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September 01, 2015 9:39 PM 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, production, and operation of oil and natural gas properties in the United States. It primarily focuses on developing natural gas reserves in the Green River Basin of Wyoming; oil reserves in the Uinta Basin of Utah; and natural gas reserves in the Appalachian Basin of Pennsylvania. As of December 31, 2014, the company owned interests in 67,000 net acres covering approximately 190 square miles in southwest Wyoming; 9,000 net acres in the Uinta Basin, Uintah County; and 91,000 net acres in the Pennsylvania portion of the Appalachian Basin. Ultra Petroleum Corp. was founded in 1979 a...

400 North Sam Houston Parkway East

Suite 1200

Houston, TX 77060

United States

Founded in 1979

160 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: 61
Total Annual Compensation: $800.0K
Chief Financial Officer and Senior Vice President
Age: 53
Total Annual Compensation: $385.9K
Senior Vice President of Operations
Age: 43
Total Annual Compensation: $460.6K
Vice President of Drilling & Completions
Age: 58
Total Annual Compensation: $332.0K
Vice President of Exploration and Land
Age: 56
Total Annual Compensation: $290.9K
Compensation as of Fiscal Year 2014.

Ultra Petroleum Corp. Key Developments

Ultra Petroleum Corp. Reports Unaudited Consolidated Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2015; Increases Production and Capital Expenditure Guidance for the Year of 2015

Ultra Petroleum Corp. reported unaudited consolidated earnings and production results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported total operating revenues of $207,998,000 compared to $296,063,000 a year ago. Loss before income taxes was $24,923,000 compared to income before income taxes of $105,505,000 a year ago. Net income was $24,673,000 or $0.16 per diluted share compared to $106,049,000 or $0.68 per diluted share a year ago. Adjusted net income was $32,065,000 or $0.21 per diluted share compared to $83,860,000 or $0.54 per diluted share a year ago. Operating cash flow was $121,895,000 compared to $145,086,000 a year ago. Diluted cash flow per share was $0.80 compared to $0.94 a year ago. Net cash provided by operating activities was $121,525,000 compared to $171,076,000 a year ago. For the six months, the company reported total operating revenues of $427,306,000 compared to $622,361,000 a year ago. Loss before income taxes was $1,754,000 compared to income before income taxes of $207,222,000 a year ago. Net income was $518,000 or $0.00 per diluted share compared to $207,763,000 or $1.34 per diluted share a year ago. Adjusted net income was $53,157,000 or $0.34 per diluted share compared to $221,893,000 or $1.43 per diluted share a year ago. Operating cash flow was $233,265,000 compared to $346,168,000 a year ago. Diluted cash flow per share was $1.51 compared to $2.23 a year ago. Net cash provided by operating activities was $243,324,000 compared to $346,651,000 a year ago. For the second quarter, production of natural gas and oil was 70.5 billion cubic feet equivalent (Bcfe). The company's production for the second quarter was comprised of 65.1 billion cubic feet (Bcf) of natural gas and 900,000 barrels (Mbls) of oil and condensate. For the six months, production of natural gas and oil was 141.0 Bcfe. The company's production for the six months was comprised of 129.8 Bcf of natural gas and 1.9 million barrels of oil and condensate. The company is increasing its full-year 2015 production guidance to 283 to 290 Bcfe. The mid-point of guidance represents a 15% annual production growth from 2014. It is expected that quarterly production for the remainder of the year will steadily increase building on second quarter volumes. The company is increasing its planned capital expenditures to $500.0 million. The additional capital expenditures are due to additional drilling in Wyoming. The original budget called for 111 net wells. The current estimate is an increase of 27 to 138 net wells. The company currently projects a zero book tax rate for 2015 and anticipates additional tax refunds during the year.

Ultra Petroleum Corp., Q2 2015 Earnings Call, Jul 30, 2015

Ultra Petroleum Corp., Q2 2015 Earnings Call, Jul 30, 2015

Ultra Petroleum Corp., Annual General Meeting, Jul 30, 2015

Ultra Petroleum Corp., Annual General Meeting, Jul 30, 2015.

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