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Unit Corp (UNT) SEC Filing 10-Q Quarterly report for the period ending Friday, March 31, 2017

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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…
May 4, 2017

UNIT CORPORATION REPORTS 2017 FIRST QUARTER RESULTS

Tulsa, Oklahoma . . . Unit Corporation (NYSE - UNT) today reported its financial and operational results for the first quarter 2017. Results and recent highlights include:

Net income of $15.9 million.
The contract drilling segment increased its drilling rigs in service from 21 at the end of the fourth quarter of 2016 to 29 at the end of the first quarter, a 38% increase.
Started construction of the tenth BOSS drilling rig.
On April 4, 2017, Unit announced the closing of an agreement to acquire additional oil and natural gas assets in its Hoxbar core area.
Midstream segment began construction to connect an additional multi-well pad to its Pittsburgh Mills gathering system.
Midstream segment entered into a new fee-based agreement with a third party operator to gather and process 10 MMcf per day with a term of five years for the Cashion system.
Reduced long-term debt by $10.3 million from the end of the fourth quarter 2016.
April redetermination of Unit's borrowing base amount was maintained at $475 million.


FIRST QUARTER 2017 FINANCIAL RESULTS
Unit recorded net income of $15.9 million for the quarter, or $0.31 per diluted share, compared to a net loss of $41.1 million, or $0.83 per share, for the first quarter of 2016. For the first quarter of 2016, Unit incurred a pre-tax non-cash ceiling test write-down of $37.8 million in the carrying value of its oil and natural gas properties. Adjusted net income (which excludes the effect of non-cash commodity derivatives) for the quarter was $7.5 million, or $0.15 per diluted share (see Non-GAAP financial measures below). Total revenues were $175.7 million (50% oil and natural gas, 21% contract drilling, and 29% midstream), compared to $136.2 million (43% oil and natural gas, 28% contract drilling, and 29% midstream) for the first quarter of 2016. Adjusted EBITDA for the quarter was $74.5 million, or $1.46 per diluted share (see Non-GAAP financial measures below).


OIL AND NATURAL GAS SEGMENT INFORMATION
For the quarter, total production averaged 42,000 barrels of oil equivalent (Boe) per day, a decrease of 15% from the first quarter of 2016 and an 8% decrease from the fourth quarter of 2016. Liquids (oil and NGLs) production represented 46% of total equivalent production. Oil production was 7,141 barrels per day, a decrease of 19% from the first quarter of 2016 and a decrease of 8% from the fourth quarter of 2016. NGLs production was 12,190 barrels per day, a decrease of 14% from the first quarter of 2016 and a 12% decrease from the fourth quarter of 2016. Natural gas production was 135,838 thousand cubic feet (Mcf) per day, a decrease of 15% from the first quarter of 2016 and a decrease of 6% from the fourth quarter of 2016. Unit's production for the quarter was in line with its expectations. In addition to the continued production decline of existing wells, the decreases were due primarily to reduced drilling activity, approximately 0.5 billion cubic feet of natural gas equivalent (Bcfe) of production in the Wilcox play being shut in for five days during the quarter because of maintenance on a third-party processing plant, and approximately 0.3 Bcfe of reduced production due to weather related events. Unit’s original 2017

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The following information was filed by Unit Corp (UNT) on Thursday, May 4, 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-Q Quarterly 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-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed 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)
Basis Of Preparation And Presentation
Commitments And Contingencies Commitments And Contingencies
Commitments And Contingencies Commitments And Contingencies (narrative) (details)
Derivatives
Derivatives (effect Of Derivative Instruments Recognized In Statement Of Operations, Derivative Instruments) (details)
Derivatives (fair Value Of Derivative Instruments And Locations In Balance Sheets) (details)
Derivatives (schedule Of Derivatives Outstanding) (details)
Derivatives (tables)
Divestitures
Divestitures (narrative) (details)
Earnings (loss) Per Share
Earnings (loss) Per Share (narrative) (details)
Earnings (loss) Per Share (schedule Of Antidilutive Securities Excluded From Computation Of Earnings (loss) Per Share) (details)
Earnings (loss) Per Share (schedule Of Earnings (loss) Per Share) (details)
Earnings (loss) Per Share (tables)
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)
Industry Segment Information
Industry Segment Information (industry Segment Information) (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)
New Accounting Pronouncements
Oil And Natural Gas (narrative) (details)
Oil And Natural Gas Properties
Stock-based Compensation
Stock-based Compensation (narrative) (details)
Stock-based Compensation (schedule Of Fair Value Of The Restricted Stock Awards Granted During The Periods) (details)
Stock-based Compensation (tables)
Stock-based Compensation Stock-based Compensation (schedule Of Restricted Stock Awards And Stock Options) (details)
Subsequent Events Subsequent Events
Subsequent Events Subsequent Events (narrative) (details)

Material Contracts, Statements, Certifications & more

Unit Corp provided additional information to their SEC Filing as exhibits

Ticker: UNT
CIK: 798949
Form Type: 10-Q Quarterly Report
Accession Number: 0000798949-17-000015
Submitted to the SEC: Thu May 04 2017 9:02:42 AM EST
Accepted by the SEC: Thu May 04 2017
Period: Friday, March 31, 2017
Industry: Crude Petroleum And Natural Gas

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