March 02, 2015 11:32 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Ultra Petroleum Corp.

Company Overview

Ultra Petroleum Corp., an independent oil and gas company, engages in the acquisition, exploration, development, production, and operation of oil and natural gas properties in the United States. It primarily focuses on developing natural gas reserves in the Green River Basin of Wyoming; oil reserves in the Uinta Basin of Utah; and natural gas reserves in the Appalachian Basin of Pennsylvania. As of December 31, 2014, the company owned interests in 67,000 net acres covering approximately 190 square miles in southwest Wyoming; 9,000 net acres in the Uinta Basin, Uintah County; and 91,000 net acres in the Pennsylvania portion of the Appalachian Basin. Ultra Petroleum Corp. was founded in 1979 a...

400 North Sam Houston Parkway East

Suite 1200

Houston, TX 77060

United States

Founded in 1979

160 Employees

Phone:

281-876-0120

Fax:

281-876-2831

Key Executives for Ultra Petroleum Corp.

Chairman, Chief Executive Officer and President
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 Seeks Acquisitions

Ultra Petroleum Corp. (NYSE:UPL) has filed a shelf registration. Ultra Petroleum said, "We intend to use the net proceeds from the sale of our securities for general corporate purposes. These purposes may include acquisitions, working capital, capital expenditures, the repurchase of outstanding securities and the repayment of indebtedness."

Ultra Petroleum Corp. Provides Operational Update

Ultra Petroleum Corp. reported 5.4 trillion cubic feet equivalent (Tcfe) of total proved reserves for the year-ended December 31, 2014 a 49% increase over 2013 oil and natural gas reserves of 3.6 Tcfe. More significantly, the pre-tax estimated future net cash flows discounted at 20% (PV-10) of the company's proved reserves increased to $7.1 billion from $4.1 billion, a 72% year-over-year increase. Ultra replaced 805% of 2014 production and achieved an all-in finding and development (F&D) cost of $0.75 per thousand cubic feet equivalent (Mcfe). The reserves were calculated based on reference prices for oil and natural gas in accordance with SEC rules. These reference prices, before differentials, were $4.35 per Mmbtu Henry Hub (HHUB) for natural gas and $94.99 per barrel (Bbl) West Texas Intermediate (WTI) for oil. Natural gas represents 90% of the company's proved reserves, with 97% in Wyoming. Ultra's 2014 proved developed (PD) reserves are 2.5 Tcfe, a 30% increase from 1.9 Tcfe in 2013. The proved undeveloped (PUD) reserves are 2.9 Tcfe, a 69% increase above year-ago levels, and represent 54% of total proved reserves. Ultra's 2.9 Tcfe of PUD reserves will require an estimated $3.37 billion of development capital over the next five years, resulting in an estimated average cost to develop of $1.16 per Mcfe. The future development capital is based on actual 2014 well costs and does not incorporate 2015 well cost reductions.

Ultra Petroleum Corp. Reports Unaudited Consolidated Earnings and Production Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Production Guidance for the Year 2015 and Financial Guidance for the First Quarter and Full Year of 2015

Ultra Petroleum Corp. reported unaudited consolidated earnings and production results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported total operating revenues of $319,051,000 against $225,197,000 a year ago. Income before income taxes was $205,828,000 against $34,262,000 a year ago. Net income was $209,728,000 or $1.36 per diluted share against $41,118,000 or $0.27 per basic and diluted share a year ago. Adjusted net income was $96,304,000 or $0.62 per diluted share against $67,512,000 or $0.44 per basic and diluted share a year ago. Operating cash flow was $183,774,000 against $130,419,000 a year ago. Net cash provided by operating activities was $197,422,000 against $145,567,000 a year ago. Diluted cash flow per share was $1.19 compared to $0.84 a year ago. EBITDA increased by $24 million. For the full year, the company reported total operating revenues of $1,230,020,000 against $933,404,000 a year ago. Income before income taxes was $537,027,000 against $234,222,000 a year ago. Net income was $542,851,000 or $3.51 per diluted share against $237,838,000 or $1.54 per diluted share a year ago. Adjusted net income was $402,807,000 or $2.60 per diluted share against $263,708,000 or $1.64 per diluted share a year ago. Operating cash flow was $690,672,000 against $506,313,000 a year ago. Net cash provided by operating activities was $712,584,000 against $472,638,000 a year ago. Diluted cash flow per share was $4.46 compared to $3.28 a year ago. EBITDA increased 34% to $810 million. Capital expenditures were $600 million. For the quarter, the company produced natural gas of 64,247,839 mcf compared to 54,842,202 mcf a year ago. Oil liquids production was 1,064,855 bbls compared to 331,263 bbls a year ago. Total production was 70,636,969 mcfe compared to 56,829,780 mcfe a year ago. The company produced 70.6 billion cubic feet equivalent (Bcfe) of natural gas and oil. For the year, the company produced natural gas of 228,516,834 mcf compared to 224,911,733 mcf a year ago. Oil liquids production was 3,409,066 bbls compared to 1,195,974 bbls a year ago. Total production was 248,971,230 mcfe compared to 232,087,577 mcfe a year ago. Ultra's 2015 annual production is expected to range between 275 Bcfe – 285 Bcfe. Based on mid-point of guidance, the company expects annual production to grow approximately 12% with consistent stable quarterly production. The company provided financial guidance for first quarter of 2015, the company expects depletion and depreciation to be $1.38 to $1.42 per Mcfe, interest and debt expense to be $0.45 62 $0.64 per Mcfe, total operating costs per Mcfe to be $3.34 to $3.52. The company provided total capital budget guidance of $460 million for the year 2015. It currently projects a 0% book tax rate and anticipates a cash tax refund in 2015.

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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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