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Unit Corp (UNT) SEC Filing 10-Q Quarterly report for the period ending Saturday, September 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…
November 2, 2017

UNIT CORPORATION REPORTS 2017 THIRD QUARTER RESULTS

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

Net income of $3.7 million and adjusted net income of $5.3 million.
Oil and natural gas segment production increased 5% over the second quarter of 2017.
Contract drilling segment’s average drilling rigs utilized increased 20% over the second quarter of 2017.
Midstream segment increased gas processed and liquids sold volumes 4% and 1%, respectively, over the second quarter of 2017.
Reduced long-term debt by $2.3 million from the end of the second quarter.
October redetermination of credit agreement borrowing base amount maintained at $475 million.


THIRD QUARTER AND FIRST NINE MONTHS 2017 FINANCIAL RESULTS
Unit recorded net income of $3.7 million for the quarter, or $0.07 per diluted share, compared to a net loss of $24.0 million, or $0.48 per share, for the third quarter of 2016. Adjusted net income (which excludes the effect of non-cash commodity derivatives) for the quarter was $5.3 million, or $0.10 per diluted share (see Non-GAAP financial measures below). Total revenues were $188.5 million (45% oil and natural gas, 28% contract drilling, and 27% midstream), compared to $153.4 million (51% oil and natural gas, 17% contract drilling, and 32% midstream) for the third quarter of 2016. Adjusted EBITDA was $78.9 million, or $1.52 per diluted share (see Non-GAAP financial measures below).

For the first nine months of 2017, Unit recorded net income of $28.7 million, or $0.56 per diluted share, compared to a net loss of $137.3 million, or $2.75 per share, for the first nine months of 2016. Unit recorded adjusted net income (which excludes the effect of non-cash commodity derivatives) of $16.4 million, or $0.32 per diluted share (see Non-GAAP financial measures below). Total revenues for the first nine months were $534.8 million (48% oil and natural gas, 24% contract drilling, and 28% midstream), compared to $427.9 million (48% oil and natural gas, 21% contract drilling, and 31% midstream) for the first nine months of 2016. Adjusted EBITDA for the first nine months was $224.4 million, or $4.35 per diluted share (see Non-GAAP financial measures below).


OIL AND NATURAL GAS SEGMENT INFORMATION
Total production for the quarter was 4.1 million barrels of oil equivalent (MMBoe), a 5% increase over the second quarter of 2017. Oil and natural gas liquids (NGLs) production represented 46% of total equivalent production. Oil production was 6,884 barrels per day. NGLs production was 13,506 barrels per day. Natural gas production was 142.2 million cubic feet (MMcf) per day. Total production for the first nine months of 2017 was 11.7 MMBoe.

Unit’s average realized per barrel equivalent price was $20.63, a 1% decrease from the second quarter of 2017. Unit’s average natural gas price was $2.36 per Mcf, a decrease of 4% from the second quarter of 2017. Unit’s average oil price was $47.29 per barrel, an increase of 1% over the second quarter of 2017. Unit’s average NGLs price was $18.35 per barrel, an increase of 23% over the second quarter of 2017. All prices in this paragraph include the effects of derivative contracts.

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The following information was filed by Unit Corp (UNT) on Thursday, November 2, 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: 0000798949-17-000033
Submitted to the SEC: Thu Nov 02 2017 11:00:45 AM EST
Accepted by the SEC: Thu Nov 02 2017
Period: Saturday, September 30, 2017
Industry: Crude Petroleum And Natural Gas

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