Ultra Petroleum (OTC:UPL) 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 (NASDAQ:APA) and Chesapeake Energy Corp (OTC:CHKA.Q)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. 

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