September 20, 2014 4:51 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Ultra Petroleum Corp.

Company Overview

Ultra Petroleum Corp., an independent oil and gas company, is engaged in the acquisition, exploration, development, production, and operation of oil and natural gas properties in the United States. It primarily focuses on developing a tight gas sand trend located in the Green River Basin of southwest Wyoming; and assessing, exploring, and developing its position in the Marcellus Shale and other horizons located in the north-central Pennsylvania area of the Appalachian Basin. As of December 31, 2013, the company owned interests in approximately 49,000 net acres in Wyoming covering approximately 190 square miles; and 250,000 net acres in Pennsylvania. Ultra Petroleum Corp. was founded in 1979 ...

400 North Sam Houston Parkway East

Suite 1200

Houston, TX 77060

United States

Founded in 1979

124 Employees

Phone:

281-876-0120

Fax:

281-876-2831

Key Executives for Ultra Petroleum Corp.

Chairman
Age: 60
Total Annual Compensation: $800.0K
Senior Vice President of Operations
Age: 42
Total Annual Compensation: $351.5K
Vice President of Exploration and Land
Age: 55
Total Annual Compensation: $280.0K
Compensation as of Fiscal Year 2013.

Ultra Petroleum Corp. Key Developments

Ultra Petroleum Corp. to Offer $700.0 Million in Aggregate Principal Amount of Senior Unsecured Notes Due 2024

Ultra Petroleum Corp. announced that, subject to market conditions, the company intends to offer $700.0 million in aggregate principal amount of senior unsecured notes due 2024 in a private placement pursuant to exemptions from registration under the Securities Act of 1933, as amended. Ultra intends to use the net proceeds of this offering to fund a portion of the purchase price of its recently announced Pinedale field acquisition. The securities to be offered have not been registered under the Securities Act or any state securities laws, and unless so registered, the securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable state securities laws. The securities may be resold by the initial purchasers pursuant to Rule 144A and Regulation S under the Securities Act. This notice is being issued pursuant to Rule 135c under the Securities Act, and is neither an offer to sell nor a solicitation of an offer to buy the notes or any other securities. There shall not be any sale of the notes or any other securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under applicable laws.

SWEPI LP, Ultra Petroleum Corp. - M&A Call

To discuss the company's strategic acquisition of all Pinedale field properties from SWEPI, LP

Ultra Petroleum Corp. Reports Financial and Operating Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Operating Guidance for the Third Quarter of 2014; Provides Tax and Annual Production Guidance for 2014

Ultra Petroleum Corp. reported financial and operating results for the second quarter and six months ended June 30, 2014. Ultra Petroleum reported adjusted net income of $81.2 million, or $0.52 per diluted share for the second quarter of 2014 against $71.9 million or $0.47 per diluted share for the same period of last year. Operating cash flow was $145.1 million, or $0.94 per diluted share for the quarter ended June 30, 2014. The company's reported net income was $106.0 million or $0.68 per diluted share for the three month period against $116.4 million or $0.75 per diluted share for the same period of last year. Second quarter 2014 results included an unrealized, mark-to-market gain of $22.2 million on the company's commodity hedges. The unrealized gain is typically excluded by the investment community in published estimates. Total operating revenues were $622,361,000 against $487,003,000 for the same period of last year. Income before income taxes was $207,222,000 against $135,670,000 for the same period of last year. Net cash provided by operating activities was $346,651,000 against $209,134,000 for the same period of last year. Ultra Petroleum reported adjusted net income of $216.6 million, or $1.40 per diluted share for the six months ended June 30, 2014 against $130.4 million or $0.84 per diluted share for the same period of last year. Operating cash flow was $346.2 million for the six month period ended June 30, 2014. Ultra's reported net income was $207.8 million, or $1.34 per diluted share for the first half of 2014 against $132.8 million or $0.86 per diluted share for the same period of last year. Six month results included an unrealized, mark-to-market loss of $14.1 million on the company's commodity hedges. The unrealized loss is typically excluded by the investment community in published estimates. Total operating revenues were $296,063,000 against $261,376,000 for the same period of last year. Income before income taxes was $105,505,000 against $117,868,000 for the same period of last year. Net cash provided by operating activities was $171,076,000 against $141,274,000 for the same period of last year. For the second quarter of 2014, production of natural gas and oil was 58.5 billion cubic feet equivalent (Bcfe). This takes into account unforeseen pipeline disruptions resulting in 1.1 Bcfe of deferred production. The company's production for the second quarter was comprised of 54.0 billion cubic feet (Bcf) of natural gas and 758,800 barrels (Mbls) of oil. Oil production increased 154% from the same period last year. During the second quarter of the year, Ultra Petroleum's average realized natural gas price was $3.61 per thousand cubic feet (Mcf), including realized gains and losses on commodity hedges. Excluding realized gains and losses on commodity derivatives, the company's average realized price for natural gas was $4.23 per Mcf. The company's average realized oil price was $84.24 per barrel (Bbl), including realized gains and losses on commodity hedges. Excluding these effects, the second quarter 2014 average realized price for oil was $88.94 per Bbl. During the second quarter, Ultra Petroleum and its partners drilled 45 gross (28 net) Wyoming Lance wells and placed on production 43 gross (26 net) wells. The company's net Wyoming production averaged 455 million cubic feet equivalent (MMcfe) per day during the quarter. For the six months ended June 30, 2014, production of natural gas and oil was 115.8 Bcfe. The company's production for the six months ended June 30, 2014 was comprised of 107.3 Bcf of natural gas. Oil was 1.4 million barrels (Mmbls), a 150% increase from the same period last year. The company's average realized natural gas price was $4.28 per Mcf, including realized gains and losses on commodity hedges during the six months ended June 30, 2014. Excluding realized gains and losses on commodity derivatives, the company's average price for natural gas was $4.66 per Mcf. The company's average realized oil price was $82.47 per Bbl, including realized gains and losses on commodity hedges. Excluding realized gains and losses on commodity derivatives, the company's average price for oil in the six months ended June 30, 2014 was $86.28 per Bbl. Year to date, Ultra Petroleum and its partners drilled 75 gross (46 net) Wyoming Lance wells and placed on production 81 gross (48 net) wells. The company produced 80.6 Bcfe from Wyoming during the first six months of 2014. The company's third quarter production is expected to range between 60 - 62 Bcfe. The company is tightening its guidance range to 243 - 250 Bcfe, establishing mid-point guidance of 246.5 Bcfe. The table details estimated production by quarter for 2014: In the third quarter of 2014, the company's realized natural gas price is expected to average 8 to 10% below NYMEX, prior to hedging adjustments. This takes into account a negative $0.12 differential for Wyoming volumes and a negative $1.90 differential for northeastern Pennsylvania volumes. Realized pricing for oil is expected to be about 15 - 18% below the average NYMEX price, before consideration of any hedging activity. Total operating costs per Mcfe expected to be about $3.07 -- 3.25. Ultra currently projects a zero book tax rate for 2014 and does not anticipate paying any cash taxes. For 2014, the company has adjusted the top end of the annual production guidance from 253 Bcfe to 250 Bcfe to account for external events.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
June 10, 2014
Ultra Petroleum Corp., 18,000 Acres of Banning Lewis Ranch
 

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