Ultra Petroleum Q2 Adj. Earnings Beat View; Lifts 2015 Production Outlook

(RTTNews) - Ultra Petroleum Corp. (UPL) reported second-quarter net loss of $24.67 million or $0.16 per share, compared to net income of $106.05 million or $0.68 per share in the year-ago period.

Adjusted earnings for the latest quarter were $0.21 per share, compared to $0.54 per share in the prior year. On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $0.19 for the quarter. Analysts' estimates typically exclude special items.

Total operating revenues decreased to $208.00 million from $296.06 million in the same period last year. Analysts expected revenue of $246.77 million for the quarter.

For the quarter, production of natural gas and oil was 70.5 billion cubic feet equivalent, or Bcfe.

Looking ahead, the company raised its full-year 2015 production guidance to a range of 283 Bcfe to 290 Bcfe. The mid-point of guidance represents a 15 percent annual production growth from 2014.