Ultra Petroleum Announces Fourth Quarter and Year-To-Date 2017 Results, Successful Horizontal Well and Reports Year-End 2017 Reserves
ULTRA PETROLEUM CORP COMMON (UPL)
Last ultra petroleum corp common earnings: 5/9 06:00 am
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US:NYSE Investor Relations:
ultrapetroleum.com
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Source: GlobeNewswire
HOUSTON, Feb. 28, 2018 (GLOBE NEWSWIRE) -- Ultra Petroleum Corp. (NASDAQ:UPL) announces financial and operating results for the quarter and year ended December 31, 2017. Financial and Operating Highlights: Fourth quarter production of 74.5 Bcfe increased 5% compared to third quarter 2017, meeting mid-point of guidance adjusting for Pennsylvania asset sale, Drilled second successful horizontal well in the Lower Lance A: Flowing at 45 MMcfe/d (800 Bopd, 11% condensate) and increasing, Drilled first successful horizontal well in the Mesaverde: 24-hr IP of 17 MMcfe/d, Vertical IP’s increasing: January 2018 average IP = 8.1 MMcfe/d, Increased hedges for 2018 forecasted volumes from 10% in third quarter 2017 to 65% currently; includes hedges for natural gas, oil and basis differentials, Divested non-core assets in Pennsylvania for $115 million, Reducing operated rig fleet from 7 rigs to 4; remaining rigs are equipped for horizontal development, and Additional financial and operating h
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