(2) Adjusted EBITDA is defined as earnings before interest expense, income and similar taxes, DD&A, share based
compensation expense and impairment of oil and natural gas properties. In calculating adjusted EBITDA, reorganization
gains/losses and gains/losses on commodity derivatives not designated as hedges net of cash received or paid in settlement
of derivative instruments are also excluded. Other excluded items include interest income and other, adjustments per our
2019 Senior Credit Facility agreement for operating leases under ASC Topic 842 and any other extraordinary non-cash
gains/losses.
(3) Fully diluted shares excludes approximately 2.5 million and 2.4 million potentially dilutive instruments that were
anti-dilutive for the three months ended September 30, 2021 and 2020, respectively. Fully diluted shares excludes
approximately 2.4 million and 2.2 million potentially dilutive instruments that were anti-dilutive for the nine months
ended September 30, 2021 and 2020, respectively.
GOODRICH PETROLEUM CORPORATION
Per Unit Sales Prices and Costs
Unaudited
Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended
September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
Average sales price per
unit:
Oil (per Bbl)
Including net cash
received from/paid
to settle oil
derivatives $ 70.40 $ 49.90 $ 64.25 $ 55.06
Excluding net cash
received from/paid
to settle oil
derivatives $ 70.40 $ 39.63 $ 64.50 $ 42.76
Natural gas (per Mcf)
Including net cash
received from/paid
to settle natural
gas derivatives $ 2.94 $ 1.89 $ 2.70 $ 2.06
Excluding net cash
received from/paid
to settle natural
gas derivatives $ 3.77 $ 1.78 $ 3.07 $ 1.68
Oil and natural gas
(per Mcfe)
Including net cash
received from/paid
to settle oil and
natural gas
derivatives $ 3.03 $ 2.00 $ 2.81 $ 2.18
Excluding net cash
received from/paid
to settle oil and
natural gas
derivatives $ 3.85 $ 1.86 $ 3.17 $ 1.77
Costs Per Mcfe
Lease operating expense
($0.19, $0.22, $0.22
and $0.22 per Mcfe
excluding workovers,
respectively) $ 0.21 $ 0.25 $ 0.26 $ 0.26
Production and other
taxes $ 0.08 $ 0.05 $ 0.07 $ 0.06
Transportation and
processing $ 0.32 $ 0.38 $ 0.34 $ 0.41
Depreciation, depletion
and amortization $ 0.88 $ 0.90 $ 0.88 $ 0.97
General and
administrative
(payable in cash -
$0.25, $0.25, $0.25
and $0.27,
respectively) $ 0.28 $ 0.34 $ 0.28 $ 0.36
Impairment of oil and
natural gas
properties $ - $ 0.26 $ - $ 0.47
Other $ - $ - $ - $ -
$ 1.77 $ 2.17 $ 1.81 $ 2.52
Note: Amounts on a per
Mcfe basis may not
total due to
rounding.
GOODRICH PETROLEUM CORPORATION
Cash Flow Data (In thousands), unaudited
Reconciliation
of
discretionary
cash flow
(non-US GAAP)
Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended
September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
Net cash
provided by
operating
activities (US
GAAP) $ 29,935 $ 13,512 $ 66,604 $ 44,592
Net changes in
working
capital 2,356 (1,722) 8,830 (2,905)
Discretionary
cash flow (1) $ 32,291 $ 11,790 $ 75,434 $ 41,687
Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended
September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
CASH FLOWS FROM
OPERATING
ACTIVITIES:
Net loss $ (47,969) $ (16,360) $ (55,025) $ (36,265)
Adjustments to
reconcile net
loss to net
cash provided
by operating
activities
Depreciation,
depletion and
amortization 13,389 10,341 35,671 35,484
Impairment of
oil and natural
gas properties - 3,040 - 17,170
Right of use
asset
depreciation 135 313 406 939
Loss on
derivatives not
designated as
hedges 77,369 11,079 103,111 3,629
Net cash (paid)
received for
settlement of
derivative
instruments (12,498) 1,597 (14,515) 14,905
Share based
compensation
(non-cash) 518 1,035 1,208 3,564
Amortization of
finance cost,
debt discount,
paid in-kind
interest and
accretion 1,347 732 3,643 2,261
Loss on early
extinguishment
of debt - - 935 -
Other - 13 - -
Change in
assets and
liabilities:
Accounts
receivable,
trade and
other, net of
allowance (485) (500) (818) (583)
Accrued oil and
gas revenue (7,311) (44) (14,389) 3,708
Prepaid expenses
and other 102 14 204 65
Accounts payable 2,884 2,219 4,885 2,505
Accrued
liabilities 2,454 33 1,288 (2,790)
Net cash
provided by
operating
activities 29,935 13,512 66,604 44,592
CASH FLOWS FROM
INVESTING
ACTIVITIES:
Capital
expenditures (25,045) (14,816) (71,065) (48,012)
Net cash used
in investing
activities (25,045) (14,816) (71,065) (48,012)
CASH FLOWS FROM
FINANCING
ACTIVITIES:
Principal
payments of
bank
borrowings (6,000) (1,000) (23,000) (1,000)
Proceeds from
bank
borrowings 6,000 2,000 17,000 4,500
Proceeds from
2023 Second
Lien Notes - - 15,000 -
Debt issuance
costs (140) - (339) -
Purchase of
treasury stock (21) (9) (49) (281)
Net cash
provided by
financing
activities (161) 991 8,612 3,219
Increase
(decrease) in
cash and cash
equivalents 4,729 (313) 4,151 (201)
Cash and cash
equivalents,
beginning of
period 782 1,564 1,360 1,452
Cash and cash
equivalents,
end of period $ 5,511 $ 1,251 $ 5,511 $ 1,251
GOODRICH PETROLEUM CORPORATION
Other Information and Reconciliations (In thousands, except per share amounts), unaudited
Supplemental
Balance Sheet
Data
As of
September 30, 2021
Cash and cash
equivalents $ 5,511
Long-term debt,
net $ 121,749
Unamortized debt
discount and
issuance cost 1,186
Total principal
amount of debt $ 122,935
Reconciliation of
Adjusted EBITDA
(non-US GAAP)
Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended
September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
Net loss (US GAAP) $ (47,969) $ (16,360) $ (55,025) $ (36,265)
Depreciation,
depletion and
amortization
("DD&A") 13,389 10,341 35,671 35,484
Impairment of oil
and natural gas
properties - 3,040 - 17,170
Stock compensation
expense
(non-cash) 517 1,035 1,207 3,564
Interest expense 2,232 1,733 6,255 5,410
Loss on
derivatives not
designated as
hedges 77,369 11,079 103,111 3,629
Net cash (paid)
received for
settlement of
derivative
Press Release: Goodrich Petroleum Announces Third -3-
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