- Goodrich Petroleum (GDP -4%) plunges after reporting much larger than expected Q1 loss and revenue that also lagged analyst expectations.
- GDP also reduced its FY 2018 production guidance to a new range of 65M-75M cfe/day vs. its previous outlook of 77M-83M cfe/day, citing completion delays, but maintains its 2018 exit rate forecast of 100K cfe/day
- Q1 production averaged ~37K cfe/day vs. 26K cfe/day in the prior-year period, with natural gas outlook totaling 3B cf (89% of total production) vs. 1.8B cf (79% of total production) during the same quarter in 2017, helped by three operated Haynesville Shale Trend wells completed late in the quarter.
- GDP also Q2 production so far has averaged 47K cfe/day (92% natural gas) prior to production additions from the Cason-Dickson wells, which the company expects will increase output to more than 70K cfe/day.
- GDP reaffirms its full-year capital budget outlook of $85M-$95M as well as its preliminary capex plans for 2019 at $125M-$150M.
- Now read: Penn Virginia: 50% Upside Delivered; 1Q18 Results Reaffirm Further Upside Potential
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