Ultra Petroleum Corp. announced unaudited consolidated earnings and production results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported natural gas production of 66,892,949 Mcf against 63,066,779 Mcf for the same period a year ago. Oil and condensate was 667,038 Bbls against 675,236 Bbls for the same period a year ago. Mcfe - Total was 70,895,177 against 67,118,195 for the same period a year ago.

For the six months, the company reported natural gas production of 135,126,814 Mcf against 123,056,200 Mcf for the same period a year ago. Oil and condensate was 1,344,880 Bbls against 1,338,133 Bbls for the same period a year ago. Mcfe - Total was 143,196,094 against 131,084,998 for the same period a year ago.

For the quarter, the company reported revenues of $190,138,000 against $212,657,000 for the same period a year ago. Loss before income taxes was $20,546,000 against income before income taxes of $499,037,000 for the same period a year ago. Net loss was $20,555,000 against net income of $499,037,000 for the same period a year ago. Adjusted net income was $34,017,000 against $51,016,000 for the same period a year ago. Adjusted EBITDA was $122,156,000 against $141,889,000 for the same period a year ago. Basic and diluted earnings per share were $0.10 against $2.76 per diluted share for the same period a year ago. Adjusted net income – basic and diluted was $0.17 against $0.28 for the same period a year ago. Net cash provided by operating activities was $53,785,000 against net cash used in operating activities of $34,971,000 for the same period a year ago. Operating cash flow was $84,432,000 against $112,464,000 for the same period a year ago.

For the six months, the company reported revenues of $415,511,000 against $433,616,000 for the same period a year ago. Income before income taxes was $27,375,000 against $409,340,000 for the same period a year ago. Net income was $26,933,000 against $409,338,000 for the same period a year ago. Adjusted net income was $89,325,000 against $170,329,000 for the same period a year ago. Adjusted EBITDA was $270,447,000 against $291,279,000 for the same period a year ago. Basic and diluted earnings per share were $0.14 against $3.12 per diluted share for the same period a year ago. Adjusted net income – basic and diluted was $0.45 against $1.30 for the same period a year ago. Net cash provided by operating activities was $205,781,000 against $136,461,000 for the same period a year ago. Operating cash flow was $196,453,000 against $261,744,000 for the same period a year ago.

The company is adjusting annual production guidance down to 273 to 283 Bcfe.

In the third quarter, the average daily production rate is expected to range between 710-750 MMcfe/d.

The company is affirming its 2018 total capital budget of $400 million. The company does not expect any income tax expense during 2018. The company forecast 2018 EBITDA to be $509 million.