Goodrich Increases 2014 Budget by 50% & Is Shifting to the Tuscaloosa Marine Shale

Eagle Ford Spending Down 70% & TMS Spending Up 400% in 2014
Goodrich Petroleum Eagle Ford and Pearsall Activity Map

Goodrich Petroleum Eagle Ford & Pearsall Activity Map | Click To Enlarge

Goodrich Petroleum will spend 44% or $100 million of the company’s $255 million budget in 2013 in the Eagle Ford. That will change in 2014 when the company will spend just $30 million in the play.

The company plans to spend almost 50% more on development in 2014, but almost 75% or $300 million of the company’s $375 million budget will be spent in the Tuscaloosa Marine Shale (TMS).

The Eagle Ford has helped drive an increase in oil production, but Goodrich only controls 45,000 gross (32,000 net) acres in the play. In the TMS, Goodrich controls more than 300,000 net acres across Louisiana and Mississippi. The shear size of the company’s position makes the potential much greater.

Read the company’s full release regarding its 2014 budget at goodrichpetroleum.com

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R.T. Dukes

R.T. Dukes

Managing Editor at EagleFordShale.com
R.T. is the managing editor of EagleFordShale.com. In prior roles, he advised major oil companies on strategy, the macro business environment, and opportunity screening. 2503 Robinhood, Houston, TX, 77005, U.S.A. | Telephone: 832.429.4790

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