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Cowen and Company Energy Conference – Ultra Petroleum Corp.

Ultra Petroleum Corp. · Dec 7, 2016 · 32 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. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 1
    December 7, 2016 Cowen and Company Energy & Natural Resources Conference Ultra Petroleum Corp. is an independent energy company engaged in domestic natural gas and oil exploration, development and production. The company trades…
  2. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 2
    Ultra Petroleum Corp. Asset Overview/Update Performance Properties Positioned for Growth Investment Highlights Ultra Petroleum Corp. OTC: UPLMQ
  3. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 3
    Asset Overview/Update Reorganization Update Elected to restructure through an in-court process with chapter 11 filing on April 29, 2016 Plan Support Agreement and Backstop Commitment agreement executed on November 21, 2016 The…
  4. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 4
    Asset Overview/Update 2016 Update Capital Development Investment Program Well Rig Production Program Count Count Goal 295 Through million WY 139 3Q16: 2 281 284 (90% in UT 13 Early Bcfe WY) 4Q16: 4 Ultra Petroleum Corp.…
  5. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 5
    Asset Overview/Update Snapshot Pinedale and Jonah Fields Green River Basin, WY Net Acres: 68,000 % Operated: 84% 3Q16 Prod: 697 Mmcfe/d Marcellus Shale Appalachia, PA Net Acres: 74,000 Three Rivers Field % Operated: 0%…
  6. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 6
    Asset Overview/Update Building on a Solid Platform High Quality Assets Performance Properties Positioned for Growth Consistent execution Natural gas focused 4,900 remaining locations Industry leading cost Attractive…
  7. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 7
    Performance Well Cost Reduction Throughout Price Cycles 8.0 7.0 UPL-Operated Pinedale Well Costs 6.0 5.0 MM 4.0 3.0 2.0 1.0 0.0 2006 - 2008 2009 - 2011 2012 - 2014 2015 - 2016 Well Costs -21% -4% -21% -30% WTI, /bbl +51%…
  8. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 8
    Performance Proven Track Record of Well Cost Reductions 6.0 3.00 5.0 2.50 Total Well Cost (MM) 4.0 2.00 Well F&D (/Mcf) 3.0 1.50 2.0 1.00 1.0 0.50 - - 2011 2012 2013 2014 2015 2016 Year Well Cost 3.0 Bcf…
  9. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 9
    Performance Delivering a Consistent Record of Strong Performance Pinedale Year-End Well Cost 6.0 5.0 4.80 4.70 Gross Well Cost (MM) 4.0 3.80 3.80 2.85 2.60 3.0 2.0 1.0 - 2011 2012 2013 2014 2015 2016 Rate of Return…
  10. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 10
    Performance Consistent Improvement: Cash Operating Costs /Mcfe 1.60 1.40 Cash G&A 1.20 Transportation 1.00 Gathering Production Taxes 0.80 Operating Lease 0.60 Lease Operating Expense 0.40 0.20 - 1Q14 2Q14 3Q14…
  11. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 11
    Performance Ultra is a Low-Cost Leader Cash Costs* public companies with 90% natural gas production /Mcfe 1.80 1.65 2Q16 3Q16 1.50 1.35 1.20 1.05 0.90 0.75 0.60 0.45 0.30 0.15 0.00 Ultra Rice Cabot Gulfport SWN Range EQT Antero…
  12. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 12
    Performance Lowest G&A Costs in Survey For 2015, Ultras gross G&A per unit of production was one-third of the first quartile average for the 26 companies in the survey. Ultra Petroleum Corp. OTC: UPLMQ Source: PWC 2015 G&A…
  13. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 13
    Properties Consistent Execution, Strong Realizations Improving capital efficiency (declining costs with improved drilling times Reduced 3Q16 LOE per MCFE by 24% compared to 3Q15 Wyoming Low-risk opportunities in proven gas…
  14. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 14
    Properties Core Asset: Pinedale Field Pinedale Over 80% of companys Field reserves 4,900 remaining gross…
  15. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 15
