Dallas, Texas 10/21/2013 (Financialstrend) – Ultra Petroleum Corp. (NYSE:UPL) is an independent oil and gas mining firm with a market cap of $3.2 billion. It has announced that it will be calling out its 3Q operations and financial results on November 1. For a premier on what to expect during the call one needs to review the statements its Chief Executive Officer Mike Watford has made on September 29 on the sidelines of a industry conference. He had indicated that they will be going all out to develop their Wyoming gas generation unit further. He talked about pumping in more capital investments in this property and increase production. The broad plan seems to be pipe this gas to the west coast and command price for their efforts. The premise of increased demand on the west coast for their natural gas is backed by developments like the shutdown of nuclear power plants in California recently. The permanent shut down of one of the key nuclear power generator units in U.S most populous state has resulted in unprecedented demand for oil from other power generators in the area. The company also hopes to leverage the increased pipeline connectivity to Oregon effectively to increase its returns from its Wyoming operations.
On the other hand its production of gas in its Marcellus based oil and gas refineries are struggling with drop in demand. Ultra Petroleum Corp. (NYSE:UPL) owns a significant gas production unit in the Marcellus region of Pennsylvania.
Talking about the future prospects for its Wyoming project, its CEO Watford has called out the more than “9 trillion cubic feet” of reserve that this property holds as a strong indication of its long term sustainability. He also highlighted that Wyoming property will hold more than 2400 of the total 4600 wells that the company will own in the future.