Ultra Petroleum (NASDAQ: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.