Houston-based Ultra Petroleum Corp., responding to a domestic natural gas glut and correspondingly depressed prices for the fuel, said today that it will cut spending on development drilling to $650 million this year.
That's half the $1.3 billion it spent in 2011.
"It just doesn't make any sense to grow supply in this environment," Ultra CEO Michael Watford said.
Click here for the Bloomberg News report.
--Jack Z. Smith
Comments