Ultra Petroleum Corp. Michael D. Watford, Chairman, President and CEO JP Morgan Energy Equity Conference June 28, 2017

Transcription

1 Ultra Petroleum Corp. Michael D. Watford, Chairman, President and CEO JP Morgan Energy Equity Conference June 28, 2017 Ultra Petroleum Corp. is an independent energy company engaged in domestic natural gas and oil exploration, development and production. The company is listed on NASDAQ and trades under the ticker symbol UPL.

2 Forward Looking Statements 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. Please note that except to the extent this presentation specifically identifies an item as reflecting proved oil and gas reserves based on Securities and Exchange Commission requirements, including the rules and regulations set forth in Regulation S-X, items designated as proved or proved reserves or that bear similar or related descriptions in this presentation do not represent and are not intended to represent proved oil and gas reserves based on SEC definitions. For example, in some instances herein, items designated as proved or proved reserves or that bear similar or related descriptions include locations that: (1) are available for development in the future; (2) in the opinion of Ultra s reservoir engineers, meet and satisfy all of the technical requirements related to geoscience and engineering data for such locations to qualify as undeveloped oil and gas reserves (based on the SEC definition in Regulation S-X); but (3) fail to meet other requirements of the SEC definitions in Regulation S-X for reporting as SEC proved reserves, including, but not limited to, lack of reasonable certainty by the Company as to its ability to drill a future location within five years. In addition, please note that except to the extent this presentation specifically identifies an item as presenting an estimated PV-10 value that is based on the backwardlooking, historical pricing required for reporting and estimating the value of proved oil and gas reserves under SEC requirements, including Regulation S-X, items herein that present a PV-10 value were calculated or determined using forward-looking, future strip prices for oil and gas at December 30, 2016 and do not represent and are not intended to represent the PV-10 value that would be attributable to such items if such items were calculated based on applicable SEC requirements. As noted in its quarterly and annual SEC filings beginning with its Form 10-K for its fiscal year ended December 31, 2015 and including its Form 10-K for its fiscal year ended December 31, 2016, substantial doubt about the Company s ability to continue as a going concern existed until the Company completed its in-court restructuring activities and emerged from chapter 11 on April 12, Because the Company was unable to satisfy the component of the proved oil and gas reserves definitions in Regulation S- X requiring reasonable certainty as to its future development plan at December 31, 2016, the Company did not report the well locations it intends to drill in the future as undeveloped oil and gas reserves (based on the SEC definition in Regulation S-X) in its year-end SEC reserve report at December 31, However, the Company continues to schedule and drill undrilled locations that could have been reported as undeveloped oil and gas reserves based solely on the technical requirements related to geoscience and engineering data in the SEC definitions. Information presented herein accounts for and reflects the Company s plan to continue to drill future locations that are not reported as undeveloped oil and gas reserves in its year-end SEC reserve report at December 31, 2016 (or at December 31, 2015). Certain risks and uncertainties inherent in the company s operating businesses as well as certain on-going risks related to its chapter 11 proceedings 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 and in its Quarterly Report on Form 10-Q for the period ended March 31, 2017 (when filed), and from time to time in other filings made by the company with the SEC. Risks and uncertainties related to the company s operating business include, but are not limited to, increased competition, the timing and extent of changes in prices for oil and gas, particularly in Utah, Wyoming and Pennsylvania, the timing and extent of the company s success in discovering, developing, producing and estimating oil and gas reserves, the effects of weather and government regulation, the availability of oil field personnel, services, drilling rigs, well completion and production equipment and other services and 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 East, Suite 1200, Houston, TX (Attention: Investor Relations). You can also obtain this information from the SEC by calling SEC-0330 or from the SEC s website at Investor Contact: Sandi Kraemer Director, Investor Relations and External Reporting skraemer@ultrapetroleum.com 2

3 Benefits from Reorganization Company Highlights Asset Overview Pinedale Uinta Marcellus Shale 2017 Guidance Summary Appendix Ultra Petroleum Corp. Ultra Petroleum Corp. NASDAQ: UPL 3

