Ultra Petroleum Corp.OTCPK - Current
Ultra Petroleum: Trading Like An Option
Richard Zeits • 51 Comments
Richard Zeits • 51 Comments
Mon, Nov. 14, 12:58 PM
- CorEnergy Infrastructure Trust (CORR +9.7%) pushes higher on news that Ultra Petroleum (OTCPK:UPLMQ) has agreed to assume the lease on its Pinedale Liquids Gathering System without amendment.
- In exchange, CORR agrees to withdraw its damages claims and its motion to dismiss its tenant from any bankruptcy proceedings while maintaining its right to assert claims in the future to protect the value of Pinedale LGS; the agreements are subject to approval by the court.
- RBC Capital upgrades CORR to Sector Perform from Underperform on the news and raises its price target to $30 from $23, saying the agreement eliminates the worst downside scenarios for the trust.
Thu, Oct. 27, 7:48 AM
Fri, Oct. 21, 8:39 PM
- CorEnergy Infrastructure Trust (NYSE:CORR) announced earlier that it won court approval to postpone a bid to separate its Ultra Wyoming LGS subsidiary from the Ultra Petroleum (OTCPK:UPLMQ) bankruptcy process.
- The companies have agreed to mediation to resolve their dispute, and now have until Dec. 15 to strike a deal.
- CORR has been challenging the Ultra Petroleum bankruptcy petition, arguing Ultra is solvent and has been using the courts to terminate its contract with the subsidiary.
- The mediation decision follows a deposition of an Ultra senior exec, who said the earliest the Shell System could take over for a CORR pipeline is late fall 2017.
Thu, Aug. 11, 7:55 AM
Wed, May 4, 6:28 AM
- The rout in crude prices is snowballing into one of the biggest avalanches in the history of corporate America, with 59 oil and gas companies now bankrupt after this week's Chapter 11 filings by Midstates Petroleum (NYSE:MPO) and Ultra Petroleum (NYSE:UPL).
- According to Reuters data, the number of U.S. energy bankruptcies is closing in on the staggering 68 filings seen during the depths of the telecom bust of 2002 and 2003.
- "I think we'll see more filings in the second quarter than in the first quarter," said Charles Gibbs, a restructuring partner at Akin Gump in Texas.
Sun, May 1, 9:12 PM
- Ultra Petroleum (NYSE:UPL) has filed for Chapter 11 bankruptcy after failing to reach a debt restructuring deal with its lenders and bondholders, citing low natural gas prices that have prevailed from last year into 2016.
- UPL reportedly listed $1.3B in assets and $3.9B in debt in court papers filed on Friday.
- UPL will ask the bankruptcy court for permission to continue a surety bonding program with $12.6B outstanding that secures its obligations on environmental, road damage and plugging of wells.
Fri, Apr. 1, 4:31 PM
- Ultra Petroleum (NYSE:UPL) discloses that it deferred making a $26M interest payment due April 1 on senior notes, and will exercise a 30-day grace period until April 30.
- A default would result if UPL fails to make the payment within the grace period or is unable to obtain a waiver from debtholders.
- Now read Ultra Petroleum's struggle for survival
Fri, Mar. 18, 5:38 PM
- Ultra Petroleum (NYSE:UPL) -6.8% AH after saying it received notice from the NYSE that it is not in compliance with the $1/share minimum listing requirement; UPL now has six months to regain compliance.
- UPL says it plans to notify the NYSE that it intends to cure the deficiency and return to compliance with the continued listing standards.
Tue, Mar. 8, 12:49 PM
Mon, Mar. 7, 9:11 AM
Fri, Mar. 4, 9:23 AM
- Gainers: SUNE +25%. CRC +18%. SDRL +17%. [[PBR-A]] +16%. CKEC +16%. SID +15%. PBR +14%. GGB +13%. BCEI +12%. BBD +12%. UPL +11%. CST +11%. CPE +10%. HPE +9%. CLNE +9%. ITUB +9%. BSBR +9%. CIG +%. [] +%. [] +%.
- Losers: MTW -77%. VTAE -41%. NMBL -19%. SYMC -18%. HRB -11%. ERJ -9%. TACT -9%. FBR -8%. AMBA -8%. SPLS -5%.
Thu, Mar. 3, 2:48 PM
- CorEnergy Infrastructure Trust (CORR +3.9%) is higher after responding to news that two of the three major tenants for its oil and gas pipelines, Ultra Petroleum (UPL +95.7%) and Energy XXI (EXXI +26.7%), are facing financial troubles.
- CORR says its major tenants - which also includes Arc Logistics Partners (ARCX +1.2%) - are all in compliance with their lease requirements, including timely payments of March rents.
- UPL included going concern language in its recent annual report and warned of potential bankruptcy and default on its lease agreement related to the Pinedale liquids gathering system in Wyoming; CORR owns Pinedale, and says it expects to refinance the remaining balance of its Pinedale term loan prior to maturity at the end of March, leaving ~$65M of liquidity for acquisitions and other corporate purposes.
- Earlier: Ultra Petroleum shares +60%, now up 236% the last two days
Thu, Mar. 3, 11:51 AM
- Ultra Petroleum (UPL +59.1%) surges for a second day after announcing that its wholly-owned Ultra Resources subsidiary had entered into waiver and amendment agreements with all of its lenders.
- UPL said the agreements provide it with an opportunity to continue discussions with its creditors about restructuring all of its debt burdens, including its senior notes.
- Shares are now up 236% over the past two days.
Wed, Mar. 2, 3:52 PM
- Ultra Petroleum (UPL +85.6%) powers higher after negotiating a waiver agreement with its lenders, allowing the company to continue restructuring talks for all of its debt, including company-issued senior notes.
- The waivers prevent potential defaults occurring between March 1 to April 30: UPL had a $62M maturity payment due March 1 under one series of senior notes, a $40M interest payment also due March 1 under the senior notes, and a $26M interest payment due April 1.
- UPL had warned earlier this week that its auditors had raised doubts about its ability to stay in business and that the company may need to seek bankruptcy protection in the U.S. or Canada.
Mon, Feb. 29, 2:28 PM
- Ultra Petroleum (UPL +3.3%) says in its 10-K filing that it expects to default on a credit agreement on March 15, and that it may need to seek bankruptcy protection in the U.S. or Canada.
- The filing includes a going concern warning in which UPL says it will file for bankruptcy protection if it fails to make debt payments, restructure debt or secure additional capital.
- UPL says it currently has $3.76B in total outstanding debt principal, and that its cash on hand exceeds the amount recently borrowed under its credit agreement.
Fri, Feb. 19, 10:33 AM
- Ultra Petroleum (UPL -30.3%) is downgraded to Sell from Buy with a $0 price target at KLR Group, a day after President/CEO Mike Watford said he is trying to restructure UPL’s debt in an attempt to avoid filing for bankruptcy.
- KLR says the company's debt capitalization is no longer viable and implies no intrinsic equity value.
- As of the next covenant measurement date (March 31), UPL likely will breach the net debt to TTM EBITDA covenant and as of its Q1 10-Q filing date in May would be out of compliance with the current terms governing the subsidiary debt, KLR says.