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Q3 2013 EARNINGS CALL – Ultra Petroleum Corp.

Ultra Petroleum Corp. · Nov 1, 2013 · 22 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. Q3 2013 EARNINGS CALL – Ultra Petroleum Corp. – slide 1
    Ultra Petroleum Corp. Third Quarter 2013 Results Supplemental Information November 1, 2013 Ultra Petroleum Corp. is an independent exploration and production company focused on developing its long-life natural gas reserves in the Green…
  2. Q3 2013 EARNINGS CALL – Ultra Petroleum Corp. – slide 2
    Uinta Basin Acquisition Overview Acquiring Uinta Basin oil-producing asset in northeast Utah Current net production of 4,000 barrels oil (BO) per day from 38 producing wells Transaction Details Net risked reserves of 90+MMBO…
  3. Q3 2013 EARNINGS CALL – Ultra Petroleum Corp. – slide 3
    Complementary, Strategic Asset Excellent well 100% IRR at strip oil price at current well costs economics Robust economics at stress price scenario Enhances current portfolio of returns Immediate increase in production and…
  4. Q3 2013 EARNINGS CALL – Ultra Petroleum Corp. – slide 4
    Ultra Asset Map UPL - Pinedale UPL - Marcellus UPL - Uinta Basin Ultra operations Recently acquired asset Ultra Petroleum Corp. NYSE: UPL 4
  5. Q3 2013 EARNINGS CALL – Ultra Petroleum Corp. – slide 5
    Geologically Similar to Pinedale Pinedale Three Rivers Type Section Type Section Pinedale Three Rivers Reservoir Top (MD): 10,500 4,900 Reservoir Base (MD): 13,300 7,000 Upper Green River Average Porosity: 6% 7% Average…
  6. Q3 2013 EARNINGS CALL – Ultra Petroleum Corp. – slide 6
    Uinta Basin Players UPL - Pinedale Utah Duschesne Uintah Colorado Three Rivers Project Northern Edge of Uinta Basin 38 PDP wells Altamont 4,900 BO/d gross and 4,000 BO/d net UPL Uinta 257 Lower Green River locations CUM: 312 MMBo…
  7. Q3 2013 EARNINGS CALL – Ultra Petroleum Corp. – slide 7
    Uinta Basin Regional Comparison Three Rivers Altamont Monument Butte Natural Buttes Operator UPL BBG NFX QEP Target Interval Lower Green River Wasatch/L. Green River Green River Mesaverde/Wasatch Vertical Depth 7,000 13,000 5,000 10,000…
  8. Q3 2013 EARNINGS CALL – Ultra Petroleum Corp. – slide 8
    Three Rivers is Unique Stratigraphic Cross Section Three Rivers Monument Butte Leland Bench Three Rivers Altamont A Leland Bench Upper Green River A West Mahogany Monument Butte Natural Butte Lower Green River 338…
  9. Q3 2013 EARNINGS CALL – Ultra Petroleum Corp. – slide 9
    Three RiversRapid Production Growth 5000 100 4,700 Bbls/d current production 4500 90 4000 80 3500 70 Producing Well Count 3000 60 Avg Gross Bo/d 2500 50 39 wells 2000 40 1500 30 1000 20 500 10 0 0 Ultra…
  10. Q3 2013 EARNINGS CALL – Ultra Petroleum Corp. – slide 10
    Decreasing Well Costs Three Rivers Drilling, Complete & Equip Cost Summary 5,000 4,500 4,000 3,500 3,000 (M) 2,500 Last 10 Avg = 1.49K 2,000 1,500 1,000 500 0 Last 10 34-31 18-41 36-11 16-43 16-42 32-35…
  11. Q3 2013 EARNINGS CALL – Ultra Petroleum Corp. – slide 11
    De-Risked Acreage Three Rivers UPL Three Rivers Leasehold A B C D E F F C D E UGR B Mahogany A TGR 3, Discontinuous Sands Garden Gulch LGR Douglas Creek Travis Correlative Sands Castle Pk, Uteland Butte…
