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Ultra Petroleum sees $102.4 million of third-quarter adjusted income
By Caroline Salls
Pittsburgh, Oct. 27 – Ultra Petroleum Corp. reported adjusted net income of $102.4 million, or $0.66 per diluted share, for the quarter ended Sept. 30, according to a company news release.
Ultra said its operating cash flow for the quarter was $129 million.
Adjusted net income for the nine months ended Sept. 30 was $126 million, or $0.82 per diluted share, and operating cash flow for that period was $201.6 million.
According to the release, the company continued to make progress during the third quarter in its in-court financial restructuring process.
As previously reported, the U.S. Bankruptcy Court for the Southern District of Texas extended the company’s exclusive period for filing a reorganization plan by six months to March 1.
In addition, Ultra said the deadline to file claims for the majority of entities expired on Sept. 1, and the company is now evaluating claims to determine which of those that it will challenge in court.
The company said it is also negotiating with counterparties to revise the terms of contracts in an effort to improve the value of its business enterprise, and Ultra and its advisers continue working with creditors and other stakeholders to develop a plan of reorganization.
Ultra said it also updated its five-year business outlook. Under the updated outlook, the company said it expects to have $685 million of EBITDA in 2017, $996 million in 2018, $1,312,000,000 in 2019, $1,397,000,000 in 2020 and $1,461,000,000 in 2021.
Meanwhile, revenue is forecast to be $1,016,000,000 in 2017, $1,408,000,000 in 2018, $1,822,000,000 in 2019, $1,950,000,000 in 2020 and $2,056,000,000 in 2021.
Ultra Petroleum is a Houston-based independent exploration and production company. The company filed bankruptcy on April 29 under Chapter 11 case number 16-32202.
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