Ultra Petroleum (OTC:UPLC) announced Q4 2019 production that was in-line with guidance and also reaffirmed expectations to deliver 182 to 192 Bcfe (a 20% to 24% decline versus 2019) in production in 2020 with a minimal capex budget.
It also noted that it generated $55 million in operating cash flow in Q4 2019. However, Ultra's operating cash flow is likely to be considerably lower (per quarter) in 2020 due to weaker natural gas prices and hedges, combined with declining production levels.
It seems unlikely that Ultra's second-lien and unsecured notes will see any