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December 7, 2016 Cowen and Company
Energy & Natural Resources Conference
Ultra Petroleum Corp. is an independent energy company engaged in domestic natural gas and oil exploration, development and production. The company trades over-the-counter under the ticker symbol “UPLMQ”.
FORWARD LOOKING STATEMENTS
Investor Contact: Sandi Kraemer
Director, Investor Relations and External Reporting skraemer@ultrapetroleum.com
2
This presentation contains forward-looking statements within the meaning of the federal securities laws. The opinions,
forecasts, projections or other statements, other than statements of historical fact, are forward-looking statements.
Although the company believes that the expectations reflected in such forward-looking statements are reasonable, the
company can give no assurance that such expectations will prove to have been correct, and actual results may differ
materially from those projected.
The prices, reserves volumes, net capital and PV-10 information presented herein are based on the forecasts of future
business and economic conditions specified in the presentation. The reserves volumes set forth herein are not based on
the requirements of reserve reports filed with the Securities and Exchange Commission which require historical,
backward-looking commodity prices and impose a five-year limit on undeveloped locations. All of the company’s SEC
filings are available for review as provided below.
Certain risks and uncertainties inherent in the company’s chapter 11 proceedings as well as its operating businesses are
set forth in its filings with the SEC, particularly in the section entitled “Risk Factors” included in its Annual Report on Form
10-K for the most recent fiscal year, its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2016 and June 30,
2016, and from time to time in other filings made by the company with the SEC. Risks and uncertainties related to the
company’s bankruptcy filing include the inability to predict or quantify the impact our chapter 11 cases may have on our
business, cash flows, liquidity, financial condition, results of operations or corporate or capital structure as well as the
potential for losses to investors holding the shares of our common stock. In addition to the risks and uncertainties of
operating the company’s business during its chapter 11 cases, other risks and uncertainties to the company’s operating
businesses include, but are not limited to, increased competition, the timing and extent of changes in prices for oil and
gas, particularly in Wyoming and Pennsylvania, the timing and extent of the company’s success in discovering,
developing, producing and estimating reserves, the effects of weather and government regulation, availability of oil field
personnel, services, drilling rigs and other equipment, as well as other factors listed in the reports filed by the company
with the SEC and available from Ultra Petroleum Corp. at 400 North Sam Houston Parkway E., Suite 1200, Houston, TX
77060 (Attention: Investor Relations). You can also obtain this information from the SEC by calling 1-800-SEC-0330 or from
the SEC’s website at www.sec.gov.
Ultra Petroleum Corp.
• Asset Overview/Update • Performance
• Properties
• Positioned for Growth
• Investment Highlights
Ultra Petroleum Corp. OTC: UPLMQ
Reorganization Update
• Elected to restructure through an in-court process with chapter 11 filing on April 29, 2016
• Plan Support Agreement and Backstop Commitment agreement executed on November 21, 2016
• The Company’s exclusive right to propose a plan extended to March 1, 2017
• Unsecured capital structure and approximately $360 million cash on hand at November 30, 2016
• Current Activities:
− Operations continue as normal
− Reviewing contracts
− Minimizing claims
− Working with creditors to develop a business plan (Disclosure Statement)
Ultra Petroleum Corp. OTC: UPLMQ
Asset Overview/Update
2016 Update
Ultra Petroleum Corp. OTC: UPLMQ
Capital Investment
Program
$295 million (90% in
WY)
Development Program Well
Count
Rig
Count
Through 3Q16: 2
Early 4Q16: 4
Production
Goal
281 – 284
Bcfe
WY – 139 UT – 13
Asset Overview/Update
Snapshot
Ultra Petroleum Corp. OTC: UPLMQ
Three Rivers Field Uinta Basin, UT
Net Acres: 8,000 % Operated: 100% 3Q16 Prod: 2,992 Boe/d
Pinedale and Jonah Fields Green River Basin, WY
Net Acres: 68,000 % Operated: 84% 3Q16 Prod: 697 Mmcfe/d
Marcellus Shale Appalachia, PA
Net Acres: 74,000 % Operated: 0% 3Q16 Prod: 39 Mmcf/d
Asset Overview/Update
High Quality Assets
Performance
Building on a Solid Platform
• Consistent execution • Industry leading cost
structure • Drilling and completion
costs continue to decrease
Properties
Positioned for Growth
• Natural gas focused • Attractive realizations • Over 85% Western
basin
• 4,900 remaining locations • Low-risk, repeatable
opportunities • Average well life 30+
years
Ultra Petroleum Corp. OTC: UPLMQ
Asset Overview/Update
Well Cost Reduction Throughout Price Cycles
2006 - 2008 2009 - 2011 2012 - 2014 2015 - 2016
Well Costs -21% -4% -21% -30%
WTI, $/bbl +51% +53% -1% -15%
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
$M
M
UPL-Operated Pinedale Well Costs
$0
$20
$40
$60
$80
$100
$120
$140
$160
$/B
bl
8
Decreased Pinedale well costs during periods of both favorable and unfavorable movements in WTI.
