Earnings season has been tough for natural gas producers, which have been dealing with weak natural gas prices. The headline item for Ultra Petroleum was its big writedown related to the carrying value of its natural gas assets. While this looks bad on the surface, this is a noncash charge that was taken thanks to low 12-month trailing price of natural gas compared with the capitalized costs up to this point.

In today's video, analysts Paul Chi and Matt Argersinger discuss the implications of the charge and also how Ultra's results looked overall.

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Matthew Argersinger has the following options: long JAN 2014 $35 calls on Ultra Petroleum and short JAN 2014 $35 puts on Ultra Petroleum. Paul Chi has no positions in the stocks mentioned above. The Motley Fool owns shares of Ultra Petroleum and has the following options: 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.