Unit Corp (UNT) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

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Unit Corp
Ticker: UNT CIK: 798949



News	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 24, 2015

UNIT CORPORATION REPORTS 2014 FOURTH QUARTER & YEAR END RESULTS

Tulsa, Oklahoma . . . Unit Corporation (NYSE - UNT) today reported its financial and operational results for the fourth quarter and year end 2014. For the year, Unit achieved a number of significant milestones:


•	Record consolidated revenues of $1.6 billion


•	Record proved reserves of 1.1 Tcfe (179.0 MMBoe), a 12% increase over 2013


•	Record annual production of 18.3 MMBoe, a 9% increase over 2013


•	Record annual average dayrate of $20,043


•	Successfully initiated the BOSS drilling program by placing three BOSS rigs into service and obtaining long-term contracts for an additional five


•	Record natural gas gathered, processed and natural gas liquids sold volumes per day with each increasing 3%, 15% and 35%, respectively, over 2013

FOURTH QUARTER AND YEAR END 2014 RESULTS

Despite its operational achievements for the year, Unit recorded a net loss for the quarter of $42.6 million, or $0.88 per diluted share, compared to net income of $51.3 million, or $1.05 per diluted share, for the fourth quarter of 2013. Because of the significantly lower commodity prices existing at year-end 2014, fourth quarter 2014 results included the following pre-tax non-cash write downs: $76.7 million ceiling test write down in the carrying value of Unit’s oil and natural gas properties; $74.3 million for the removal of 31 drillings rigs from the fleet along with some other equipment; and $7.1 million in the carrying value of three gas gathering systems. Adjusted net income for the quarter (which excludes the effect of non-cash commodity derivatives and the effects of the write-downs) was $39.7 million, or $0.80 per diluted share (see Non-GAAP Financial Measures below). Total revenues for the quarter were $378.6 million (43% oil and natural gas, 36% contract drilling, and 21% mid-stream), compared to $359.1 million (49% oil and natural gas, 28% contract drilling, and 23% mid-stream) for the fourth quarter of 2013.

For 2014, net income was $136.3 million, or $2.78 per diluted share, compared to 2013 net income of $184.7 million, or $3.80 per diluted share. Excluding the effect of the fourth quarter 2014 write downs discussed above and the effect of non-cash commodity derivatives, adjusted net income for 2014 was $212.6 million, or $4.33 per diluted share (see Non-GAAP Financial

The following information was filed by Unit Corp (UNT) on Tuesday, February 24, 2015 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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