Ultra Petroleum Q1 Profit Rises - Quick Facts

(RTTNews) - Ultra Petroleum Corp. (UPL) reported that its first-quarter net income increased to $101.71 million or $0.66 per share, from $16.43 million or $0.11 per share, last year. Adjusted net income was $135.4 million or $0.87 per share for the first quarter.

On average, 24 analysts polled by Thomson Reuters expected the company to report profit per share of $0.69 for the quarter. Analysts' estimates typically exclude special items.

Total operating revenues increased to $326.30 million from $225.63 million. Analysts expected revenue of $295.74 million for the quarter.

The company produced 57.2 billion cubic feet equivalent (Bcfe) of natural gas and crude oil during the first quarter. Production consisted of 53.3 billion cubic feet (Bcf) of natural gas and 658.0 thousand barrels (Mbbls) of crude oil and condensate.

The company expects to produce 59 - 61 Bcfe during the second quarter, confirming its 2014 annual production guidance of 243 - 253 Bcfe.