COMPANY OVERVIEW OTCQX Symbol UPLC Pinedale MARKET Field Market Capitalization 11/29/19, million 45 SNAPSHOT Net Debt (1) 9/30/19, million 1,988 Enterprise Value, million 2,033 3Q19 Production, Bcfe 60.2 PRODUCTION SEC…
3Q19 ULTRA HIGHLIGHTS Production averaged 654 MMcfe/d, at high end of guidance Adjusted EBITDA(1) totaled 98 MM Results Total capital investment was 56.4 MM, reflecting improved DC&E costs and reduced activity Controllable Cash…
CONTROLLABLE CASH COST PERFORMANCE Continuous Drive to Appropriately Manage Controllable Cash Costs Controllable Cash Costs per Mcfe Focused on continuously improving controllable cash 0.45 costs with a long-term view of the future to…
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…
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…
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…
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…
VERTICAL WELL PROGRAM Improved Well Costs Drive Future Improvement in DC&E Economics 3Q19 Average IP = 5.8 MMcfe/d Vertical Well Economics EUR: 3.5 Bcfe 500 Average Cumulative Production, MMcf EUR: 4.5 Bcfe 400 300 EUR:…
HORIZONTAL PROJECT UPDATE Advancing Pinedale Reservoir Characterization to Optimize Horizontal Opportunity 1H19 Results Successfully integrated 3D seismic inversion data for predicting Lower Lance reservoir distribution Integrated…
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.…
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…
HEDGE SUMMARY As of December 6, 2019 Henry Hub Gas Volumes Hedged(1,2) Oil Volumes Hedged MMBtu/d Bbl/d 800 4,000 Average Price: /MMBtu Average Price: /Bbl 600 3,000 59.60 400 2,000 60.42 200 60.33 1,000 60.00 0 0 4Q19…
PINEDALE INFRASTRUCTURE OVERVIEW Opal Provides Multiple Take Away Options and Prices at a Premium Realized price at a premium of 0.03 - 0.04 to Opal pool (NWROX) KINGSGATE Opal provides multiple take away options and premium prices…
2019 FULL-YEAR CAPITAL PLAN AND GUIDANCE Capital Program = 240 - 250 MM (1) 2019 Expenses 4Q 2019 FY 2019 Pinedale Operated Verticals 205 - 210 MM (per Mcfe) Pinedale Non Operated Verticals 18 - 22 MM Lease Operating Expense 0.32 -…
2020 AND FUTURE PDP MODEL GENERATES SUBSTANTIAL FREE CASH FLOW Production outlook under a PDP decline case 2020 Preliminary Guidance of 182 192 Bcfe Predictable 2021 and 2022 production model by applying estimated annual year 2 and…
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 expense maintains strong operating margin greater than 50% 55,000 BWPD…
APPENDIX
RECONCILIATION OF ADJUSTED EBITDA, ADJUSTED EBITDA PER MCFE AND FREE CASH FLOW Reconciliation of Earnings Before Interest, Taxes, Depletion and Amortization (unaudited) All amounts expressed in US000's The following table reconciles net…
RECONCILIATION OF EBITDA CASH COSTS AND NET DEBT Reconciliation of EBITDA Cash Costs(1) Reconciliation of Net Debt(2) as of September 30, 2019 (thousands) Total Debt Revolving Credit Facility 64,000 Term Loan 971,194 Second Lien…
SUMMARY OF THE HEDGES IN PLACE As of December 6, 2019 Ultra Petroleum Corp. OTCQX: UPLC 23
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