Production increases drove Ultra Petroleum Corp. to record year-end earnings.
Net income for 2006 was a record $231.2 million, or $1.43 per diluted share, on revenue of $592.7 million, compared with net income of $228.3 million, or $1.41 per share, on revenue of $516.5 million for the same period in 2005.
The Houston-based exploration and production company's results were on a par with the expectations of analysts polled by Thomson Financial.
For the three months ending Dec. 31, net income dropped 74 percent to $60.6 million or 38 cents per share, on revenue of $166.1 million. That compared with $82.2 million, or 50 cents per share, on revenue of $184.6 million for the same period in 2005.
Ultra Petroleum (Amex: UPL) said its 2006 production was a record -- a 24 percent increase to 91.6 billion cubic feet equivalent compared with 73.8 Bcfe in 2005.
Fourth-quarter production also was at an all-time high, the company said, rising 30 percent to 28.4 Bcfe compared with 21.8 Bcfe during the fourth quarter of 2005.
source news : bizjournals.com
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