Ultra Petroleum Corp. Announces Unaudited Consolidated Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Production Guidance for the Third Quarter and Full Year of 2018; Provides Earnings Guidance for the Year 2018
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.