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Unit Corp (UNT) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Unit Corp

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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…
February 22, 2018



UNIT CORPORATION REPORTS 2017 FOURTH QUARTER AND YEAR END RESULTS


Tulsa, Oklahoma . . . Unit Corporation (NYSE - UNT) today reported its financial and operational results for the fourth quarter and year end 2017. Fourth quarter and year end highlights include:

•
Fourth quarter net income of $89.2 million, which reflects an $81.3 million net tax benefit related to tax legislation enacted in the quarter, and adjusted net income of $11.3 million.
•
Oil and natural gas segment production increased 6% over the third quarter of 2017.
•
Total year-end 2017 proved oil and natural gas reserves increased 27% over 2016.
•
Replaced 300% of 2017 production with new reserves.
•
Contract drilling segment placed its 10th BOSS rig into service in 2017; all ten BOSS rigs continuously operated under contract during the year.
•
Average drilling rigs used in 2017 increased 72% over 2016.
•
Midstream segment increased liquids sold and gas processed volumes 10% and 6%, respectively, over the third quarter.


FOURTH QUARTER AND YEAR END 2017 FINANCIAL RESULTS
Unit recorded net income of $89.2 million for the quarter, or $1.71 per diluted share, compared to net income of $1.7 million, or $0.03 per share, for the fourth quarter of 2016. Net income for the quarter included an $81.3 million income tax benefit associated with the revaluation of the net deferred tax liability due to the Tax Cuts and Jobs Act (the Tax Act) enacted during the quarter by the U.S. government. Adjusted net income (which excludes the effect of non-cash commodity derivatives and the effect of the Tax Act) for the quarter was $11.3 million, or $0.22 per diluted share (see Non-GAAP financial measures below). Total revenues for the quarter were $204.8 million (49% oil and natural gas, 23% contract drilling, and 28% midstream), compared to $174.3 million (51% oil and natural gas, 19% contract drilling, and 30% midstream) for the fourth quarter of 2016. Adjusted EBITDA was $91.2 million, or $1.75 per diluted share (see Non-GAAP financial measures below).

For 2017, Unit recorded net income of $117.8 million, or $2.28 per diluted share, compared to a net loss of $135.6 million, or a loss of $2.71 per share, for 2016. Net income for the year included the $81.3 million income tax benefit associated with the revaluation of the net deferred tax liability due to the Tax Act. Unit recorded adjusted net income (which excludes the effect of non-cash commodity derivatives and the effect of the Tax Act) of $27.7 million, or $0.54 per diluted share (see Non-GAAP financial measures below). Total revenues for the year were $739.6 million (48% oil and natural gas, 24% contract drilling, and 28% midstream), compared to $602.2 million (49% oil and natural gas, 20% contract drilling, and 31% midstream) for 2016. Adjusted EBITDA for 2017 was $315.7 million, or $6.10 per diluted share (see Non-GAAP financial measures below).

