Skip to main content Barclays High Yield Bond and Syndicated Loan Conference – Ultra Petroleum Corp. Investor Presentation | Shale Experts
Loading...
Pm

Barclays High Yield Bond and Syndicated Loan Conference – Ultra Petroleum Corp.

Ultra Petroleum Corp. · May 22, 2018 · 18 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. Barclays High Yield Bond and Syndicated Loan Conference – Ultra Petroleum Corp. – slide 1
    Barclays High Yield Bond & Syndicated Loan Conference May 22, 2018
  2. Barclays High Yield Bond and Syndicated Loan Conference – Ultra Petroleum Corp. – slide 2
    Company Overview Market Snapshot NASDAQ Symbol UPL Market Capitalization, million (May 21) 443 Net Debt 03/31/18, million 2,157 Enterprise Value, million (May 21) 2,600 Production & Reserves 1Q18 Production, Bcfe 72.3 SEC Proved…
  3. Barclays High Yield Bond and Syndicated Loan Conference – Ultra Petroleum Corp. – slide 3
    Year to Date Highlights 1Q18 Production averaged 803 MMcfe/d: above midpoint of guidance Reduced operated rig fleet from 7 to 4: all rigs equipped for horizontal development Ramped up horizontal well activity with decreasing costs:…
  4. Barclays High Yield Bond and Syndicated Loan Conference – Ultra Petroleum Corp. – slide 4
    Flexible Balance Sheet Millions 1,200 Capital Structure, millions Term Loan due 2024 (LIBOR+3%) 975 Undrawn revolver 1,000 6.875% Unsecured Bonds due 2022 700 7.125% Unsecured Bonds due 2025 500 800 425 million Credit Facility…
  5. Barclays High Yield Bond and Syndicated Loan Conference – Ultra Petroleum Corp. – slide 5
    1Q18 Results 1Q18 Results 1Q18 EBITDA Guidance Actual Actual Production, MMcfe/d 790 810 803 Revenue, incl. hedges, /Mcfe 3.10 Lease Operating Expense 0.32 0.35 0.30 Facility Lease Expense 0.08 0.08 0.09 EBITDA Cash Costs, /Mcfe…
  6. Barclays High Yield Bond and Syndicated Loan Conference – Ultra Petroleum Corp. – slide 6
    Increased Hedges for 2018 Volumes Gas Volumes Hedged for 2018 As Of: Oil Volumes Hedged for 2018 As Of: Prices: /MMBtu Prices: /Bbl 225 2.00 200 Bcf MMBbls 1.75 175 1.50 150 1.25 125 1.00 100 0.75 75 50 Avg = 0.50 Avg = 2.89 0.25…
  7. Barclays High Yield Bond and Syndicated Loan Conference – Ultra Petroleum Corp. – slide 7
    2018 Capital Plan and Guidance - Updated 2018 Plan Capital Program = 400 MM Capital Efficiency: Pinedale Operated (Vert + HZ) 360 Pinedale Non. Op. Verticals 30 Disciplined deployment of capital Corporate Other 10 Relentless…
  8. Barclays High Yield Bond and Syndicated Loan Conference – Ultra Petroleum Corp. – slide 8
    2018 Capital Spending by Quarter MM Rig Count 160 16 Capital spend rate per rig is similar for verticals and horizontals: quarterly capex is proportionate to rig count 140 14 131.5 120 12 100 10 80-100 million per quarter with 4…
  9. Barclays High Yield Bond and Syndicated Loan Conference – Ultra Petroleum Corp. – slide 9
    Improved Vertical Well Performance 900 800 Cumulative Production (MMCF) 4 Bcfe type curve 700 600 1Q18: Avg IP = 7.7 MMcfe/d 500 400 1Q17: Avg IP = 6.1 MMcfe/d 300 2Q17: Avg IP = 7.4 MMcfe/d 200 3Q17: Avg IP = 6.8…
  10. Barclays High Yield Bond and Syndicated Loan Conference – Ultra Petroleum Corp. – slide 10
    Horizontal Flank Upside 2018 HZ activity focused on east flank of Pinedale 1600 HZ flank locations (700 net): 280 net wells with WI 75% 235 net wells with WI 50-75% 185 net wells with WI < 50% 25-30 high WI HZ wells in 2018…
  11. Barclays High Yield Bond and Syndicated Loan Conference – Ultra Petroleum Corp. – slide 11
    Significant Stacked Pay Horizontal Potential 50 pads x 8 targets/pad x 4 locations/target = 1,600 potential locations (700 net) Upper Lance Lower Lance Mesaverde Ultra Petroleum Corp. NASDAQ: UPL 12
  12. Barclays High Yield Bond and Syndicated Loan Conference – Ultra Petroleum Corp. – slide 12
    Transition to Horizontal Program Ramp Up in HZ Wells Per Year Currently running 3 HZ rigs 36+ 40 25-30 30 2nd HZ Well Drilled: 4th HZ Well Drilled: 2-mile lateral on east flank 2-mile lateral on east flank 20 Lower Lance A Lower…
  13. Barclays High Yield Bond and Syndicated Loan Conference – Ultra Petroleum Corp. – slide 13
    Lower Lance Horizontal Well Costs Through April 2018 Budget Case: 9.0 MM/well YE18 Target Case: 7.5 MM/well MM/well MM/1,000 lateral 12 1.50 10 1.25 10.0 9.0 8 8.3 8.4 1.00 7.5 6 0.75 5.8 4 0.50 2 0.25 0 0.00 BR 10-33 WB…
  14. Barclays High Yield Bond and Syndicated Loan Conference – Ultra Petroleum Corp. – slide 14
    Lower Lance Horizontal Well Summary 2-mile laterals in Lower Lance WB 9-23 WB 9-23 WB 8-25 WB 9-23 A-1H A-2H A-1H A-3H Lateral Length 10,400 11,000 9,900 10,900 Lateral Net to Gross 78% 82% 54% 47% Lateral Net Sand 8,112 9,020 5,346…
  15. Barclays High Yield Bond and Syndicated Loan Conference – Ultra Petroleum Corp. – slide 15
    Horizontal Well Economics Horizontal wells can deliver compelling returns at prices materially lower than current strip Laterals with lower net pay counts require less completion stages and result in lower costs Smaller wells with…
  16. Barclays High Yield Bond and Syndicated Loan Conference – Ultra Petroleum Corp. – slide 16
    HZ Production Performance vs. Budget 9 Cumulative Production, Bcfe 8 Lower Lance A 7 3-Well Average (1) 6 5 4 3 2 1 Vertical: 4 Bcfe 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Months Ultra Petroleum Corp.…
  17. Barclays High Yield Bond and Syndicated Loan Conference – Ultra Petroleum Corp. – slide 17
    2Q18 & Full-Year Guidance Update Expenses & Cash Costs, /Mcfe EBITDA Guidance 2Q18(1) FY18 FY18 Lease Operating Expense 0.30 0.34 0.28 0.31 Revenue, incl. hedges(5), /Mcfe 2.80 Facility Lease Expense 0.08 0.09 0.07 0.09 Production…
  18. Barclays High Yield Bond and Syndicated Loan Conference – Ultra Petroleum Corp. – slide 18
    Barclays High Yield Bond & Syndicated Loan Conference May 22, 2018

From the store

Browse maps, data & reports in the Shale Experts store