Goodrich Petroleum (GDP) Announces Revised Capital Expenditure Budget And 2020 Guidance
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Goodrich Petroleum Announces Revised Capital Expenditure Budget And 2020 Guidance
March 16, 2020 6:00 AM EDTHOUSTON, March 16, 2020 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE American: GDP) today announced it has lowered its 2020 preliminary capital expenditure budget by $15 million to $40 - $50  million, which is expected to generate free cash flow of an estimated $15 - $25 million at $2.00 - $2.50 natural gas prices. At the midpoint of this revised guidance, the Company estimates it will generate a free cash flow yield of approximately 13% and 40% on the Company's current enterprise value and market capitalization, respectively, and remain below the Company's net Debt to EBITDA target of 1.5 times.
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