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.
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Ticker: UNT CIK: 798949 Form Type:10-K Annual Report Accession Number: 0000798949-17-000004 Submitted to the SEC: Tue Feb 28 2017 4:11:56 PM EST Accepted by the SEC: Tue Feb 28 2017 Period: Saturday, December 31, 2016 Industry: Crude Petroleum And Natural Gas