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Goodrich trims 2019 capital expenditure budget, expects to spend $90M to $100M

Houston-based Goodrich Petroleum Corp. announced Dec. 20 it will earmark around $90 million to $100 million for its capital expenditure next year, trimming its previous estimate by $40 million.

The spending will focus on 11 gross horizontal wells and to complete the core Haynesville shale wells in the Bethany-Longstreet and Thorn Lake areas of Caddo, DeSoto and Red River parishes, La.

The company will start fracturing operations on two Cason-Dickson wells in the Thorn Lake area of Red River Parish in January and will also frack two Loftus wells in the Bethany-Longstreet field in DeSoto Parish.

Goodrich also plans to ramp up a rig in the North Louisiana Haynesville acreage to be followed by a second rig during the second quarter.

The oil and gas exploration firm expects 2019 production to grow by 90% to 105% compared with 2018 figures to a range of 49.3 Bcfe to 52.9 Bcfe. Natural gas will dominate production at 98%.

It expects earnings before interest, tax, debt and amortization, or EBITDA, to be aligned with its 2019 capital expenditures and expects to end 2019 with 1.0 times debt to EBITDA.

For the third quarter, Goodrich earned $1.7 million, or 14 cents per share, up from $0.7 million, or 7 cents per share, in the same quarter the previous year.