Goodrich Petroleum Q3 Loss Widens - Quick Facts

(RTTNews) - Goodrich Petroleum Corp. (GDP) announced a wider third-quarter net loss applicable to common stock of $87.1 million, or $1.96 per share, versus a $32.8 million, or $0.89 per share loss, last year. Net loss applicable to common stock for the quarter was adversely affected by a non-cash impairment charge of $85.3 million on fields in East Texas that the company is selling.

For the recent quarter, adjusted net loss applicable to common stock was $21.8 million, or $0.49 per share, excluding the impact of unrealized gains on derivatives not designated as hedges of $20.1 million, the impairment charge and non-cash leasehold expiration of $0.1 million. Analysts polled by Thomson Reuters expected the company to report a loss of $0.41 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues totaled $54.9 million in the quarter, versus $57.2 million in the prior-year quarter. Adjusted revenues totaled $55.1 million in the quarter, versus $53.5 million in the prior-year period, and average realized price per unit was $9.00 per Mcfe versus $6.91 per Mcfe in the year-ago period. Analysts estimated revenues of $57.71 million for the quarter.