Ultra Petroleum Turns To Profit In Q4; Adj. Earnings Top Estimates - Quick Facts

(RTTNews) - Independent exploration and production company Ultra Petroleum Corp. (UPL) Thursday reported fourth-quarter net income of $41.12 million or $0.27 per share, compared to a loss of $472.03 million or $3.09 per share in the prior year.

On an adjusted basis, earnings were $0.42, while the company posted earnings of $0.51 per share last year.

On average, 20 analysts polled by Thomson Reuters expected earnings per share of $0.38 for the quarter. Analysts' estimates typically exclude one-time items.

Total operating revenues increased to $225.20 million from $217.19 million a year ago. Analysts estimated revenues of $227.58 million for the quarter.

Total operating expenses fell to $141.75 million from $643.18 million in the same quarter last year.

Looking ahead to the first quarter, the company expects production in the range of 56 - 58 Bcfe. For full-year 2014, Ultra expects production to range between 243 and 253 Bcfe.