News
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.

1

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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