Ultra Petroleum Corp., development drilling in 2012 to $650 million
Ultra Petroleum Corp., the oil and natural-gas producer that has increased production by two times in the previous five years, dropped after it trimmed new drilling investment in half in reaction to low gas prices. The Houston- based firm stated in a statement recently that Ultra will trim spending on development drilling in 2012 to $650 million, against $1.3 billion previous year. Overall capital spending will drop 38% to $925 million this year as the firm completes backlog work.
(Read more at: galaxystocks.com/20401/business-news/ultra-petroleum-trims-new-drilling-investments-by-half-owing-to-low-gas-prices-%E2%80%93-nyseupl/)