  12. Q3 2013 EARNINGS CALL – Ultra Petroleum Corp. – slide 12
    Prolific Well Data Average Daily Production Rate, Bopd 1st 1st 1st 1st 1st 1st EUR, 30 60 90 120 150 180 Well Days On Production MBO Days Days Days Days Days Days A 396 260 100 105 102 103 109 116 B 150 508 181 222 221 219 216 C…
  13. Q3 2013 EARNINGS CALL – Ultra Petroleum Corp. – slide 13
    Lower Green River Well Performance 70 Cumulative Production 60 380 MBO Type Curve 258 MBO Type Curve 50 Cumulative Oil Produced, MBO 40 160 MBO Type Curve 30 Payout at 23,000 Bbls 20 Recent 19 wells 10 First 12…
  14. Q3 2013 EARNINGS CALL – Ultra Petroleum Corp. – slide 14
    Type Curves vs. Well Performance 1,000 Lower Green River Normalized Daily Oil Production 300 Recent 19 wells 380 MBO Type Curve Daily Oil Produced, BO/d 200 100 First 12 wells 258 MBO Type Curve 160 MBO Type…
  15. Q3 2013 EARNINGS CALL – Ultra Petroleum Corp. – slide 15
    East Bluebell Analog Structural Cross Section Three Rivers A Three Rivers East Bluebell East Bluebell UPL UPL 3-16D-7-20 Rogers 16-43 32-41-720 5-56-820 (log not available) North Mahogany TGR 3 4870 5350 Douglas…
  16. Q3 2013 EARNINGS CALL – Ultra Petroleum Corp. – slide 16
    32 Months of Flat Production Rogers 16-43 1000 100 BO/d for 32 continuous months 100 BO/d 171 MBO Cumulative Production in 4.5 years 10 1 Ultra Petroleum Corp. NYSE: UPL 16
  17. Q3 2013 EARNINGS CALL – Ultra Petroleum Corp. – slide 17
    East Bluebell Analog Rogers 16-43 1000 Hyperbolic 2: 560 MBO 100 Hyperbolic: 530 MBO BO/d 171 MBO Cumulative Production at 7/2013 10 Harmonic: 470 MBO Exponential: 300 MBO 1 Ultra Petroleum Corp. NYSE: UPL…
  18. Q3 2013 EARNINGS CALL – Ultra Petroleum Corp. – slide 18
    Compelling Resource Value Resource Evaluation (Strip Pricing) Net Future Reserves PV-10 Economic Capital Resource Category (MBO) (MM) Wells (MM) Proved Developed 9,900 265 43 12 40-acre Bookable Offsets (LGR/UGR) 27,500 470 130…
  19. Q3 2013 EARNINGS CALL – Ultra Petroleum Corp. – slide 19
    Profitable Well Economics Single Well Returns 380 MBO 345 MBO 160 MBO 100 MBO 80/bbl 380% 345% 85% 40% Oil Price Strip 600% 550% 130% 60% 100/bbl 610% 560% 140% 65% Acquisition Burdened Returns 80/bbl 60% 60% 50% 40% Strip…
  20. Q3 2013 EARNINGS CALL – Ultra Petroleum Corp. – slide 20
    Near-Term Production Growth 12,000 10,000 8,000 Avg. Net 6,000 BO/D 4,000 2,000 0 2013 2014 2015 2016 2017 Proved Developed Future Development Ultra Petroleum Corp. NYSE: UPL 20
  21. Q3 2013 EARNINGS CALL – Ultra Petroleum Corp. – slide 21
    Self-Funding Development Operating Cash Flow vs. Capital Expenditure 250 200 150 MM 100 Operating Cash Flow Capital Expenditure 50 0 Ultra Petroleum Corp. NYSE: UPL Economics based on strip pricing 21
  22. Q3 2013 EARNINGS CALL – Ultra Petroleum Corp. – slide 22
    Key Assumptions Single Well Curves Economics Development LGR Type Curve 1 (446 MBO) CapEx 7 Days Spud to RR 130 Bo/d flat 1 month 1.5MM/LGR well 1 Day between RR to Spud 200 Bo/d flat 3 months 1.2MM/UGR well Risk Qi=200 b=1.6,…

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