4 Benefits from Reorganization Materially improved our already low cost structure by eliminating legacy transportation costs and reducing gathering/processing fees and interest costs The cost savings contribute to an improvement in our margins of $0.55 per Mcfe, or a 36% improvement from 4Q15 Annual Savings 4Q15 4Q17E Benefit ($ Millions) Per Unit ($/Mcfe) Transportation Costs $84.0 $0.29 $0.00 $0.29 Processing Fees $12.0 $0.31 $0.28 $0.03 Interest Costs $60.0 $0.59 $0.36 $0.23 Total Savings/Margin Improvement $156.0 $1.18 $0.64 $0.55 Ultra Petroleum Corp. NASDAQ: UPL 4

5 Company Highlights 1 High Quality & Deep Asset Base with Attractive Returns 6 Proven Management Team 2 Low-Risk, Repeatable & Predictable Development 5 Robust Balance Sheet & Cash Flow Profile 3 Attractive Realized Prices & Low Cost Operator 4 Uinta & Marcellus Provide Additional Upside Ultra Petroleum Corp. NASDAQ: UPL 5

6 Ultra Petroleum Overview Pinedale and Jonah Fields Green River Basin, WY Net Acres: 69,000 % Gas: 96% % Operated: 90% 1Q17 Prod: 659 Mmcfe/d Three Rivers Field Uinta Basin, UT Net Acres: 8,000 % Oil: 83% % Operated: 100% 1Q17 Prod: 2,865 Boe/d Marcellus Shale Appalachia, PA Net Acres: 72,000 % Gas: 100% % Operated: non-op 1Q17 Prod: 34 Mmcf/d Ultra Petroleum Corp. NASDAQ: UPL 6

7 $/Mcfe Consistent Improvement in Cash Operating Costs Proven ability to reduce cash operating costs since Q1 2014, with sustainable cost structure at ~$1 / Mcfe Eliminated legacy firm transportation agreements in Q (no firm transport until Q4 2019) Able to remove firm transportation costs by selling natural gas at tailgate, with ~90% NYMEX price realization $1.60 $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $- 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16(1) 1Q17 Lease Operating Expense Operating Lease Gathering Production Taxes Transportation Cash G&A 1) $0.05 transportation credit included in gathering. Ultra Petroleum Corp. NASDAQ: UPL 7

8 $/Mcfe $2.00 3Q16 4Q16 1Q17 $1.50 Ultra is a Low-Cost Leader Ultra is a low cost leader among public companies with <10% oil production (1) Cash Operating Costs $1.00 $0.50 $0.00 Lease Operating Expense Total G&A $/Mcfe $/Mcfe $0.90 $0.75 3Q16 4Q16 1Q17 $0.50 $0.40 3Q16 4Q16 1Q17 $0.60 $0.45 $0.30 $0.30 $0.20 $0.15 $0.10 $0.00 $0.00 Antero Eclipse EQT Rice Range Cabot Gulfport Ultra SWN Ultra Cabot Gulfport SWN EQT Range Antero Rice Eclipse 1) Includes LOE, Gathering, Processing, Transportation, Production Taxes and G&A. Ultra Petroleum Corp. NASDAQ: UPL 8

9 $/Bbl $MM Well Cost Reduction Throughout Price Cycles Vertical natural gas directed D&C not linked to changes in oil prices Able to reduce D&C cost through both rising and falling commodity price cycles Significant majority of savings from operating efficiencies vs. service cost reductions Pinedale Well Costs $8.0 $7.0 $6.0 $5.0 $4.0 $3.0 $7.00 $6.20 $5.50 $5.00 $4.70 $4.80 $4.70 $3.80 $3.80 $3.00 $2.60 $2.0 $1.0 $ Well Costs -21% -4% -19% -13% WTI, $/bbl +51% +53% -1% -15% $160 $140 $120 $100 $80 $60 $40 $20 $0 Ultra Petroleum Corp. NASDAQ: UPL 9

10 Attractive Basis Differentials Out of Rockies Attractive basis differentials out of the Rockies with price realization ~90% NYMEX Over 95% of Q production from Rockies 120% Basis Differentials as a Percentage of Henry Hub 100% 104% 104% 100% 94% 80% 90% 94% 94% 96% 96% 74% 93% 91% 60% 54% 56% 40% 78% 20% 54% 50% 49% 0% NW Rockies Dominion South Transco Leidy Ultra Petroleum Corp. NASDAQ: UPL 10

