Goodrich Petroleum is an independent oil and natural gas company which engages in exploration, development, and production of oil and natural gas. As of December 31, 2011, the company had estimated proved reserves of approximately 463.5 billion cubic feet of natural gas, 0.5 Million barrels of crude oil or other liquid hydrocarbons (MMBbls) of natural gas liquids, and 5.8 MMBbls of oil and condensate.
This will be another of Citadel’s position in the Oil and Gas sector apart from the stakes that they hold in Exxon Mobil Corp ($164 million), EOG Resources ($156 million) and Anadarko Petroleum Corp ($142 million). Citadel’s current position size is approximately around $25 million, and given that they have other stocks with bigger positions, it is very much likely that Citadel becomes a price mover in Goodrich Petroleum.
The stock, however, was trading down 10% on the day of disclosure by Citadel Investments.