23 Apr 2020director interest notice● Neutral
ULTRA PETROLEUM CORP VP, Gen Counsel, Corp Secy Kason Kerr exercised stock options for 28,333 shares and disposed of 36,322 shares.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Apr 2020quarterly activities report▼ Bad
ULTRA PETROLEUM CORP reported a quarterly net loss of $217.6 million for the period ended 2020-03-31.
31 Mar 2020late filing notice▼ Bad
ULTRA PETROLEUM CORP notified the SEC that its annual report would be filed late.
18 Feb 2020debt financing▼ BadMajor
On Feb 14, 2020, Ultra signed a Sixth Amendment: the borrowing base falls to $1.075B effective April 1, 2020, with the revolver commitment going from $200M to $120M (Feb 29) and then $100M (Apr 1). Redeterminations become quarterly (next July 1, 2020), and the minimum cash threshold drops from $25M to $15M. The release confirms 2020 capital of $10-20M with drilling suspended and production guidance of 182-192 Bcfe; Q4 2019 production was 55.4 Bcfe. Continues the lender squeeze begun in the Fifth Amendment.
13 Feb 2020substantial holder notice● Neutral
CREDIT SUISSE AG/ reported no remaining ULTRA PETROLEUM CORP shareholding in its periodic institutional filing.
7 Nov 2019quarterly activities report● Neutral
ULTRA PETROLEUM CORP reported quarterly revenue of $144.2 million and net income of $11.5 million for the period ended 2019-09-30.
7 Nov 2019quarterly activities report● Neutral
ULTRA PETROLEUM CORP reported quarterly revenue of $144.2 million and net income of $11.5 million for the period ended 2019-09-30.
17 Sept 2019debt financing● NeutralMajor
On Sept 16, 2019, Ultra's bank lenders agreed to a Fifth Amendment: the borrowing base was cut to $1.175B (from $1.3B), with $200M under the revolver, falling to $120M on Feb 29, 2020. All financial maintenance covenants were removed, hedging requirements reduced, and capital spending capped at $65M, $10M and $5M for the Sept 2019, Dec 2019 and later quarters. The press release says drilling in Pinedale will be suspended by end of September and 2019 capital guidance is now $230-$260M. This resolves the fall 2019 redetermination and leverage covenant threads.
22 Aug 2019listing compliance notice● NeutralMajor
ULTRA PETROLEUM CORP's exchange filed to remove a class of its securities from listing.
9 Aug 2019quarterly activities report● Neutral
ULTRA PETROLEUM CORP reported quarterly revenue of $155.4 million and net income of $57.1 million for the period ended 2019-06-30.
9 Aug 2019quarterly activities report● Neutral
ULTRA PETROLEUM CORP reported quarterly revenue of $155.4 million and net income of $57.1 million for the period ended 2019-06-30.
31 July 2019listing compliance notice▼ BadMajor
On July 30, 2019, NASDAQ notified Ultra that its shares will be delisted effective August 8, 2019 because it did not regain the $1.00 minimum bid price. The shares are expected to trade on OTCQX as UPLC, and the board decided a reverse stock split was not in the company's best interest at this time. The company says it will keep making SEC filings, and business operations are unaffected. This resolves the minimum bid price thread from January. Kason D. Kerr now signs as Vice President, General Counsel and Corporate Secretary, replacing Andrew Kidd in that role (inference from the signature).
10 July 2019substantial holder notice● Neutral
BlackRock, Inc reported a ULTRA PETROLEUM CORP shareholding of 4,365,262 shares (2.20% of votes) in a periodic institutional filing.
9 May 2019quarterly activities report● Neutral
ULTRA PETROLEUM CORP reported quarterly revenue of $271.5 million and net income of $40.7 million for the period ended 2019-03-31.
9 May 2019quarterly activities report● Neutral
ULTRA PETROLEUM CORP reported quarterly revenue of $271.5 million and net income of $40.7 million for the period ended 2019-03-31.
19 Feb 2019debt financing● NeutralMajor
On February 14, 2019, Ultra Resources' bank lenders reaffirmed the borrowing base at $1.3B (down from $1.4B in April 2018), with $325M of availability. They loosened the leverage limit to 4.50x for Dec 31, 2018, 4.75x for Mar-Jun 2019 and 4.90x for Sept 2019-Jun 2020, then tightening to 4.5x at Sept 30, 2020 and 4.25x from Dec 31, 2020. Lenders were paid fees of $487,500. Another $16.5M of 2022 notes were swapped for about $10.1M of second-lien notes, bringing 2019 swaps to $44.6M, with about $10.4M still available. The press release reports 2018 production of 275.1 Bcfe and year-end reserves of 3,062.5 Bcfe.
13 Feb 2019substantial holder notice● Neutral
Scoggin International Fund, Ltd, Scoggin Worldwide Fund, Ltd, SB Special Situation Master Fund SPC &#, Scoggin Management LP, Scoggin GP LLC, Old Bellows Partners LP, Old Bell Associates LLC, A. Dev Chodry, Craig Effron, Curtis Schenker reported a ULTRA PETROLEUM CORP shareholding of 7,639,162 shares (3.90% of votes) in a periodic institutional filing.