11 Pinedale Pipeline Transportation Infrastructure Superior basis differentials out of basin with West Coast and Mid-Con pricing optionality Excess pipeline capacity out of basin supports long-term differentials and variable cost structure with limited firm transportation contracts needed Stanfield Kingsgate AECO Commentary Large take-away capacity from basin Recent volume on pipes at Bcf/d Range driven by Mid-Continent and West Coast pricing Implies 2-3 Bcf/d of excess capacity Malin Pipe Capacity Serving the Opal Complex (Mcf/d) PGE SoCal Opal OT/REX San Juan CIG Pipe Capacity Northwest 921,000 Ruby 1,520,000 Kern 2,505,000 Overthrust/REX 1,200,000 CIG 195,000 Questar 161,000 Total 6,502,000 Ultra Petroleum Corp. NASDAQ: UPL 11

12 Ultra Petroleum: High Return on Invested Capital Margin expansion drives strong recycle ratio Attractive Realizations Low Costs NYMEX Henry Hub strip ($/Mmbtu) $3.36 Lease operating expense $0.33 Less: Average location differential ($0.34) Operating lease expense $0.07 Less: Firm transport charges $0.00 Production taxes $0.35 Plus: BTU uplift $0.17 Gathering fees $0.30 Pre-hedge realized price $3.19 Transportation $0.00 % NYMEX Henry Hub 94.9% Cash G&A $0.03 Total EBITDA cash costs $1.08 NYMEX Crude Oil strip ($/Bbl) $50.43 Less: Average location differential ($2.62) EBITDA Margin $2.40 Pre-hedge realized price $47.81 % NYMEX Crude Oil strip 94.8% 2016 Finding and Development Costs $0.98 % Gas 94.0% Recycle Ratio at strip 2.4x % Oil 6.0% Weighted average realized price $3.48 % of NYMEX Henry Hub 103.5% Notes: Corporate-level data Strip prices are at April 26, 2017 EBITDA cash costs are at mid-point of 2017 guidance Recycle Ratio is calculated as EBITDA Margin divided by total Finding and Development Costs. Ultra Petroleum Corp. NASDAQ: UPL 12

13 DNR SWN WLL HES DVN PDCE APC APA SM QEP EPE NFX MRO EQT CRZO ECR PXD XEC OXY EOG WPX CXO RICE NBL EGN UPL AR LPI RSPP PE CLR OAS RRC COG FANG EBITDA 2017E Recycle Ratio (Median F&D) Well Recycle Ratios Highly Competitive with Industry Attractive price realizations and low cost structure contribute to strong recycle ratio 5.00x 4.50x 4.00x 3.50x 3.00x 2.50x 2.00x 1.50x 1.00x 0.50x 0.00x Source: BMO Capital Markets 2016 U.S. E&P F&D Survey Published on Ultra Petroleum Corp. NASDAQ: UPL 13 3/7/2017 and company data for UPL

14 Ultra Pinedale Asset is Competitive with Core Marcellus Acreage Third party independent research firm, RS Energy, estimates UPL s 2016 breakeven was $2.23 per Mcfe Ultra ranks 2 nd best in study with a lower breakeven than all Marcellus producers other than COG Source: RS Energy Group report dated 3/23/17 Ultra Petroleum Corp. NASDAQ: UPL 14

15 Extensive Drilling of Low Risk, High Return Projects Significant inventory of low-risk, repeatable and predictable drilling locations across core operating areas Gross Drilling Inventory Single Well Economics (1) 5,000 4,903 50% 4,000 40% 35% 3,000 30% 27% 2,000 1,972 20% 19% 1,000 10% Pinedale Marcellus Uinta 0% Pinedale (4.0 Bcfe) Pinedale (3.5 Bcfe) Pinedale (3.0 Bcfe) 1) Assumes $3.00/Mcf wellhead price and $50/bbl; $2.8 million well cost. Ultra Petroleum Corp. NASDAQ: UPL 15

