Reputations, good and bad, can be surprisingly sticky. Ultra Petroleum (NYSE:UPL)
has long been lauded for its high-quality operations, its cost
leadership, and the quality of its properties/reserves. While the first
part is absolutely still true, I have bigger questions about the quality
of Ultra's properties and how the company will generate value over the
long-term. While I will certainly acknowledge that higher gas prices
will be the rising tide that lifts all boats in the natural gas space,
I'm increasingly concerned that Ultra Petroleum is a high-quality
operator with medium-quality assets and, as such, maybe not the horse to
ride for the long term.
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