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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