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 25, 2016


UNIT CORPORATION REPORTS 2015 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 2015. Operational highlights for the year include:

Achieved year over year production growth of 9%
Successful development of the company's horizontal well program in its Wilcox play
Placed into service five new BOSS drilling rigs
Achieved the best safety performance in the history of the company
Gas gathered and gas processed volumes per day increased 11% and 13%, respectively, over 2014
Completed the expansion of the Pittsburgh Mills pipeline in Butler County, Pennsylvania, and completed construction of the new fee-based Snow Shoe gathering system in Centre County, Pennsylvania


FOURTH QUARTER 2015 FINANCIAL RESULTS
Adjusted net loss (which excludes the effect of non-cash commodity derivatives and the effect of the non-cash write-downs) was $6.6 million, or $0.14 per share (see Non-GAAP Financial Measures below). Low commodity prices continued to significantly affect Unit’s financial results. Because of lower commodity prices, Unit incurred during the quarter a pre-tax non-cash ceiling test write-down of $458.3 million in the carrying value of its oil and natural gas properties and $27.0 million in the carrying value of three of its gas gathering systems. Although these write-downs were non-cash items, they resulted in Unit recording a net loss of $309.3 million, or $6.29 per share, compared to a net loss of $42.6 million, or $0.88 per share, for the fourth quarter of 2014. Total revenues were $172.3 million (44% oil and natural gas, 29% contract drilling, and 27% mid-stream), compared to $378.6 million (43% oil and natural gas, 36% contract drilling, and 21% mid-stream) for the fourth quarter of 2014. Adjusted EBITDA was $73.5 million, or $1.49 per diluted share (see Non-GAAP Financial Measures below).


YEAR END 2015 FINANCIAL RESULTS
Adjusted net loss (which excludes the effect of non-cash commodity derivatives and the effects of the non-cash write-downs) was $7.2 million, or $0.15 per share (see Non-GAAP Financial Measures below). For the full year, Unit recorded pre-tax non-cash ceiling test write-downs of $1.6 billion in the carrying value of its oil and natural gas properties, $8.3 million in the carrying value of certain drilling rigs and other assets removed from service, and $27.0 million for the gas gathering systems discussed above. Because of these write-downs, Unit recorded a net loss of $1.0 billion, or $21.12 per share, compared to net income of $136.3 million, or $2.78 per diluted share, for 2014. Total revenues were $854.2 million (45% oil and natural gas, 31% contract drilling, and 24% mid-stream), compared to $1.6 billion (47% oil and natural gas, 30% contract drilling, and 23% mid-stream) for 2014. Adjusted EBITDA for the year was $384.6 million, or $7.80 per diluted share (see Non-GAAP Financial Measures below).



1

The following information was filed by Unit Corp (UNT) on Thursday, February 25, 2016 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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