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October 2019 Investor Presentation – Ultra Petroleum Corp.

Ultra Petroleum Corp. · Oct 7, 2019 · 23 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. October 2019 Investor Presentation – Ultra Petroleum Corp. – slide 1
    INVESTOR PRESENTATION OCTOBER 2019
  2. October 2019 Investor Presentation – Ultra Petroleum Corp. – slide 2
    COMPANY OVERVIEW OTCQX Symbol UPLC Pinedale MARKET Field Market Capitalization 9/30/19, million 45 SNAPSHOT Net Debt(1) 9/30/19, million 1,988 Enterprise Value, million 2,033 2Q19 Production, Bcfe 62.5 PRODUCTION SEC Proved…
  3. October 2019 Investor Presentation – Ultra Petroleum Corp. – slide 3
    Q319 UPDATES 3Q19 base production continues to outperform Results Quarterly production estimated to be at the top end of guidance range of 635 655 MMcfe/d 18 gross (17.8 net) operated vertical wells were brought online, with an…
  4. October 2019 Investor Presentation – Ultra Petroleum Corp. – slide 4
    RESPONSIBLE MANAGEMENT OF CAPITAL PROGRAM FOCUSED ON INVESTMENT RETURNS Free cash flow generation model can be used to repay debt or grow cash balance Durable borrowing base given the nature of low-decline, long-lived PDP reserve…
  5. October 2019 Investor Presentation – Ultra Petroleum Corp. – slide 5
    LOW-DECLINE, LONG-LIVED ASSET BASE Substantial and Durable Production Base From More Than 3,300 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…
  6. October 2019 Investor Presentation – Ultra Petroleum Corp. – slide 6
    FALL 2019 BORROWING BASE AT 1.175 BILLION Fifth Amendment to the Credit Facility Executed in September Semi-annual redetermination, prepared consistently, based on mid-year reserves as prepared by Netherland Sewell & Associates, Inc.…
  7. October 2019 Investor Presentation – Ultra Petroleum Corp. – slide 7
    SEPTEMBER 30, 2019 DEBT MATURITIES Strong Coverage Metrics and No Near-Term Maturities Cumulative Coverage Ratios(1) Committed Outstanding Borrowings Borrowings RBL (200 MM Commitment) 1st Lien Term Loan Outstanding: 64 MM…
  8. October 2019 Investor Presentation – Ultra Petroleum Corp. – slide 8
    MANAGEMENT FOCUS ON EXECUTION Strategic 2019 Objectives 1. Continue to strengthen the balance sheet and enhance financial flexibility 2. Maintain strong operating cash flow 3. Disciplined deployment of capital with focus on…
  9. October 2019 Investor Presentation – Ultra Petroleum Corp. – slide 9
    CONTROLLABLE CASH COST* PERFORMANCE Continuous Drive to Appropriately Manage Controllable Cash Costs 0.40 Focused on continuously improving 0.35 controllable cash costs with a long- term view of the future, to drive 0.30…
  10. October 2019 Investor Presentation – Ultra Petroleum Corp. – slide 10
    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 UPLC Peer Peer…
  11. October 2019 Investor Presentation – Ultra Petroleum Corp. – slide 11
    WELL COSTS & 2-STRING WELLBORE DESIGNS Focus on Technical and Design Improvements Drive Cost Trends Lower Drilling Optimization and Focus on 2-String Design: 2-String Design - Success Rate 100% 7 successful 2-string wellbores of 8…
  12. October 2019 Investor Presentation – Ultra Petroleum Corp. – slide 12
    VERTICAL WELL PROGRAM Improved Well Costs results in Future Improvement in D&C Economics 3Q19 Average IP = 5.8 MMcfe/d Vertical Well Economics 500 EUR: 3.5 Bcfe Average Cumulative Production, MMcf EUR: 4.5 Bcfe 400 300…
  13. October 2019 Investor Presentation – Ultra Petroleum Corp. – slide 13
    HORIZONTAL PROJECT UPDATE Advancing Pinedale Reservoir Characterization to Optimize Horizontal Opportunity 1H19 Results Successfully integrated inversion data for predicting Lower Lance reservoir distribution Integrated existing…
  14. October 2019 Investor Presentation – Ultra Petroleum Corp. – slide 14
    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…
  15. October 2019 Investor Presentation – Ultra Petroleum Corp. – slide 15
    NW ROCKIES BASIS IMPROVEMENT IN 2019 NWROX Pricing (/MMbtu) 0.00 -0.10 -0.20 -0.30 -0.40 -0.50 -0.60 -0.70 -0.80 -0.90 -1.00 October November December January February March April May June July August September NW…
  16. October 2019 Investor Presentation – Ultra Petroleum Corp. – slide 16
    HEDGE SUMMARY As of September 30, 2019 (see appendix slide 24 for more details) Henry Hub Gas Volumes Hedged(1) Oil Volumes Hedged MMBtu/d Bbl/d 800 5,000 Average Price: /MMBtu Average Price: /Bbl 600 4,000 3,000 400 2,000…
  17. October 2019 Investor Presentation – Ultra Petroleum Corp. – slide 17
    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 12.16 12.16 Net Debt (1) 9/30/19 (1,988) Million…
  18. October 2019 Investor Presentation – Ultra Petroleum Corp. – slide 18
    2019 FULL-YEAR CAPITAL PLAN AND GUIDANCE Capital Program = 230 - 260 MM (1) 2019 Expenses 3Q 2019 FY 2019 Pinedale Operated Verticals 190 - 210 MM (per Mcfe) Pinedale Non Operated Verticals 22 - 28 MM Lease Operating Expense 0.27 -…
  19. October 2019 Investor Presentation – Ultra Petroleum Corp. – slide 19
    ZERO-RIG SCENARIO MODEL GENERATES SUBSTANTIAL FREE CASH FLOW Production outlook under a zero-rig scenario 2020 preliminary guidance of 180 195 Bcfe Predictable 2021 and 2022 production model by applying year 2 and year 3 decline rates…
  20. October 2019 Investor Presentation – Ultra Petroleum Corp. – slide 20
    UPSIDE AND OPTIONALITY FOR ULTRA Generating Free Cash Flow in Third & Fourth Quarters 2019 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…
  21. October 2019 Investor Presentation – Ultra Petroleum Corp. – slide 21
    APPENDIX
  22. October 2019 Investor Presentation – Ultra Petroleum Corp. – slide 22
    RECONCILIATION OF EBITDA CASH COSTS AND NET DEBT Reconciliation of EBITDA Cash Costs (1) Reconciliation of Net Debt(2) as of September 30, 2019 For the Quarter ended (millions) June 30, 2019 Total Debt Revolving Credit Facility 64…
  23. October 2019 Investor Presentation – Ultra Petroleum Corp. – slide 23
    SUMMARY OF THE HEDGES IN PLACE As of September 30, 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: Volume…

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