Ultra Petroleum (NASDAQOTH:UPLMQ) recently reported its third quarter earnings. The company beat estimates with adjusted earnings of $0.64  per share.

With soft natural gas prices, we're still seeing a lot of writedowns from Ultra. This isn't just exclusive to UPL, though; Apache Corp (NYSE:APA) and Chesapeake Energy Corp (NYSE:CHK)have gone through the same necessary evil recently, as well.

Investors should be concerned with what management has to say going forward. The company is really rationalizing its economics, and insisting that it's a profitable company at lower natural gas prices than competitors. 

But, with gas prices so cheap, the company is more focused on cost saving than increasing production at this time. 

Joel South has no positions in the stocks mentioned above. Taylor Muckerman has no positions in the stocks mentioned above. The Motley Fool owns shares of Apache and Ultra Petroleum and has the following options: long JAN 2013 $16.00 calls on Chesapeake Energy, short JAN 2014 $15.00 puts on Chesapeake Energy, long JAN 2014 $20.00 calls on Chesapeake Energy, long JAN 2014 $30.00 calls on Chesapeake Energy, short JAN 2014 $20.00 puts on Ultra Petroleum, long JAN 2014 $30.00 calls on Ultra Petroleum, long JAN 2014 $40.00 calls on Ultra Petroleum, and long JAN 2014 $50.00 calls on Ultra Petroleum. Motley Fool newsletter services recommend Ultra Petroleum. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.