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.