Performance
Ultra Petroleum Corp. OTC: UPLMQ
Proven Track Record of Well Cost Reductions
9
$-
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$-
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
2011 2012 2013 2014 2015 2016
We
ll F
&D
($
/M
cf)
Tota
l W
ell C
ost
($M
M)
Year
Well Cost 3.0 Bcf 3.5 Bcf 4.0 Bcf 5.0 Bcf
Performance
Ultra Petroleum Corp. OTC: UPLMQ
17% 18%
29% 29%
55%
66%
0%
10%
20%
30%
40%
50%
60%
70%
80%
2011 2012 2013 2014 2015 2016
Rat
e o
f R
etu
rn
Rate of Return and Year-End Well Cost*
3.0 Bcfe 3.5 Bcfe 4.0 Bcfe 5.0 Bcfe
Delivering a Consistent Record of Strong Performance
10
$4.80 $4.70
$3.80 $3.80
$2.85 $2.60
$-
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
2011 2012 2013 2014 2015 2016
Gro
ss W
ell
Co
st (
$M
M)
Pinedale Year-End Well Cost
*All Economics run at $3.00/Mcf and $50/Bbl
Performance
$5.05
Ultra Petroleum Corp. OTC: UPLMQ
Realized Price (incl. hedges):
$4.01 $3.57 $4.03 $3.14
Consistent Improvement: Cash Operating Costs
$-
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
$/Mcfe
Cash G&A
Transportation
Gathering
Production Taxes
Operating Lease
Lease Operating Expense
11 Ultra Petroleum Corp. OTC: UPLMQ
Performance
Ultra is a Low-Cost Leader
*Includes LOE, Gathering, Processing, Transportation, Production Taxes and G&A.
$0.00
$0.15
$0.30
$0.45
$0.60
$0.75
$0.90
$1.05
$1.20
$1.35
$1.50
$1.65
$1.80
Ultra Rice Cabot Gulfport SWN Range EQT Antero Eclipse
$/Mcfe Cash Costs* – public companies with >90% natural gas production
2Q16 3Q16
Ultra Petroleum Corp. OTC: UPLMQ
Performance
Lowest G&A Costs in Survey
Source: PWC 2015 G&A Benchmark Results Ultra Petroleum Corp. OTC: UPLMQ
For 2015, Ultra’s gross G&A per unit of production was one-third of the first quartile average for the 26 companies in the survey.
