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UPL - Ultra Petroleum: Facing A Potentially Grim 2020
Ultra Petroleum Corp.
Ultra Petroleum (UPL) is facing a potentially grim 2020 with natural gas futures for that year at a level that it may only generate 10% IRRs from its Pinedale vertical wells. With Ultra's high interest costs it will likely burn a considerable amount of cash just to maintain production, and also has limited hedges to protect against those low gas prices.
Termination Of The Exchange Offer
Ultra Petroleum recently terminated its exchange offer involving its 7.125% Senior Notes due 2025 for new 9.00% Cash / 2.50% PIK Senior Secured Third Lien Notes due