Sometimes it's just not enough to have low-cost assets when you're an exploration and production (E&P) company. Although Ultra Petroleum (UPL) has long boasted some of the most economical natural gas assets in the continental United States, the prolonged stretch of sub-$4/mmBtu natural gas prices has made it difficult for the company to get ahead. Comparing Ultra Petroleum's share price performance over the last two years to oil-heavy E&P companies like Oasis (NYSE:OAS) and Whiting (NYSE:WLL) or more balanced operators like Noble (NYSE:NBL) tells the tale - Ultra shares are down 33% while the worst of those three others is still up almost 30%.
Even though gas prices have recently spiked over $4, nobody...
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