UPL reported natural gas revenue of ~$184 million and oil revenue of ~$32 million in 4Q16. As we can see, ~85% of UPL’s revenue came from natural gas sales in the quarter.
Sequentially, Ultra Petroleum’s 4Q16 revenue was ~9% higher than its 3Q16 revenue. Year-over-year, UPL’s 4Q16 revenue was ~14% higher than its 4Q15 revenue.
Despite a fall in Ultra Petroleum’s 4Q16 production, its 4Q16 realized natural gas (UNG) prices and crude oil (USO) production improved significantly, positively impacting its revenue. UPL reported a ~23% rise in realized natural gas prices at $2.87 per Mcf (thousand cubic feet) in 4Q16, compared to $2.33 per Mcf in 4Q15.
Ultra Petroleum reported total 2016 revenue of ~$721 million, ~14% lower than its revenue of ~$839 million in 2015. UPL’s peer Devon Energy (DVN) reported revenue of ~$10.3 billion for the year, ~22% lower than its revenue of ~$13.2 billion in 2015.
Now let’s take a look at UPL’s production.