Q3 = $0.13
HOUSTON, Nov. 4 /PRNewswire-FirstCall/ -- Ultra Petroleum (Amex: UPL - News; Toronto: UP - News) today reported that earnings increased 974% to $10,327,987 or $0.13 per share for the quarter ending September 30, 2003 compared to $961,286 or $0.01 per share for the same period in 2002. Cash flow (A) for the quarter ended September 30, 2003 increased 384% to $20,902,191 or $0.27 per share, compared to $4,318,339 or $0.06 per share for the same period in 2002.
For the nine-month period ended September 30, 2003 earnings increased 558% to $26,169,533 or $0.33 per share, compared to $3,979,590 or $0.05 per share for the same period in 2002. Cash flow (A) for the nine-month period increased 299% to $54,737,390 or $0.70 per share, compared to $13,733,771 or $0.18 per share for the same period in 2002.
Production for the third quarter increased 66% to 6.9 Bcfe; averaging 75 MMcfe/d compared to 4.2 Bcfe or 45 MMcfe/d for the same quarter in 2002. Average natural gas prices increased to $4.17 per Mcf for the third quarter compared to $1.91 for the same period in 2002. Average oil prices for the third quarter of 2003 increased to $31.37 compared to $30.21 in 2002.
Production for the nine-month period ended September 30, 2003 increased 69% to 19.1 Bcfe, or 70 MMcfe/d compared to 11.3 Bcfe or 42 MMcfe/d for the same period in 2002. Average natural gas prices for the nine-month period increased to $3.99 per Mcf compared to $2.18 per Mcf during the same period in 2002 while average oil prices increased to $31.04 compared to $24.93 in 2002.
"This third quarter is another in a string of record quarters for Ultra Petroleum and further demonstrates the quality of our assets and execution," stated Michael D. Watford, Ultra's Chairman, President and CEO. "Earnings increased 974% on the back of a 66% increase in production and we continue to enjoy the benefits of the Kern River Pipeline expansion shrinking the differential in Wyoming and delivering significantly higher price realizations for us.
"Our deep inventory of opportunities continues to grow. This year we broadened the productive area at Pinedale by drilling additional successful step out wells east and west of the identified fairway. And with success, the 20 acre pilot program we're starting will provide a step function increase in our opportunities. Our China development remains on schedule and budget for first oil. We're on track to meet or exceed our production and reserve targets for the year and enter 2004 well positioned to once again deliver industry leading reserve and production growth while maintaining a cost structure among the lowest in our industry. Without a doubt, our operational and financial successes so far this year will deliver the best year yet in Ultra's history." |