The following information was filed by Unit Corp (UNT) on Thursday, February 22, 2018 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Unit Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (parenthetical)
Consolidated Statements Of Comprehensive Income Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Accrued Liabilities
Accrued Liabilities (accrued Liabilities) (details)
Accrued Liabilities (tables)
Acquisitions And Divestitures
Acquisitions And Divestitures - Narrative (details)
Acquisitions And Divestitures Acquisitions And Divestitures (fair Value Of Acquired Assets And Liabilities) (details)
Acquisitions And Divestitures Acquisitions And Divestitures (tables)
Asset Retirement Obligations
Asset Retirement Obligations (schedule Of Asset Retirement Obligations) (details)
Asset Retirement Obligations (tables)
Commitments And Contingencies
Commitments And Contingencies (details)
Derivatives
Derivatives (effect Of Derivative Instruments Recognized In Statement Of Operations, Not Designated As Hedging Instruments) (details)
Derivatives (fair Value Of Derivative Instruments And Locations In Balance Sheets) (details)
Derivatives (schedule Of Subsequent Non-designated Hedges) (details)
Derivatives (tables)
Derivatives Derivatives (schedule Of Non-designated Hedges Outstanding) (details)
Earnings (loss) Per Share
Earnings (loss) Per Share (schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share) (details)
Earnings (loss) Per Share Earnings (loss) Per Share (narrative) (details)
Earnings (loss) Per Share Earnings (loss) Per Share (tables)
Earnings Per Share (schedule Of Earnings (loss) Per Share) (details)
Employee Benefit Plans
Employee Benefit Plans (details)
Equity Equity
Equity Equity (narrative) (details)
Equity Equity (reclassification Out Of Accumulated Other Comprehensive Income (loss)) (details)
Equity Equity (schedule Of Accumulated Other Comprehensive Income) (details)
Equity 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 (available-for-sale Securities) (details)
Income Taxes
Income Taxes (narrative) (details)
Income Taxes (reconciliation Of Income Tax Expense (benefit)) (details)
Income Taxes (schedule Of Deferred Tax Assets And Liabilities) (details)
Income Taxes (schedule Of Total Provision For Income Taxes) (details)
Income Taxes (tables)
Industry Segment Information
Industry Segment Information (revenue From Different Segments) (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)
Organization
Schedule Ii - Valuation And Qualifying Accounts And Reserves
Schedule Ii - Valuation And Qualifying Accounts And Reserves Valuation And Qualifying Accounts And Reserves (details)
Schedule Ii - Valuation And Qualifying Accounts And Reserves Valuation And Qualifying Accounts And Reserves (tables)
Selected Quarterly Financial Information
Selected Quarterly Financial Information (details)
Selected Quarterly Financial Information (tables)
Stock-based Compensation
Stock-based Compensation (activity Pertaining To Restricted Stock Awards) (details)
Stock-based Compensation (narrative) (details)
Stock-based Compensation (schedule Of Restricted Stock Awards Stock Options And Sar) (details)
Stock-based Compensation (shares Authorized Under Stock Option Plans By Exercise Price Range) (details)
Stock-based Compensation (tables)
Stock-based Compensation Stock-based Compensation (activity Pertaining To Nonemployee Director Stock Award Plan) (details)
Stock-based Compensation Stock-based Compensation (activity Pertaining To Stock Appreciation Rights) (details)
Stock-based Compensation Stock-based Compensation (activity Pertaining To Stock Options) (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policy)
Summary Of Significant Accounting Policies (schedule Of Fair Values Of The Net Asset (liabilities)) (details)
Summary Of Significant Accounting Policies (schedule Of Segment's Revenues) (details)
Summary Of Significant Accounting Policies (tables)
Supplemental Oil And Gas Disclosures
Supplemental Oil And Gas Disclosures (results Of Operations For Producing Activities) (details)
Supplemental Oil And Gas Disclosures (schedule Of Capitalized Costs And Costs Incurred On Oil And Gas Properties) (details)
Supplemental Oil And Gas Disclosures (schedule Of Principal Sources Of Changes In Standardized Measure Of Discounted Future Net Cash Flows) (details)
Supplemental Oil And Gas Disclosures (schedule Of Proved Developed And Undeveloped Oil And Gas Reserve Quantities) (details)
Supplemental Oil And Gas Disclosures (schedule Of The Oil And Natural Gas Property Costs Not Being Amortized) (details)
Supplemental Oil And Gas Disclosures (standardized Measure Of Discounted Future Cash Flows Relating To Proved Reserves Disclosure) (details)
Supplemental Oil And Gas Disclosures (tables)
Supplemental Oil And Gas Disclosures Supplemental Oil And Gas Disclosures (narrative) (details)
Transactions With Related Parties
Transactions With Related Parties (narrative) (details)
Transactions With Related Parties (tables)
Transactions With Related Parties Transactions With Related Parties (schedule Of Amount Received In Public And Private Partnerships) (details)
Ticker: UNT
CIK: 798949
Form Type: 10-K Annual Report
Accession Number: 0000798949-18-000008
Submitted to the SEC: Tue Feb 27 2018 12:53:49 PM EST
Accepted by the SEC: Tue Feb 27 2018
Period: Sunday, December 31, 2017
Industry: Crude Petroleum And Natural Gas

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