September 2017 Ultra Petroleum Corp. is an independent energy company engaged in domestic natural gas and oil exploration, development and production. The company is listed on NASDAQ and trades under the ticker symbol Ultra UPL. Corp.…
Ultra Petroleum Corp. Overview Ticker Symbol NASDAQ:UPL Headquarters Houston, TX Full-time employees 170 Shares outstanding 196,315,182 2Q17 Business Results Net production 738 MMcfe/d Adjusted EBITDA 142 million Net acreage Wyoming…
Benefits from Reorganization Materially improved our already low cost structure by eliminating legacy transportation costs and reducing gathering/processing fees and interest costs The cost savings contribute to an improvement in our…
Company Highlights 1 High Quality & Deep Asset Base with Attractive Returns 2 6 Low-Risk, Repeatable Proven Management & Predictable Team Development 5 3 Attractive Realized Robust Balance Sheet Prices & Low Cost &…
Ultra Petroleum Overview Pinedale and Jonah Fields Green River Basin, WY Net Acres: 78,000 % Gas: 96% % Operated: 90% 2Q17 Prod: 691 Mmcfe/d Marcellus Shale Appalachia, PA Net Acres: 72,000 % Gas: 100% Three Rivers Field…
Consistent Improvement in Cash Operating Costs Proven ability to reduce cash operating costs since Q1 2014, with sustainable cost structure at 1.00 / Mcfe Eliminated legacy firm transportation agreements in Q2 2016 (no firm transport…
Ultra is a Low-Cost Leader Ultra is a low cost leader among public companies…
Well Cost Reduction Throughout Price Cycles Vertical natural gas directed D&C not linked to changes in oil prices Able to reduce D&C cost through both rising and falling commodity price cycles Significant majority of savings from…
Attractive Basis Differentials Out of Rockies Attractive basis differentials out of the Rockies with price realization 90% NYMEX Over 95% of Q2 2017 production from Rockies 120% Basis Differentials as a Percentage of Henry Hub 104%…
Pinedale Pipeline Transportation Infrastructure Superior basis differentials out of basin with West Coast and Mid-Con pricing optionality Excess pipeline capacity out of basin supports long-term differentials and variable cost…
Ultra Petroleum: High Return on Invested Capital Margin expansion drives strong recycle ratio Attractive Realizations Low Costs NYMEX Henry Hub strip (/Mmbtu) 3.15 Lease operating expense 0.33 Less: Average location differential…
Well Recycle Ratios Highly Competitive with Industry Attractive price realizations and low cost structure contribute to strong recycle ratio 5.00x 4.50x EBITDA 2017E Recycle Ratio (Median F&D) 4.00x 3.50x 3.00x 2.50x 2.00x…
Pinedale Asset is Competitive with Core Marcellus Acreage Third party independent research firm, RS Energy, estimates UPLs 2016 breakeven was 2.23 per Mcfe Ultra ranks 2nd best in study with a lower breakeven than all Marcellus…
Extensive Drilling of Low Risk, High Return Projects Significant inventory of low-risk, repeatable and predictable drilling locations across core operating areas Gross Drilling Inventory Single Well Economics(1) 5,000 4,903 50%…
Significant Total Resource Potential Unique mix of significant undeveloped opportunity paired with sizable existing production base Foreseeable development expected to be funded with cash flow from operations Pinedale Marcellus Uinta…
Core Asset: Pinedale Field Q2 2017 production of 691 Mmcfe/d Pinedale Field T33N-R107W Over 95% of companys reserves DA 1 4,903 remaining gross locations Mesa Pole…
Pinedale Asset Overview Description 78,000 net acres in Sublette County, Wyoming Large, contiguous, operated acreage position in the core of the Pinedale Field Proven producing reservoirs in the Lance and Mesaverde formations…
Field is Largely De-Risked and Delineated With 2,700 producing wells, majority of acreage is de-risked to 5-acre spacing Producing Wells Acreage Delineation Stewart Point Stewart Point Half Moon Half Moon DA 1 DA 1 Mesa…
Pinedale is Tight Gas (Not Unconventional Shale) Unlike other unconventional shales (i.e. Permian, Marcellus), which require horizontal development to Greater Pinedale area Greater Pinedale area generate pay intervals, the Pinedale…
Pinedale Geology Low-Risk, Repeatable Drilling Uniform interval thickness across field limits geologic development risk Consistent sand composition and petro-physics leads to low-risk, repeatable drilling program Pinedale Structure…
Normalized Pinedale Type Curve Abundance of data supports Pinedale type curve; 15+ years of production history and over 2,800 wells Type Curve Normalized Production -2400 Wells Dataset Across Entire Anticline 10,000 -Hyperbolic to…
Uinta Basin Oil Uinta 8,000 Net Acres Basin Q2 2017 production of Bluebell 2,413 Boe/d 137 Producing Wells Brennan Bottom 100% Operated Three Rivers 6,500 to 7,500 Leland Bench Wonsits Valley Average Well Depth…
Uinta Asset Overview Description 8,000 net acres in Uintah County, Utah Contiguous, operated acreage position in the core of the Uinta Proven producing reservoirs in the Green River and Mesaverde formations Position allows…
Uinta Economics Single Well Economics IRR Sensitivity Reserve Size 120 150 200 MBO MBO MBO Well Cost Economics based on 1.7MM/well 1.9 12% 24% 40% (MM) 1.7 18% 33% 52% 1.5 29% 45% 70% Economics at 50/Bbl Realized…
Marcellus Shale Natural Gas 72,000 Net Acres Marcellus Q2 2017 Production of 33 Mmcf/d 136 Producing Wells Operated by Alta Resources 99% Held by Production 1,972 Gross Locations Ultra Petroleum Corp. NASDAQ: UPL…
Marcellus Asset Overview Description 72,000 net acres in an established AMI with Alta Resources Large, contiguous acreage position in the core of the Marcellus Proven producing reservoirs in the Marcellus and Geneseo formations…
2017 Guidance Capital budget: Drilling and completion 500.0 million Total, includes acquisition 540.0 million Production: 280 290 Bcfe Realizations (Full Year): Natural Gas (/Mcf) 6 to 8% below NYMEX natural gas price Oil and…
2017 Hedge Positions Hedged volumes are equivalent to nearly 50% of remaining forecasted production guidance for the remainder of the year, assuming the midpoint of guidance Hedged volumes meet the hedging requirements under the…
Summary High Quality & Large, contiguous position in the core of the Pinedale Field with over 69,000 net acres and 4,903 gross drilling locations Deep Asset Base Deep inventory of drilling locations represents 10 years of development…
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