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April 2016 Presentation by Chairman – Ultra Petroleum Corp.

Ultra Petroleum Corp. · Apr 4, 2016 · 27 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. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 1
    Ultra Petroleum Corp. Michael D. Watford Chairman, President & CEO April 2016 Ultra Petroleum Corp. is an independent energy company engaged in domestic natural gas and oil exploration, development and production. The company is…
  2. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 2
    UPL Overview - 2016 Concentrated assets Natural gas focused 92% western basin, long-life, low-cost reserves Improving capital efficiency (declining costs with improved drilling times) Pinedale returns 35% at 3.00/Mcf Ultra…
  3. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 3
    2016 Plan 2016 Drilling program Capital Investment Program 72 gross Wyoming wells 260MM 13 8 2 operated rigs Production goal 265 280 Bcfe 93 gross Wyoming wells online 239 Wyoming Corporate Other Ultra Petroleum…
  4. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 4
    Proved Reserves and Value 1P Reserves (Bcfe) 1P PV-10 (MM) 6,000 8,000 7,000 5,371 7,098 5,000 6,000 4,000 5,000 3,614 3,000 4,000 4,132 2,528 3,000 2,000 2,000 1,866 1,000 1,000 0 0 2013 2014 2015 2013 2014…
  5. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 5
    Green River Basin Natural Gas WY Pinedale/Jonah Fields Net Acres: 68,000 UT CO Proved Developed: 2,390 Bcfe Total WI Wells: 2,578 Production: 738 Mmcfe/d Ultra Operated QEP Operated Ultra Petroleum Corp. NYSE: UPL 5
  6. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 6
    Pinedales Well Economics 300% 250% Reserve Size (Bcfe) 4.0 5.0 6.0 Well Cost (/MM) 200% 3.20 9% 17% 27% IRR 150% 3.00 11% 20% 31% 100% 2.75 14% 25% 38% 50% Economics at 2.00/Mcf wellhead price and 50/bbl Payout…
  7. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 7
    Operating Efficiencies 80 70 major changes in well design and rigs 60 50 Rig Release to 40 Rig Release (Days) 30 20 10 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 600 500 400 Rig Release to 300 Rig Release…
  8. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 8
    Historical Well Costs 8.0 Pinedale Field 7.0 6.0 5.0 Total Well Cost 4.0 (MM) 3.0 2.0 1.0 - 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Ultra Petroleum Corp. NYSE: UPL 8
  9. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 9
    2015 Well Costs 3.8 3.71 3.7 3.6 3.5 3.45 3.4 3.3 3.2 Millions 3.10 3.1 3.0 2.85 2.9 2.75 2.8 2.7 2.6 2.5 4Q14 1Q15 2Q15 3Q15 4Q15 Ultra Petroleum Corp. NYSE: UPL 9
  10. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 10
    Future Wyoming Development
  11. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 11
    Uinta Basin Oil WY Three Rivers Net Acres: 9,000 Proved Developed: 5.7 MMBOE UT CO Total WI Wells: 146 Production: 4,003 Boepd Ultra Petroleum Corp. NYSE: UPL 11
  12. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 12
    Uinta Well Economics 150% 120% Reserve Size (MBO) 200 250 300 90% Well Cost 1.9 31% 49% 72% (/MM) 1.7 39% 64% 91% IRR 60% 1.5 52% 83% 124% 30% Economics at 50/BBL wellhead price Payout for a 300 MBO well at…
  13. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 13
    Waterflood Pilot Secondary UINTAH CO. Analog Primary Incremental Altamont-Bluebell to Primary Field Recovery Recovery Ratio Redwash 53 MMBO 53 MMBO 1 Wonsits Redwash Wonsits 22 MMBO 26 MMBO 1.2 A Monument Butte GMBU 5% 10% -…
  14. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 14
    Uinta Oil Market Infrastructure Rail Terminal Ogden Rail Terminal Refinery Highway Holly Big West Frontier Chevron Tesoro Salt Lake City Ultra Uinta Basin Provo Rail Terminal Three Rivers Field Helper Rail…
