Ultra Petroleum Corp. reported unaudited consolidated earnings results and production results for the first quarter ended March 31, 2013. For the quarter, the company reported total operating revenue of USD 225,626,000 compared to USD 226,143,000 a year ago. Income before income taxes was USD 17,801,000 compared to USD 129,751,000 a year ago. Net income was USD 16,433,000 compared to USD 84,262,000 a year ago. Adjusted net income was USD 58,508,000 compared to USD 75,435,000 a year ago. Basic and fully diluted earnings per share was USD 0.11 compared to USD 0.55 a year ago. Adjusted basic and diluted net income per share was USD 0.38 compared to USD 0.49 a year ago. Net cash provided by operating activities was USD 67,860,000 compared to USD 189,303,000 a year ago. The company invested USD 108.4 million of USD 415 million capital program while generating USD 123 million in cash flow. During the quarter, the company produced 59.3 billion cubic feet equivalent (Bcfe) of natural gas and crude oil compared to 68.8 billion cubic feet equivalent reported for the same period last year. The company's production consisted of 57.7 billion cubic feet (Bcf) of natural gas and 268.3 thousand barrels (Mbbls) of condensate. The company provided operating and earnings guidance for the second quarter and full year of fiscal 2013. For second quarter, production is expected to range between 57.0 Bcfe to 59.0 Bcfe. As the company exhausts the number of wells in its uncompleted inventory and partner activity decelerates in Pennsylvania, production is expected to flatten during the second half of 2013. Based on the mid-point of the company's annual production guidance, approximately 70% of total company production will come from the Rockies, while 30% will come from Appalachia. Lease operating expenses expected to be USD 0.37 to USD 0.40 per Mcfe. Depletion and depreciation expected to be USD 1.05 to USD 1.08 per Mcfe. Interest and debt expense expected to be USD 0.43 to USD 0.45 per Mcfe. For full year, production is expected to be in the range of 228 Bcfe to 238 Bcfe. Capital investments for the year are weighted toward the first half of 2013 and are unchanged from previous guidance of USD 415.0 million. Due to the ceiling test write-downs the company incurred during 2012, Ultra currently projects a 2% book tax rate for 2013. This equates to forecasted annual cash taxes of USD 5.0 million for the year with approximately USD 3.6 million for the remainder of 2013. One of the company’s goals for 2013 is to be cash flow positive, continuing the trend for 2012. Currently, the company is estimating USD 125 million of cash flow in excess of capital investment program in 2013.

Ultra Petroleum Corp., Q1 2013 Earnings Call, May 03, 2013

Ultra Petroleum Corp. Presents at IPAA Oil and Gas Investment Symposium, Apr-15-2013 10:55 AM. Venue: The Sheraton New York Hotel & Towers, 811 Seventh Avenue at 53(rd) Street, New York, NY 10019, United States.