BRIEF-Ultra Petroleum Q2 adj earnings per share $0.25

Thu Aug 11, 2016 8:55am EDT
 
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Aug 11 (Reuters) - Ultra Petroleum Corp :

* Ultra Petroleum reports second quarter 2016 financial and operating results and provides business outlook

* Q2 adjusted earnings per share $0.25

* Q2 2016 production of natural gas and oil was 70.8 bcfe versus 70.5 bcfe in Q2 2015

* During Q2, board approved an increase to capital budget from $260.0 million to $295.0 million

* To use additional capex to drill additional development wells in Wyoming & complete some of company's drilled but uncompleted wells in Utah

* Production for 2016 is expected to range between 277 - 284 bcfe

* Day exclusivity period, during which company has exclusive right to propose a reorganization plan to court, expires on August 29, 2016

* Says has applied for an extension to exclusivity period and is confident one will be granted

* Says development plan provided to creditors assumes revenue outlook of $1.01 billion for 2017, $1.41 billion for 2018, and $1.82 billion for 2019

* Says development plan provided to creditors assumes production forecast of 303 bcfe for 2017, 382 bcfe for 2018, and 456 bcfe for 2019 Source text for Eikon: Further company coverage: