May 30, 2017 3:46 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Ultra Petroleum Corp.

Company Overview

Ultra Petroleum Corp., an independent oil and gas company, engages in the acquisition, exploration, development, operation, and production of oil and natural gas properties. Its principal business activities are developing its natural gas reserves in the Green River Basin of southwest Wyoming—the Pinedale and Jonah fields; its oil reserves in the Uinta Basin in northeast Utah; and its natural gas reserves in the north-central Pennsylvania area of the Appalachian Basin. As of December 31, 2016, the company owned interests in approximately 105,000 gross acres in Wyoming; and 144,000 gross acres in Pennsylvania. It also owns approximately 8,000 net acres in the Uinta Basin in Utah. The company ...

400 North Sam Houston Parkway East

Suite 1200

Houston, TX 77060

United States

Founded in 1979

166 Employees

Phone:

281-876-0120

Fax:

281-876-2831

Key Executives for Ultra Petroleum Corp.

Chairman of The Board, Chief Executive Officer and President
Age: 62
Total Annual Compensation: $800.0K
Chief Financial Officer and Senior Vice President
Age: 54
Total Annual Compensation: $375.0K
Senior Vice President of Operations
Age: 44
Total Annual Compensation: $400.0K
Vice President of Development
Age: 37
Total Annual Compensation: $285.5K
Vice President of Drilling & Completions
Age: 59
Total Annual Compensation: $302.0K
Compensation as of Fiscal Year 2016.

Ultra Petroleum Corp. Key Developments

Ultra Petroleum Corp. Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2017; Provides Earnings and Production Guidance for the Full Year 2017 and 2018

Ultra Petroleum Corp. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2017. For the quarter, the company reported total operating revenues of $220,958,000 compared to $159,386,000 a year ago. Loss before income taxes was $89,696,000 compared to $22,021,000 a year ago. Net loss was $89,698,000 or $1.12 per diluted share compared to $21,831,000 or $0.27 per diluted share a year ago. Adjusted net income was $119,314,000 or $1.49 per diluted share compared to adjusted net loss of $14,298,000 or $0.18 per diluted share a year ago. Net cash provided by operating activities was $171,359,000 compared to net cash used in operating activities of $3,690,000 a year ago. Diluted cash flow per share was $1.87 compared to $0.13 a year ago. Net cash provided by operating activities was $171,359,000 compared to net cash used in operating activities of $3,690,000 a year ago. Adjusted EBITDA was $149,390 compared to $65,423,000 a year ago. For the first quarter of 2017, production of natural gas and oil was 64.0 billion cubic feet equivalent (Bcfe). The company's production for the first quarter was comprised of 60.0 billion cubic feet (Bcf) of natural gas and 662.9 thousand barrels (Mbls) of oil and condensate. For 2017, the company's the drilling and completion capital budget for 2017 is $500.0 million and the total capital budget for 2017 is $525.0 million. Annual production for 2017 is expected to range between 290 and 300 billion cubic feet equivalent (Bcfe), compared to production of 281.7 Bcfe for 2016. Based on the company's guidance, approximately 96% of the company's production will come from the Rockies. The company currently projects a zero book tax rate for 2017. Based on a $3.25 per MMBtu Henry Hub natural gas price and a $50.00 per Bbl NYMEX crude oil price, the projected earnings before interest, taxes, depreciation, depletion and amortization (EBITDA) for full-year 2017 ranges between $650.0 million and $700.0 million. For the year 2018, Based on the continuance of an eight rig operated program, the company expects approximately 25% growth in production for 2018 with projected EBITDA exceeding $800 million at current strip pricing. The company expects to generate free cash flow even at higher well cost.

Ultra Petroleum Corp., Q1 2017 Earnings Call, May 03, 2017

Ultra Petroleum Corp., Q1 2017 Earnings Call, May 03, 2017

Ultra Petroleum Corp. Reports Earnings Results for the Year 2016; Announces Capital Investment Plan for 2017; Provides Production Guidance for the Year 2017

Ultra Petroleum Corp. reported earnings results for the year 2016. Ultra's net income for 2016 was $56.15 million, or 37 cents per share, up from a $3.2 billion net loss, or a $20.94 loss per share, in 2015. The company's adjusted net income increased more than 400% from $46.77 million, or 31 cents per share, in 2015 to $245.15 million, or $1.60 per share, in 2016. The company reported nearly $721.1 million in revenue for 2016, a 14% year over year decrease. Ultra released its capital investment plan for 2017, which allocates $500 million for drilling and completion. The company expects to produce about 795 million to 820 million cubic feet equivalent per day, up about 7 to 10% compared to 2016 exit production rates.

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