Ultra Petroleum posts $1.2B loss on write-down

AP News
Posted: Aug 02, 2012 2:43 PM
Ultra Petroleum posts $1.2B loss on write-down

HOUSTON (AP) — Natural gas producer Ultra Petroleum Corp. reported a second-quarter loss of $1.19 billion due to a large write-down to account for lower gas prices and amid disappointing revenue.

The loss was $7.76 per share, compared with net income of $103.5 million or 67 cents per share, a year earlier.

Excluding the write-down and other special items, the company said its adjusted profit was $55.1 million or 36 cents per share.

Analysts, who usually exclude items, expected an adjusted gain of 33 cents per share, according to FactSet.

Revenue during the period plunged 39 percent to $170.3 million from $280.6 million, well below analysts' forecast of $283.7 million.

The company's average selling prices for natural gas dropped 22 percent to $4.04 from $5.17 a year earlier. Production of gas and oil liquids fell 10 percent.

Ultra Petroleum's stock fell $2.19, or 9.3 percent, to $21.55 in afternoon trading. In the past year it has traded in a range of $17.62 in June to $44.88 last August.