- Goodrich Petroleum (GDP +3.6%) trades higher despite missing expectations for Q4 earnings and revenues, but the company did improve liquidity.
- GDP says it will issue $100M of 8% senior secured notes due 2018 together with warrants to purchase up to 4.88M common shares at an exercise price of $4.66, a 10% premium to yesterday's closing stock price.
- GDP's Q4 production slipped to 6.3B cfe vs. 7.4B cfe in the prior-year period, but oil output jumped 46% Y/Y to 531K barrels of oil from 364K a year ago; confirms its earlier oil production outlook of 4.8K-5.2K bbl/day in 2015, which includes completion deferrals into the second half of 2015.
- Says it reduced well costs in the Tuscaloosa Marine Shale by 23%, helped by a 35% drop in drilling days and reduced service costs.
- GDP earlier had revised its planned FY 2015 capital spending to $90M-$110M after $333M in capex during 2014.