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

Unit Corp

CIK: 798949 Ticker: UNT
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




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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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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 (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)
Income Taxes Income Taxes (schedule Of Unrecognized Tax Benefits) (details)
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)
Long-term Debt And Other Long-term Liabilities Long-term Debt And Other Long-term Liabilities (capital Leases) (details)
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 (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)
Stock-based Compensation Stock-based Compensation (shares Authorized Under Stock Appreciation Rights By Exercise Price) (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: 0000798949-15-000008
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

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