Unit Corp (UNT) 10-Q Quarterly Report Thu Aug 03 2017

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


•	Net income of $9.1 million.


•	Oil and natural gas segment production increased 2% over the first quarter of 2017 despite service company frac date delays and third party gathering and processing outages adversely impacting production by 94.0 MBoe.


•	Completed the Hoxbar acquisition.


•	Potential for over 1,000 drilling locations in the STACK and STACK extension plays.


•	Construction was completed on the tenth BOSS drilling rig, and it was placed into service late in the quarter.


•	Thirty-six drilling rigs are currently operating; all ten BOSS drilling rigs are under contract.


•	Midstream segment increased gathered and processed volumes at its Hemphill and Cashion systems resulting in a liquids sold volume increase of 7% over the first quarter of 2017.

SECOND QUARTER AND FIRST SIX MONTHS 2017 FINANCIAL RESULTS

Unit recorded net income of $9.1 million for the quarter, or $0.17 per diluted share, compared to a net loss of $72.1 million, or $1.44 per share, for the second quarter of 2016. Adjusted net income (which excludes the effect of non-cash commodity derivatives) for the quarter was $3.6 million, or $0.07 per diluted share (see Non-GAAP financial measures below). Total revenues were $170.6 million (49% oil and natural gas, 23% contract drilling, and 28% midstream), compared to $138.3 million (50% oil and natural gas, 18% contract drilling, and 32% midstream) for the second quarter of 2016. Adjusted EBITDA was $71.0 million, or $1.37 per diluted share (see Non-GAAP financial measures below).

For the first six months of 2017, Unit recorded net income of $25.0 million, or $0.49 per diluted share, compared to a net loss of $113.3 million, or $2.27 per share, for the first six months of 2016. Unit recorded adjusted net income (which excludes the effect of non-cash commodity derivatives) of $11.1 million, or $0.22 per diluted share (see Non-GAAP financial measures below). Total revenues for the first six months were $346.3 million (49% oil and natural gas, 22% contract drilling, and 29% midstream), compared to $274.5 million (46% oil and natural gas, 23% contract drilling, and 31% midstream) for the first six months of 2016. Adjusted EBITDA for the first six months was $145.5 million, or $2.83 per diluted share (see Non-GAAP financial measures below).

OIL AND NATURAL GAS SEGMENT INFORMATION

For the quarter, total production was 3.9 million barrels of oil equivalent (MMBoe), a 2% increase over the first quarter of 2017. Liquids (oil and NGLs) production represented 48% of total equivalent production. Oil production was 7,851 barrels per day, an increase of 10% over the first quarter of 2017. NGLs production was 12,486 barrels per day, a 2% increase over the first quarter of 2017. Natural gas production was 131,940 thousand cubic feet (Mcf) per day, a 3% decrease from the first quarter of 2017. Total production for the first six months of 2017 was 7.6 MMBoe. Total production for the quarter was adversely impacted by approximately 94.0 thousand barrels of oil equivalent (MBoe) due to third party gas processing outages and the delay of several frac jobs during the quarter.

The following information was filed by Unit Corp (UNT) on Thursday, August 3, 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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Material Contracts, Statements, Certifications & more

Unit Corp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Certification Of Ceo Under Rule 13A -14(A)

Exhibit 31.2: Certification Of Cfo Under Rule 13A -14(A)

Exhibit 32: Certification Of Ceo And Cfo Under Rule 13A -14(A)

Ticker: UNT
CIK: 798949
Form Type: 10-Q Quarterly Report
Accession Number: 0000798949-17-000027
Submitted to the SEC: Thu Aug 03 2017 10:43:08 AM EST
Accepted by the SEC: Thu Aug 03 2017
Period: Friday, June 30, 2017
Industry: Crude Petroleum And Natural Gas