The chief executive and president of oil and natural gas company Ultra Petroleum Corp. exercised options for 79,119 shares of common stock, according to a Securities and Exchange Commission filing Tuesday.
In a Form 4 filed with the SEC, Michael Watford reported he exercised options for the shares Monday for 46 cents apiece, and then sold 50,000 of them for $83.36 apiece. Watford also surrendered 29,119 shares back to the company for $82.68 apiece.
Insiders can surrender shares as a way to cover taxes or the cost of exercising options.
Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.
Ultra Petroleum is based in Houston.
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