| Lesee's impact on total leased properties |
As of September 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 |
|
|
Leased Properties |
|
Lease Revenues |
|
|
As of
September 30,
2014
|
|
As of
December 31, 2013
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
|
|
|
|
September 30, 2014 |
|
September 30, 2013 |
|
September 30, 2014 |
|
September 30, 2013 |
Pinedale LGS |
|
79.95% |
|
94.23% |
|
70.59% |
|
88.68% |
|
72.45% |
|
88.68% |
Portland Terminal Facility |
|
16.77% |
|
— |
|
20.53% |
|
— |
|
18.44% |
|
— |
Public Service of New Mexico |
|
3.28% |
|
5.77% |
|
8.88% |
|
11.32% |
|
9.11% |
|
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)
|
|
September 30, 2014 |
|
December 31, 2013 |
|
(Unaudited) |
|
|
Current assets |
$ |
136,877 |
|
|
$ |
128,631 |
|
Non-current assets |
3,867,050 |
|
|
2,656,688 |
|
Total Assets |
$ |
4,003,927 |
|
|
$ |
2,785,319 |
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|
|
|
|
Current liabilities |
374,457 |
|
|
407,476 |
|
Non-current liabilities |
3,624,272 |
|
|
2,709,333 |
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Total Liabilities |
$ |
3,998,729 |
|
|
$ |
3,116,809 |
|
|
|
|
|
Shareholder's equity (deficit) |
5,198 |
|
|
(331,490 |
) |
Total Liabilities and Shareholder's Equity |
$ |
4,003,927 |
|
|
$ |
2,785,319 |
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Ultra Petroleum Corp.
Summary Consolidated Statements of Operations (Unaudited)
(in thousands)
|
|
For the Three Months Ended September 30 |
|
For the Nine Months Ended September 30 |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
Revenues |
$ |
288,608 |
|
|
$ |
221,205 |
|
|
$ |
910,970 |
|
|
$ |
708,207 |
|
Expenses |
169,669 |
|
|
136,389 |
|
|
475,347 |
|
|
419,387 |
|
Operating Income |
118,939 |
|
|
84,816 |
|
|
435,623 |
|
|
288,820 |
|
Other Income (Expense), net |
5,035 |
|
|
(20,525 |
) |
|
(104,422 |
) |
|
(88,863 |
) |
Income before income tax provision (benefit) |
123,974 |
|
|
64,291 |
|
|
331,201 |
|
|
199,957 |
|
Income tax provision (benefit) |
(1,383 |
) |
|
381 |
|
|
(1,924 |
) |
|
3,240 |
|
Net Income |
$ |
125,357 |
|
|
$ |
63,910 |
|
|
$ |
333,125 |
|
|
$ |
196,717 |
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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 September 30, 2014 are as follows:
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Future Minimum Lease Receipts |
Years Ending December 31, |
|
Amount |
2014 |
|
$ |
6,463,288 |
|
2015 |
|
25,547,516 |
|
2016 |
|
25,547,516 |
|
2017 |
|
25,547,516 |
|
2018 |
|
25,547,516 |
|
Thereafter |
|
242,411,842 |
|
Total |
|
$ |
351,065,194 |
|
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