Ultra Petroleum Corp. Provides Operational Update, Reaffirms 2019 Production Guidance, Reduces 2019 Capital Investment Guidance and Announces Participation in Upcoming Investor Events
ULTRA PETROLEUM CORP COMMON (UPL)
Last ultra petroleum corp common earnings: 5/9 06:00 am
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ultrapetroleum.com
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Source: GlobeNewswire
ENGLEWOOD, Colo., June 03, 2019 (GLOBE NEWSWIRE) -- Ultra Petroleum Corp. ("Ultra Petroleum" or the “Company”) (NASDAQ: UPL) announced that it has released a rig and reduced its operated rig count in Pinedale from three to two. Production guidance for full-year 2019 remains unchanged at 240 to 250 Bcfe while capital investment guidance for full-year 2019 is reduced by $15 million to a new range of $305 to $335 million. In May, the Company drilled 3 wells with spud to total depth times of less than 6 days, compared to its first quarter average of 8.05 days. Improved drilling cycle-time performance and higher working interest in wells planned for the remainder of the year provides for 2019 production guidance to remain unchanged while 2019 capital investment is reduced by approximately 5 percent. “Our team continues to improve drilling cycle-time performance. As a result, we are drilling wells faster and can accomplish our 2019 plan with the adjustment down to two operated rigs fo
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