Goodrich

Natural gas-heavy Goodrich Petroleum Corp., whose primary exploration is in the Haynesville Shale, is planning a $55-65 million capital budget for 2020, down 35% from the midpoint of this year’s spending.

Natural gas-heavy Goodrich Petroleum Corp., whose primary exploration is in the Haynesville Shale, is planning a $55-65 million capital budget for 2020, down 35% from the midpoint of this year’s spending.

Weakened natural gas prices failed to deter Haynesville Shale-focused Goodrich Petroleum Corp. during the second quarter, as the independent more than doubled output while it sharply reduced operating expenses.

Goodrich Petroleum Corp., which saw production more than triple in 4Q2018, said it plans to double production this year and focus on strategic acquisitions to add to its drilling inventory while running a single-rig program on gassy targets in the Haynesville Shale.

Goodrich Petroleum Corp., citing commodity prices, lowered its capital expenditures (capex) for 2019 by about $40 million, but said it expects to maintain its previous production guidance for the upcoming year because its wells are outperforming type curves.

Natural gas production more than doubled for Goodrich Petroleum Corp. in the third quarter as the Houston-based company continued its focus on the Haynesville Shale and considers how fast it wants to grow in the upcoming year.

Goodrich Petroleum Corp. said it plans to have a “robust” second half of 2018, ramping up production and continuing its focus on the Haynesville Shale, where it is less than one month away from bringing two natural gas wells online in northwestern Louisiana.

Goodrich Petroleum Corp. has brought two operated wells in northwest Louisiana targeting the Haynesville Shale into production, and expects to begin fracturing operations at a third well in the Bethany-Longstreet Field in early June.

Goodrich Petroleum Corp. said it has entered into separate agreements to sell a portion of its assets in the Tuscaloosa Marine Shale (TMS) in Louisiana for $3.3 million, as well as to swap acreage and reduce gathering fees in the core of the Haynesville Shale.