goodrich petroleum corporation - RR DONNELLEY FINANCIAL

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GOODRICH PETROLEUM CORPORATION AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Amounts) Year Ended December 31, 2011 2010 2009 REVENUES: Oil and natural gas revenues .............................. $200,456 $ 148,031 $ 110,784 Other ................................................ 613 302 (358) 201,069 148,333 110,426 OPERATING EXPENSES: Lease operating expense ................................. 21,490 26,306 30,188 Production and other taxes ............................... 5,450 3,627 4,317 Transportation ......................................... 12,974 9,856 9,459 Depreciation, depletion and amortization .................... 131,811 105,913 160,361 Exploration ........................................... 8,289 10,152 9,292 Impairment ............................................ 8,111 234,887 208,905 General and administrative ............................... 29,799 30,918 27,923 (Gain) loss on sale of assets ............................... (236) 2,824 (297) Other ................................................ 448 4,268 — 218,136 428,751 450,148 Operating loss ................................................. (17,067) (280,418) (339,722) OTHER INCOME (EXPENSE): Interest expense ........................................ (49,351) (37,179) (26,148) Interest income and other ................................ 59 117 458 Gain on derivatives not designated as hedges ................. 34,539 55,275 47,115 Gain on extinguishment of debt ........................... 62 — — (14,691) 18,213 21,425 Loss before income taxes ........................................ (31,758) (262,205) (318,297) Income tax benefit .............................................. — 85 67,311 Net loss .................................................. (31,758) (262,120) (250,986) Preferred stock dividends ........................................ 6,047 6,047 6,047 Net loss applicable to common stock ........................... $(37,805) $(268,167) $(257,033) PER COMMON SHARE Net loss applicable to common stock—basic ................. $ (1.05) $ (7.47) $ (7.17) Net loss applicable to common stock—diluted ................ $ (1.05) $ (7.47) $ (7.17) Weighted average common shares outstanding—basic ................. 36,124 35,921 35,866 Weighted average common shares outstanding—diluted ................ 36,124 35,921 35,866 See accompanying notes to consolidated financial statements. 62
GOODRICH PETROLEUM CORPORATION AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) Year Ended December 31, 2011 2010 2009 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss ........................................................... $ (31,758) $(262,120) $(250,986) Adjustments to reconcile net loss to net cash provided by operating activities— Depletion, depreciation and amortization ............................... 131,811 105,913 160,361 Unrealized (gain) loss on derivatives not designated as hedges ............ (3,234) (31,794) 49,434 Deferred income taxes ............................................ — — (51,845) Exploration costs ................................................ — — 219 Impairment .................................................... 8,111 234,887 208,905 Amortization of leasehold costs .................................... 5,487 5,963 4,927 Share based compensation (non-cash) ............................... 6,495 7,554 6,751 (Gain) loss on sale of assets ....................................... (236) 2,824 (297) Gain on extinguishment of debt .................................... (62) — — Amortization of finance cost and debt discount ........................ 14,351 19,256 12,221 Amortization of transportation obligation ............................. 2,873 — — Other non-cash items ............................................. — — 282 Change in assets and liabilities: Restricted cash .............................................. 4,232 (4,232) — Accounts receivable, trade and other, net of allowance .............. 355 (343) (925) Income taxes receivable/payable ................................ 3,995 11,103 (16,758) Accrued oil and natural gas revenue ............................. (5,500) 403 (1,611) Inventory .................................................. (796) (7,169) 102 Prepaid expenses and other .................................... (2,953) (1,285) 152 Accounts payable ........................................... (1,079) 14,571 (6,338) Accrued liabilities ........................................... 4,248 4,901 976 Net cash provided by operating activities ..................... 136,340 100,432 115,570 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures ................................................. (335,236) (264,967) (265,825) Proceeds from sale of assets ........................................... 172 64,887 238 Net cash used in investing activities ......................... (335,064) (200,080) (265,587) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from high yield offering ....................................... 275,000 — — Repurchase of convertible notes ........................................ (176,422) — — Proceeds from bank borrowings ........................................ 144,500 54,500 5,000 Principal payments of bank borrowings .................................. (42,000) (54,500) (80,000) Debt issuance costs .................................................. (9,341) (492) (8,755) Preferred stock dividends ............................................. (6,047) (6,047) (6,047) Proceeds from convertible note offering .................................. — — 218,500 Exercise of stock options and warrants ................................... — 10 26 Other ............................................................. (1,407) (1,151) (1,139) Net cash provided by (used in) financing activities ............. 184,283 (7,680) 127,585 Decrease in cash and cash equivalents ....................................... (14,441) (107,328) (22,432) Cash and cash equivalents, beginning of period ................................ 17,788 125,116 147,548 Cash and cash equivalents, end of period ..................................... $ 3,347 $ 17,788 $ 125,116 Supplemental disclosures of cash flow information: Cash paid during the year for interest ........................................ $ 35,000 $ 18,014 $ 12,446 Cash paid during the year for taxes .......................................... $ — $ — $ 1,352 See accompanying notes to consolidated financial statements. 63
Page 2 and 3:
Performance 1 Letter to Shareholder
Page 4 and 5:
Capital Expenditures ($MM) LETTER T
Page 6 and 7:
Operating Cash Flow ($MM) drawn und
Page 8 and 9:
GOODRICH PETROLEUM CORPORATION ANNU
Page 10 and 11:
GLOSSARY OF CERTAIN OIL AND NATURAL
Page 12 and 13:
Working interest is the operating i
Page 14 and 15:
Eagle Ford Shale Trend As of Decemb
Page 16 and 17:
The following table presents our re
Page 18 and 19: Productive wells consist of produci
Page 20 and 21: Net Production, Unit Prices and Cos
Page 22 and 23: Environmental and Occupational Heal
Page 24 and 25: operate, have adopted, and other st
Page 26 and 27: Section 27A of the Securities Act o
Page 28 and 29: Our operations are subject to gover
Page 30 and 31: equirements for GHG emissions from
Page 32 and 33: Changes in commodity prices signifi
Page 34 and 35: Additionally, as management’s vie
Page 36 and 37: • explosions; • uncontrollable
Page 38 and 39: PART II Item 5. Market for Registra
Page 40 and 41: Item 6. Selected Financial Data The
Page 42 and 43: locations. Our Haynesville Shale ac
Page 44 and 45: our Cotton Valley Taylor Sand wells
Page 46 and 47: Operating expenses in 2010 include
Page 48 and 49: Exploration expenses for 2010 incre
Page 50 and 51: additional oil and natural gas leas
Page 52 and 53: We have in place a $600 million Sen
Page 54 and 55: Year ended December 31, 2010 Compar
Page 56 and 57: As defined in the credit agreement
Page 58 and 59: offering costs of $2.7 million). Ea
Page 60 and 61: government regulation before the ti
Page 62 and 63: Item 7A. Quantitative and Qualitati
Page 64 and 65: MANAGEMENT’S ANNUAL REPORT ON INT
Page 66 and 67: REPORT OF INDEPENDENT REGISTERED PU
Page 70 and 71: GOODRICH PETROLEUM CORPORATION AND
Page 98 and 99: PART III Item 10. Directors and Exe
Page 100 and 101: Gene Washington is the former Direc
Page 102 and 103: 4.7 Form of 5.00% Convertible Senio
Page 104 and 105: 12.1* Ratio of Earnings to Fixed Ch
Page 106 and 107: Signature Title /s/ /s/ /s/ ARTHUR
Page 108: Corporate Headquarters 801 Louisian
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