Ultra Petroleum Q4 Profit Surges 47%
Oil and natural gas company Ultra Petroleum Corp. reported an increase of 47% in profit during the fourth quarter from the comparable period of previous financial year, reflecting gains of the company in commodity derivative contracts and an increase in revenues. Company reported net income of $95.4 million, or 62 cents a share, compared to $65.1 million, or 42 cents a share, for the same period of previous financial year.
Company reported an increase in the production of crude oil and natural gas for the year 26% and 24% respectively. Company also reported an increase of 11% in the oil and gas reserves during the fiscal year 2009 against the fiscal year 2008.
According to Michael Watford, Chairman, President and Chief Executive Officer of Ultra Petroleum, "A better measure of Ultra's proved reserves more similar to our peers where the three year limit is removed would increase the company's proved reserves to 6.77 Tcfe for a pre-tax PV-10 value of $10.4 billion."
As per the company's senior officials they are expecting the production growth of approx 20% for the next three years through the execution of current capital expenditure plan.
