Ultra Petroleum filed for Chapter 11 bankruptcy Friday evening, after warning it was likely headed toward bankruptcy in filings with the Securities and Exchange Commission.
The company is Wyoming's largest gas producer, by volume, but has struggled with high debt loads and low natural gas prices in recent months. In April, Wyoming's benchmark natural gas price was just $1.71 per thousand cubic feet, compared to $2.32 at the same time last year.
As of its filing, Ultra had $3.7 billion in debts. The company posted a $21 million loss in the first quarter of 2016.
Ultra operates wells in Wyoming's Pinedale and Jonah fields, as well as the Uinta Basin in Utah and the Marcellus in Pennsylvania.