Goodrich Petroleum Announces Capital Expenditure Budget And 2019 Guidance
Goodrich Petroleum Corporation (GDP)
Last goodrich petroleum corporation earnings: 3/5 06:00 am
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US:NYSE Investor Relations:
goodrichpetroleum.investorroom.com
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Source: PR Newswire
HOUSTON, Dec. 20, 2018 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE American: GDP) today announced that it is reducing its 2019 capital expenditure budget by approximately $40 million, yet expects to maintain its previous production guidance for 2019 due to outperformance of its wells relative to its type curves. The Company now expects its capital expenditure budget for 2019 to be in the range of $90 million to $100 million. At current commodity prices, the Company anticipates generating EBITDA approximately in-line with 2019 capital expenditures and expects to exit 2019 at approximately 1.0 times debt to EBITDA.The Company expects to grow production by 90 – 105% versus 2018 to a range of approximately 49.3 – 52.9 Bcfe for the year, or an average of 135,000 – 145,000 Mcfe per day. Natural gas is expected to comprise approximately 98% of total production. The Company's capital expenditure budget contemplates drilling and/or completing 11 gross (9.8 net) horizontal wells for
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