Ultra Petroleum Corp. announced unaudited consolidated earnings and production results for the third quarter and nine months ended September 30, 2018. For the nine months, the company reported natural gas production of 198,917,000 Mcf against 189,902,000 Mcf for the same period a year ago. Oil and condensate was 1,969,000 Bbls against 2,043,000 Bbls for the same period a year ago. Mcfe - total was 210,731,000 against 202,159,000 for the same period a year ago.

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.