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UPL - Ultra Petroleum: Natural Gas Futures Continue To Look Bleak
Ultra Petroleum Corp.
Ultra Petroleum's (UPL) stock has drifted lower since I wrote about it in March as natural gas prices have trended further downward. Current strip prices point to Ultra potentially having trouble with its amended credit facility leverage covenant by late 2020 (although it may receive a temporary reprieve if it can recoup the $260 million in make-whole payments). Even if it can deal with that leverage covenant, Ultra appears to be in a tough long-term position with natural gas strip prices remaining below what it needs for the foreseeable future.