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Ultra Petroleum Seeing Paydirt from Re-positioning to Western Basin
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Ultra Petroleum Corp. has reported first quarter 2015 operating and financial results.
First Quarter ResultsMichael D. Watford, Chairman, President and Chief Executive Officer stated: "Our strategic repositioning to operated Western Basin natural gas away from non-operated Eastern Basin natural gas is having very positive results. Our Wyoming operating margins were 100 percent greater than our Pennsylvania margins for the first quarter of 2015. All of our 23 percent production growth arose from operated Western Basin properties."
Ultra Petroleum reported adjusted net income(2) of $21.1 million, or $0.14 per diluted share for the first quarter of 2015. Operating cash flow(1) was $111.4 million for the quarter ended March 31, 2015.
For the first quarter of 2015, production of natural gas…
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