Goodrich Petroleum Corp., the biggest player in an oil-rich formation that stretches through the center of Louisiana, reported a second-quarter loss of $39.1 million,or 68 cents per share.
A year earlier, the company lost $32.5 million, or 73 cents per share. After adjusting for the effects of hedges and lease expirations, Goodrich lost $18.9 million, or 33 cents per share, compared to $21.3 million, or 48 cents per share, a year ago. In 2015, Goodrich swapped 3,500 barrels of daily production at an average price of $96.11.
The adjusted figures still fell short of Wall Street’s forecast. Analysts surveyed by Zacks Investment Research had projected a loss of 30 cents per share.
Goodrich has more than 300,000 acres under lease in the Tuscaloosa Marine Shale, thought to contain as much as 9 billion barrels of oil.
The company said it had completed its B-Nez 43H-1 and B-Nez 43H-2 wells in Tangipahoa Parish. The wells had an average daily production rate equivalent to 875 barrels of oil. Goodrich said it has also fracked its Kinchen 58H-1 well in Tangipahoa Parish.
The company expects to complete two other Louisiana wells early in the fourth quarter, the Painter et al 5H-1 in Tangipahoa and the Alford 10H-1 in Washington Parish. Goodrich said it expects better crude prices at that point.
Goodrich now has no rigs drilling in the shale but expects to begin drilling operations in early 2016 assuming crude prices reach acceptable levels.
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