Goodrich Petroleum Posts $12.9 Million Adjusted Revenues Loss

Goodrich Petroleum revealed Wednesday that its adjusted revenues in the second quarter of 2015 were $12.9 million lower than the same period last year.

The company reported adjusted revenues in 2Q 2015 of $37.3 million, compared to $50.2 million in 2Q 2014. Operating expenses were lower by $19.9 million in the quarter, versus the prior year period, and $0.5 million sequentially. Production for the quarter totalled 758,000 barrels of oil equivalent, compared to 1.04 million boe in 2Q 2014.

Since the end of the quarter, Goodrich Petroleum announced an agreement to sell its proved reserves and associated acreage in the Eagle Ford Shale for $118 million. The transaction has an effective date of July 1, 2015 and is expected to close on or before September 4, 2015.

Goodrich Petroleum CEO Walter G. Goodrich commented in a company statement:

"Since late 2014 and throughout 2015, we have undertaken a number of strategic initiatives designed to strengthen our balance sheet, enhance liquidity and reduce costs across our operations. With the previously announced sale of a portion of our Eagle Ford Shale acreage and associated proved reserves, we have taken another solid step toward enhancing our liquidity during the currently depressed crude oil market.”

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