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August 2019 Corporate Presentation – Ultra Petroleum Corp.

Ultra Petroleum Corp. · Aug 9, 2019 · 25 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. August 2019 Corporate Presentation – Ultra Petroleum Corp. – slide 1
    2Q19 EARNINGS CONFERENCE CALL AUGUST 9, 2019
  2. August 2019 Corporate Presentation – Ultra Petroleum Corp. – slide 2
    COMPANY OVERVIEW OTCQX Symbol UPLC Pinedale MARKET Field Market Capitalization 7/31/19, million 31 SNAPSHOT Net Debt (1) 6/30/19, million 1,981 Enterprise Value, million 2,012 2Q19 Production, Bcfe 62.5 PRODUCTION SEC Proved…
  3. August 2019 Corporate Presentation – Ultra Petroleum Corp. – slide 3
    Q2 2019 ULTRA HIGHLIGHTS Production averaged 687 MMcfe/d, above guidance Adjusted EBITDA(1) of 94.1 million Results CapEx was 84.4 million, in line with timing expectations for full-year capital budget Controllable Cash Costs of…
  4. August 2019 Corporate Presentation – Ultra Petroleum Corp. – slide 4
    2Q19 RESULTS Controllable Cash Costs Performance Drives Strong EBITDA Margin 2Q19 Results 2Q19 Adjusted EBITDA(4) Guidance Actual Actual Production, MMcfe/d 660 680 687 Revenue, incl. hedges, /Mcfe 2.51 /Mcfe /Mcfe Lease Operating…
  5. August 2019 Corporate 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. Disciplined deployment of capital, evaluating commodity pricing and investment returns 4. Optimize…
  6. August 2019 Corporate Presentation – Ultra Petroleum Corp. – slide 6
    PINEDALE ASSET PROVIDES FLEXIBILITY One of The Top Gas Fields In The U.S. Asset Highlights: Low-decline, long-lived base production from more than 2,240 wells o Gross operated production: Gas: 830 MMcf/day Oil: 6,300 Bbl/day…
  7. August 2019 Corporate Presentation – Ultra Petroleum Corp. – slide 7
    LOW COST, LOW DECLINE AND HIGH MARGINS 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 Peer…
  8. August 2019 Corporate Presentation – Ultra Petroleum Corp. – slide 8
    LOW-DECLINE, LONG-LIVED ASSET BASE Substantial Production Base From More Than 2,240 wells Ultra has produced more than 3.5 Tcf of gas and 26.5 million barrels of oil over its 22-year track record in the Pinedale Ultra Net Production…
  9. August 2019 Corporate Presentation – Ultra Petroleum Corp. – slide 9
    WELL COSTS & 2-STRING WELLBORE DESIGNS Focus on Technical and Design Improvements Drive Cost Trends Lower Q2 Vertical Well Costs (MM) Drilling Optimization: 8 successful 2-string wellbores constructed in Q2 3.5 Expanded 2-string use…
  10. August 2019 Corporate Presentation – Ultra Petroleum Corp. – slide 10
    VERTICAL WELL PROGRAM Focused on High-Graded Activity and Well Costs to Generate Returns 2Q19 Average IP = 6.3 MMcfe/d Vertical Well Economics HHUB - ROX = HHUB - ROX = HHUB - ROX = HHUB - ROX = 2.25/MMBtu 2.50/MMBtu 2.75/MMBtu…
  11. August 2019 Corporate Presentation – Ultra Petroleum Corp. – slide 11
    HORIZONTAL PROJECT UPDATE Advancing Pinedale Reservoir Characterization to Optimize Horizontal Opportunity 1H19 Results Successfully integrated inversion data for predicting Lower Lance reservoir distribution Depth Structure…
  12. August 2019 Corporate Presentation – Ultra Petroleum Corp. – slide 12
    PINEDALE INFRASTRUCTURE OVERVIEW Opal Provides Multiple Take Away Options and Prices at a Premium Ultra Petroleum Marketing: KINGSGATE Prices at 0.03 - 0.04 premium to Opal pool (NW Rockies) STANFIELD Opal provides multiple take…
