Ultra Petroleum Corp. reported unaudited consolidated earnings and production results for the second quarter and six months ended June 30, 2017. For the six months, the company reported total operating revenues of $433,616,000 compared to $305,977,000 a year ago. Income before income taxes was $409,340,000 compared to loss before income taxes of $8,182,000 a year ago. Net income was $409,338,000 or $3.12 per diluted share compared to net loss of $7,832,000 or $0.10 per diluted share a year ago. Adjusted net income was $170,329,000 or $1.30 per diluted share compared to $23,612,000 or $0.30 per diluted share a year ago. Operating cash flow was $261,744,000 compared to $72,535,000 a year ago. Adjusted EBITDA was $291,279,000 compared to $149,338,000 a year ago. Net cash provided by operating activities was $112,977,000 compared to $31,738,000 a year ago. Capital expenditures for the quarter were $136 million.

For the quarter, the company reported total operating revenues of $212,657,000 compared to $146,591,000 a year ago. Income before income taxes was $499,037,000 compared to $13,842,000 a year ago. Net income was $499,037,000 or $2.76 per diluted share compared to $14,002,000 or $0.17 per diluted share a year ago. Adjusted net income was $51,016,000 or $0.28 per diluted share compared to $37,910,000 or $0.47 per diluted share a year ago. Operating cash flow was $112,464,000 compared to $62,402,000 a year ago. Adjusted EBITDA was $141,889,000 compared to $83,915,000 a year ago. Net cash used in operating activities was $58,382,000 compared to net cash provided by operating activities of $35,428,000 a year ago.

For the quarter, the company produced natural gas of 63,066,779 Mcf compared to 66,436,039 Mcf a year ago. Oil and condensate production was 675,236 Bbls compared to 735,377 Bbls a year ago.

For the six months, the company produced natural gas of 123,056,200 Mcf compared to 135,041,437 Mcf a year ago. Oil and condensate production was 1,338,133 Bbls compared to 1,525,084 Bbls a year ago.

The company is affirming its drilling and completion capital budget for 2017 of $500.0 million, or $525.0 million including facilities and capitalized costs. Ultra currently projects a zero book tax rate for 2017. Due to the delay in rig deliveries in the second and third quarters, a redirection of some of resources toward resource expansion and a decision to drill fewer development wells, the company is revising annual production guidance to a range of 280 to 290 Bcfe, a change of approximately 3%. Total operating costs per Mcfe is expected to be $1.82 to $2.03.