Ultra Petroleum second-quarter operating income up to $51.85 million

By Caroline Salls

Pittsburgh, Aug. 9 – Ultra Petroleum Corp. reported $51.85 million of operating income for the quarter ended June 30 on $146.59 million of total operating revenue, according to a 10-Q filed Tuesday with the Securities and Exchange Commission.

In comparison, Ultra posted $19.52 million of operating income for the quarter ended June 30, 2015 on $208 million of total operating revenue.

According to the 10-Q, the decline in revenue resulted from the decrease in average oil and natural gas prices.

Net income for the second quarter of 2016 was $14 million, improving from a $24.67 million net loss for the same period of 2015.

Ultra said the increase in earnings stemmed primarily from decreased depletion, depreciation and amortization, reduced interest expense and reduced transportation costs during the three months ended June 30, partially offset by costs associated with its reorganization and decreased revenue as a result of decreased oil and natural gas prices.

Meanwhile, the company reported $84.36 million of operating income for the six months ended June 30 on $305.98 million of total operating revenue, compared with $49.48 million of operating income for the first half of 2015 on $427.31 million of total operating revenue.

The net loss for the first half of this year was $7.83 million, declining from $518,000 of net income posted for the first six months of 2015.

The company had $269.46 million of cash and cash equivalents as of June 30, up significantly from $4.14 million at Dec. 31, 2015.

Ultra Petroleum is a Houston-based independent exploration and production company. The company filed bankruptcy on April 29 in the U.S. Bankruptcy Court for the Southern District of Texas under Chapter 11 case number 16-32202.

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