Ultra Petroleum Corp. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2018. For the quarter, the company reported total operating revenues of USD 225,374,000 compared to USD 220,958,000 a year ago. Profit before income taxes was USD 47,927,000 compared to loss of USD 89,696,000 a year ago. Net income was USD 47,493,000 or USD 0.24 per basic and diluted share compared to loss of USD 89,698,000 or USD 1.12 per basic and diluted share a year ago. Adjusted net income was USD 55,312,000 or USD 0.28 per basic and diluted share compared to USD 119,314,000 or USD1.49 per basic and diluted share a year ago. Net cash provided by operating activities was USD 151,996,000 compared to USD 171,434,000 a year ago. Operating Cash Flow was USD 112,024,000 compared to USD 149,280,000 a year ago. Adjusted EBITDA was USD 148,295,000 compared to USD 149,390,000 a year ago. EBITDA for the quarter was a USD 148 million, which was in line, if not slightly better than expectations.

For the first quarter of 2018, the company's production of natural gas and oil was 72.3 billion cubic feet equivalent (Bcfe), an increase of 13% over the first quarter of 2017, with 68.2 billion cubic feet (Bcf) of natural gas and 677,800 barrels (MBbls) of oil and condensate. In the first quarter, production averaged 803 MMcfe per day, exceeding the midpoint of guidance.

In 2018, the company is focused on capital efficiency, cash flow visibility and accelerating the horizontal program, while producing free cash flow. The company is increasing its 2018 annual production guidance to 285 Bcfe to 295 Bcfe. Based on encouraging early results, the company has significantly ramped up horizontal well development and now plan to drill 25 to 30 horizontal wells in 2018 while maintaining USD 400 million capital expenditure guidance.

In the second quarter, the average daily production rate is expected to range between 780 MMcfe/d to 800 MMcfe/d, and includes production of 1.1 Bcfe from the Utah assets. With less capital allocated to vertical drilling than originally planned, second quarter volumes are forecasted to decline slightly, with production from horizontal wells providing growth later in the year. The company expects Depletion and depreciation of USD 0.67 to USD 0.70 Per Mcfe.