Ultra Petroleum Corp. Announces Unaudited Consolidated Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2018; Provides Production Guidance for the Fourth Quarter of 2018; Provides Production and Capital Budget Guidance for the Year 2018
For the quarter, the company reported natural gas production of 63,790,000 Mcf against 66,845,000 Mcf for the same period a year ago. Oil and condensate was 624,000 Bbls against 704,000 Bbls for the same period a year ago. Mcfe - total was 67,534,000 against 71,074,000 for the same period a year ago.
For the nine months, the company reported total operating revenues of $619,289,000 against $651,247,000 for the same period a year ago. Income before income taxes was $45,944,000 compared to $74,727,000 for the same period a year ago. Net income was $45,502,000 against $81,611,000 for the same period a year ago. Adjusted net income was $122,334,000 against $249,619,000 for the same period a year ago. Adjusted EBITDA was $390,296,000 against $444,520,000 for the same period a year ago. Basic and diluted earnings per share were $0.23 against $0.53 per diluted share for the same period a year ago. Adjusted net income basic and diluted was $0.62 against $1.63 for the same period a year ago. Operating cash flow was $277,920,000 against $386,942,000 for the same period a year ago. Net cash provided by operating activities was $314,683,000 against $148,784,000 for the same period a year ago.
For the quarter, the company reported revenues of $203,776,000 against $217,631,000 for the same period a year ago. Income before income taxes was $18,563,000 against loss before income taxes of $334,613,000 for the same period a year ago. Net income was $18,563,000 against net loss of $327,727,000 for the same period a year ago. Adjusted net income was $33,003,000 against $78,830,000 for the same period a year ago. Adjusted EBITDA was $119,843,000 against $153,241,000 for the same period a year ago. Basic and diluted earnings per share were $0.09 against loss per basic and diluted share of $1.67 for the same period a year ago. Adjusted net income basic and diluted was $0.17 against $0.40 for the same period a year ago. Operating cash flow was $81,461,000 against $125,199,000 for the same period a year ago. Net cash provided by operating activities was $93,245,000 against $12,322,000 for the same period a year ago.
The company is narrowing annual production guidance to a range of 274 278 Bcfe. The company is refining its 2018 total capital budget to a range of $400-415 million.
For the fourth quarter, the company expects the average daily production rate is to range between 690-730 MMcfe/d. The company expects interest expense in the range of $0.57 $0.59 per Mcfe and depletion and depreciation in the range of $0.72 $0.76 per Mcfe.