16 Significant Total Resource Potential Unique mix of significant undeveloped opportunity paired with sizable existing production base Foreseeable development expected to be funded with cash flow from operations Pinedale Wyoming Marcellus Pennsylvania Uinta Utah Adj. Total Reserves Reserves: Reserves: Reserves: Reserves: Adj. PDP: 2,382 Bcfe Adj. PDP: 119 Bcfe Adj. PDP: 7 Mmboe Adj. PDP: 2,543 Bcfe Adj. Proved: 5,594 Bcfe Adj. Proved: 119 Bcfe Adj. Proved: 16 Mmboe Adj. Proved: 5,806 Bcfe Adj. 3P: 13,079 Bcfe Adj. 3P: 1,758 Bcfe Adj. 3P: 145 Mmboe Adj. 3P: 15,708 Bcfe PV-10 PV-10 PV-10 PV-10 Adj. PDP: $2,479 mm Adj. PDP: $123 mm Adj. PDP: $88 mm Adj. PDP: $2,690 mm Adj. Proved: $3,950 mm Adj. Proved: $123 mm Adj. Proved: $119 mm Adj. Proved: $4,192 mm Adj. 3P: $5,733 mm Adj. 3P: $278 mm Adj. 3P: $447 mm Adj. 3P: $6,458 mm Based on future strip prices for oil and gas at December 30, 2016 Ultra Petroleum Corp. NASDAQ: UPL 16

17 Asset Overview Ultra Petroleum Corp. NASDAQ: UPL 17

18 Core Asset: Pinedale Field Q production of 659 Mmcfe/d Over 95% of company s reserves T33N-R107W Pinedale Field 4,903 remaining gross locations DA 1 Mesa Pole Creek <40% of field developed at DA 2 13,500 average vertical well depth; 16 producing intervals and >5,000 of pay DA 3 Riverside Boulder 69,000 net acres Ross Butte DA 4 Rainbow 100% Held by Production Warbonnet DA 5 Operates 90% of Acreage Position Resource Defined Stud Horse Butte Antelope Ultra Petroleum Corp. NASDAQ: UPL 18

19 Pinedale Asset Overview Description 69,000 net acres in Sublette County, Wyoming Large, contiguous, operated acreage position in the core of the Pinedale Field Proven producing reservoirs in the Lance and Mesaverde formations Position allows for optimization of development drilling program Average net revenue interest / working interest greater than 80% Ultra Q production of 659 Mmcfe/d Strong PDP base with an active development program 1,895 operated and 778 non-operated producing wells provide broad distribution of value 8 operated rigs and 1 non-operated rig in 2017E development program Simultaneous drilling, completion and production operations on same pad Provides operating synergies and accelerated value Established infrastructure in both the field and the basin Development inventory of ~4,900 vertical wells (+ other upside) Excellent well economics with low costs and prolific production Rural area with regulatory framework in place for future development Ultra Petroleum Corp. NASDAQ: UPL 1) Includes Jonah Field. 19

20 Well Cost ($/MM) Pinedale s Profitable Well Economics 120% 100% 80% Reserve Size (Bcfe) $ % 18% 22% 30% IRR 60% 40% $ % 21% 26% 34% $ % 25% 31% 41% 20% 0% $2.50 $3.00 $3.50 $4.00 $4.50 Wellhead Gas Price ($/Mcf) 3.0 Bcfe 3.2 Bcfe 3.5 Bcfe 4.0 Bcfe Economics based on $2.8 MM/well Ultra Petroleum Corp. NYSE: UPL Economics at $3.00/Mcf wellhead price and $50/bbl Payout for a 4 Bcfe well at $2.8 MM = 32 months

21 Field is Largely De-Risked and Delineated With ~2,700 producing wells, majority of acreage is de-risked to 5-acre spacing Producing Wells Acreage Delineation Stewart Point Half Moon Stewart Point Half Moon DA 1 DA 1 Mesa Pole Creek Mesa Pole Creek DA 2 DA 2 Boulder Boulder Riverside DA 3 Riverside DA 3 Ross Butte DA 4 Rainbow Ross Butte DA 4 Rainbow Warbonnet DA 5 All 5-Acres Proved Some 5-Acres Proved Warbonnet DA 5 10-Acre Proved, Not 5 20-Acre Proved, Not 10 or 5 40-Acre Proved, Not 20, 10, or 5 Stud Horse Butte Antelope Ultra Petroleum Corp. NASDAQ: UPL Not Proved Stud Horse Butte Antelope 21

