Ultra Petroleum Q3 Profit Rises

(RTTNews) - Ultra Petroleum Corp.'s (UPL) net income for the third-quarter of 2014 was $125.36 million or $0.81 per share, up from $63.91 million or $0.41 per share in the previous year. The latest-quarter results included an unrealized, mark-to-market gain of $40.8 million on the company's commodity hedges. The unrealized gain is typically excluded by the investment community in published estimates.

Adjusted net income was $82.0 million or $0.53 per share for the third quarter of 2014.

Total operating revenues grew to $288.61 million from $221.21 million in the previous year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.53 per share and revenues of $282.64 million for the quarter. Analysts' estimates typically exclude special items.