| Lesee's impact on total leased properties |
As of June 30, 2014 the Company had three significant leases. The table below displays the impact of each lease on total leased properties and total lease revenues for the periods presented.
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As a Percentage of |
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Leased Properties |
|
Lease Revenues |
|
|
As of
June 30,
2014
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As of
December 31, 2013
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|
For the Three Months Ended |
|
For the Six Months Ended |
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|
|
|
June 30, 2014 |
|
June 30, 2013 |
|
June 30, 2014 |
|
June 30, 2013 |
Pinedale LGS |
|
80.32% |
|
94.23% |
|
71.85% |
|
88.68% |
|
73.42% |
|
88.68% |
Portland Terminal Facility |
|
16.21% |
|
— |
|
19.12% |
|
— |
|
17.35% |
|
— |
Public Service of New Mexico |
|
3.47% |
|
5.77% |
|
9.03% |
|
11.32% |
|
9.23% |
|
11.32% |
|
| Future contracted minimum rental receipts for all net leases |
Summary Consolidated Balance Sheets and Consolidated Statements of Operations for Ultra Petroleum are provided below.
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Ultra Petroleum Corp.
Summary Consolidated Balance Sheets
(in thousands)
|
|
June 30, 2014 |
|
December 31, 2013 |
|
(Unaudited) |
|
|
Current assets |
$ |
144,778 |
|
|
$ |
128,631 |
|
Non-current assets |
2,813,355 |
|
|
2,656,688 |
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Total Assets |
$ |
2,958,133 |
|
|
$ |
2,785,319 |
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|
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Current liabilities |
497,704 |
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|
407,476 |
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Non-current liabilities |
2,583,954 |
|
|
2,709,333 |
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Total Liabilities |
$ |
3,081,658 |
|
|
$ |
3,116,809 |
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|
|
|
|
Shareholder's (deficit) |
(123,525 |
) |
|
(331,490 |
) |
Total Liabilities and Shareholder's Equity |
$ |
2,958,133 |
|
|
$ |
2,785,319 |
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Ultra Petroleum Corp.
Summary Consolidated Statements of Operations (Unaudited)
(in thousands)
|
|
For the Three Months Ended June 30 |
|
For the Six Months Ended June 30 |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
Revenues |
$ |
296,063 |
|
|
$ |
261,376 |
|
|
$ |
622,361 |
|
|
$ |
487,003 |
|
Expenses |
150,850 |
|
|
143,002 |
|
|
305,680 |
|
|
282,996 |
|
Operating Income (Loss) |
145,213 |
|
|
118,374 |
|
|
316,681 |
|
|
204,007 |
|
Other Income (Expense), net |
(39,708 |
) |
|
(506 |
) |
|
(109,459 |
) |
|
(68,337 |
) |
Income (Loss) before income tax provision (benefit) |
105,505 |
|
|
117,868 |
|
|
207,222 |
|
|
135,670 |
|
Income tax provision (benefit) |
(544 |
) |
|
1,491 |
|
|
(541 |
) |
|
2,859 |
|
Net Income (Loss) |
$ |
106,049 |
|
|
$ |
116,377 |
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|
$ |
207,763 |
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|
$ |
132,811 |
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| Fair value of the future minimum lease payments and estimated costs |
The future contracted minimum rental receipts for all net leases as of June 30, 2014 are as follows:
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Future Minimum Lease Receipts |
Years Ending December 31, |
|
Amount |
2014 |
|
$ |
12,470,427 |
|
2015 |
|
25,010,264 |
|
2016 |
|
25,010,264 |
|
2017 |
|
25,010,264 |
|
2018 |
|
25,010,264 |
|
Thereafter |
|
236,375,660 |
|
Total |
|
$ |
348,887,143 |
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