Goodrich Q2 earnings misses, but Tuscaloosa production rises

Goodrich Petroleum (GDP +10.1%) surges despite posting a larger than expected Q2 loss, as investors focus on positive results from the new Tuscaloosa Marine Shale play.

GDP's overall production in Q2 fell 7.5% to 6.2B cfe, but oil production rose 31% Y/Y and climbed 11% Q/Q to 381K barrels, or 4,200 bbl/day; current oil production is at 4.8K-5K bbl/day, and GDP has issued Q3 guidance of 4.8K-5.4K bbl/day.

GDP says it spent 70% of its Q2 total capital expenditures in the Tuscaloosa Marine.

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