Ultra Petroleum backs FY19 production guidance 240-250 Bcfe
Production guidance for full-year 2019 remains unchanged at 240-250 Bcfe while capital investment guidance for full-year 2019 is reduced by $15M to a new range of $305M-$335M. In May, the company drilled 3 wells with spud to total depth times of less than 6 days, compared to its first quarter average of 8.05 days. Improved drilling cycle-time performance and higher working interest in wells planned for the remainder of the year provides for 2019 production guidance to remain unchanged while 2019 capital investment is reduced by approximately 5%. "Our team continues to improve drilling cycle-time performance. As a result, we are drilling wells faster and can accomplish our 2019 plan with the adjustment down to two operated rigs for the remainder of the year. With increased drilling efficiency, along with higher working interest in wells planned for the remainder of the year, we are maintaining full year production guidance, reducing capital investment and moving the Company closer to its projection of free cash flow in the fourth quarter of 2019," said Ultra Petroleum's President and CEO Brad Johnson.