NewsUNIT CORPORATION
 8200 South Unit Drive, Tulsa, Oklahoma, 74132
 Telephone 918 493-7700, Fax 918 493-7711

Contact:Michael D. Earl
 Vice President, Investor Relations
 (918) 493-7700
www.unitcorp.com

For Immediate Release…
March 16, 2020


UNIT CORPORATION REPORTS 2019 FOURTH QUARTER AND YEAR-END RESULTS


Tulsa, Oklahoma . . . Unit Corporation (NYSE - UNT) today reported its financial and operational results for the fourth quarter and year-end 2019. Operational highlights for 2019 include:

Oil and natural gas segment:
Segment oil production increased 12% year-over-year.
Initiated development drilling program of Red Fork horizontal oil play with outstanding results.
Cost cuts identified during the fourth quarter of 2019 expected to reduce lease operating expense by 10% during 2020.
Completed sale of non-core eastern Oklahoma gas properties with proceeds of $18 million.

Contract drilling segment:
Utilization cycle during 2019:
Started the year with 32 drilling rigs operating (including four rigs running for Unit Petroleum).
Placed two new BOSS drilling rigs into service in the first quarter and one new BOSS drilling rig in the fourth quarter.
Rig utilization averaged between 30-32 drilling rigs operating through the middle of May 2019, as many operators front-end loaded their drilling budgets in the first half of 2019 (including an average of five rigs running for Unit Petroleum).
Utilization decreased to 18 drilling rigs at the end of August and remained at that level into early December finishing the year at 20 drilling rigs operating (with no rigs operating for Unit Petroleum).
All 14 BOSS drilling rigs were operating during the year.
Average drilling rig dayrates increased 7% year-over-year, primarily due to a higher BOSS rig concentration in rigs operating.

Mid-stream segment:
Completed the acquisition of Central Oklahoma assets consisting of approximately 600 miles of pipeline and related compressor stations in December 2019.
During 2019, per day gas gathered and gas processed volumes increased 11% and 4%, respectively, compared to 2018 per day volumes.


FOURTH QUARTER AND YEAR-END 2019 FINANCIAL RESULTS
Net loss attributable to Unit for the quarter was $335.0 million, or $6.33 per diluted share, compared to net loss attributable to Unit of $77.8 million, or $1.49 per diluted share, for the fourth quarter of 2018. The quarter's results included the following pre-tax non-cash write-downs: $390.0 million ceiling test write-down in the carrying value of Unit’s oil and natural gas properties and $0.8 million relating to the write-off of two small gas gathering systems. (For the fourth quarter of 2018, Unit recorded a pre-tax non-cash write-down of $147.9 million associated with the removal of 41 drilling rigs from its
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The following information was filed by Unit Corp (UNT) on Monday, March 16, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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