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August 2019 Investor Presentation – Ultra Petroleum Corp.

Ultra Petroleum Corp. · Aug 12, 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. August 2019 Investor Presentation – Ultra Petroleum Corp. – slide 1
    INVESTOR PRESENTATION AUGUST 2019
  2. August 2019 Investor 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…
  3. August 2019 Investor Presentation – Ultra Petroleum Corp. – slide 3
    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…
  4. August 2019 Investor 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 Investor Presentation – Ultra Petroleum Corp. – slide 5
    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…
  6. August 2019 Investor Presentation – Ultra Petroleum Corp. – slide 6
    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…
  7. August 2019 Investor Presentation – Ultra Petroleum Corp. – slide 7
    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…
  8. August 2019 Investor Presentation – Ultra Petroleum Corp. – slide 8
    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…
  9. August 2019 Investor Presentation – Ultra Petroleum Corp. – slide 9
    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…
  10. August 2019 Investor Presentation – Ultra Petroleum Corp. – slide 10
    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…
  11. August 2019 Investor Presentation – Ultra Petroleum Corp. – slide 11
    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) GTN STANFIELD Opal provides multiple…
  12. August 2019 Investor Presentation – Ultra Petroleum Corp. – slide 12
    HEDGE SUMMARY Updated through July 31, 2019 (see appendix slide 21 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…
  13. August 2019 Investor Presentation – Ultra Petroleum Corp. – slide 13
    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…
  14. August 2019 Investor Presentation – Ultra Petroleum Corp. – slide 14
    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…
  15. August 2019 Investor Presentation – Ultra Petroleum Corp. – slide 15
    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 -…
  16. August 2019 Investor Presentation – Ultra Petroleum Corp. – slide 16
    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…
  17. August 2019 Investor Presentation – Ultra Petroleum Corp. – slide 17
    APPENDIX
  18. August 2019 Investor Presentation – Ultra Petroleum Corp. – slide 18
    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…
  19. August 2019 Investor Presentation – Ultra Petroleum Corp. – slide 19
    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…
  20. August 2019 Investor Presentation – Ultra Petroleum Corp. – slide 20
    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:…

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