New Threads Only:  Add to Google Reader or Homepage
New Threads & Replies:  Add to Google Reader or Homepage
Forums are for serious investors only. GuruFocus Forum Rules.

Forum List » Business News and Headlines
SEC Filings, Earing Reports, Press Releases
New Topic Search
Goto Thread: PreviousNext
Goto: Forum ListMessage ListNew TopicSearchLog In
Goodrich Petroleum Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 5, 2011 12:44PM

Goodrich Petroleum Corp. (GDP) filed Quarterly Report for the period ended 2011-06-30. Goodrich Petroleum Corp. has a market cap of $664.1 million; its shares were traded at around $18.4 with and P/S ratio of 4.5.



Highlight of Business Operations:

For the three months ended June 30, 2011, we reported a net loss applicable to common stock of $1.4 million, or $0.04 per basic and diluted share, on total revenue of $52.9 million as compared to a net loss applicable to common stock of $23.1 million, or $0.64 per basic and diluted share, on total revenue of $34.2 million for the three months ended June 30, 2010. The increase in production volumes contributed $9.9 million to the $18.4 million increase in oil and gas revenues and the increase average realized prices contributed $8.5 million as compared to the three months ended June 30, 2010. We recorded an $11.0 million gain on derivatives not designated as hedges in the three months ended June 30, 2011 compared to a $0.3 million gain on derivatives not designated as hedges for the three months ended June 30, 2010.

For the six months ended June 30, 2011, we reported a net loss applicable to common stock of $26.1 million, or $0.72 per basic and diluted share, on total revenue of $94.1 million as compared to a net loss applicable to common stock of $20.3 million, or $0.57 per basic and diluted share, on total revenue of $74.6 million for the six months ended June 30, 2010. The increase in production volumes contributed $14.6 million to the $18.9 million increase in oil and gas revenues and the increase in average realized prices contributed $4.3 million as compared to the six months ended June 30, 2010. We recorded a $0.9 million gain on derivatives not designated as hedges in the six months ended June 30, 2011 compared to a $35.0 million gain on derivatives not designated as hedges for the six months ended June 30, 2010. The reduced derivative gain between periods was the primary driver behind the decrease in net income and was due to the increase in futures oil prices.

For the three months ended June 30, 2011, our average realized price for natural gas was $4.14 per Mcf, excluding the effect of the realized gains and losses on our natural gas derivatives. For the same period in 2010, our average realized price for natural gas was $3.88 per Mcf, excluding the effect of the realized gains and losses on our natural gas derivatives. For the three months ended June 30, 2011, our average realized price for natural gas was $4.77 per Mcf, including the effect of the realized gains and losses on our natural gas derivatives. For the same period in 2010, our average realized price for natural gas was $4.82 per Mcf, including the effect of the realized gains and losses on our natural gas derivatives.

For the six months ended June 30, 2011, our average realized price for natural gas was $4.03 per Mcf, excluding the effect of the realized gains and losses on our natural gas derivatives. For the same period in 2010, our average realized price for natural gas was $4.36 per Mcf, excluding the effect of the realized gains and losses on our natural gas derivatives. For the six months ended June 30, 2011, our average realized price for natural gas was $4.74 per Mcf, including the effect of the realized gains and losses on our natural gas derivatives. For the same period in 2010, our average realized price for natural gas was $4.95 per Mcf, including the effect of the realized gains and losses on our natural gas derivatives.

The difference between our realized prices inclusive of the hedge realizations in the 2011 and 2010 periods relates to the floor price on our collars. As of June 30, 2011, we had 40,000 MMBtu per day hedged at a floor price of $6.00 per MMBtu and in 2010, we had 50,000 MMBtu per day hedged at an average floor price of $6.00 per MMbtu.

Read the The complete Report



Stocks Discussed: GDP,
Rate this post:




Sorry, only registered users may post in this forum.

Please Login if you have an account or Create a Free Account if you don't




Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial