Ultra Petroleum Corp. Announces Unaudited Consolidated Earnings and Production Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Production Guidance for the First Quarter and Full Year of 2018
For the quarter, the company reported total operating revenues of $240,627,000 compared to $215,860,000 a year ago. Income before income taxes was $89,117,000 compared to loss of $34,774,000 a year ago. Net income was $95,528,000 or $0.49 per basic and diluted share compared to loss of $34,425,000 or $0.43 per basic and diluted share a year ago. Adjusted net income was $83,938,000 or $0.43 per basic and diluted share compared to $119,184,000 or $1.49 per basic and diluted share a year ago. Operating cash flow was $137,524,000 compared to $145,126,000 a year ago. Adjusted EBITDA was $167,502,000 compared to $149,639,000 a year ago. Net cash used in operating activities was $83,516,000 compared to net cash provided by operating activities of $136,926,000 a year ago.
For the year, the company reported natural gas volume was 260,008,429 Mcf compared to 264,278,138 Mcf a year ago. Oil and condensate volume was 2,775,762 Mcf compared to 2,911,617 Mcf a year ago.
For the quarter, the company reported natural gas volume was 70,107,780 Mcf compared to 63,991,905 Mcf a year ago. Oil and condensate volume was 732,571 Mcf compared to 706,472 Mcf a year ago.
The company provided production guidance for the first quarter and full year of 2018. The company's 2018 annual production is expected to range between 280-290 Bcfe.
In the first quarter, the average daily production rate is expected to range between 790-810 MMcfe/d.