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2Q 2018 Earnings Conference Call – Ultra Petroleum Corp.

Ultra Petroleum Corp. · Aug 9, 2018 · 16 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. 2Q 2018 Earnings Conference Call – Ultra Petroleum Corp. – slide 1
    2Q18 EARNINGS CONFERENCE CALL August 9, 2018
  2. 2Q 2018 Earnings Conference Call – Ultra Petroleum Corp. – slide 2
    COMPANY OVERVIEW NASDAQ Symbol UPL MARKET Market Capitalization, million (Aug 8) 333 SNAPSHOT Net Debt (1) 06/30/18, million 2,233 Enterprise Value, million (Aug 8) 2,566 2Q18 Production, Bcfe 70.9 PRODUCTION SEC Proved…
  3. 2Q 2018 Earnings Conference Call – Ultra Petroleum Corp. – slide 3
    2Q18 HIGHLIGHTS 2Q18 Production averaged 779 MMcfe/d Results 2Q18 Adjusted EBITDA(1) of 122 million 2Q18 EBITDA Cash Costs(1) of 0.96 per Mcfe 11 horizontal wells on-line in 2Q18 with delineation in multiple intervals of the…
  4. 2Q 2018 Earnings Conference Call – Ultra Petroleum Corp. – slide 4
    2Q18 RESULTS Low Cost Operations Driving Cash Flow and Margins 2Q18 Results 2Q18 Adjusted EBITDA(3) Guidance Actual Actual Production, MMcfe/d 780 800 779 /Mcfe /Mcfe Revenue, incl. hedges, /Mcfe 2.70 Lease Operating Expense 0.30…
  5. 2Q 2018 Earnings Conference Call – Ultra Petroleum Corp. – slide 5
    HEDGE SUMMARY 2H18 realized pricing secured with hedges, adding hedges in 2019 Gas Volumes Hedged Oil Volumes Hedged MMBtu/d Bbl/d 800 7,000 Average Price: /Bbl Average Price: /MMBtu 6,000 600 5,000 4,000 400 3,000 2,000 200…
  6. 2Q 2018 Earnings Conference Call – Ultra Petroleum Corp. – slide 6
    FLEXIBLE BALANCE SHEET Long Dated Maturities Millions 1,200 Capital Structure, millions Credit Term 1,000 Facility Loan Term Loan due 2024 (LIBOR+3%)(1): 975 6.875% Unsecured Notes due 2022: 700 800 7.125% Unsecured Notes due…
  7. 2Q 2018 Earnings Conference Call – Ultra Petroleum Corp. – slide 7
    HORIZONTAL DELINEATION 2nd HZ Well Drilled: 4th HZ Well Drilled: May Jun 18 Activity: 2-mile lateral on east flank 2-mile lateral on east flank 11 wells brought on-line in 2Q18 Lower Lance A Lower Lance A Focused on Lower Lance in…
  8. 2Q 2018 Earnings Conference Call – Ultra Petroleum Corp. – slide 8
    SIGNIFICANT STACKED PAY HORIZONTAL POTENTIAL Focused on Lower Lance 10 potential zones in 5 intervals A1 -90 A Upper A2 -250 Lance B1 -390 B B2 -550 Lower C1 -690 Lance C C2 -850 D1 -990 D D2 -1,150 E1 -1290…
  9. 2Q 2018 Earnings Conference Call – Ultra Petroleum Corp. – slide 9
    LOWER LANCE HORIZONTAL WELL SUMMARY Variable performance with best results in Lower Lance A1 Encouraging results in C1 & E1 Lateral Stage IP 24hr IP 30d IP Yield Well Zone IP Date Net/Gross % Length Count MMcfe/d MMcfe/d Bbls/MMcf WB…
  10. 2Q 2018 Earnings Conference Call – Ultra Petroleum Corp. – slide 10
    ENHANCED DATA-DRIVEN WORKFLOW Implementing Industry Best Practices to Optimize Horizontal Development Advanced Geo Model Completion Optimization 3D seismic inversion scope Bias towards higher intensity stimulation Geocellular model…
  11. 2Q 2018 Earnings Conference Call – Ultra Petroleum Corp. – slide 11
    HORIZONTAL ACTIVITY 2Q18 Delineation of Lower Lance in Warbonnet 2H18 to focus on Lower Lance A1 2Q18 Onlines: 11 HZ wells on 4 pads Horizontal Potential Significant stacked pay potential Recently increased Lower Lance from 4 to 5…
  12. 2Q 2018 Earnings Conference Call – Ultra Petroleum Corp. – slide 12
    VERTICAL WELL PROGRAM High-graded activity provides good returns at current prices with large, de-risked inventory providing significant upside at improved pricing 2Q18 Average IP = 8.8 MMcfe/d Vertical Inventory 500 Over 4,000…
  13. 2Q 2018 Earnings Conference Call – Ultra Petroleum Corp. – slide 13
    2018 CAPITAL PLAN AND GUIDANCE - UPDATED Capital Program = 400 MM Capital Efficiency: Pinedale Operated (Vert + HZ) 360 Disciplined deployment of capital Pinedale Non. Op. Verticals 30 Relentless pursuit to control costs Corporate Other…
  14. 2Q 2018 Earnings Conference Call – Ultra Petroleum Corp. – slide 14
    3Q18 & FULL-YEAR GUIDANCE UPDATE Expenses & Cash Costs, /Mcfe Adjusted EBITDA(5) Guidance 3Q18(1) FY18 FY18 Lease Operating Expense 0.30 0.34 0.29 0.33 Revenue, incl. hedges(6), /Mcfe 2.81 Facility Lease Expense 0.08 0.10 0.08 0.10…
  15. 2Q 2018 Earnings Conference Call – Ultra Petroleum Corp. – slide 15
    APPENDIX
  16. 2Q 2018 Earnings Conference Call – Ultra Petroleum Corp. – slide 16
    RECONCILIATION OF ADJUSTED EBITDA AND NON-GAAP DEFINITIONS Reconciliation of Earnings before Interest, Taxes, Depletion and Amortization (unaudited) All amounts expressed in US000's The following table reconciles net income (loss) as…

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