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Bankrupt E&P Increasing Capital & Drilling Plans
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Ultra Petroleum Corp. reported financial and operating results for the second quarter of 2016.
2016 GuidanceCapital Expenditures: For 2016, our original capital budget was $260.0 million, reflecting the low commodity price environment. During the second quarter, our board approved an increase to our capital budget from $260.0 million to $295.0. We anticipate using the additional capital in our increased budget to drill additional development wells in Wyoming and complete some of our drilled but uncompleted wells in Utah.
Production: Production for 2016 is expected to range between 277 - 284 Bcfe.
Key Points: Financial Outlook through 2020 Highlights include: Produced volumes of 70.8 Bcfe of natural gas and crude oil, Continued reductions in operated Pinedale well costs to $2.6…- ✓ Full news archive — U.S., Canada & international coverage
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