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Unit Corp (UNT) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

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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, 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).



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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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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 (loss)
Consolidated Statements Of Comprehensive Income (loss) Consolidated Statements Of Comprehensive Income (parenthetical)
Consolidated Statements Of Operations
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)
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 (narrative) (details)
Derivatives (schedule Of Subsequent Non-designated Hedges) (details)
Derivatives (tables)
Derivatives Derivatives (schedule Of Non-designated Hedges Outstanding) (details)
Divestitures
Divestitures - Narrative (details)
Earnings (loss) Per Share
Earnings (loss) Per Share (schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share) (details)
Earnings (loss) Per Share Earnings (loss) Per Share (narrative) (details)
Earnings (loss) Per Share Earnings (loss) Per Share (tables)
Earnings Per Share (schedule Of Earnings (loss) Per Share) (details)
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 (benefit)) (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)
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) (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: 0000798949-16-000043
Submitted to the SEC: Thu Feb 25 2016 3:07:33 PM EST
Accepted by the SEC: Thu Feb 25 2016
Period: Thursday, December 31, 2015
Industry: Crude Petroleum And Natural Gas

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