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IPAA 2011 OGIS New York – Ultra Petroleum Corp.

Ultra Petroleum Corp. · Apr 13, 2011 · 28 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 1
    Ultra Petroleum Corp. IPAA Oil and Gas Investment Symposium April 13, 2011 Michael D. Watford Chairman, President and CEO Ultra Petroleum Corp. is an independent exploration and production company focused on developing its…
  2. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 2
    A Unique Energy Company Uniquely focused on Profitable Growth 39% return on equity for 2010 19% production growth for 2010 Growing scale of our assets: Early development of Wyoming legacy asset Emerging Marcellus opportunity…
  3. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 3
    Focused on Creating Long-Term Value UPL CROCI - 28% Production per share CAGR - 25% 18% High Returns BRY 2006 - 2010 CROCI Average 17% Low Growth BBG SWN (53%, 20%) 16% High Returns NBL High Growth 15% APA EOG Median…
  4. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 4
    And a Consistent Track Record of Growth Proved Reserve Growth Production Growth 5,000 225 4,500 200 17% CAGR 4,000 24% CAGR 175 3,500 150 3,000 Bcfe Bcfe 125 2,500 100 2,000 75 1,500 1,000 50 500…
  5. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 5
    2010 Results 1,576MM capital budget 610MM Wyoming 390MM Pennsylvania 77MM Midstream 453MM Land 46MM Corporate Produced 213.6 Bcfe; 19% growth 4.4 Tcfe proved reserves 324% Organic reserve replacement ratio Drill-bit F&D cost of…
  6. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 6
    2005 2009 Proved Reserves Per Share CAGR 19% Median: 3% Source: Credit Suisse
  7. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 7
    Production per Debt-Adjusted Share Growth 2005 - 2010 45% 21% UPL 35% 25% 15% Mean: 7% 5% -5% -15% UPL APA PXD OXY EOG NFX SWN RRC MUR NBL KWK APC DVN CHK Source: UBS
  8. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 8
    2010 F&D Costs per Mcf 5.00 4.00 2010 1.48/Mcf 3.00 Mean: 1.92/Mcf 2.00 1.00 0.00 Source: Morgan Stanley Research
  9. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 9
    2009 All-In Costs per Mcfe 2010 UPL 2.68 Mean: 5.41/Mcfe Source: Tudor Pickering Holt
  10. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 10
    Impressive Performance Record Year Year Year Year Ended Ended Ended Ended 2007 2008 2009 2010 Natural Gas Price (/Mcf) 4.66 7.11 3.49 4.31 Operating Cash Flow Margin 72% 75% 70% 70% Net Income Margin 42% 37% 31% 31% Total Cost…
  11. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 11
    Consistently Delivering Strong Margins 8.00 7.26 Operating Cash Flow 7.00 Operating Expenses Realized Gas Price (/Mcf) 6.00 4.66 4.88 4.88 5.00 4.00 3.49 3.00 75% 70% 2.00 72% 70% 1.00 0.00 2007 2008 2009 2010
  12. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 12
    2010 Return On Equity 35% 30% UPL 1 30% 25% 20% 15% Mean: 11% 10% 5% 0% FST PWT CNQ BBG XEC COS SWN NFX CHK DVN APA NXY SU DNR PXD APC PXP ECA RRC UPL NBL TLM…
  13. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 13
    Financial Strength December 31, 2010 Total Debt Capacity (MM) 2,550 Maturity Profile Balance Sheet (MM) 600 Net Debt 1,489 500 400 millions Short Term Liquidity 500 300 200 Coverage Ratios 100 0 Debt/EBITDA 1.9x 2011 2013 2015…
  14. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 14
    2011 Plan 2011 Capital Investment Program (MM) Rockies 590 Appalachia 380 Midstream 50 Land 30 Corporate 50 Total Capital Budget 1,100 Target drilling program: 229 gross (125 net) Wyoming wells 163 gross (80 net) Pennsylvania…
  15. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 15
    Lance Tight Gas Sand Fairway UPL Interest Wells in Red Pinedale Field 90 sq. miles 1,700+ wells 1.5 Bcfd Field OGIP = 58.7 TCF Recoverable = 38.2 TCF Jonah Field 36 sq. miles 1,500+ wells 0.9 Bcfd Field OGIP = 15.0 TCF…
