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4Q and FY 2018 Earnings Presentation – Ultra Petroleum Corp.

Ultra Petroleum Corp. · Mar 7, 2019 · 20 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. 4Q and FY 2018 Earnings Presentation – Ultra Petroleum Corp. – slide 1
    FOURTH-QUARTER AND FULL-YEAR 2018 EARNINGS CONFERENCE CALL March 7, 2019
  2. 4Q and FY 2018 Earnings Presentation – Ultra Petroleum Corp. – slide 2
    COMPANY OVERVIEW NASDAQ Symbol UPL MARKET Market Capitalization 3/6/19, million 134 SNAPSHOT Net Debt (1) 2/28/19, million 1,957 Enterprise Value, million 2,091 4Q18 Production, Bcfe 64.3 PRODUCTION SEC Proved Reserves(2), Bcfe…
  3. 4Q and FY 2018 Earnings Presentation – Ultra Petroleum Corp. – slide 3
    ULTRA HIGHLIGHTS 4Q18 Production averaged 699 MMcfe/d FY18 production was 275.1 Bcfe Results FY18 Adjusted EBITDA(1) of 504 million FY18 EBITDA Cash Costs(1) of 1.01 per Mcfe In 4Q18, 23 gross (21.1 net) operated vertical wells…
  4. 4Q and FY 2018 Earnings Presentation – Ultra Petroleum Corp. – slide 4
    POSITIVE MOMENTUM HEADING INTO 2019 Key Strategic Accomplishments: Solidified new, experienced management team (CEO, CFO and COO) Completed relocation of the Companys headquarters from Houston, TX to Englewood, CO Closed sale of…
  5. 4Q and FY 2018 Earnings Presentation – Ultra Petroleum Corp. – slide 5
    FOCUSED ON EXECUTION Strategic 2019 Objectives 1. Continue to strengthen the balance sheet 2. Maintain strong operating cash flow 3. Allocate capital to highest return projects with focus on vertical wells 4. Optimize the base production…
  6. 4Q and FY 2018 Earnings Presentation – Ultra Petroleum Corp. – slide 6
    PINEDALE OVERVIEW One of The Top Gas Fields In The U.S. Asset Highlights: Pinedale 79,000 net acres with 91% operated Field Current gross operated production: DA 1 Gas: 850 MMcf/d Mesa Pole Creek Oil: 6,100 barrels of oil per…
  7. 4Q and FY 2018 Earnings Presentation – Ultra Petroleum Corp. – slide 7
    VERTICAL WELL PROGRAM DC&E Cost Improvements Move the Needle Vertical Well Costs (MM) Drilling Optimization: Successful pilot with 2-string wellbore design 4.0 compared to conventional 3-string design used in 3.6 3.5 recent years…
  8. 4Q and FY 2018 Earnings Presentation – Ultra Petroleum Corp. – slide 8
    VERTICAL WELL PROGRAM High-Graded Activity Provides Good Returns at Current Prices 4Q18 Average IP = 8.3 MMcfe/d Vertical Economics 500 450 4 BCF HHUB - ROX = HHUB - ROX = HHUB - ROX = HHUB - ROX = Average Cumulative Production,…
  9. 4Q and FY 2018 Earnings Presentation – Ultra Petroleum Corp. – slide 9
    ENHANCED DATA-DRIVEN WORKFLOW Implementing Industry Best Practices to Optimize Horizontal Development 4Q18 Results Expanded 3D Seismic Inversion project to improve predictability of productive sand on the flank Updated petrophysical…
  10. 4Q and FY 2018 Earnings Presentation – Ultra Petroleum Corp. – slide 10
    4Q AND FULL YEAR 2018 RESULTS Low Cost Operations Driving Cash Flow and Margins Results 4Q18 FY18 FY18 Adjusted EBITDA(4)(5) Actual Actual Actual Production, MMcfe/d 699 754 Revenue, incl. hedges, /Mcfe 2.87 /Mcfe /Mcfe Lease…
  11. 4Q and FY 2018 Earnings Presentation – Ultra Petroleum Corp. – slide 11
    2018 SEC PROVED RESERVES Proved Reserve Volumes(1) Before Tax PV-10% Value Commodity Mix 23% PUD 2.4 Billion 95% Gas Total Proved 3,062.5 Bcfe Proved Developed Proved Undeveloped Gas Oil Finding and Development (F&D)…
  12. 4Q and FY 2018 Earnings Presentation – Ultra Petroleum Corp. – slide 12
    IMPROVED BALANCE SHEET Debt Exchange Reduced Debt and Extends Maturity Dates Pro Forma as of December 31, 2018 Impact of Post-Exchange Pre-Exchange Exchange as of Historical Transaction Dec 31, 2018(5) Maturity Interest Rate ( MM)…
  13. 4Q and FY 2018 Earnings Presentation – Ultra Petroleum Corp. – slide 13
    HEDGE SUMMARY Updated through March 4, 2019 Henry Hub Gas Volumes Hedged(1) Oil Volumes Hedged MMBtu/d Bbl/d 800 5,000 Average Price: /Bbl Average Price: /MMBtu 4,000 600 3,000 400 2,000 200 1,000 2.92 2.76 2.77 2.78 2.82…
  14. 4Q and FY 2018 Earnings Presentation – Ultra Petroleum Corp. – slide 14
    2019 CAPITAL PLAN AND GUIDANCE Capital Program = 320 - 350 MM 2019 Expenses Pinedale Operated Verticals 275 - 295 MM 1Q 2019 FY 2019 (per Mcfe) Pinedale Non Operated Verticals 27 - 33 MM Lease Operating Expense 0.32 - 0.36 0.32 -…
  15. 4Q and FY 2018 Earnings Presentation – Ultra Petroleum Corp. – slide 15
    UPL STRATEGIC FOCUS OPERATING Optimize the Base Production AND FINANCIAL Maximize Run Time and Minimize LOE FUNDAMENTALS Maintain Strong Operating Cash Flow CAPITAL Allocate Capital to Highest Return Projects EFFICIENCY Focus on…
  16. 4Q and FY 2018 Earnings Presentation – Ultra Petroleum Corp. – slide 16
    APPENDIX
  17. 4Q and FY 2018 Earnings Presentation – Ultra Petroleum Corp. – slide 17
    RECONCILIATION OF ADJUSTED EBITDA AND ADJUSTED EBITDA PER MCFE Reconciliation of Earnings Before Interest, Taxes, Depletion and Amortization (unaudited) All amounts expressed in US000's The following table reconciles net income (loss)…
  18. 4Q and FY 2018 Earnings Presentation – Ultra Petroleum Corp. – slide 18
    RECONCILIATION OF EBITDA CASH COSTS AND NET DEBT Reconciliation of EBITDA Cash Costs (1) Reconciliation of Net Debt(2) For the Quarter ended For the Year ended as of February 28, 2019 December 31, 2018 December 31, 2018 (millions)…
  19. 4Q and FY 2018 Earnings Presentation – Ultra Petroleum Corp. – slide 19
    PINEDALE INFRASTRUCTURE OVERVIEW Large Take-Away Capacity to Multiple Destinations: 2-3 Bcf/d Excess Capacity Pipeline Capacity Serving UPLs Production (MMcf/d) Kingsgate Pipeline Capacity Northwest 660 Stanfield Ruby 1,550 Kern…
  20. 4Q and FY 2018 Earnings Presentation – Ultra Petroleum Corp. – slide 20
    SIGNIFICANT STACKED PAY HORIZONTAL POTENTIAL 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 -1,290 Mesaverde E E2 -1,450 Ultra Petroleum Corp. NASDAQ: UPL 21

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