News
UNIT CORPORATION
 
8200 South Unit Drive, Tulsa, Oklahoma, 74132
 
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 23, 2017


UNIT CORPORATION REPORTS 2016 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 2016. Fourth quarter and recent highlights include:

Net income of $1.7 million for the quarter.
To date, the contract drilling segment increased the number of drilling rigs in service from a low of 13 in the second quarter to 26, a 100% increase.
Contract drilling segment placed into service its ninth BOSS drilling rig.
Oil and natural gas segment resumed drilling activities in the fourth quarter with a drilling rig being placed into service in October in the Southern Oklahoma Hoxbar Oil Trend (SOHOT) play and a second drilling rig placed into service in December in the Granite Wash play.
Midstream segment started preliminary construction activities to connect the next well pad to its Pittsburgh Mills gathering system.
Reduced long-term debt by $53.7 million from the end of the third quarter, bringing the total 2016 reduction to $118.1 million.


FOURTH QUARTER AND YEAR END 2016 FINANCIAL RESULTS
Unit recorded net income of $1.7 million for the quarter, or $0.03 per diluted share, compared to a net loss of $309.3 million, or $6.29 per share, for the fourth quarter of 2015. During the fourth quarter of 2015, Unit incurred 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. Those non-cash ceiling test write-downs resulted from lower commodity prices. Adjusted net income for the fourth quarter of 2016 (which excludes the effect of non-cash commodity derivatives) was $12.2 million, or $0.23 per diluted share (see Non-GAAP financial measures below). Total revenues for the quarter were $174.3 million (51% oil and natural gas, 19% contract drilling, and 30% midstream), compared to $172.3 million (44% oil and natural gas, 29% contract drilling, and 27% midstream) for the fourth quarter of 2015. Adjusted EBITDA for the quarter was $80.7 million, or $1.58 per diluted share (see Non-GAAP financial measures below).

For 2016, Unit recorded a net loss of $135.6 million, or $2.71 per share, compared to a net loss of $1.0 billion, or $21.12 per share, for 2015. For the full year, Unit incurred pre-tax non-cash ceiling test write-downs of $161.6 million in the carrying value of its oil and natural gas properties, compared to Unit’s 2015 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. Unit recorded an adjusted net loss (which excludes the effect of non-cash commodity derivatives and the effect of the non-cash write-downs) of $13.8 million, or $0.28 per share, for 2016 (see Non-GAAP financial measures below). Total revenues for the year were $602.2 million (49% oil and natural gas, 20% contract drilling, and 31% midstream), compared to $854.2 million (45% oil and natural


The following information was filed by Unit Corp (UNT) on Thursday, February 23, 2017 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 SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Unit Corp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account