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1Q 2019 Earnings Presentation – Ultra Petroleum Corp.

Ultra Petroleum Corp. · May 9, 2019 · 23 slides

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Slides

  1. 1Q 2019 Earnings Presentation – Ultra Petroleum Corp. – slide 1
    1Q19 EARNINGS CONFERENCE CALL May 9, 2019
  2. 1Q 2019 Earnings Presentation – Ultra Petroleum Corp. – slide 2
    COMPANY OVERVIEW NASDAQ Symbol UPL MARKET Market Capitalization 5/8/19, million 83 SNAPSHOT Net Debt (1) 3/31/19, million 1,953 Enterprise Value, million 2,036 1Q19 Production, Bcfe 62.2 PRODUCTION SEC Proved Reserves(2), Bcfe…
  3. 1Q 2019 Earnings Presentation – Ultra Petroleum Corp. – slide 3
    ULTRA HIGHLIGHTS 1Q19 Production averaged 691 MMcfe/d, above the mid-point of guidance Results 1Q19 Adjusted EBITDA(1) of 115 million 1Q19 CapEx was 92.4 million, in line with timing expectations for full-year capital budget 1Q19…
  4. 1Q 2019 Earnings Presentation – Ultra Petroleum Corp. – slide 4
    1Q19 RESULTS Robust 1Q19 Pricing Drives Adjusted EBITDA Growth 1Q19 Results 1Q19 Adjusted EBITDA(4) Guidance Actual Actual Production, MMcfe/d 675 695 691 Revenue, incl. hedges, /Mcfe 3.07 /Mcfe /Mcfe Lease Operating Expense 0.32 -…
  5. 1Q 2019 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 base…
  6. 1Q 2019 Earnings Presentation – Ultra Petroleum Corp. – slide 6
    LOW COST, LOW DECLINE AND HIGH MARGINS 2018 OPEX & Cash G&A per Mcfe Corporate Base Decline Rates 1.80 35% 1.60 Median: 32% 1.40 30% 1.20 1.00 0.80 25% 0.60 0.40 Median: 0.36 20% 0.20 - 15% Peer Peer Peer UPL Peer Peer…
  7. 1Q 2019 Earnings Presentation – Ultra Petroleum Corp. – slide 7
    PINEDALE OVERVIEW One of The Top Gas Fields In The U.S. MT Asset Highlights: Pinedale Current gross operated production: ID Field WY Gas: 850 MMcf/day UT Oil: 6,100 Bbl/day CO Operated producing wells: 2,225 83,000 net acres…
  8. 1Q 2019 Earnings Presentation – Ultra Petroleum Corp. – slide 8
    VERTICAL WELL PROGRAM Focused on High-Graded Activity and Well Costs to Generate Returns 1Q19 Average IP = 6.5 MMcfe/d Vertical Economics 500 450 HHUB - ROX = HHUB - ROX = HHUB - ROX = HHUB - ROX = Average Cumulative Production,…
  9. 1Q 2019 Earnings Presentation – Ultra Petroleum Corp. – slide 9
    VERTICAL WELL PROGRAM Continuous focus on well costs drive improvement Vertical Well Costs (MM) Drilling Optimization: 3 successful 2-string wellbore designs YTD 4.0 Average savings of 400K 3.6 3.5 3.3 9 additional 2-string wells…
  10. 1Q 2019 Earnings Presentation – Ultra Petroleum Corp. – slide 10
    ENHANCED DATA-DRIVEN WORKFLOW Implementing Industry Best Practices to Optimize Horizontal Development 1Q19 Results Implemented new completion design on high-graded intervals in the WB 13-13 A1H DUC that was completed in Q1 2019: 28…
  11. 1Q 2019 Earnings Presentation – Ultra Petroleum Corp. – slide 11
    PINEDALE INFRASTRUCTURE OVERVIEW Large Take-Away Capacity to Multiple Destinations: 2-3 Bcf/d Excess Capacity Ultra Petroleum Marketing: KINGSGATE UPL prices at Opal pool (NW Rockies) STANFIELD Opal provides multiple take away…
  12. 1Q 2019 Earnings Presentation – Ultra Petroleum Corp. – slide 12
    HEDGE SUMMARY Updated through April 30, 2019 (see appendix slide 23 for more details) 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…
  13. 1Q 2019 Earnings Presentation – Ultra Petroleum Corp. – slide 13
    IMPROVED BALANCE SHEET 2L Debt Exchanges Reduce Debt and Extend Maturity Dates Cumulative Coverage Ratios(1) Committed Outstanding Borrowings Borrowings 1st Lien Debt 1.75x 2.25x RBL (325 MM Commitment) 2nd Lien Notes 1.21x…
  14. 1Q 2019 Earnings Presentation – Ultra Petroleum Corp. – slide 14
    2019 FULL-YEAR CAPITAL PLAN AND GUIDANCE Capital Program = 320 - 350 MM (1) 2019 Expenses Pinedale Operated Verticals 275 - 295 MM 2Q 2019 FY 2019 (per Mcfe) Pinedale Non Operated Verticals 27 - 33 MM Lease Operating Expense 0.28 -…
  15. 1Q 2019 Earnings Presentation – Ultra Petroleum Corp. – slide 15
    UPSIDE AND OPTIONALITY FOR ULTRA Management of Base Production and Operating Costs: Low LOE and G&A maintains approximate 60% operating margin at 2.50/MMBtu Opal/NWROX 55,000 BWPD capacity water management system owned by company…
  16. 1Q 2019 Earnings Presentation – Ultra Petroleum Corp. – slide 16
    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…
  17. 1Q 2019 Earnings Presentation – Ultra Petroleum Corp. – slide 17
    APPENDIX
  18. 1Q 2019 Earnings Presentation – Ultra Petroleum Corp. – slide 18
    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 Proved Developed Proved…
  19. 1Q 2019 Earnings Presentation – Ultra Petroleum Corp. – slide 19
    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)…
  20. 1Q 2019 Earnings Presentation – Ultra Petroleum Corp. – slide 20
    RECONCILIATION OF EBITDA CASH COSTS AND NET DEBT Reconciliation of EBITDA Cash Costs (1) Reconciliation of Net Debt(2) as of March 31, 2019 For the Quarter ended For the Quarter ended March 31, 2019 March 31, 2018 Total production…
  21. 1Q 2019 Earnings Presentation – Ultra Petroleum Corp. – slide 21
    PROVED DEVELOPED COVERAGE RATIOS Reconciliation of coverage ratios (All amounts, except ratios, expressed in US000s) Coverage ratios are calculated based on year-end 2018 SEC proved developed reserves and debt commitments and balances…
  22. 1Q 2019 Earnings Presentation – Ultra Petroleum Corp. – slide 22
    SUMMARY OF THE HEDGES IN PLACE Updated through April 30, 2019 2020 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Natural Gas Swaps: Volume (MMbtu/d) 520,000 515,000 468,333 270,000 - - - NYMEX (/MMBtu) 2.76 2.78 2.78 2.78 - - - Natural Gas Collars:…
  23. 1Q 2019 Earnings Presentation – Ultra Petroleum Corp. – slide 23
    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…

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