<Ultra Petroleum Reports 437 % Increase in Annual Earnings
Wednesday March 3, 5:43 pm ET
HOUSTON, March 3 /PRNewswire-FirstCall/ -- Ultra Petroleum (Amex: UPL - News; Toronto: UP - News) today reported earnings for the twelve-month period ended December 31, 2003 increased 461 % to $45.3 million or $0.58 per diluted share compared to $8.1 million or $0.10 per diluted share for the same period in 2002. Cashflow (A) for the period increased 265 % to $87.8 million or $1.12 per diluted share, compared to $24.1 million or $0.31 per diluted share for the same period in 2002. Production increased 66 % to 28.9 Bcfe compared to 17.4 Bcfe for 2002. Average natural gas prices for the year were $4.16 as compared to $2.33 for the same period in 2002.
Earnings for the three-month period ended December 31, 2003 were $19.2 million or $0.24 per diluted share, a 367 % increase from $4.1 million or $0.05 per diluted share for the same period in 2002. Cash flow (A) for the period was $33.1 million or $0.42 per diluted share, a 220 % increase from $10.3 million or $0.13 per diluted share for the same period in 2002. Production increased 59 % to 9.7 Bcfe compared to 6.1 Bcfe for the same quarter in 2002. Average natural gas prices were $4.48 during the quarter, compared to $2.59 for the same period in 2002.
"Our exceptional financial results in 2003 were driven by our record production levels, stronger gas prices and our close attention to our cost structure, which remains among the best in industry. As we execute the most aggressive drilling program in our history, we expect production to grow by 38 % to 40 Bcfe and proved reserves to grow by another 20% to 1.3 Tcfe. Based on this growth, we anticipate 2004 will be another year of strong financial results," stated Michael D Watford, Chairman, President and CEO.>
(to see numerical tables in the release, see url below)
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