Ultra Petroleum Corp (UPL, Financial) filed Quarterly Report for the period ended 2010-03-31.
Ultra Petroleum Corp has a market cap of $7.19 billion; its shares were traded at around $47.25 with a P/E ratio of 25.4 and P/S ratio of 10.8. Ultra Petroleum Corp had an annual average earning growth of 52.2% over the past 10 years.UPL is in the portfolios of Private Capital of Private Capital Management, Ron Baron of Baron Funds, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC.
During the three months ended March 31, 2010, production taxes were $28.4 million compared to $17.4 million during the same period in 2009, or $0.59 per Mcfe compared to $0.41 per Mcfe. The increase in per unit taxes is attributable to increased sales revenues as a result of increased realized gas prices during the quarter ended March 31, 2010 as compared to the same period in 2009. Production taxes are calculated based on a percentage of revenue from production and were 10.4% of revenues for the quarter ended March 31, 2010 and 10.3% for the same period in 2009.
For the three months ended March 31, 2010, the Company recognized net income of $202.4 million or $1.31 per diluted share as compared with net loss of $512.6 million or ($3.39) per diluted share for the same period in 2009. The increase is primarily attributable to the non-cash write-down of oil and gas properties associated with the ceiling test limitation during the quarter ended March 31, 2009, increased natural gas prices and increased production during the three months ended March 31, 2010 as compared to the same period in 2009.
During the three month period ended March 31, 2010, the Company relied on cash provided by operations along with borrowings under the senior credit facility and the issuance of the 2010 Senior Notes to finance its capital expenditures. The Company participated in the drilling of 118 wells in Wyoming and Pennsylvania. For the three month period ended March 31, 2010, total capital expenditures were $546.7 million ($333.0 upon closing of the purchase of additional acreage in the Pennsylvania Marcellus Shale, $198.6 million related to oil and gas development expenditures and $15.2 million related to gathering system expenditures).
At March 31, 2010, the Company reported a cash position of $6.0 million compared to $14.4 million at March 31, 2009. Working capital deficit at March 31, 2010 was $65.5 million compared to working capital of $84.7 million at March 31, 2009. At March 31, 2010, we had $11.0 million in outstanding borrowings and $489.0 million of available borrowing capacity under our credit facility. In addition, the Company had $500.0 million, $235.0 million and $300.0 million outstanding under its 2010 Senior Notes, 2009 Senior Notes and 2008 Senior Notes, respectively (See Note 3). Other long-term obligations of $51.6 million at March 31, 2010 is comprised of items payable in more than one year, primarily related to production taxes and our asset retirement obligation.
Senior Notes: On March 6, 2008, the Companys wholly-owned subsidiary, Ultra Resources, Inc. issued $300.0 million Senior Notes (the 2008 Senior Notes) pursuant to a Master Note Purchase Agreement between the Company and the purchasers of the Notes. On March 5, 2009, Ultra Resources, Inc., issued $235.0 million Senior Notes (the 2009 Senior Notes) pursuant to a First Supplement to the Master Note Purchase Agreement. And, on January 28, 2010, Ultra Resources, Inc., agreed to issue an aggregate amount of $500.0 million of Senior Notes (the 2010 Senior Notes) pursuant to a Second Supplement to the Master Note Purchase Agreement. Of the 2010 Senior Notes, $270.0 million were issued on January 28, 2010 and $230.0 million were issued on February 16, 2010.
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Ultra Petroleum Corp has a market cap of $7.19 billion; its shares were traded at around $47.25 with a P/E ratio of 25.4 and P/S ratio of 10.8. Ultra Petroleum Corp had an annual average earning growth of 52.2% over the past 10 years.UPL is in the portfolios of Private Capital of Private Capital Management, Ron Baron of Baron Funds, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC.
Highlight of Business Operations:
During the quarter ended March 31, 2010, production increased 15% on a gas equivalent basis to 48.5 Bcfe from 42.1 Bcfe for the same quarter in 2009 attributable to the Companys successful drilling activities during 2009 and in the first three months of 2010. Realized natural gas prices, including realized gains and losses on commodity derivatives, increased 20% to $5.37 per Mcf in the first quarter of 2010 as compared to $4.46 per Mcf for the same quarter of 2009. During the three months ended March 31, 2010, the Companys average price for natural gas was $5.38 per Mcf, excluding realized gains and losses on commodity derivatives as compared to $3.95 per Mcf for the same period in 2009. The increase in average natural gas prices along with the increase in production contributed to a 63% increase in revenues to $273.1 million as compared to $168.0 million in 2009.During the three months ended March 31, 2010, production taxes were $28.4 million compared to $17.4 million during the same period in 2009, or $0.59 per Mcfe compared to $0.41 per Mcfe. The increase in per unit taxes is attributable to increased sales revenues as a result of increased realized gas prices during the quarter ended March 31, 2010 as compared to the same period in 2009. Production taxes are calculated based on a percentage of revenue from production and were 10.4% of revenues for the quarter ended March 31, 2010 and 10.3% for the same period in 2009.
For the three months ended March 31, 2010, the Company recognized net income of $202.4 million or $1.31 per diluted share as compared with net loss of $512.6 million or ($3.39) per diluted share for the same period in 2009. The increase is primarily attributable to the non-cash write-down of oil and gas properties associated with the ceiling test limitation during the quarter ended March 31, 2009, increased natural gas prices and increased production during the three months ended March 31, 2010 as compared to the same period in 2009.
During the three month period ended March 31, 2010, the Company relied on cash provided by operations along with borrowings under the senior credit facility and the issuance of the 2010 Senior Notes to finance its capital expenditures. The Company participated in the drilling of 118 wells in Wyoming and Pennsylvania. For the three month period ended March 31, 2010, total capital expenditures were $546.7 million ($333.0 upon closing of the purchase of additional acreage in the Pennsylvania Marcellus Shale, $198.6 million related to oil and gas development expenditures and $15.2 million related to gathering system expenditures).
At March 31, 2010, the Company reported a cash position of $6.0 million compared to $14.4 million at March 31, 2009. Working capital deficit at March 31, 2010 was $65.5 million compared to working capital of $84.7 million at March 31, 2009. At March 31, 2010, we had $11.0 million in outstanding borrowings and $489.0 million of available borrowing capacity under our credit facility. In addition, the Company had $500.0 million, $235.0 million and $300.0 million outstanding under its 2010 Senior Notes, 2009 Senior Notes and 2008 Senior Notes, respectively (See Note 3). Other long-term obligations of $51.6 million at March 31, 2010 is comprised of items payable in more than one year, primarily related to production taxes and our asset retirement obligation.
Senior Notes: On March 6, 2008, the Companys wholly-owned subsidiary, Ultra Resources, Inc. issued $300.0 million Senior Notes (the 2008 Senior Notes) pursuant to a Master Note Purchase Agreement between the Company and the purchasers of the Notes. On March 5, 2009, Ultra Resources, Inc., issued $235.0 million Senior Notes (the 2009 Senior Notes) pursuant to a First Supplement to the Master Note Purchase Agreement. And, on January 28, 2010, Ultra Resources, Inc., agreed to issue an aggregate amount of $500.0 million of Senior Notes (the 2010 Senior Notes) pursuant to a Second Supplement to the Master Note Purchase Agreement. Of the 2010 Senior Notes, $270.0 million were issued on January 28, 2010 and $230.0 million were issued on February 16, 2010.
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