Ultra Petroleum announces fourth-quarter and 2016 financial results

By Caroline Salls

Pittsburgh, Feb. 22 – Ultra Petroleum Corp. reported $119.2 million in adjusted net income, or $0.77 per diluted share, for the quarter ended Dec. 31, according to a company news release.

Operating cash flow for the quarter was $145.1 million.

The company said its cash balance increased to $401.5 million as of Dec. 31.

Meanwhile, Ultra Petroleum reported adjusted net income of $245.2 million for the year ended Dec. 31, or $1.59 per diluted share. Operating cash flow for the year was $346.7 million.

If its current plan of reorganization is confirmed following a hearing scheduled for March 14, the company said $1.46 billion of operating company private placement notes will be repaid in full in cash, as will a $999 million operating company credit facility.

Ultra Petroleum’s $1.3 billion in senior notes will be repaid in full in common equity under the plan, and existing equity holders will receive at least 41% of the reorganized equity.

Ultra Petroleum is a Houston-based independent exploration and production company. The company filed for bankruptcy on April 29, 2016 in the U.S. Bankruptcy Court for the Southern District of Texas under Chapter 11 case number 16-32202.

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