidance
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Goodrich Petroleum Announces Capital Expenditure Budget And 2020 Guidance
December 18, 2019 7:00 AM ESTHOUSTON, Dec. 18, 2019 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE American: GDP) today announced  a preliminary 2020 capital expenditure budget of $55 - $65 million, an approximate 35% reduction from the midpoint of 2019 capital expenditure guidance. At natural gas and oil prices of $2.50 and $55.00, respectively, the Company expects to generate approximately $15 $25 million of free cash flow, which at the midpoint of guidance would generate a free cash flow yield of approximately 9% and 16% on the Company's current enterprise value and market capitalization, respectively.  At this price deck the Company anticipates exiting 2020 at approximately 1.0 times debt to EBITDA.
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