Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v2.4.1.9
Leases (Tables)
 12 Months Ended
Dec. 31, 2014
Leases [Abstract]  
Lesee's impact on total leased properties
As of December 31, 2014 the Company had three significant leases. The table below displays the impact of leases on total leased properties and total lease revenues for the periods presented.

 
As a Percentage of
 
 
Leased Properties
 
Lease Revenues

 
As of
December 31, 2014
 
As of
December 31, 2013
 
For the Year Ended December 31, 2014
 
For the Year Ended December 31, 2013
 
For the Year Ended November 30, 2012
 
For the One-Month Transition Period December 31, 2012
Pinedale LGS
 
79.17%
 
94.23%
 
71.94%
 
88.68%
 
—
 
75.20%
Portland Terminal Facility
 
17.24%
 
—
 
18.98%
 
—
 
—
 
—
Public Service of New Mexico
 
3.07%
 
5.77%
 
9.05%
 
11.32%
 
100.00%
 
24.80%
Future contracted minimum rental receipts for all net leases
Summary Consolidated Balance Sheets and Consolidated Statements of Operations for Ultra Petroleum are provided below.
Ultra Petroleum Corp.
Summary Consolidated Balance Sheets
(in thousands)
 
December 31, 2014
 
December 31, 2013
 
 
 
 
Current assets
$
277,138

 
$
128,631

Non-current assets
3,948,552

 
2,656,688

Total Assets
$
4,225,690

 
$
2,785,319

 
 
 
 
Current liabilities
$
445,718

 
$
407,476

Non-current liabilities
3,568,312

 
2,709,333

Total Liabilities
$
4,014,030

 
$
3,116,809

 
 
 
 
Shareholder's equity (deficit)
211,660

 
(331,490
)
Total Liabilities and Shareholder's Equity
$
4,225,690

 
$
2,785,319

 
 
 
 

Ultra Petroleum Corp.
Summary Consolidated Statements of Operations
(in thousands)
 
For the Years Ended December 31,
 
2014
 
2013
Revenues
$
1,230,020

 
$
933,404

Expenses
670,431

 
561,138

Operating Income
559,589

 
372,266

Other Income (Expense), net
(22,562
)
 
(138,044
)
Income before income tax provision (benefit)
537,027

 
234,222

Income tax provision (benefit)
(5,824
)
 
(3,616
)
Net Income
$
542,851

 
$
237,838


Fair value of the future minimum lease payments and estimated costs
The future contracted minimum rental receipts for all net leases as of December 31, 2014 are as follows:
Future Minimum Lease Receipts
Years Ending December 31,
 
Amount
2015
 
$
26,342,843

2016
 
26,347,143

2017
 
26,347,143

2018
 
26,347,143

2019
 
26,451,645

Thereafter
 
223,510,092

Total
 
$
355,346,009