Performance
Consistent Execution, Strong Realizations
Ultra Petroleum Corp. OTC: UPLMQ 14
• Improving capital efficiency (declining costs with improved drilling times
• Reduced 3Q16 LOE per MCFE by 24% compared to 3Q15
• Low-risk opportunities in proven gas resource
• Rockies differential attractive relative to Appalachia producing region
Wyoming
• Completed 13 drilled, but uncompleted wells during the 3rd quarter
• Improved realizations Utah
• Drilling and completion operations remain suspended Pennsylvania
Properties
Core Asset: Pinedale Field
Over 80% of company’s reserves
4,900 remaining gross locations
<40% of field developed at 12-31-15
13,500’ average vertical well depth; 16 producing intervals
68,000 net acres; 100% Held by Production
Average Operated Working Interest - 93%
59 Tcfe in place
Resource defined – no dry holes
Pinedale Field
Properties
Ultra Petroleum Corp. OTC: UPLMQ
Attractive Basis Differentials
90% 94% 94%
96% 96% 93% 92% 92% 91% 91%
104% 104% 100%
94%
74%
54% 52%
65%
72%
77%
78%
54% 50% 49%
62% 68%
74%
0%
20%
40%
60%
80%
100%
120%Basis Differentials as a Percentage of Henry Hub
NW Rockies Dominion South Transco Leidy
Ultra Petroleum Corp. OTC: UPLMQ 16 *Based on 11-15-16 forward strip
Properties
Uinta Basin Oil
Leland Bench
Monument Butte Natural Butte
Bluebell
Wonsits Valley
Brennan Bottom
Three Rivers
Uinta Basin
8,000 net acres
~130 producing wells
100% operated
6,500’ to 7,500’ average well depth
Developed with vertical wells
Properties
Ultra Petroleum Corp. OTC: UPLMQ
Utah Oil Price Differentials
Ultra Petroleum Corp. OTC: UPLMQ
Properties
Nov-15 Nov-16
Marcellus Shale Natural Gas
Ultra Petroleum Corp. OTC: UPLMQ 19
Ultra-Interest Lands
Marcellus
74,000 net acres
~130 producing wells
98% held by activity
Operated by Anadarko
Properties
2017 Guidance Positioned for Growth
Ultra Petroleum Corp. OTC: UPLMQ
Significant Upside for Pinedale Growth
21
Premium Inventory
High Value Inventory
Remaining Pinedale Inventory
Inve
nto
ry T
ype
Well F&D
($/Mcfe)
Gross Locations
Average EUR
(Bcfe)
Premium (>30% ROR)
<$1.30 ~1,515 4.3
High Value (<30% ROR)
>$1.30 ~2,135 2.8
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
$0.50 $0.70 $0.90 $1.10 $1.30 $1.50
Gro
ss C
um
ula
tive
Lo
cati
on
Co
un
t
Well Finding and Development Cost ($/Mcfe)
Assumptions: • $2.6 million per well DC&E cost • $3.25 per Mcf; $50.00 per Bbl wellhead
Positioned for Growth
Ultra Petroleum Corp. OTC: UPLMQ
Long-Term Outlook for Growth
304
382
456 486
517
0
100
200
300
400
500
600
Production Growth (Bcfe)
Ultra Petroleum Corp. OTC: UPLMQ Based on October 2016 Business Outlook
$515
$832 $807 $829 $793
$0
$200
$400
$600
$800
$1,000
Capital Investments ($ millions)
$1,016
$1,408
$1,822 $1,950 $2,056
$0
$500
$1,000
$1,500
$2,000
$2,500
Revenue ($ millions)
$685
$996
$1,312 $1,397 $1,461
$0
$500
$1,000
$1,500
$2,000
EBITDA ($ millions)
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021
Positioned for Growth
Self-funding at asset level Henry Hub gas price: $3.00 (‘17); $3.25 (‘18); $3.50 (’19-’21)
Investment Highlights
Ultra Petroleum Corp. OTC: UPLMQ
High Quality Assets
