-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, C02pY/lYUIVG0/TqZDhBS9dvROEPSFx9InMstAKakpjO0K0OlwEvecTNToXiI0kc m2PX+JIpK5olxBhRXndHtw== 0000891092-04-001142.txt : 20040304 0000891092-04-001142.hdr.sgml : 20040304 20040304123342 ACCESSION NUMBER: 0000891092-04-001142 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040303 ITEM INFORMATION: FILED AS OF DATE: 20040304 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ULTRA PETROLEUM CORP CENTRAL INDEX KEY: 0001022646 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-29370 FILM NUMBER: 04648084 BUSINESS ADDRESS: STREET 1: 363 N SAM HOUSTON PARKWAY E STREET 2: SUITE 1200 CITY: HOUSTON STATE: TX ZIP: 77060 BUSINESS PHONE: 2818760120 MAIL ADDRESS: STREET 1: 363 N SAM HOUSTON PARKWAY 3 STREET 2: SUITE 1200 CITY: HOUSTON STATE: TX ZIP: 77060 8-K 1 e17141_8k.txt FORM 8-K ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report March 3rd, 2004 ULTRA PETROLEUM CORP. (Exact name of registrant as specified in its charter) Yukon Territory, Canada 0-29370 N/A (State or other jurisdiction of (Commission File (I.R.S. Employer incorporation or organization) Number) Identification Number) (363 North Sam Houston Pkwy, E., Suite 1200., Houston, TX 77060) (281-876-0120) ================================================================================ Item 12. Results of Operations and Financial Condition SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. [March 4, 2004] By: /s/ David Russell ----------------- David Russell March 03, 2004 Ultra Petroleum Reports 437 % Increase in Annual Earnings HOUSTON, March 3 /PRNewswire-FirstCall/ -- Ultra Petroleum (Amex: UPL; Toronto: UP) today reported earnings for the twelve-month period ended December 31, 2003 increased 461 % to $45.3 million or $0.58 per diluted share compared to $8.1 million or $0.10 per diluted share for the same period in 2002. Cashflow (A) for the period increased 265 % to $87.8 million or $1.12 per diluted share, compared to $24.1 million or $0.31 per diluted share for the same period in 2002. Production increased 66 % to 28.9 Bcfe compared to 17.4 Bcfe for 2002. Average natural gas prices for the year were $4.16 as compared to $2.33 for the same period in 2002. Earnings for the three-month period ended December 31, 2003 were $19.2 million or $0.24 per diluted share, a 367 % increase from $4.1 million or $0.05 per diluted share for the same period in 2002. Cash flow (A) for the period was $33.1 million or $0.42 per diluted share, a 220 % increase from $10.3 million or $0.13 per diluted share for the same period in 2002. Production increased 59 % to 9.7 Bcfe compared to 6.1 Bcfe for the same quarter in 2002. Average natural gas prices were $4.48 during the quarter, compared to $2.59 for the same period in 2002. "Our exceptional financial results in 2003 were driven by our record production levels, stronger gas prices and our close attention to our cost structure, which remains among the best in industry. As we execute the most aggressive drilling program in our history, we expect production to grow by 38 % to 40 Bcfe and proved reserves to grow by another 20% to 1.3 Tcfe. Based on this growth, we anticipate 2004 will be another year of strong financial results," stated Michael D Watford, Chairman, President and CEO. For the For the Three-Month Period Ended Twelve-Month Period Ended 31-Dec-03 31-Dec-02 31-Dec-03 31-Dec-02 Production Oil Production - Bbls 63,675 54,087 211,591 151,215 Natural Gas - Mcf 9,365,920 5,811,036 27,621,759 16,495,751 Gas Equivalent Production - Mcfe 9,747,970 6,135,558 28,891,305 17,403,041 Realized Production Prices Oil Price - $/bbl $33.74 $25.13 $31.86 $25.39 Gas Price - $/Mcf $4.48 $2.59 $4.16 $2.33 Revenues Oil Revenue $2,148,627 $1,359,382 $6,740,539 $3,839,421 Gas Revenue $42,005,095 $15,062,272 $114,840,558 $38,502,971 Total Revenues $44,153,722 $16,421,654 $121,581,097 $42,342,392 Operating costs and expenses Operating expenses $1,142,854 $846,507 $3,627,639 $2,356,986 Taxes $5,093,316 $1,652,544 $13,767,668 $4,116,012 Gathering $2,632,680 $1,774,592 $7,828,372 $4,937,870 Depreciation, depletion and amortization $5,124,369 $3,518,253 $16,215,714 $9,712,111 General and administrative $1,523,117 $1,044,730 $5,733,147 $4,199,104 Stock compensation $0 $0 $1,018,220 $1,211,165 Interest and debt expense $699,357 $778,686 $2,850,916 $2,691,608 Total direct expenses $16,215,693 $9,615,312 $51,041,676 $29,224,856 Interest and other income $10,456 $5,596 $36,888 $23,151 Income Tax - Deferred $8,795,381 $2,710,009 $25,253,670 $5,059,166 Net Income $19,153,104 $4,101,929 $45,322,639 $8,081,521 Per common share - basic $0.26 $0.06 $0.61 $0.11 Per common share - diluted $0.24 $0.05 $0.58 $0.10 Cash flow (A) $33,072,854 $10,330,191 $87,810,243 $24,063,963 Per common share - basic $0.44 $0.14 $1.18 $0.33 Per common share - diluted $0.42 $0.13 $1.12 $0.31 Shares Outstanding 74,547,688 74,087,668 74,547,668 74,087,668 Weighted Average - Basic 74,412,744 73,931,149 74,231,553 73,770,841 Weighted Average - diluted 79,304,844 77,794,239 78,651,439 77,605,018 Costs per Mcfe Operating Expenses $0.12 $0.14 $0.13 $0.14 Severance/ Production Taxes $0.52 $0.27 $0.48 $0.24 Gathering $0.27 $0.29 $0.27 $0.28 Total Lease Operating $0.91 $0.70 $0.87 $0.66 Depletion, depreciation and amortization $0.53 $0.57 $0.56 $0.56 General and administrative $0.16 $0.17 $0.20 $0.24 These statements are unaudited and subject to year-end adjustment. (A) "Cash flow" refers to cash flow from operations before net change in non-cash working capital. Reconciliation of cash flow from operations before change in net working capital Three Months Ended Dec 31 Twelve Months Ended Dec 31 2003 2002 2003 2002 Net cash provided by operating activities $24,099,931 $9,177,692 $76,461,342 $21,490,488 Other long-term obligations ($290,834) ($464,211) ($1,261,403) $2,026,604 Accounts payable and accrued liabilities ($6,826,764) $843,411 ($10,168,165) ($1,799,538) Prepaid expenses and other current assets ($2,135,887) ($4,843,616) $1,237,458 ($1,695,459) Inventory $13,589,270 $0 $13,589,270 $0 Accounts receivable $4,636,819 $5,616,509 $7,950,378 $4,039,741 Restricted cash $319 $407 $1,363 $2,127 Cash flow from operations before change in net working capital $33,072,854 $10,330,191 $87,810,243 $24,063,963 Management believes that the non-GAAP measures of cash flow before changes in working capital is useful information to investors because it is widely used by professional analysts and sophisticated investors in valuing oil and gas companies. Many other investors use research reports of these analysts in making investment decisions. Ultra Petroleum is an independent, exploration and production company focused on developing its long life natural gas reserves in the Green River Basin of Wyoming, and oil reserves in Bohai Bay, offshore China. Ultra is listed on the American Stock Exchange under the ticker "UPL" and on the Toronto Stock Exchange under the ticker "UP" with 74,763,268 shares outstanding as of the date of this release. The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We may use certain terms in this press release, relating to reserves and/or production that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10-K available from us at 363 North Sam Houston Parkway E., Suite 1200, Houston, TX 77060. You can also obtain this form from the SEC by calling 1-800-SEC-0330. This news release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The opinions, forecasts, projections or other statements, other than statements of historical fact, are forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will prove to have been correct. Certain risks and uncertainties inherent in the Company's businesses are set forth in their filings with the Securities and Exchange Commission. Full details regarding the selected financial information provided above will be available in the Company's annual report and in the Annual Information form to be filed under the cover of Form 10-K. SOURCE Ultra Petroleum -0- 03/03/2004 /CONTACT: David Russell, Investor Relations of Ultra Petroleum, +1-281-876-0120, ext. 302/ /Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20020226/DATU029LOGO AP Archive: http://photoarchive.ap.org PRN Photo Desk, photodesk@prnewswire.com / /Web site: http://www.ultrapetroleum.com / (UPL UP.) CO: Ultra Petroleum ST: Texas IN: OIL SU: ERN -----END PRIVACY-ENHANCED MESSAGE-----