22 GR_U_NRM RT_E RHOB_E 2 3 NPOR GR_U_NRM RT_E RHOB_E 2 3 NPOR Pinedale is Tight Gas (Not Unconventional Shale) Unlike other Greater unconventional Pinedale area shales (i.e. Permian, Marcellus), which require horizontal development to Greater Pinedale area generate BR 13A1-28D pay intervals, the Pinedale is developed vertically because the Lance & BR Mesaverde 13A1-28D combined equate to 5,700 of pay L. Lance LLA [UPL] U. Lance ~ 7,800 TVD T/K [UPL] ~ 10,500 TVD LLB [UPL] ULA [UPL] Upper & Middle Lance ULB [UPL] U & M Lance L Lance & Mesaverde Lower Lance & Mesaverde LLC [UPL] M. Lance MLA [UPL] Mesaverde MVD [UPL] MLB [UPL] L. Lance ~ 10,500 TVD LLA [UPL] ~ 13,500 TVD Ericson ERICSON [MCD]

23 Pinedale Geology Low-Risk, Repeatable Drilling Uniform interval thickness across field limits geologic development risk Consistent sand composition and petro-physics leads to low-risk, repeatable drilling program Pinedale Structure (Top Lance) A Feet Stratigraphic Cross Section (Horizontal scale compressed) A A U. Lance M. Lance L. Lance A Mesaverde Ultra Petroleum Corp. NASDAQ: UPL 23

24 Mcfd Normalized Pinedale Type Curve Abundance of data supports Pinedale type curve; 15+ years of production history and over 2,800 wells 10,000 Type Curve Normalized Production Wells Dataset Across Entire Anticline -Hyperbolic to Exp Type Curve Parameters -Qi = 4,600 mcfd -Qf = 66 mcfd -b factor = 1.6 -Di = 98% -Df = 7% -EUR = 4.0 Bcf 1, ,000 1,500 2,000 2,500 Ultra Petroleum Corp. NASDAQ: UPL 24 Days on Production

25 Uinta Basin Oil 8,000 Net Acres Uinta Basin Q production of 2,865 Boe/d Bluebell 137 Producing Wells Brennan Bottom 100% Operated 6,500 to 7,500 Average Well Depth Leland Bench Three Rivers Wonsits Valley Developed With Vertical Wells 80% Held by Production Monument Butte Natural Butte 228 Gross Locations

26 Uinta Asset Overview Description 8,000 net acres in Uintah County, Utah Contiguous, operated acreage position in the core of the Uinta Proven producing reservoirs in the Green River and Mesaverde formations Position allows optimization of development drilling program Average net revenue interest / working interest greater than 82% Ultra Q net production of 2,865 Boe/d Established PDP base with option for development program 137 operated producing wells provides broad distribution of value DUC inventory allows value optimization Pad development provides savings and synergies from Pinedale Provides operating synergies and accelerated value Established infrastructure in both the field and the basin Development inventory of 228 vertical wells Sound well economics with low costs Rural area with regulatory framework in place for future development Ultra Petroleum Corp. NASDAQ: UPL 26

27 Well Cost ($MM) Uinta Economics Single Well Economics Economics based on $1.7MM/well IRR Sensitivity 120 MBO Reserve Size 150 MBO 200 MBO $ % 24% 40% $ % 33% 52% $ % 45% 70% Economics at $50/Bbl Realized Payout for a 150 MBO well at $1.7MM = 30 months Ultra Petroleum Corp. NASDAQ: UPL 27

28 Marcellus Shale Natural Gas ~72,000 Net Acres Q Production of 34 Mmcf/d Marcellus 136 Producing Wells Operated by Alta Resources 99% Held by Production 1,972 Gross Locations Ultra Petroleum Corp. NASDAQ: UPL 28

29 Marcellus Asset Overview Description ~72,000 net acres in an established AMI with Alta Resources Large, contiguous acreage position in the core of the Marcellus Proven producing reservoirs in the Marcellus and Geneseo formations Position allows optimization of stacked development drilling program Average net revenue interest / working interest greater than 86% Ultra Q Net Production of 34 Mmcf/d 136 producing wells provide broad distribution of value Majority of wells online prior to 2013 A five rig development program supported in the AMI historically Infrastructure in place for future development Water withdrawal and distribution systems in place to service development Established gas gathering infrastructure in both the field and the basin Ultra Petroleum Corp. NASDAQ: UPL 29

