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UPL - Ultra Petroleum: Some Debt Reduction Progress But Natural Gas Prices Remain Below What It Needs
Ultra Petroleum Corp.
Ultra Petroleum (UPL) appears to be doing a decent job with controlling its costs and may also be able to reduce its debt and interest costs a bit via a third-lien debt exchange. However, it also needs help from the natural gas markets, as Rockies gas prices are currently too low (from now until 2021 at least) for it to be able to maintain production levels without cash burn. This is true even if it can continue to reduce costs and improve capital efficiency a bit.