• 4,900 low-risk, repeatable opportunities • Long-life assets • Strong growth potential
• Industry leading cost structure • Drilling and completion costs continue to decrease • Drilling efficiencies continue to increase
Excellent Drilling Economics
• Strong returns: 66% IRR at $3.00 per Mcf; $50 per bbl • Consistent execution • Attractive realizations
Low Cost Operator
Appendix
Ultra Petroleum Corp. OTC: UPLMQ 24
Business Outlook
Ultra Petroleum Corp. OTC: UPLMQ 25
Financial Outlook (Base Case)
2017
2018
2019
2020
2021
Production (Bcfe) 304 382 456 486 517
Capital investments ($ millions) $515 $832 $807 $829 $793
HH gas price ($/Mmbtu) $3.00 $3.25 $3.50 $3.50 $3.50
Revenue ($ millions) $1,016 $1,408 $1,822 $1,950 $2,056
EBITDA ($ millions) $685 $996 $1,312 $1,397 $1,461
Development Plan
Base Case
Sensitivity
10-12-2016 Strip Pricing
Henry Hub Gas Price ($/Mmbtu) 2017: $3.00 2018: $3.25 2019: $3.50 flat
2017: $3.00 2018: $3.25 2019: $4.00 flat
2017: $3.32 2018: $3.03 2019: $2.92 to $4.32
PV-10 ($ millions) $7,951 $9,774 $7,997
Appendix
26
Pinedale LOE
$-
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S
Net
LO
E/M
on
th
Net Operated LOE per Month – January 2014 – September 2016
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J
Net
Wel
ls
Net
LO
E/W
ell/
Mo
nth
Net LOE/Well
Net Wells
Shell Acquisition
Net Operated LOE per Well – January 2014 – September 2016
Shell Acquisition
Ultra Petroleum Corp. OTC: UPLMQ
Appendix
100
1,000
10,000
0 500 1,000 1,500 2,000 2,500
Days
Daily Gas Rate, Mcf/d
Pinedale Type Curve Parameters
Average production represented by existing wells in Pinedale . Early wells have 15+ years of production history.
Count Gross EUR,
BCFE b-factor
1st year nominal Decline
Final Exponential
Decline
Condensate Yield,
bbl/MMcf
Existing Wells 2,783 2 - 10 1.2 - 2.0 50% - 80% 4% - 8% 5 - 15
Future Locations next 3 years, 2017-2019 845 4.2 1.6 71% 7% 8
Future Locations next 5 years, 2017-2021 1,614 3.9 1.6 71% 7% 8
Future Locations beyond 5 years 3,335 3.5 1.6 71% 7% 8
All Future Locations 4,900 3.2 1.6 71% 7% 8
0
1
2
3
4
5
0 2 4 6 8 10 12 14 16 18 20
Years
Cumulative Production, BCFE
6 BCFE
5 BCFE
4 BCFE
3 BFCE Type Curve Average Production
1,000
10,000
0 20 40 60
Appendix
Pinedale Historical Annual Well Costs
28
$-
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Total Well Cost
($MM)
Ultra Petroleum Corp. OTC: UPLMQ
Appendix
0
100
200
300
400
500
600
2009 2010 2011 2012 2013 2014 2015 1H2016
Rig Release to Rig Release
(Hours)
Continued Operating Efficiencies
Ultra Petroleum Corp. OTC: UPLMQ 29
Record Well 188 hours
Appendix
$3.71
$3.45
$3.10
$2.90 $2.85
$2.77
$2.60
$2.5
$2.6
$2.7
$2.8
$2.9
$3.0
$3.1
$3.2
$3.3
$3.4
$3.5
$3.6
$3.7
$3.8
4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Mill
ion
s
Ultra Petroleum Corp. OTC: UPLMQ 30
…Results in Improved Capital Efficiency Appendix
Lower 48 Natural Gas Production
Ultra Petroleum Corp. OTC: UPLMQ
Appendix
Rockies Natural Gas Production
Ultra Petroleum Corp. OTC: UPLMQ
Appendix
Pinedale Regional Pipeline Transportation Infrastructure
Appendix
Ultra Petroleum Corp. OTC: UPLMQ
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