7130 South Lewis Avenue, Suite 1000, Tulsa, Oklahoma 74136
Telephone 918 493-7700, Fax 918 493-7714
Michael D. Earl
Vice President, Investor Relations
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.
View differences made from one year to another to evaluate Unit Corp's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed, and by Unit Corp.
Ticker: UNT CIK: 798949 Form Type:10-K Annual Report Accession Number: 0000798949-15-000008 Submitted to the SEC: Tue Feb 24 2015 2:50:26 PM EST Accepted by the SEC: Tue Feb 24 2015 Period: Wednesday, December 31, 2014 Industry: Crude Petroleum And Natural Gas