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Ultra Switching to Vertical Development for 2019; Lowest Rig Count Since 2016
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Ultra Petroleum has detailed its 2019 capital plan.
Back to Vertical Development; Lowest Rig Count Since 2016In 2018, Ultra was focused on horizontal development. However, this year they seem to be transitioning back to primarily vertical wells.
The company's rig count is also at its lowest since late 2016. In Q3 2016 Ultra was running 2 rigs - this year it plans to run 3 (see chart below).
The company's overall production has also been declining slightly each year. For 2019, it will be down 9% compared to 2018.
2019 Plan- 2019 Capex: $320-350 million
D&C: $275-295 million Non-Op: $27-33 million Facilities & Other: $18-22 million- Well Plans: 99 net wells planned (90 net operated wells / 9 net non-op wells)
- Rigs: 3 rigs running (dedicated to drilling vertical Pinedale wells)…
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