Ultra Petroleum has reported a net income of $65.09 million in the fourth quarter of 2008, compared to $109.98 million in the fourth quarter of 2007.
The company has reported an adjusted net income of $66.09 million, compared to $109.98 million in the fourth quarter of 2007. Total revenues in the fourth quarter of 2008 were $207.4 million, compared to $161.97 million in the fourth quarter of 2007.
Ultra Petroleum has reported a net income of $414.3 million or $2.65 per diluted share for the year ended December 31, 2008, compared to a net income of $263 million or $1.66 per diluted share in 2007.
In 2008, Ultra Petroleum has reported an adjusted net income of $405 million or $2.59 per diluted share, an increase of 54%, compared to $263 million or $1.66 per diluted share in 2007. Total revenues in 2008 were $1.08 billion, compared to $566.64 billion in 2007.
Michael Watford, chairman, president and CEO of Ultra Petroleum, said: 2008 proved to be a good year for Ultra Petroleum. We established new production records along with good earnings and cash flow. Our net income margin was 37%, cash flow margin was 75%, return on capital was 29%, and return on equity was 42%.