30 2017 Guidance Drilling and completion capital budget: Production: Realizations: Natural Gas ($/Mcf) Oil and condensate ($/Bbl) Expense (per Mcfe): Lease operating expense Operating lease expense Production taxes Gathering fees Transportation DD&A General & administrative Interest Total operating costs per Mcfe EBITDA: $500.0 million Bcfe 4 to 5% below NYMEX natural gas price 5 to 6% below NYMEX crude oil price $ $0.34 $ $0.07 $ $0.37 $ $0.32 $ $0.00 $ $0.56 $ $0.04 $ $0.34 $ $2.04 $650.0 to $700.0 million Ultra Petroleum Corp. NASDAQ: UPL 30

31 2017 Hedge Positions Hedged volumes are equivalent to nearly 50% of remaining forecasted production guidance for the remainder of the year, assuming the midpoint of guidance Hedged volumes meet the hedging requirements under the proposed revolving credit facility NYMEX Swaps Q Q Q Total 2017 Volume (MMBtu) $/MMbtu $3.16 $3.17 $3.17 $3.17 $/Mcf $3.34 $3.34 $3.34 $3.34 Ultra Petroleum Corp. NASDAQ: UPL 31

32 Summary High Quality & Deep Asset Base with Attractive Returns Low-Risk, Repeatable & Predictable Development Attractive Realized Prices & Low Cost Operator Uinta & Marcellus Provide Additional Upside Robust Balance Sheet & Cash Flow Profile Large, contiguous position in the core of the Pinedale Field with over 69,000 net acres and 4,903 gross drilling locations Deep inventory of drilling locations represents >10 years of development activity (<40% developed) Ability to deliver attractive returns with breakevens <$2.00 NYMEX Demonstrated well results and contiguous acreage position allow for capital efficient development Vertical development with >5,000 feet of pay and consistent, predictable geology Field is largely delineated and de-risked since operations commenced in 1996 Over 2,600 producing wells with repeatable and predictable performance shown by tight statistical distribution in production ~100% held by production with 90% operated acreage position Attractive basis differentials with West Coast and Mid-Continent pricing options (~90% of NYMEX) Low-cost natural gas leader in the industry with consistent improvement in cash operating costs Proven ability to reduce D&C costs through sustainable operating efficiencies resulting in 45% reduction over the last 5 years No firm transportation contracts needed with 2-3 Bcf/d of excess pipeline capacity out of basin Uinta and Marcellus positions provide additional upside Marcellus operations offer additional upside with new operator in place Free cash flow generated used to fund additional development in the Pinedale Strong balance sheet Capital investment plan funded from cash flow from operations One-time, minimum hedging requirement of 50% of PDP the next twelve months post-closing of the credit facility - satisfied Proven Management Team Proven success in optimization (e.g. lowering costs, optimizing drilling and completing) Management maintained investor credibility, unlike other operators who entered restructuring Strength of assets and management team allowing creditors to be made whole Ultra Petroleum Corp. NASDAQ: UPL 32

33 Appendix Ultra Petroleum Corp. NASDAQ: UPL 33

34 Pinedale Historical Annual Well Costs $8.0 $7.0 $7.0 $6.0 $6.2 $5.5 $5.0 $5.0 $4.7 $4.8 $4.7 Total Well Cost ($MM) $4.0 $3.0 $3.8 $3.8 $3.0 $2.6 $2.0 $1.0 $ Ultra Petroleum Corp. NASDAQ: UPL 34

35 Continued Operating Efficiencies Rig Release to Rig Release (Hours) Record Well 188 hours Ultra Petroleum Corp. NASDAQ: UPL 35

36 Lower 48 Natural Gas Production 75 Lower 48 Pipeline Data Bcf/Day Jan 16Apr 16Jul 16 Oct 16Jan 17Apr 1 Ultra Petroleum Corp. NASDAQ: UPL 36

37 Rockies Natural Gas Production 16 Rockies Pipeline Data Bcf/Day Jan 16Apr 16Jul 16Oct 16Jan 17Apr 1 Ultra Petroleum Corp. NASDAQ: UPL 37