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Unit Corp (UNT) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Unit Corp

CIK: 798949 Ticker: UNT


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UNIT CORPORATION
 
7130 South Lewis Avenue, Suite 1000, Tulsa, Oklahoma 74136
 
Telephone 918 493-7700, Fax 918 493-7714



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

For Immediate Release…
February 25, 2014



UNIT CORPORATION REPORTS 2013 FOURTH QUARTER & YEAR END RESULTS

A PROMISING LOOK TO THE FUTURE

Tulsa, Oklahoma . . . Unit Corporation (NYSE - UNT) today reported its financial and operational results for the fourth quarter and year 2013.

Larry Pinkston, Unit’s Chief Executive Officer and President, stated “During 2013, the company continued to progress on several strategic initiatives. Our production in the fourth quarter increased 5% over the third quarter and overall production increased 18% year over year. Throughout the fourth quarter we increased the number of operated drilling rigs drilling for our oil and natural gas segment under our previously stated plans, and we initiated our pad drilling program in the Granite Wash. In our contract drilling segment, we completed the sale of five idle drilling rigs during the year, and we will place our first BOSS rig into service during the first quarter 2014. Our midstream segment continued to see the benefit of previous capital investments.”

“For the oil and natural gas segment, we are very pleased with our fourth quarter production growth. For the full year, we achieved the upper end of our production guidance. Fourth quarter production growth was primarily driven by the Wilcox and Granite Wash plays. During 2013, we completed sales of certain non-core oil and natural gas assets, with total proceeds of $78.8 million with the most significant portion coming from the sale of the majority of our non-operated Bakken assets. We ended 2013 with total proved reserves of 160 million barrels of oil equivalent (MMBoe), a 7% increase, despite the sale of non-core properties with total proved reserves of 3.5 MMBoe. Weather and operational delays will affect first quarter 2014 production; however, we continue to anticipate production growth for 2014 of between 15% and 18%.”

“Our contract drilling segment operated in a soft drilling market throughout 2013; however, we were able to maintain fairly consistent utilization. During the fourth quarter of 2013 we averaged 65 drilling rigs operating. We have seen improvement in utilization in the first quarter of 2014. Currently, we have 69 drilling rigs operating with continued improvement expected through the end of the first quarter. We also initiated a comprehensive evaluation of our drilling rig fleet that included a review regarding the possible realignment of our fleet’s capabilities and efficiencies. In view of the demand for drilling rigs using new technologies and capabilities, we determined we should pursue the sale of several of our older and larger drilling rigs that have not worked for some time. As a result, during 2013, we sold four of our idle 2,000 horsepower drilling rigs and one 3,000 horsepower drilling rig with proceeds totaling $32.4 million. In addition, the sale of four additional idle 3,000 horsepower drilling rigs was completed after year end. The proceeds from these sales will be used in our new drilling rig program, a program we launched to design and build a new proprietary drilling rig, the BOSS rig. We anticipate this drilling rig, coupled with continued enhancements to our existing fleet, will position us to continue to meet the demands of our existing customers and allow us to compete for the work of new customers. Our first BOSS drilling rig will work for our oil and natural gas segment during the first quarter of 2014. We are optimistic that the BOSS drilling rig will be well received by operators and will result in additional new-build contract opportunities.


