Ultra Petroleum Corp. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2017. For the quarter, the company reported total operating revenues of $220,958,000 compared to $159,386,000 a year ago. Loss before income taxes was $89,696,000 compared to $22,021,000 a year ago. Net loss was $89,698,000 or $1.12 per diluted share compared to $21,831,000 or $0.27 per diluted share a year ago. Adjusted net income was $119,314,000 or $1.49 per diluted share compared to adjusted net loss of $14,298,000 or $0.18 per diluted share a year ago. Net cash provided by operating activities was $171,359,000 compared to net cash used in operating activities of $3,690,000 a year ago. Diluted cash flow per share was $1.87 compared to $0.13 a year ago. Net cash provided by operating activities was $171,359,000 compared to net cash used in operating activities of $3,690,000 a year ago. Adjusted EBITDA was $149,390 compared to $65,423,000 a year ago.

For the first quarter of 2017, production of natural gas and oil was 64.0 billion cubic feet equivalent (Bcfe). The company's production for the first quarter was comprised of 60.0 billion cubic feet (Bcf) of natural gas and 662.9 thousand barrels (Mbls) of oil and condensate.

For 2017, the company's the drilling and completion capital budget for 2017 is $500.0 million and the total capital budget for 2017 is $525.0 million. Annual production for 2017 is expected to range between 290 and 300 billion cubic feet equivalent (Bcfe), compared to production of 281.7 Bcfe for 2016. Based on the company's guidance, approximately 96% of the company's production will come from the Rockies. The company currently projects a zero book tax rate for 2017. Based on a $3.25 per MMBtu Henry Hub natural gas price and a $50.00 per Bbl NYMEX crude oil price, the projected earnings before interest, taxes, depreciation, depletion and amortization (EBITDA) for full-year 2017 ranges between $650.0 million and $700.0 million.

For the year 2018, Based on the continuance of an eight rig operated program, the company expects approximately 25% growth in production for 2018 with projected EBITDA exceeding $800 million at current strip pricing. The company expects to generate free cash flow even at higher well cost.