Ultra Petroleum Corp (UPL, Financial) filed Annual Report for the period ended 2011-12-31.
Ultra Petroleum Corp. has a market cap of $3.6 billion; its shares were traded at around $24.22 with a P/E ratio of 9.6 and P/S ratio of 3.7.
During the year ended December 31, 2011, production taxes were $97.1 million compared to $95.9 million during the same period in 2010, or $0.40 per Mcfe, compared to $0.45 per Mcfe. Production taxes are calculated based on a percentage of revenue from production in Wyoming after certain deductions and were 8.8% of revenues for the year ended 2011 and 9.8% for the same period in 2010. The decrease in per unit taxes is primarily attributable to increased production in Pennsylvania, which is not subject to production taxes, as well as the decrease in average natural gas prices, excluding the effects of commodity derivatives, during the year ended December 31, 2011 as compared to the same period in 2010.
During the year ended December 31, 2010, production increased on a gas equivalent basis to 213.6 Bcfe from 180.1 Bcfe for the same period in 2009 attributable to the Companys successful drilling activities during 2010. Realized natural gas prices, including realized gain and loss on commodity derivatives, remained flat at $4.88 per Mcf during the years ended December 31, 2010 and 2009. During the year ended December 31, 2010, the Companys average price for natural gas was $4.31 per Mcf, excluding realized gains and losses on commodity derivatives as compared to $3.49 per Mcf for the same period in 2009. The increase in production contributed to a 47% increase in revenues for the year ended December 31, 2010 to $979.4 million as compared to $666.8 million in 2009.
During the year ended December 31, 2010, production taxes were $95.9 million compared to $67.0 million during the same period in 2009, or $0.45 per Mcfe, compared to $0.37 per Mcfe. The increase in per unit taxes is attributable to increased sales revenues as a result of higher realized gas prices (excluding realized gain on commodity derivatives) during the year ended December 31, 2010 as compared to the same period in 2009. Production taxes are calculated based on a percentage of revenue from production and were 9.8% of revenues for the year ended 2010 and 10.0% for the same period in 2009.
The following table sets forth a standardized measure of the estimated discounted future net cash flows attributable to the Companys proved natural gas reserves. Natural gas prices have fluctuated widely in recent years. The calculated weighted average sales prices utilized for the purposes of estimating the Companys proved reserves and future net revenues at December 31, 2011, 2010 and 2009 was $4.035, $4.05 and $3.04 per Mcf, respectively, for natural gas and $88.19, $68.93 and $52.18 per barrel, respectively, for condensate, based upon the average of the price in effect on the first day of the month for the preceding twelve month period.
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Ultra Petroleum Corp. has a market cap of $3.6 billion; its shares were traded at around $24.22 with a P/E ratio of 9.6 and P/S ratio of 3.7.
Highlight of Business Operations:
During the year ended December 31, 2011, production increased on a gas equivalent basis to 245.3 Bcfe from 213.6 Bcfe for the same period in 2010 attributable to the Companys successful drilling activities during 2011. Realized natural gas prices, including realized gain and loss on commodity derivatives, increased to $5.05 per Mcf during the year ended December 31, 2011 as compared to $4.88 per Mcf during 2010. During the year ended December 31, 2011, the Companys average price for natural gas was $4.15 per Mcf, excluding realized gains and losses on commodity derivatives as compared to $4.31 per Mcf for the same period in 2010. The increase in production largely contributed to a 12% increase in revenues for the year ended December 31, 2011 to $1.1 billion as compared to $979.4 million in 2010.During the year ended December 31, 2011, production taxes were $97.1 million compared to $95.9 million during the same period in 2010, or $0.40 per Mcfe, compared to $0.45 per Mcfe. Production taxes are calculated based on a percentage of revenue from production in Wyoming after certain deductions and were 8.8% of revenues for the year ended 2011 and 9.8% for the same period in 2010. The decrease in per unit taxes is primarily attributable to increased production in Pennsylvania, which is not subject to production taxes, as well as the decrease in average natural gas prices, excluding the effects of commodity derivatives, during the year ended December 31, 2011 as compared to the same period in 2010.
During the year ended December 31, 2010, production increased on a gas equivalent basis to 213.6 Bcfe from 180.1 Bcfe for the same period in 2009 attributable to the Companys successful drilling activities during 2010. Realized natural gas prices, including realized gain and loss on commodity derivatives, remained flat at $4.88 per Mcf during the years ended December 31, 2010 and 2009. During the year ended December 31, 2010, the Companys average price for natural gas was $4.31 per Mcf, excluding realized gains and losses on commodity derivatives as compared to $3.49 per Mcf for the same period in 2009. The increase in production contributed to a 47% increase in revenues for the year ended December 31, 2010 to $979.4 million as compared to $666.8 million in 2009.
During the year ended December 31, 2010, production taxes were $95.9 million compared to $67.0 million during the same period in 2009, or $0.45 per Mcfe, compared to $0.37 per Mcfe. The increase in per unit taxes is attributable to increased sales revenues as a result of higher realized gas prices (excluding realized gain on commodity derivatives) during the year ended December 31, 2010 as compared to the same period in 2009. Production taxes are calculated based on a percentage of revenue from production and were 9.8% of revenues for the year ended 2010 and 10.0% for the same period in 2009.
The following table sets forth a standardized measure of the estimated discounted future net cash flows attributable to the Companys proved natural gas reserves. Natural gas prices have fluctuated widely in recent years. The calculated weighted average sales prices utilized for the purposes of estimating the Companys proved reserves and future net revenues at December 31, 2011, 2010 and 2009 was $4.035, $4.05 and $3.04 per Mcf, respectively, for natural gas and $88.19, $68.93 and $52.18 per barrel, respectively, for condensate, based upon the average of the price in effect on the first day of the month for the preceding twelve month period.
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