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Pinedale Acquisition Summary – Ultra Petroleum Corp.

Ultra Petroleum Corp. · Aug 14, 2014 · 11 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. Pinedale Acquisition Summary – Ultra Petroleum Corp. – slide 1
    Ultra Petroleum Corp. Pinedale Acquisition Summary Investor Presentation August 14, 2014 Ultra Petroleum Corp. is an independent energy company engaged in domestic natural gas and crude oil exploration, development and production. The…
  2. Pinedale Acquisition Summary – Ultra Petroleum Corp. – slide 2
    Transaction Overview Transaction Summary Pro Forma snapshot (6/30/14) Proved Reserves Impact On August 13, 2014, Ultra entered into a definitive agreement with Shell to swap Shells Pinedale assets for Before = 4.4 Tcfe After = 6.2…
  3. Pinedale Acquisition Summary – Ultra Petroleum Corp. – slide 3
    Transaction Rationale Unique opportunity to increase ownership in core Pinedale asset Expected strong growth while spending within cash flow Transitions asset base to lower-cost, higher-margin portfolio Increases proved reserve…
  4. Pinedale Acquisition Summary – Ultra Petroleum Corp. – slide 4
    Transaction Increases 1P Reserves by 1.8 Tcfe Reserves, Bcfe Acquired Pinedale from Shell = 2.1 Tcfe 1P Reserves 35% PDP 65% PUD Note: Year end 2013 price deck of 3.67 / mmbtu Henry Hub gas price and WTI oil price of 96.92 /…
  5. Pinedale Acquisition Summary – Ultra Petroleum Corp. – slide 5
    Transaction Increases 1P Reserves PV10 by 1.8bn PV10 Values, MM Acquired Pinedale from Shell = 2.1 billion 1P PV10 57% PDP 43% PUD Note: Year end 2013 price deck of 3.67 / mmbtu Henry Hub gas price and WTI oil price of 96.92…
  6. Pinedale Acquisition Summary – Ultra Petroleum Corp. – slide 6
    Pinedale Assets Acquisition Shell Pinedale Assets 189 Mmcfepd of net production Proved reserves of 2.1 Tcfe Current UPL Operated Same WI 515 net wells, 19,600 net acres 1,000+ gross future drilling locations Current UPL Operated…
  7. Pinedale Acquisition Summary – Ultra Petroleum Corp. – slide 7
    Pinedales Profitable Well Economics 250% 200% Robust Reinvestment Opportunities Reserve Size (Bcfe) 150% Well Cost (/MM) 4.0 5.0 6.0 IRR 4.0 42% 69% 102% 100% 3.7 50% 81% 122% 50% 3.5 57% 95% 139% Economics at…
  8. Pinedale Acquisition Summary – Ultra Petroleum Corp. – slide 8
    Marcellus Asset Summary Divested Assets Divested Area 155,000 net acres Potter, Tioga, NE Lycoming counties 100 Mmcfepd of net production 12% operated, 88% Shell operated Proved reserves of 232 Bcfe Retained Area Retained…
  9. Pinedale Acquisition Summary – Ultra Petroleum Corp. – slide 9
    Marcellus Economics: The Case for Change IRR 2.00 Divest Case for Change: Reserve Size (Bcfe) Ultra has not been participating in low-return opportunities that are now part of the Well Cost (/MM) 5.0 6.0 7.0 8.0 8.0 0% 0% 0% 3%…
  10. Pinedale Acquisition Summary – Ultra Petroleum Corp. – slide 10
    Uinta Asset Summary October 2013 Acquisition August 2014 Update 4,700 Boe/d of production (gross) 9,300 Boe/d of production (gross) 39 producing wells 94 producing wells 8 day cycle time planned < 6 day cycle times being achieved 45…
  11. Pinedale Acquisition Summary – Ultra Petroleum Corp. – slide 11
    Early Look Ahead 2013A 2014E 2015E 2016E 2017E 2018E Operations Realized price (/Mcf) 3.57 4.05 4.00 4.15 4.35 4.55 Realized price (/Bbl) 91.25 81.00 78.00 74.00 73.00 72.00 Capex (MM) 376 560 725 885 925 955 Acquisitions (MM) 644…

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