Ultra Petroleum Corp. Reports Unaudited Consolidated Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Operating Guidance for the Year 2017
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.