UPDATE 1-Ultra Petroleum Q2 profit beats Wall Street

Fri Jul 30, 2010 7:48am EDT

* Q2 adj EPS $0.54 vs est of $0.51

* Revenue up 75 pct to $228.4 mln

* Retains FY outlook

July 30 (Reuters) - Oil and natural gas exploration and production company Ultra Petroleum Corp (UPL.N) posted a better-than-expected quarterly profit, helped by increased production volumes.

For the second quarter, net profit was $61.5 million, or 40 cents a share, compared with a loss of $22.5 million, or 17 cents a share, a year earlier.

Excluding items, the company reported net income of 54 cents a share.

Revenue increased 75 percent to $228.4 million.

Analysts were expecting Ultra to earn 51 cents a share on revenue of $256.6 million, according to Thomson Reuters I/B/E/S.

Quarterly production was 18 percent higher at 52.4 billion cubic feet equivalent (bcfe).

The company reiterated its annual production outlook of 213 to 216 bcfe as it continues to expect 2010 capital investment of $1.5 billion.

Shares of the company closed at $43.70 Thursday on the New York Stock Exchange. (Reporting by Vinay Sarawagi in Bangalore; Editing by Don Sebastian)

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