Goodrich Petroleum Corp. (NYSE: GDP) announced Oct. 15 that it will increase capital expenditures to $375 million in 2014, but its acquisitions budget appears to be shrinking.

The company said Oct. 15 that its preliminary 2014 capital budget assumes successful completion of an equity offering announced the same day and includes an increase to five horizontal rigs running in the Tuscaloosa Marine shale (TMS).

However, $15 million is budgeted for leasehold acquisitions and extensions as well as for general corporate purposes, including working capita in 2014. That's down from $45 million in 2013.

Goodrich's 2013 budget is estimated at $230 million. The company will quadruple spending in the TMS. It also plans to spend $30 million on drilling and completion activities in both its Eagle Ford and Angelina River Trend /Haynesville areas.

Estimated Capital Budgets, 2013, 2014 (millions)

2013

2014

Tuscaloosa Marine Shale

$ 75

$ 300

Eagle Ford

100

30

ART / Haynesville

35

30

Leasehold Acquisition / Extensions

45

15

Total Budget

$ 255

$ 375

Source: Goodrich