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Unit Corp (UNT) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Unit Corp

CIK: 798949 Ticker: UNT

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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.

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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 Operations
Accrued Liabilities
Accrued Liabilities (accrued Liabilities) (details)
Accrued Liabilities (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 (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 Valuation And Qualifying Accounts And Reserves (details)
Schedule Ii - Valuation And Qualifying Accounts And Reserves Valuation And Qualifying Accounts And Reserves (tables)
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 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: 0000798949-17-000004
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

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