  16. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 16
    Ultras Pinedale Well Economics 160% Typical Pinedale Well: 6.00/Mcf 140% Well cost: 4.6 MM 120% Reserves / well: 4 - 6 Bcfe IRR: 48% - 115% 100% F&D cost: 0.95 - 1.43/Mcfe IRR 80% Pay out: 14 27 months Reserve life: 32 - 38…
  17. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 17
    Improving Pinedale Drilling Efficiencies Full Full Full Full Year Year Year Year 2007 2008 2009 2010 Spud to TD (days) 35 24 20 14 Rig Release to 48 32 23 17 Rig Release (days) % wells drilled < 20 days 2% 27% 73% 95% Well cost pad…
  18. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 18
    Expanding Rockies Takeaway Capacity 14.0 12.0 Ruby Online Bison Online 10.0 8.0 Average Daily Volume (Bcf/d) 6.0 4.0 2.0 0.0 Actual Forecast Pipeline Capacity Source: Bentek Energy
  19. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 19
    Narrowing Basis Differential Basis Differential as a Percentage (%) of Henry Hub YTD Balance 2007 2008 2009 2010 2011 2011 2012 NW Rockies 58 69 77 90 93 92 93 Dominion South 105 105 107 104 106 103 102 Source: Forecast period -…
  20. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 20
    Changing Natural Gas Sales Mix Northeast Rockies % Henry Hub Pricing 100 90 80 70 % Henry Hub Pricing Total Revenues () 60 50 40 30 20 10 0 2008 2009 2010 2011 (E) 2012 (E) 2013 (E)
  21. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 21
    Marcellus Shale Fairway Northern Area 164,000 Net Acres 75 Producing Horizontals at YE 2010 Southern Area 96,000 Net Acres 17 Producing Horizontals at YE 2010 Appalachian Basin Marcellus Shale Play 170,000 sq. miles*…
  22. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 22
    Marcellus 2010 Results Northern Area 164,000 Net Acres 75 Producing Horizontals at YE 2010 Southern Area 96,000 Net Acres 17 Producing Horizontals at YE 2010 390MM investment 116 gross (72 net) horizontal wells drilled 92…
  23. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 23
    Marcellus Production Highlights Soderberg Pad 5 wells Parthemer Pad 6 wells 5.2 MMCFPD AVG. 5.5 MMCFPD AVG. Kenton 902 5H: 4.7 MMCFPD Phillips 504 5H: 6.3 MMCFPD PAD Kenton 902 1H: 7.2 MMCFPD PAD Yungwirth 307 1H: 9.3…
  24. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 24
    2011 Marcellus Plan Northern Area 164,000 Net Acres 110 Horizontal Wells Planned 95 New Horizontal Producers Southern Area 96,000 Net Acres 53 Horizontal Wells Planned 55 New Horizontal Producers 380MM planned investment…
  25. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 25
    Ultras Marcellus Well Economics 100% 90% 3.75 5.0 80% Bcfe Bcfe 70% Well Cost: 4.2 MM 6.0 MM 60% Reserves/well: 3.75 Bcfe 5.0 Bcfe IRR 50% IRR: 64% 57% 40% F&D Cost/mcfe 1.32 1.37 30% Payout, months: 21.1 23.3 20% Reserve…
  26. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 26
    Ultras Reserve Value Net 5/Mcf 6/Mcf Reserves PV-10 PV-10 Reserve Category Bcfe MM MM Proved* 8,552 8,669 11,604 Probable 2,026 1,066 1,651 2P: (Proved + Probable) 10,578 9,735 13,255 Possible 4,623 2,552 3,860 3P: (Proved +…
  27. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 27
    Ultras Three Year Plan 2010 (A) 2011 (E) 2012 (E) 2013 (E) Operations Realized price (/Mcf) 4.88 4.95 5.25 5.55 Capex (MM) 1,576 1,100 1,100 1,100 Production (Bcfe) 214 250 290 330 Income Statement (MM) EBITDA 818 997 1,215 1,495…
  28. IPAA 2011 OGIS New York – Ultra Petroleum Corp. – slide 28
    What Differentiates Ultra Robust Investment Portfolio Profitable Growth Strategy Over 10,000 long-life drilling locations Forecast production growth of 20+ years of inventory at 2011 cap-ex 50% over 3 years High rate of return…

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