Goodrich Petroleum Announces Capital Expenditure Budget And 2020 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. 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.The Company expects to grow production by 12.5% – 17.5% versus 2019 to a range of approximately 53 – 56 Bcfe, or an average of 145,000 – 153,000 Mcfe per day for the year. Natural gas is expected to comprise approximately 99% of total production. The Company's capital expenditure budget currently contemplat
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