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Unit Corp (UNT) SEC Filing 10-Q Quarterly report for the period ending Friday, June 30, 2017

Unit Corp

CIK: 798949 Ticker: UNT


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UNIT CORPORATION
 
8200 South Unit Drive, Tulsa, Oklahoma 74132
 
Telephone 918 493-7700, Fax 918 493-7711


Contact:
Michael D. Earl
 
Vice President, Investor Relations
 
(918) 493-7700
 
www.unitcorp.com

For Immediate Release…
August 3, 2017

UNIT CORPORATION REPORTS 2017 SECOND QUARTER RESULTS

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.

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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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Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (unaudited)
Condensed Consolidated Balance Sheets (unaudited) (parenthetical)
Condensed Consolidated Statements Of Cash Flows (unaudited)
Condensed Consolidated Statements Of Comprehensive Income (loss) (unaudited)
Condensed Consolidated Statements Of Comprehensive Income (loss) (unaudited) (parenthetical)
Condensed Consolidated Statements Of Operations (unaudited)
Accrued Liabilities
Accrued Liabilities (accrued Liabilities) (details)
Accrued Liabilities (tables)
Acquisitions And Divestitures
Acquisitions And Divestitures (fair Value Of Acquired Assets And Liabilities) (details)
Acquisitions And Divestitures (narrative) (details)
Acquisitions And Divestitures Acquisitions And Divestitures (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 (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)
Derivatives Derivatives (schedule Of Subsequent Derivatives Outstanding) (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)
Equity
Equity (narrative) (details)
Equity (reclassification Out Of Accumulated Other Comprehensive Income (loss)) (details)
Equity (schedule Of Accumulated Other Comprehensive Income (loss)) (details)
Equity (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)
Fair Value Measurements Fair Value Measurements (fair Value Of Available-for-sale Securities) (details)
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)

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Unit Corp provided additional information to their SEC Filing as exhibits

Ticker: UNT
CIK: 798949
Form Type: 10-Q Quarterly Report
Accession Number: 0000798949-17-000027
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

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