UPL - Ultra Petroleum: A Deeper Look At Realised Prices And Opal Hub Volatility
My last report on Ultra Petroleum (UPL) resulted in a number of questions about Opal Hub pricing and Ultra's projected realised price for its production, so I figured I would go into more detail here.
Ultra is benefiting somewhat from high Rockies natural gas prices for now, although hedges offset most of that benefit. Ultra's stock hasn't seen a boost since the longer-term outlook for Rockies natural gas prices looks relatively mediocre.
Ultra's restructuring risk remains high despite near-term prices, as it may be challenging for long-term Rockies natural gas prices to average