Wednesday, Goodrich Petroleum Corp. (GDP), reported a loss for third quarter from a profit last year as revenues plunged on lower commodity prices.
Third-quarter net loss applicable to common stock was $31.0 million or $0.87 per share, compared to net income of $184.8 million or $4.47 per share last year.
Results included a pre-tax loss on derivatives of $1.5 million and a $0.2 million pre-tax loss on interest rate swaps. Prior year results included a $145.9 million gain on sale of undeveloped leasehold rights in North Louisiana and a $83.5 million gain on derivatives not designated as hedges.
Goodrich Petroleum's loss from continuing operations was $61.43 million or $1.84 per share, compared to a profit of $121.37 million or $3.53 per share in the prior year quarter.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.17 per share for the quarter. Analysts' estimate typically exclude one-time items.
Total revenues for the quarter, excluding realized gains of $27.6 million on natural gas derivatives not designated as hedges, were $23.5 million compared to $60.4 million for the prior year period. Analysts expected revenues of $52.10 million for the quarter.
Production in the third quarter was 7.6 billion cubic feet equivalent or Bcfe, an increase of 20% over the prior year period.
Average net natural gas price for the quarter was down 68% to $2.89 per million cubic feet or Mcf from $9.14 per Mcf and oil prices declined 45% to $64.43 per barrel or Bbl from $117.65 per Bbl in the prior year period.
Operating loss was $37.7 million, compared with an operating income of $158 million in the prior year quarter, which included the gain on the sale of certain interests in North Louisiana.
The company's capital expenditures in the third quarter were $41 million, down 60% from $103 million in the prior-year quarter. Goodrich currently expects drilling and completion capital expenditures of $35.0 million to $40.0 million and net daily production volumes to average between 82,000 and 85,000 Mcfe per day for the fourth quarter of 2009.
For the nine months, the company reported net loss of $65.8 million or $1.84 per share, compared to net income of $117.10 million or $3.54 per share in the year-ago period. Revenues for the nine-month period declined to $78.24 million from $171.90 million last year.
GDP closed Wednesday's regular trade at $26.41,up $0.12 or 0.46% on a volume of 0.97 million shares and in after hours is trading down $1.86 or 7.04% at $24.55 on the NYSE.
For comments and feedback contact: editorial@rttnews.com
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.