    Properties Attractive Basis Differentials 120% Basis Differentials as a Percentage of Henry Hub 104% 104% 100% 100% 94% 96% 96% 94% 94% 93% 92% 91% 90% 92% 91% 80% 77% 74% 72% 65% 60% 54% 52% 40% 78% 74% 68% 62%…
  16. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 16
    Properties Uinta Basin Oil Uinta Basin 8,000 net acres Bluebell 130 producing wells Brennan Bottom 100% operated Three Rivers Leland Bench Wonsits Valley 6,500 to 7,500 average well depth Natural Butte Monument…
  17. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 17
    Properties Utah Oil Price Differentials Nov-15 Nov-16 Ultra Petroleum Corp. OTC: UPLMQ
  18. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 18
    Properties Marcellus Shale Natural Gas Marcellus 74,000 net acres 130 producing wells 98% held by activity Ultra-Interest Lands Operated by Anadarko Ultra Petroleum Corp. OTC: UPLMQ 19
  19. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 19
    Positioned for Growth 2017 Guidance Ultra Petroleum Corp. OTC: UPLMQ
  20. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 20
    Positioned for Growth Significant Upside for Pinedale Growth 4,000 Premium Inventory High Value Remaining Pinedale Inventory Inventory 3,500 Well Gross Average Inventory Type F&D Locations EUR 3,000 (/Mcfe) (Bcfe) Gross…
  21. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 21
    Positioned for Growth Long-Term Outlook for Growth (Bcfe) Production Growth ( millions) EBITDA 600 2,000 517 486 500 456 1,500 1,397 1,461 382 1,312 400 304 996 300 1,000 685 200 500 100 0 0 2017 2018 2019 2020 2021…
  22. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 22
    Investment Highlights Low Industry leading cost structure Cost Drilling and completion costs continue to decrease Operator Drilling efficiencies continue to increase Excellent Strong returns: 66% IRR at 3.00 per Mcf; 50 per bbl…
  23. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 23
    Appendix Ultra Petroleum Corp. OTC: UPLMQ 24
  24. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 24
    Appendix Business Outlook 10-12-2016 Development Plan Base Case Sensitivity Strip Pricing Henry Hub Gas Price (/Mmbtu) 2017: 3.00 2017: 3.00 2017: 3.32 2018: 3.25 2018: 3.25 2018: 3.03 2019: 3.50 flat 2019: 4.00 flat 2019: 2.92 to…
  25. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 25
    Appendix Pinedale LOE Net Operated LOE per Month January 2014 September 2016 8.0 7.0 Shell Acquisition 6.0 Net LOE/Month 5.0 4.0 3.0 2.0 1.0 - J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S…
  26. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 26
    Appendix Pinedale Type Curve Parameters 1st year Final Condensate Gross EUR, nominal Exponential Yield, Count BCFE b-factor Decline Decline bbl/MMcf Existing Wells 2,783 2 - 10 1.2 - 2.0 50% - 80% 4% - 8% 5 - 15 Future Locations…
  27. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 27
    Appendix Pinedale Historical Annual Well Costs 8.0 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. OTC: UPLMQ 28
  28. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 28
    Appendix Continued Operating Efficiencies 600 500 400 Rig Release to 300 Rig Release (Hours) 200 100 Record Well 188 hours 0 2009 2010 2011 2012 2013 2014 2015 1H2016 Ultra Petroleum Corp. OTC: UPLMQ 29
  29. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 29
    Appendix Results in Improved Capital Efficiency 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 2.90 2.85 2.9 2.77 2.8 2.7 2.60 2.6 2.5 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 Ultra Petroleum Corp.…
  30. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 30
    Appendix Lower 48 Natural Gas Production Ultra Petroleum Corp. OTC: UPLMQ
  31. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 31
    Appendix Rockies Natural Gas Production Ultra Petroleum Corp. OTC: UPLMQ
  32. Cowen and Company Energy Conference – Ultra Petroleum Corp. – slide 32
    Appendix Pinedale Regional Pipeline Transportation Infrastructure Ultra Petroleum Corp. OTC: UPLMQ

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