Wednesday, January 4, 2012

Goodrich 2012 Capital Budget

Goodrich Petroleum announced its 2012 capital expenditure budget today with a total expected spend of $250 to $275 million.  Unfortunately for gas fans, the vast majority of it will be spent chasing oil.  Sound familiar?  In the Haynesville Shale, $25 million will be spent to drill two wells in the Angelina River Trend area of Texas, and $35 million will be spent completing 14 (6 net) previously drilled non-operated wells.  The rest of the budget will be spent int he Eagle Ford Shale ($155 million) and the Tuscaloosa Marine Shale ($20-$45 million), with the remaining $15 million spent on leasehold and infrastructure.

Goodrich's total capex budget is $25-$50 million higher than last year, but the Haynesville portion is two-thirds of its $90 million 2011 capex budget.

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