Ultra Petroleum releases 3rd Quarter 2009 financial results
Reports record production and industry-leading returns
October 30, 2009
Ultra Petroleum Corp. (NYSE: UPL) describes their current status as continuing "to deliver strong financial and operating performance for the third quarter of 2009".
Ultra Petroleum is an independent oil and natural gas company which is engaged in the acquisition, exploration, development and production of oil and natural gas properties. Their activities are focused on developing its long-life natural gas reserves in the Green River Basin of Wyoming, the Pinedale and Jonah Fields, and the company is in the early stages of exploration in the Appalachian Basin in Pennsylvania. Ultra is listed on the New York Stock Exchange and trades under the ticker symbol "UPL". The company had 151,442,194 shares outstanding on September 30, 2009.
Below are their report highlights:
- Record natural gas and crude oil production of 45.9 Bcfe, an increase of 27 percent from third quarter 2008. Ultra Petroleum's third quarter 2009 production levels were the highest quarterly levels ever achieved by the company. The company's production for the third quarter was comprised of 43.9 billion cubic feet (Bcf) of natural gas and 341.5 thousand barrels of condensate (MBbls).
- Operating cash flow of $172.6 million.
- Earnings of $85.8 million, or $0.57 per diluted share – adjusted.
- The company's average price for natural gas was $3.09 per Mcf, excluding realized gains and losses on commodity derivatives. The realized condensate price in the third quarter of 2009 was $57.47 per barrel (Bbl).
- The company’s per unit all-in costs decreased 22 percent from the same period in 2008, to $2.48 per Mcfe.
- Returns in third quarter (adjusted) were: 71 percent cash flow margin, 35 percent net income margin, 59 percent return on equity, and 26 percent return on capital.
President and Chief Executive Officer Michael D. Watford said, "While the industry continued to experience low natural gas prices during the quarter, our returns and margins remain similar to ones achieved last year in a more robust commodity price environment."
Ultra Petroleum on the web: www.ultrapetroleum.com