Press Release: Goodrich Petroleum Announces Third -3-
Press Release: Goodrich Petroleum Announces Third -3-
新聞稿：Goodrich Petroleum宣佈第三財年3-3財年
(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
(2)調整後EBITDA定義為扣除利息支出、收入和類似税前收益(DD&A)，以股份為基礎賠償費用和油氣資產減值。在計算調整後的EBITDA時，重組未被指定為套期保值的商品衍生品的損益和損益扣除結算時收到或支付的現金淨額衍生工具的價值也被排除在外。其他不包括的項目包括利息收入和其他，根據我們的2019年高級信貸安排協議，適用於ASC主題842和任何其他非常非現金項下的運營租賃得失。(3)完全稀釋的股份不包括約250萬和240萬潛在稀釋工具，這些工具是分別為截至2021年9月30日和2020年9月30日的三個月的反稀釋。完全稀釋的股票不包括在這9個月中，大約有240萬和220萬具潛在稀釋性的儀器是反稀釋性的分別於2021年9月30日和2020年9月30日結束。古德里奇石油公司單位銷售價格和成本未經審計截至三個月截至三個月截至九個月截至九個月2021年9月30日2020年9月30日每件商品的平均售價單位：油(每桶)包括淨現金收款方/付款方沉澱石油衍生工具$70.40$49.90$64.25$55.06不包括淨現金收款方/付款方沉澱石油衍生工具$70.40$39.63$64.50$42.76天然氣(每立方英尺)包括淨現金收款方/付款方理所當然地安頓下來氣體衍生工具$2.94$1.89$2.70$2.06不包括淨現金收款方/付款方理所當然地安頓下來氣體衍生工具$3.77$1.78$3.07$1.68石油和天然氣(根據麥克菲)包括淨現金收款方/付款方為了沉澱石油和天然氣衍生工具$3.03$2.00$2.81$2.18不包括淨現金收款方/付款方為了沉澱石油和天然氣衍生工具$3.85$1.86$3.17$1.77每立方米成本租賃經營費 ($0.19, $0.22, $0.22 每立方米0.22美元不包括修井，分別)$0.21$0.25$0.26$0.26生產和其他税金$0.08$0.05$0.07$0.06交通運輸和處理$0.32$0.38$0.34$0.41折舊、損耗攤銷$0.88$0.90$0.88$0.97一般和行政性(須以現金支付- $0.25, $0.25, $0.25 和0.27美元分別)$0.28$0.34$0.28$0.36油類減損及油類減值天然氣物業$-$0.26$-$0.47其他$- $ 1.77 $ 2.17 $ 1.81 $ 2.52 注：按年計算的金額Mcfe基礎可能不會合計應為四捨五入。古德里奇石油公司現金流數據(千)，未經審計和解的可自由支配現金流(非美國GAAP)截至三個月截至三個月截至九個月截至九個月2021年9月30日2020年9月30日淨現金由以下人員提供運營中活動(美國GAAP)$29,935$13,512$66,604$44,592淨變動量工作中資本2,356(1,722)8,830(2,905)可自由支配現金流(1)$32,291$11,790$75,434$41,687截至三個月截至三個月截至九個月截至九個月2021年9月30日2020年9月30日現金流來自運營中活動：淨虧損$(47,969)$(16,360)$(55,025)$(36,265)調整到對帳網淨虧損提供現金通過操作活動折舊，耗盡和耗盡攤銷13,389 10,341 35,671 35,484減損石油和天然的氣體屬性-3,040-17,170使用權資產折舊135 313 406 939虧損發生在衍生品不是指定為套期保值77,369 11,079 103,111,629現金淨額(已付)收到的時間為安家落户導數儀器(12,498)1,597(14,515)14,905基於共享的補償(非現金)518 1,035 1,208 3,564攤銷財務成本，債務貼現，實物支付利息和積累量1,347 732 3,643 2,261早早虧損滅火債務--935--其他-13--改變資產和負債：帳目應收賬款，貿易和其他，淨額津貼(485)(500)(818)(583)積聚的石油和天然氣收入(7,311)(44)(14,389)3,708預付費用其他102 14 204 65應付帳款2,884 2,219 4,885 2,505累計負債2454 33 1288(2790)淨現金由以下人員提供運營中活動29,935 13,512 66,604 44,592現金流來自投資活動：資本支出(25,045)(14,816)(71,065)(48,012)使用的現金淨額在投資方面活動(25,045)(14,816)(71,065)(48,012)現金流來自融資活動：校長支付以下款項：銀行借款(6,000)(1,000)(23,000)(1,000)從以下項目獲得的收益銀行借款6,000,000，17,000，4,500從以下項目獲得的收益2023秒留置權票據--15,000--發債費用(140)-(339)-購買庫存股(21)(9)(49)(281)淨現金由以下人員提供融資活動(161)991 8,612 3,219增加(減少)現金和現金等值4,729(313)4,151(201)現金和現金等價物，開始於期間782 1,564 1,360 1,452現金和現金等價物，期末$5,511$1,251$5,511$1,251古德里奇石油公司未經審計的其他信息和協調(千元，每股金額除外)補充資產負債表數據自.起2021年9月30日現金和現金等值$5511長期債務，淨額121,749美元未攤銷債務折扣和發行成本為1186美元本金總額債務總額122,935美元對賬調整後的EBITDA(非美國GAAP)截至三個月截至三個月截至九個月截至九個月2021年9月30日2020年9月30日淨虧損(美國公認會計準則)$(47,969)$(16,360)$(55,025)$(36,265)折舊，耗盡和耗盡攤銷(“副駕駛及助理”)13,389 10,341 35,671 35,484油類減損和天然氣物業--3,040-17,170股票薪酬費用(非現金)517 1,035 1,207 3,564利息支出2,232 1,733 6,255 5,410虧損發生在衍生品不是指定為套期保值77,369 11,079 103,111,629現金淨額(已付)收到的時間為安家落户導數
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