COMPANY OVERVIEW NASDAQ Symbol UPL MARKET Market Capitalization 4/1/19, million 120 SNAPSHOT Net Debt (1) 2/28/19, million 1,957 Enterprise Value, million 2,077 4Q18 Production, Bcfe 64.3 PRODUCTION SEC Proved Reserves(2), Bcfe…
PINEDALE OVERVIEW One of The Top Gas Fields In The U.S. Asset Highlights: Pinedale Current gross operated production: Field Gas: 850 MMcf/day Oil: 6,100 Bbl/day Operated producing wells: 2,210 79,000 net acres with 91% operated…
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 Leverage Coverage Ratios 2018 F&D…
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…
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…
VERTICAL WELL PROGRAM DC&E Cost Improvements Move the Needle Vertical Well Costs (MM) Drilling Optimization: Successful pilots with 2-string wellbore design 4.0 compared to conventional 3-string design used in 3.6 3.5 3.3 recent…
VERTICAL WELL PROGRAM High-Graded Activity Provides Good Returns at Current Prices 4Q18 Average IP = 8.3 MMcfe/d Vertical Economics 500 4 BCF 450 3Q18 HHUB - ROX = HHUB - ROX = HHUB - ROX = HHUB - ROX = Average Cumulative…
SIGNIFICANT STACKED PAY Existing Vertical Well Program is Well Defined with Expanding Resource from Horizontal Development Vertical well development targets Horizontal well development has been 6,000 foot pay column with up to 25 fracs…
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…
IMPROVED BALANCE SHEET Debt Exchanges Reduced Debt and Extend Maturity Dates Pro Forma as of February 28, 2019 Impact of Post-Exchange Pre-Exchange Exchange as of Historical Transactions Feb 28, 2019(5) Maturity Interest Rate (…
HEDGE SUMMARY Updated through April 1, 2019 see appendix slide 23 for more details Henry Hub Gas Volumes Hedged(1) Oil Volumes Hedged Bbl/d MMBtu/d 800 5,000 Average Price: /Bbl Average Price: /MMBtu 4,000 600 3,000 400…
2019 CAPITAL PLAN AND GUIDANCE Capital Program = 320 - 350 MM (1) 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…
UPSIDE AND OPTIONALITY FOR ULTRA Management of Base Production and Operating Costs: Low LOE and G&A maintains 1.77/Mcfe (61.4%) operating margin at 2.50/MMBtu Opal 55,000 BWPD capacity water management system owned by company provides…
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…
APPENDIX
PINEDALE INFRASTRUCTURE OVERVIEW Large Take-Away Capacity to Multiple Destinations: 2-3 Bcf/d Excess Capacity KINGSGATE Pipeline Capacity Serving UPLs Production (MMcf/d) Pipeline Capacity Northwest 660 STANFIELD Ruby 1,550 Kern…
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…
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 1.05 per Mcfe In 4Q18, 23 gross (21.1 net) operated vertical wells…
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)…
RECONCILIATION OF EBITDA CASH COSTS AND NET DEBT Reconciliation of EBITDA Cash Costs (1) Reconciliation of Net Debt(2) as of February 28, 2019 For the Quarter ended For the Year ended (millions) December 31, 2018 December 31, 2018…
SUMMARY OF THE HEDGES IN PLACE Updated through April 1, 2019 2019 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Natural Gas Swaps: Volume (MMBtu/d) 660,000 520,000 515,000 468,478 270,000 - - NYMEX (/MMBtu) 2.92 2.76 2.78 2.78 2.78 Natural Gas…
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