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

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Unit Corp
Ticker: UNT CIK: 798949



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…

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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