Goodrich Petroleum Q1 Loss Narrows - Quick Facts

(RTTNews) - Goodrich Petroleum Corp. (GDP) said that its first-quarter net loss applicable to common stock was $29.92 million or $0.68 per share, compared to a net loss of $29.98 million, or $0.82 per share in the prior year period.

Adjusted net loss applicable to common stock was $24.11 million or $0.54 per share, compared to adjusted loss of $27.71 million or $0.76 per share in the year ago quarter. The latest-quarter result excluded the impact of unrealized losses on derivatives not designated as hedges of $5.8 million. Analysts polled by Thomson Reuters expected the company to report a loss of $0.44 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues totaled $51.8 million in the quarter versus $47.1 million in the prior year period. Average realized price per unit was $8.00 per Mcfe in the quarter versus $7.85 per Mcfe in the prior year period.

When factoring in the realized gain or loss on derivatives not designated as hedges, Adjusted Revenues totaled $49.1 million in the quarter versus $47.2 million in the prior year period, and average realized price per unit was $7.58 per Mcfe versus $7.88 per Mcfe in the prior year period. Wall Street expected revenues of $53.82 million.

Production totaled 6.5 billion cubic feet equivalent or "Bcfe" in the quarter, or an average of 72,000 Mcfe per day, versus 6.0 Bcfe, or an average of 66,600 Mcfe per day in the prior year period. Oil production totaled 341,000 barrels of oil in the quarter, or an average of 3,787 barrels per day, versus 308,000 barrels of oil, or an average of 3,423 barrels per day, in the prior year period.

The company anticipates producing between 4,200 - 4,500 Bbls/d of oil and 43,000 - 46,000 Mcf/d of natural gas during the second quarter of 2014, with an expected further acceleration in the rate of growth in oil volumes beginning in the third quarter due to an increase in capital expenditures and well completions in the TMS and Eagle Ford Shale trend from the second quarter through the end of the year.