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BRIEF-Ultra Petroleum Q1 adjusted earnings per share $1.49
May 3, 2017 / 12:09 PM / 5 months ago

BRIEF-Ultra Petroleum Q1 adjusted earnings per share $1.49

May 3 (Reuters) - Ultra Petroleum Corp:

* Ultra Petroleum announces first quarter 2017 financial and operating results

* Q1 adjusted earnings per share $1.49

* Q1 loss per share $1.12

* Q1 revenue rose 39 percent to $221 million

* Ultra Petroleum Corp - for q1 of 2017, production of natural gas and oil was 64.0 billion cubic feet equivalent (bcfe)

* Ultra Petroleum Corp - annual production for 2017 is expected to range between 290 and 300 billion cubic feet equivalent

* Ultra Petroleum Corp - drilling and completion capital budget for 2017 is $500.0 million and total capital budget for 2017 is $525.0 million

* Ultra Petroleum Corp - based on continuance of an eight rig operated program, company expects approximately 25% growth in production for 2018

* Ultra Petroleum Corp sees projected 2018 ebitda exceeding $800 million at current strip pricing

* Ultra Petroleum - currently has hedged volumes equivalent to almost 50 pct of expected remaining 2017 production at weighted average price of $3.34 per mcf

* Ultra Petroleum Corp - projected ebitda for full-year 2017 ranges between $650.0 million and $700.0 million

* Ultra Petroleum Corp - q4 2017 production should be 25 percent greater than q1 with funding from cash flow

* Ultra Petroleum Corp - operated average of two rigs for most of 2016 and co has plan for remainder of 2017 to grow to eight operated rigs Source text for Eikon: Further company coverage:

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