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Goodrich Petroleum Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 4, 2011 12:54PM

Goodrich Petroleum Corp. (GDP) filed Quarterly Report for the period ended 2011-09-30. Goodrich Petroleum Corp. has a market cap of $566.8 million; its shares were traded at around $15.69 with and P/S ratio of 3.9.



Highlight of Business Operations:

Increase our oil production. During the past year, we have concentrated on increasing our crude oil production, cash flow and reserves by investing and drilling in the Eagle Ford Shale. We intend to take advantage of the more favorable sales price of oil compared to the relative sales price of natural gas.

For the three months ended September 30, 2011, we reported net income applicable to common stock of $12.1 million, or $0.34 per basic share and $0.33 per diluted share, on total revenue of $55.5 million as compared to a net loss applicable to common stock of $226.6 million, or ($6.31) per basic and diluted share, on total revenue of $37.4 million for the three months ended September 30, 2010. The increase in production volumes contributed $11.7 million to the $18.1 million increase in oil and natural gas revenues and higher average realized prices contributed $6.4 million of the increase as compared to the three months ended September 30, 2010. We recorded a $26.5 million gain on derivatives not designated as hedges in the three months ended September 30, 2011 compared to a $22.5 million gain on derivatives not designated as hedges for the three months ended September 30, 2010.

For the nine months ended September 30, 2011, we reported a net loss applicable to common stock of $14.0 million, or $0.39 per basic and diluted share, on total revenue of $149.6 million as compared to a net loss applicable to common stock of $246.9 million, or ($6.88) per basic and diluted share, on total revenue of $112.0 million for the nine months ended September 30, 2010. The increase in production volumes contributed $26.2 million to the $37.0 million increase in oil and natural gas revenues and higher net average realized prices contributed $10.7 million of the increase as compared to the nine months ended September 30, 2010. We recorded a $27.4 million gain on derivatives not designated as hedges in the nine months ended September 30, 2011 compared to a $57.5 million gain on derivatives not designated as hedges for the nine months ended September 30, 2010. The primary difference in results between the periods was the impairment of $234.9 million recorded in 2010 compared to the $1.2 million impairment in 2011.

Revenues from operations increased for the three months ended September 30, 2011 compared to the same period in 2010 as a result of a 27% increase in production coupled with a 17% net increase in average realized sales price. Revenues from operations increased for the nine months ended September 30, 2011 compared to the same period in 2010 as a result of a 21% increase in production and a 10% net increase in average realized sales price. The production increase in the three and nine month periods ended September 30, 2011 compared to the same period in 2010 is primarily due to the increase in oil production volumes obtained from our Eagle Ford Shale wells and gas production in our Haynesville Shale properties, partially offset by non-core properties sold in December 2010. For the three months ended September 30, 2010, 6% of our oil and gas revenue was attributable to oil sales whereas for the three months ended September 30, 2011, oil sales contributed 31% to our oil and natural gas revenues.

Our discussion and analysis of our financial condition and results of operations are based on consolidated financial statements which were prepared in accordance with generally accepted accounting principles in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. We believe that certain accounting policies affect the more significant judgments and estimates used in the preparation of our consolidated financial statements. Our Annual Report on Form 10-K for the year ended December 31, 2010, includes a discussion of our critical accounting policies and there have been no material changes to such policies during the nine months ended September 30, 2011.

Read the The complete Report



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