  15. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 15
    Marcellus Shale Natural Gas Anadarko/Mitsui AMI Net Acres: 74,000 Proved Developed: 104 Bcfe Total WI Wells: 142 Production: 41 Mmcfe/d Ultra-Interest Lands PA Ultra Petroleum Corp. NYSE: UPL 15
  16. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 16
    Marcellus Well Economics 120% Reserve Size (Bcfe) 100% 6.0 7.0 8.0 80% Well Cost 6.5 14% 21% 29% (/MM) IRR 60% 6.0 17% 26% 35% 40% 5.5 22% 31% 42% 20% Economics at 3.00/Mcf wellhead price Payout for 7 Bcfe well…
  17. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 17
    Cash Operating Costs 8.00 7.50 2015 Cash Costs per Mcfe 7.00 UPL 2015 Cash Costs Per 6.50 Mcfe 6.00 LOE 0.44 Production Tax 0.25 5.50 Gathering Fees 0.30 5.00 Transportation 0.29 Cash Costs G&A 0.03 per Mcfe 4.50 Mean - Int. &…
  18. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 18
    Shift in Basis Differentials 120% 110% Basis Differentials as a Percentage of Henry Hub 106% 106% 107% 105% 104% 105% 105% 104% 104% 100% 100% 96% 94% 96% 94% 94% 93% 94% 94% 90% 94% 86% 78% 80% 78% 74% 81% 74% 78% 70% 77%…
  19. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 19
    Cash Flow and Net Income Margins Cash Flow Margin Net Income Margin 100% 60% Cash Flow Breakeven (/Mcfe) Net Income Breakeven (/Mcfe) 90% 50% 80% 1.15 1.35 1.62 1.78 1.79 2.82 3.07 2.82 3.10 3.32 70% 40% 60% 50% 30% 40% 73% 64%…
  20. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 20
    Production and Financial Guidance FY 2016 estimated production 265 280 Bcfe 93% Wyoming 5% Pennsylvania 2% Utah Q1 2016 realized pricing Natural gas: 2 - 5% discount to NYMEX Oil & condensate: 19 21% discount to NYMEX Q1 2016…
  21. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 21
    Growing Natural Gas Demand Annual Gas Demand Change 4.0 3.5 3.0 2.5 Bcf/d 2.0 1.5 1.0 0.5 0.0 2014 2015 2016 2017 2018 2019 2020 LNG Power Gen Industrial Mexico Transport Source: Simmons & Company, IEA,…
  22. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 22
    Lower 48 Natural Gas Production Lower 48 Pipeline Data 75 70 65 Bcf/Day 74 60 73 72 71 55 70 69 May 15 Aug 15 Nov 15 Feb 16 May 50
  23. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 23
    Growing Natural Gas Demand Cumulative Gas Demand 30.0 23 Bcf/d incremental demand 2014 2020 12 Bcf/d incremental demand 2014 - 2017 25.0 20.0 Bcf/d 15.0 10.0 5.0 0.0 2014 2015 2016 2017 2018 2019 2020 LNG…
  24. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 24
    Uinta Basin Players Utah Duschesne Uintah Colorado WY Northern Edge of Uinta Basin UT CO Altamont CUM: 312 MMBo 539 Bcf DVN EP CPG BBG QEP NFX UPL QEP NFX CPG APC EOG BRY EP Monument Butte XOM CUM: 72 MMBo 244 Bcf…
  25. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 25
    Debt Structure Millions Covenants Parent Ultra Petroleum Corp. 5.75% Notes due December 2018 450 6.125% Notes due October 2024 850 2.25 Interest Coverage Ratio (EBITDA/Interest) Total Outstanding - Parent 1,300 (3.3x at December 31,…
  26. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 26
    Benefits of Using Natural Gas Domestic: Greater use of this clean, abundant, madein- America energy source will create U.S. jobs and boost local economies, while advancing our national security Abundant: 2,853 Tcf of natural gas…
  27. April 2016 Presentation by Chairman – Ultra Petroleum Corp. – slide 27
    Innovative Employees We value the multi-faceted skills and performance our talented employees have to offer We have a unique, entrepreneurial, value-driven business culture We operate in a highly decentralized work environment…

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