Investor Update 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 196,346,736 3Q17 Business Results Net production 773 MMcfe/d Adjusted EBITDA 153 million Net acreage Wyoming…
Ultra is a Tier 1 Gas Producer Extensive, attractive and predictable inventory. Vertical inventory to 2025 with at least 20% IRR, with more than 1,000 vertical locations 25% IRR Low cost, high margin production. Low 1.00 per Mcfe…
3Q17 Summary & Full Year Production Update 3Q17 and YTD Results 2017 Production Guidance Update 3Q17 YTD Bcfe Production, Bcfe 71.1 202.2 Midpoint: 285 Capex, MM 162 387 Base Production Run Time: (4) EBITDA, MM 153 445 2H17…
Pinedale Drilling Progression 2017 Activity Summary: Drilling on east flank IPs lower than average Higher condensate yield Concurrent horizontals 2018-19 Drilling Plans: Rigs moving west into core Expecting higher IPs and EURs…
Pinedale Vertical Inventory Remaining inventory: 1,910 10-acre wells and 2,993 5-acre wells Producing Wells Future Vertical Locations Oakridge/ QEP operated Ultra operated Inventory based on 3rd party reserve report (NSAI)…
Pinedale Vertical Well Performance 900 800 Cumulative Production (MMCF) 7-year history validates 700 high-quality inventory 600 500 400 4 Bcfe type curve 300 200 100 - 1 2 3 4 5 6 7 8 9 10 11 12 Months Ultra…
Most Accurate IRRs Derived from Actual Producing Days Producing Day Rate (PDR) is critical to derive accurate IP rates and type curves. Monthly volume should be divided by actual producing days, which are publicly reported by State of…
Pinedale Vertical Well Economics Parameter Value IRR Sensitivity: DC&E Costs & EUR EUR, Bcfe 4.0 DC&E Capital / Well IP30, MMcf/d 3.8 2.5MM 2.8MM Average Condensate Yield, Bbls/MMcf 11 3.0 16% 12% Decline Curve Parameters B-factor…
Minimal Well Cost Inflation Ongoing efficiency gains partially offset 10% cost inflation since 2016 Completion design modified in 2Q to test increased diversion with additional frac plugs Early results under study; returned to…
Low Cost Operations Further Improved Through Reorganization Ultra is a low cost leader among public companies with Cash Operating Costs…
Pinedale Pipeline Transportation Infrastructure Unlike its Appalachian peers with burdensome fixed minimum volume commitments, UPL has a variable cost structure with no current contractual commitments Excess pipeline capacity leads to…
Attractive Basis Differentials Out of Rockies Attractive basis differentials out of the Rockies with price realization 90% NYMEX Approximately 95% of Q3 2017 production from Rockies 120% Basis Differentials as a Percentage of Henry…
2018 Preliminary Growth Considerations Key focus. Balancing free cash flow (FCF) generation with production growth 100% Vertical program. Ability to grow production 20% at 3 HHUB while living within FCF Horizontal integration. Early…
Horizontal Program Potential Potential Well Economics: Inputs Potential Well Economics: Results EUR = 20 Bcfe (2.0 Bcfe / 1000) IRR = 70% IP = 11 MMcfd (Antelope 341-19H) NPV10 = 12.8 MM Condensate Yield = 20 Bbls/MMcf Payout = 19…
Pinedale Horizontal Flank Upside Potential Horizontal Flank Wells Beyond the Boundary of Pinedale Vertical Development Ultra currently 1,600 potential horizontal locations using testing East Flank pre-existing infrastructure of…
Horizontal Well Activity Ultra Boulder 10-33-B-1H Ultra Lower Lance B Warbonnet 9-23-A-2H Drilled in 2016 Lower Lance A Drilled Surface Ultra Warbonnet 9-23-M-1H Lower Mesaverde Drilling Jonah Energy Antelope 341-19H Lower…
Horizontal Well Data EUR, Bcfe Lateral Well Name Operator Status Interval (% oil) Notes Length [Bcfe/1000] 10.8 Bcfe Low IP: 3 MMcfd Antelope Jonah 1st production Low decline rate Lower Lance A 3,800 (15% oil) 91-29H Energy Jan…
Uinta Basin Oil Uinta 8,000 Net Acres Basin Q3 2017 production of Bluebell 2,324 Boe/d 137 Producing Wells Brennan Bottom 100% Operated Three Rivers 6,500 to 7,500 Leland Bench Wonsits Valley Average Well Depth…
Marcellus Shale Natural Gas 72,000 Net Acres Marcellus Q3 2017 Production of 31 Mmcf/d 136 Producing Wells Operated by Alta Resources 99% Held by Production 1,972 Gross Locations Marcellus & Geneseo stacked pay…
Third Quarter 2017 Summary Financial Results Millions 3Q17 3Q16 % Change Production (Bcfe) 71.1 69.3 2.5% EBITDA 153.2 132.2 15.9% Net Income (1) (327.7) 98.4 n/a Adjusted Net Income(2) 78.8 102.4 -23.0% Prices and Differentials…
Capital Structure and Debt Maturities As of September 30, 2017 (MM) Millions Debt Maturities Cash 5 1,200 1,000 425.0 Million Credit Facility 20 Undrawn revolver 7.875% Unsecured Bonds due 2022 700 800 Term Loan due 2024 (Libor +…
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