11 Feb 2019substantial holder notice● Neutral
The Vanguard Group reported a ULTRA PETROLEUM CORP shareholding of 4,149,879 shares (2.10% of votes) in a periodic institutional filing.
6 Feb 2019substantial holder notice● Neutral
BlackRock, Inc reported a ULTRA PETROLEUM CORP shareholding of 12,266,878 shares (6.20% of votes) in a periodic institutional filing.
1 Feb 2019substantial holder notice● Neutral
Avenue Capital Management II, L.P, Avenue Capital Management II GenPar, LLC, Marc Lasry reported a ULTRA PETROLEUM CORP shareholding of 14,318,555 shares (7.20% of votes) in a periodic institutional filing.
1 Feb 2019listing compliance notice▼ BadMajor
On January 29, 2019, NASDAQ notified Ultra that its shares closed below $1.00 for 30 consecutive business days. The company has until July 29, 2019 to regain compliance by closing at $1.00 or above for 10 consecutive business days; trading continues for now. Separately, Sylvia K. Barnes became a non-voting board observer on January 30, 2019 under the December 2018 director nomination agreement with second-lien noteholders, which continues that noteholder board-seat thread.
25 Jan 2019debt financing▲ Good
In follow-on swaps on January 22 and 23, 2019, holders exchanged about $11.6M and $12.5M of 2022 notes (about $24.1M total) for second-lien notes at $600 per $1,000, about $14.5M in all, with no warrants. This is a better deal for the company than December's $720 per $1,000 plus warrants. Including these, about $529.1M (75.6%) of the 2022 notes and $275M (55%) of the 2025 notes have been exchanged, and about $30.9M of 2022 notes remain eligible for exchange on similar or better terms. This continues the December exchange.
8 Jan 2019listing compliance notice▼ Bad
On January 2, 2019, NASDAQ told Ultra it was out of compliance because it held no annual meeting within twelve months of its 2017 year-end. The company says no 2018 meeting was held because the plan set a two-year director term, and it will hold a combined 2018/2019 meeting on May 22, 2019 (record date March 25, 2019). Trading is unaffected, and the company expects to regain compliance at that meeting.
26 Dec 2018capital raising announcement● NeutralMajor
The December 2018 bond swap closed on December 21, 2018: holders of about $505M of 2022 notes and $275M of 2025 notes of Ultra Resources received about $545M of new 9.00% cash / 2.00% PIK second-lien notes due July 12, 2024, plus 10,919,499 warrants (the October/December plans said 10,916,699; the filing gives the higher figure). The company received no cash. The warrants cost $0.01 each and only become exercisable after the shares average at least $2.50 for 30 trading days, with about 6% dilution if all are exercised. The remaining old-note covenants were stripped through a supplemental indenture. This resolves the open question of whether the exchange would close.
21 Dec 2018capital raising announcement● NeutralMajor
On Dec 17, 2018, Ultra terminated the October exchange agreement and signed a replacement with holders of about $505M (72.1%) of the 2022 notes and $275M (55%) of the 2025 notes, to swap them for $545M of new second-lien 9.00% cash / 2.00% PIK notes due July 12, 2024 and 10,916,699 warrants. Terms are similar to October's, but the participating amounts are lower. The warrants cost $0.01 each to exercise, only become exercisable once the shares trade at $2.50 or more (30-day average) and would dilute shareholders by about 6% on 197,053,583 shares. Closing is expected before Dec 31, 2018; noteholders may also nominate one independent director.
9 Nov 2018quarterly activities report● Neutral
ULTRA PETROLEUM CORP reported quarterly revenue of $203.8 million and net income of $18.6 million for the period ended 2018-09-30.
8 Nov 2018quarterly activities report● Neutral
ULTRA PETROLEUM CORP reported quarterly revenue of $203.8 million and net income of $18.6 million for the period ended 2018-09-30.
17 Oct 2018capital raising announcement● NeutralMajor
On Oct 17, 2018, Ultra agreed with holders of about $556.4M (79.5%) of 6.875% 2022 notes and $267.1M (53.4%) of 7.125% 2025 notes of Ultra Resources to swap them for new 9.00% cash / 2.00% PIK second-lien notes due July 2024 ($720 per $1,000 of 2022 notes, $660 per $1,000 of 2025 notes) plus warrants. The company says the warrants would dilute shareholders by about 6% if all are exercised; the deal needs bank-lender consents and an intercreditor agreement, and the press release says it cuts long-term debt by about $250M and pushes out about $560M of debt from 2022 to mid-2024. The release also reports closing a Utah asset sale, with proceeds used to pay down the revolver (this is the Uinta Basin position acquired in 2013; the filing text provided does not give a price). The company's headquarters had moved to Englewood, Colorado and shares are now NASDAQ-listed (UPL).
9 Aug 2018quarterly activities report▼ Bad
ULTRA PETROLEUM CORP reported quarterly revenue of $190.1 million and a net loss of $20.6 million for the period ended 2018-06-30.
9 Aug 2018quarterly activities report▼ Bad
ULTRA PETROLEUM CORP reported quarterly revenue of $190.1 million and a net loss of $20.6 million for the period ended 2018-06-30.