Ultra Petroleum has reported a 22% organic production growth in the third quarter of 2007. Total production was 28.7 billion cubic feet equivalent, compared to 23.6 billion cubic feet equivalent in the third quarter of 2006.
Earnings for the third quarter ended September 30, 2007, were $37.4 million, or $0.24 per share, compared to $52.5 million, or $0.33 per share, for the same period in 2006. Earnings in the quarter are comprised of $0.21 per diluted share from continuing operations and $0.03 per diluted share from discontinued operations as a result of the company’s sale of Sino-American Energy.
Michael Watford, chairman and CEO of Ultra Petroleum, said: Despite the confluence of events that drove Rockies natural gas prices to unimaginable levels, we achieved margins and financial returns equal to or above our peer group. We maintained our industry leading cost structure even while shutting in over 12% of our available production for the quarter.