Oil And Natural Gas Company Ultra Petroleum Reported Increase Oil Production
October 30th, 2009 | File Under : Natural Gas - Oil and Gas - Petroleum
Oil and natural gas company Ultra Petroleum Corp reported an adjusted profit in the third quarter that beat estimates, helped by increased production.
For the quarter, loss was $8.3 million, or 6 cents a share, compared with net income of $149 million, or 95 cents a share, a year earlier. Excluding items, the company reported net income of 57 cents a share.
Revenue for the quarter was $155.2 million.
Analysts were expecting Ultra to earn 52 cents a share on revenue of $238.8 million, according to Thomson Reuters I/B/E/S.
Production was 27 percent higher at 45.9 billion cubic feet equivalent (bcfe), the company said.
Ultra said it expects to exceed the upper end of its previous full-year production outlook range of 172 to 177 Bcfe.
Shares of the company closed at $52.94 Thursday on the New York Stock Exchange.
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