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3Q 2018 Earnings – Ultra Petroleum Corp.

Ultra Petroleum Corp. · Nov 8, 2018 · 14 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. 3Q 2018 Earnings – Ultra Petroleum Corp. – slide 1
    3Q18 EARNINGS CONFERENCE CALL November 8, 2018
  2. 3Q 2018 Earnings – Ultra Petroleum Corp. – slide 2
    COMPANY OVERVIEW NASDAQ Symbol UPL MARKET Market Capitalization, million (Nov 7) 311 SNAPSHOT Net Debt (1) 09/30/18, million 2,162 Enterprise Value, million (Nov 7) 2,473 3Q18 Production, Bcfe 67.5 PRODUCTION SEC Proved…
  3. 3Q 2018 Earnings – Ultra Petroleum Corp. – slide 3
    3Q18 HIGHLIGHTS 3Q18 Production averaged 734 MMcfe/d Results 3Q18 Adjusted EBITDA(1) of 120 million 3Q18 EBITDA Cash Costs(1) of 1.03 per Mcfe Brought 19 vertical wells online: avg 24-hr IP = 7.4 MMcfe/d tracking recent…
  4. 3Q 2018 Earnings – Ultra Petroleum Corp. – slide 4
    3Q18 RESULTS Low Cost Operations Driving Cash Flow and Margins 3Q18 Results 3Q18 Adjusted EBITDA(3) Guidance Actual Actual Production, MMcfe/d 710 750 734 /Mcfe /Mcfe Revenue, incl. hedges, /Mcfe 2.80 Lease Operating Expense 0.30…
  5. 3Q 2018 Earnings – Ultra Petroleum Corp. – slide 5
    HEDGE SUMMARY 4Q18 realized pricing secured with hedges, adding hedges in 2019 and 2020 Gas Volumes Hedged Oil Volumes Hedged Bbl/d MMBtu/d 800 7,000 Average Price: /Bbl Average Price: /MMBtu 6,000 600 5,000 4,000 400 3,000…
  6. 3Q 2018 Earnings – Ultra Petroleum Corp. – slide 6
    FLEXIBLE BALANCE SHEET Long-Dated Maturities Millions 1,200 Capital Structure, millions Term 1,000 Loan Term Loan due 2024 (LIBOR+3%)(1): 975 Credit Facility 6.875% Unsecured Notes due 2022: 700 800 7.125% Unsecured Notes due…
  7. 3Q 2018 Earnings – Ultra Petroleum Corp. – slide 7
    VERTICAL WELL PROGRAM High-graded activity provides good returns at current prices with large, de-risked inventory providing significant upside at improved pricing 3Q18 Average IP = 7.4 MMcfe/d Vertical Inventory Over 4,000 locations…
  8. 3Q 2018 Earnings – Ultra Petroleum Corp. – slide 8
    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 Mcfe/d Mcfe/d Bbls/MMcf WB…
  9. 3Q 2018 Earnings – Ultra Petroleum Corp. – slide 9
    ENHANCED DATA-DRIVEN WORKFLOW Implementing Industry Best Practices to Optimize Horizontal Development 3Q18 Results Brought 3 HZ wells on line in Lower Lance A1 zone Completed 2 technically independent 3-D Seismic Inversion pilots…
  10. 3Q 2018 Earnings – Ultra Petroleum Corp. – slide 10
    2018 CAPITAL PLAN AND GUIDANCE - UPDATED Capital Program = 400 415 MM Capital Efficiency: Pinedale Operated (Vert + HZ) 360-375 Disciplined deployment of capital Pinedale Non. Op. Verticals 30 Relentless pursuit to control costs…
  11. 3Q 2018 Earnings – Ultra Petroleum Corp. – slide 11
    4Q18 & FULL-YEAR GUIDANCE UPDATE Expenses & Cash Costs, /Mcfe Adjusted EBITDA(5) Guidance 4Q18 FY18 FY18 Lease Operating Expense 0.30 0.33 0.31 0.35 Revenue, incl. hedges(5), /Mcfe 2.86 Facility Lease Expense 0.09 0.11 0.09 0.11…
  12. 3Q 2018 Earnings – Ultra Petroleum Corp. – slide 12
    APPENDIX
  13. 3Q 2018 Earnings – Ultra Petroleum Corp. – slide 13
    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)…
  14. 3Q 2018 Earnings – Ultra Petroleum Corp. – slide 14
    SIGNIFICANT STACKED PAY HORIZONTAL POTENTIAL 10 potential zones in 5 intervals - Near-Term Focused on Lower Lance A1 Zone 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…

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