The collision of an antiproton and a hydrogen atom at ultralow energies is described in hyperspherical coordinates. An adiabatic approximation leads to potential-energy curves that can be used to describe the dynamics of capture in the $\overline{p}\ensuremath{-}\mathrm{H}(1s)$ collision. A unified formulation of the collision and capture processes leading to formation of
pp bound states emerges. Both $\mathrm{Pn}{(\mathrm{nl})\ensuremath{-}e}^{\ensuremath{-}}$ ``atomic-type'' and $\overline{p}\ensuremath{-}\mathrm{H}{(n}^{\ensuremath{'}}{l}^{\ensuremath{'}})$ ``molecular-type'' states are represented. These potential curves are calculated to more than 10 000 protonium Bohr radii, where low-energy antiprotons are stopped in collisions with hydrogen atoms. Elastic and inelastic partial and total protonium formation cross sections in the mass-scaled
p-H system are calculated. The existence of protonium negative (or positive) ion in its ground and excited states is discussed.