UP/UPL Reports Record Earnings For 2000
HOUSTON--(BUSINESS WIRE)--Feb. 28, 2001--Ultra Petroleum (AMEX:UPL - news; TSE:UP. - news) today reported record earnings for 2000 of $9,889,926 or $0.17 per share on revenues of $21,002,636.
This compares to a net loss of $3,770,508 or ($0.07) per share in 1999. Cash flow for the year increased to $13,052,494 or $0.23 per share, compared to negative cash flow of $1,664,845 or ($0.03) per share in 1999.
Average daily net production for the year increased 17% to 15.3 mmcfe compared to a daily average of 13.1mmcfe for 1999. Current average daily net production is 30 mmcfe. Net production for the 12 month period ending December 31, 2000 was 5.6 Bcfe, compared to 4.8 Bcfe in 1999.
Production for the quarter ending December 31, 2000 was 2.4 Bcfe, compared to 1.1 Bcfe for the same period in 1999. Cash flow for the quarter ending December 31, 2000 was $8,568,133 or $0.15 per share, compared to negative cash flow of $1,026,926 or ($0.02) per share in 1999. Earnings for the quarter ending December 31, 2000 were $7,138,744 or $0.13 per share, compared to a net loss of ($1,769,233) or ($0.03) per share in the fourth quarter of 1999.
Fourth Quarter Twelve Months
2000 1999 2000 1999
----- ----- ----- -----
Production
Oil Production
- bbls 21,393 10,760 50,386 45,702
Gas Production
- mcf 2,257,122 1,015,962 5,297,421 4,525,570
Gas Equi-
valent
Production
- mcfe 2,385,480 1,080,522 5,599,737 4,799,782
Revenues $12,072,228 $ 2,670,919 $ 21,002,636 $ 8,976,706
Costs and expenses$ 4,933,484 $ 4,440,152 $ 11,112,710 $ 12,747,214
Net Income (loss) $ 7,138,744 $ (1,769,233) $ 9,889,926 $ (3,770,508)
Per
common
share
- basic $ 0.13 $ (0.03) $ 0.17 $ (0.07)
Per common
share
- diluted $ 0.12 $ (0.03) $ 0.17 $ (0.07)
Cash flow
from opera-
tions $ 8,568,133 $(1,026,926) $13,052,494 $ (1,664,845)
Per
common
share
- basic $ 0.15 $ (0.02) $ 0.23 $ (0.03)
Per common
share
- diluted $ 0.14 $ (0.02) $ 0.22 $ (0.03)
Basic common
shares 56,939,762 57,751,125 56,845,461 56,446,086
Diluted
common
shares 59,547,712 57,751,125 59,453,411 56,446,086
The above statement of operations has not been audited and is
subject to year-end adjustments.
2001 Outlook
The Board of Directors of Ultra Petroleum has approved a capital budget of $47 million for 2001, double that of 2000. Plans for 2001 are to participate in up to 39 wells in Wyoming, and 15 wells in Bohai Bay, China. Therefore, the capital budget will be comprised of $35 million earmarked for Wyoming, and $12 million for Bohai Bay.
``I believe that Ultra is positioned for extraordinary growth over the next few years and is probably the premier small-cap E&P company in terms of growth potential. We anticipate that we will double production and reserves while tripling both cash flow and earnings in 2001,'' stated Michael D. Watford, Chairman, CEO and President. |
