Ultra Petroleum reports record natural gas and crude oil production
First half and second quarter of 2010 financial report
July 30, 2010
Ultra Petroleum (NYSE: UPL) released their First Six Months and Second quarter 2010 Financial and Operating Results report on July 30, 2010. They report a 17% increase in natural gas and crude oil production for the first six months of 2010 and a 25% increase in operating cash flow from 2009.
They have increased the efficiency of their drilling operations in Pinedale, averaging 14.5 days per well spud to total depth, reduced from the average of 20.6 days in the second quarter of 2009. In the 2nd Quarter of 2010, Ultra reached total depth on 36 gross (24 net) Pinedale wells. 86% of those wells were drilled in 15 days or less. Ultra reports a 12% decrease in completed well costs for 2010 compared to the 2nd Quarter of 2009.
Ultra Petroleum continues to expand their leasehold positions in the Pennsylvania Marcellus shale natural gas fields. The company now owns approximately 470,000 gross (255,000 net) acres in north central Pennsylvania. The company considers the undeveloped Pinedale and Pennsylvania natural gas fields to be their "two high-returning, high-margin assets," according to Michael D. Watford, Chairman, President and Chief Executive Officer. "Given the robust economics we enjoy and our low cost structure, we will be able to generate significant returns for our shareholders," he said in the report.
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Click on this link to go to the Ultra Petroleum website and this report