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The following information was filed by Unit Corp (UNT) on Tuesday, February 25, 2014 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income Consolidated Statements Of Comprehensive Income (parenthetical)
Consolidated Statements Of Income
Accrued Liabilities
Accrued Liabilities (accrued Liabilities) (details)
Accrued Liabilities (tables)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (changes In Accumulated Other Comprehensive Income) (details)
Accumulated Other Comprehensive Income (schedule Of Accumulated Other Comprehensive Income (loss)) (details)
Accumulated Other Comprehensive Income (tables)
Acquisitions And Divestitures
Acquisitions And Divestitures (tables)
Acquisitions And Divestitures - Fair Value Of Acquired Assets And Liabilities (details)
Acquisitions And Divestitures - Narrative (details)
Acquisitions And Divestitures - Pro Forma (details)
Asset Retirement Obligations
Asset Retirement Obligations (schedule Of Asset Retirement Obligations) (details)
Asset Retirement Obligations (tables)
Commitments And Contingencies
Commitments And Contingencies (details)
Derivatives
Derivatives (amount Of Gain Or (loss) Recognized In Accumulated Oci On Derivative) (details)
Derivatives (effect Of Derivative Instruments Recognized In Statement Of Operations, Not Designated As Hedging Instruments) (details)
Derivatives (fair Value Of Derivative Instruments And Locations In Balance Sheets) (details)
Derivatives (gain Or Loss Of Reclassified Accumulated Other Comprehensive Income And Recognized Income) (details)
Derivatives (narrative) (details)
Derivatives (schedule Of Subsequent Non-designated Hedges) (details)
Derivatives (tables)
Derivatives Derivatives (schedule Of Non-designated Hedges Outstanding) (details)
Earnings Per Share
Earnings Per Share (schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share) (details)
Earnings Per Share (schedule Of Earnings Per Share) (details)
Earnings Per Share Earnings Per Share (tables)
Employee Benefit Plans
Employee Benefit Plans (details)
Fair Value Measurements
Fair Value Measurements (narrative) (details)
Fair Value Measurements (reconciliations Of Level 3 Fair Value Measurements) (details)
Fair Value Measurements (recurring Fair Value Measurements) (details)
Fair Value Measurements (schedule Of Quantitative Information About Unobservable Inputs) (details)
Fair Value Measurements (tables)
Income Taxes
Income Taxes (narrative) (details)
Income Taxes (reconciliation Of Income Tax Expense) (details)
Income Taxes (schedule Of Deferred Tax Assets And Liabilities) (details)
Income Taxes (schedule Of Total Provision For Income Taxes) (details)
Income Taxes (tables)
Industry Segment Information
Industry Segment Information (revenue From Different Segments) (details)
Industry Segment Information (tables)
Long-term Debt And Other Long-term Liabilities
Long-term Debt And Other Long-term Liabilities (long-term Debt) (details)
Long-term Debt And Other Long-term Liabilities (narrative) (details)
Long-term Debt And Other Long-term Liabilities (other Long-term Liabilities) (details)
Long-term Debt And Other Long-term Liabilities (tables)
Organization
Schedule Ii - Valuation And Qualifying Accounts And Reserves
Schedule Ii - Valuation And Qualifying Accounts And Reserves (details)
Selected Quarterly Financial Information
Selected Quarterly Financial Information (details)
Selected Quarterly Financial Information (tables)
Shareholder Rights Plan
Shareholder Rights Plan (details)
Stock-based Compensation
Stock-based Compensation (activity Pertaining To Restricted Stock Awards) (details)
Stock-based Compensation (estimated Fair Value Of The Stock Options Granted) (details)
Stock-based Compensation (narrative) (details)
Stock-based Compensation (schedule Of Restricted Stock Awards Stock Options And Sar) (details)
Stock-based Compensation (shares Authorized Under Stock Option Plans By Exercise Price Range) (details)
Stock-based Compensation (tables)
Stock-based Compensation Stock-based Compensation (activity Pertaining To Nonemployee Director Stock Award Plan) (details)
Stock-based Compensation Stock-based Compensation (activity Pertaining To Stock Appreciation Rights) (details)
Stock-based Compensation Stock-based Compensation (activity Pertaining To Stock Options) (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policy)
Summary Of Significant Accounting Policies (schedule Of Fair Values Of The Net Assets (liabilities)) (details)
Summary Of Significant Accounting Policies (schedule Of Segment's Revenues) (details)
Summary Of Significant Accounting Policies (tables)
Supplemental Oil And Gas Disclosures
Supplemental Oil And Gas Disclosures (results Of Operations For Producing Activities) (details)
Supplemental Oil And Gas Disclosures (schedule Of Capitalized Costs And Costs Incurred On Oil And Gas Properties) (details)
Supplemental Oil And Gas Disclosures (schedule Of Principal Sources Of Changes In Standardized Measure Of Discounted Future Net Cash Flows) (details)
Supplemental Oil And Gas Disclosures (schedule Of Proved Developed And Undeveloped Oil And Gas Reserve Quantities) (details)
Supplemental Oil And Gas Disclosures (schedule Of The Oil And Natural Gas Property Costs Not Being Amortized) (details)
Supplemental Oil And Gas Disclosures (standardized Measure Of Discounted Future Cash Flows Relating To Proved Reserves Disclosure) (details)
Supplemental Oil And Gas Disclosures (tables)
Supplemental Oil And Gas Disclosures Supplemental Oil And Gas Disclosures (narrative) (details)
Transactions With Related Parties
Transactions With Related Parties (narrative) (details)
Transactions With Related Parties (tables)
Transactions With Related Parties Transactions With Related Parties (schedule Of Amount Received In Public And Private Partnerships) (details)
Ticker: UNT
CIK: 798949
Form Type: 10-K Annual Report
Accession Number: 0000798949-14-000007
Submitted to the SEC: Tue Feb 25 2014 4:54:03 PM EST
Accepted by the SEC: Tue Feb 25 2014
Period: Tuesday, December 31, 2013
Industry: Crude Petroleum And Natural Gas

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