  13. August 2019 Corporate Presentation – Ultra Petroleum Corp. – slide 13
    NW ROCKIES BASIS HAS IMPROVED NWROX Pricing (/MMbtu) 0.20 0.00 -0.20 -0.40 -0.60 -0.80 -1.00 July August September October November December January February March April May June NW Rockies basis has improved by 36% over the last 12…
  14. August 2019 Corporate Presentation – Ultra Petroleum Corp. – slide 14
    HEDGE SUMMARY Updated through July 31, 2019 (see appendix slide 25 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 600 4,000 3,000 400…
  15. August 2019 Corporate Presentation – Ultra Petroleum Corp. – slide 15
    PER SHARE RESERVE VALUE Focus on Driving Value Indicative SEC Proved Reserves Value per Share Valuation Components Value /Share 14.0 2018 SEC Proved Developed PV-10 2,405 Million 12.15 12.15 Net Debt (1) 6/30/19 (1,981) Million…
  16. August 2019 Corporate Presentation – Ultra Petroleum Corp. – slide 16
    JUNE 30, 2019 DEBT MATURITIES Strong Coverage Metrics and No Near-Term Maturities Cumulative Coverage Ratios(1) Committed Outstanding Borrowings Borrowings RBL (325 MM Commitment) 1st Lien Term Loan Outstanding: 59 MM…
  17. August 2019 Corporate Presentation – Ultra Petroleum Corp. – slide 17
    2019 FULL-YEAR CAPITAL PLAN AND GUIDANCE Capital Program = 260 - 290 MM (1) 2019 Expenses 3Q 2019 FY 2019 Pinedale Operated Verticals 220 - 240 MM (per Mcfe) Pinedale Non Operated Verticals 22 - 28 MM Lease Operating Expense 0.27 -…
  18. August 2019 Corporate Presentation – Ultra Petroleum Corp. – slide 18
    UPSIDE AND OPTIONALITY FOR ULTRA Expected to Generate Free Cash Flow in Third & Fourth Quarter 2019 Management of Base Production and Operating Costs: Low LOE and G&A maintains approximate 60% operating margin at 2.50/MMBtu Opal/NWROX…
  19. August 2019 Corporate Presentation – Ultra Petroleum Corp. – slide 19
    ULTRA STRATEGIC FOCUS OPERATING Optimize the Base Production AND FINANCIAL Maximize Run Time and Minimize LOE FUNDAMENTALS Maintain Strong Operating Cash Flow CAPITAL Disciplined Deployment of Capital EFFICIENCY Focus on Vertical…
  20. August 2019 Corporate Presentation – Ultra Petroleum Corp. – slide 20
    APPENDIX
  21. August 2019 Corporate Presentation – Ultra Petroleum Corp. – slide 21
    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…
  22. August 2019 Corporate Presentation – Ultra Petroleum Corp. – slide 22
    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) as…
  23. August 2019 Corporate Presentation – Ultra Petroleum Corp. – slide 23
    RECONCILIATION OF EBITDA CASH COSTS AND NET DEBT Reconciliation of EBITDA Cash Costs (1) Reconciliation of Net Debt(2) as of June 30, 2019 For the Quarter ended (millions) June 30, 2019 Total Debt Revolving Credit Facility 59.00…
  24. August 2019 Corporate Presentation – Ultra Petroleum Corp. – slide 24
    SUMMARY OF THE HEDGES IN PLACE Updated through July 31, 2019 2019 2020 2021 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Natural Gas Swaps: Volume (MMbtu/d) 412,228 355,000 270,000 - - - - NYMEX (/MMBtu) 2.75 2.77 2.78 - - - - Natural Gas Collars:…
  25. August 2019 Corporate Presentation – Ultra Petroleum Corp. – slide 25
    SIGNIFICANT STACKED PAY Existing Vertical Well Program is Well Defined with Expanding Resource from Horizontal Development Horizontal well development has been focused in the Vertical well development targets Lower Lance formation…

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