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UPL - Ultra Petroleum: Near-Term Situation Looks Fine But Long-Term Risks Remain
Ultra Petroleum Corp.
Ultra Petroleum (UPL) remains a long-term restructuring candidate although its situation isn't critical at the moment. It received an amendment to its credit facility, relaxing the leverage covenant. It also has no debt due until its January 2022 credit facility maturity and has been working to reduce its outstanding 2022 unsecured notes.
However, Ultra is also in a situation where it expects slightly declining production during 2019 along with a modest amount of cash burn at strip prices. Strip prices for 2020 and 2021 are also a bit below what it needs to