Ultra Petroleum (NYSE:UPL) is known as a company that goes against the grain, especially during the surge in oil and gas production here in the US. With this quarter's earnings approaching, we will see if one of its riskier bets has paid off. Over the past several quarters, the company has lefts its natural gas production exposed to the daily price swings in natural gas. By doing so, the comapny hoped that natural gas prices would rise. Based on recent spot prices, the company was right.  

Of course, a hedging strategy isn't the sole reason to invest in a company. To find out what else Ultra Petroleum investors should watch for and to learn more about hedging strategy for oil and gas companies, tune into the video below.

What will be 2014's version of Core Labs?
The Motley Fool's chief investment officer really nailed his 2013 top stock pick with oil services company Core Labs, which shot up a spectacular 75% this year alone! Now, he has selected his No. 1 stock for 2014, and it's one of those stocks that has the potential for a great year ahead. You can find out which stock it is in the special report: "The Motley Fool's Top Stock for 2014." Simply click here and we'll give you free access to the name of this 

Tyler Crowe has no position in any stocks mentioned. You can follow him at Fool.com under the handle TMFDirtyBird, on Google +, or on Twitter, @TylerCroweFool. 

The Motley Fool recommends Ultra Petroleum. The Motley Fool owns shares of EOG Resources and has the following options: long January 2016 $25 calls on 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.

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