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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 |
• | 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. |
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Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Unit Corp.
Unit Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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Our mid-stream revenues decreased $16.9 million or 8% in 2016 as compared to 2015 due primarily to gas sold per day decreasing 16% and NGLs sold per day decreasing 7%.
Changes that could prompt such an assessment may include equipment obsolescence, changes in the market demand for a specific asset, changes in commodity prices, periods of relatively low drilling rig utilization, declining revenue per day, declining cash margin per day, or overall changes in market conditions.
This plan is identical to the Separation Benefit Plan with the exception that the benefits under the plan vest on the earliest of a participants reaching the age of 65 or serving 20 years with the company.
Effective January 1, 1997, we adopted a separation benefit plan Separation Plan.
Oil and natural gas operating costs decreased $45.9 million or 28% between the comparative years of 2016 and 2015 due to lower LOE, saltwater disposal, and general and administrative expense.
The Separation Plan allows eligible...Read more
Net cash provided by operating...Read more
General and administrative expenses decreased...Read more
The effective tax rate for...Read more
The increase over the fourth...Read more
On October 28, 1997, we...Read more
At the end of each...Read more
Effective December 31, 2014, the...Read more
On May 5, 2004 we...Read more
General and administrative expenses increased...Read more
Related party transactions for contract...Read more
Gain loss on derivatives decreased...Read more
The Senior Plan provides certain...Read more
Oil and natural gas revenues...Read more
The change was due primarily...Read more
If reserve estimates are revised...Read more
Leasehold costs are transferred to...Read more
The reduction in oil, NGLs,...Read more
NGLs sold decreased primarily due...Read more
Fourth quarter 2017 oil and...Read more
Among other provisions, the Tax...Read more
Our average interest rate increased...Read more
Our average interest rate increased...Read more
Depreciation and amortization decreased $2.2...Read more
Drilling operating costs decreased $68.3...Read more
NGLs prices in the fourth...Read more
Historically, during this same period,...Read more
The increase was primarily due...Read more
The effective date of this...Read more
This is primarily due to...Read more
The offering allows us to...Read more
At December 31, 2017, we...Read more
Our decision to withhold costs...Read more
Any decision to increase our...Read more
Gas gathering volumes per day...Read more
Volumes processed decreased primarily due...Read more
It is hard to predict...Read more
It is hard to predict...Read more
It is hard to predict...Read more
Our mid-stream segment also experienced...Read more
Our internal control framework did...Read more
ASU 2014-09 has been amended...Read more
Interest expense, net of capitalized...Read more
During 2016, commodity prices improved....Read more
Assets are determined to be...Read more
Interest expense, net of capitalized...Read more
At December 31, 2017 and...Read more
Based on our 2017 production...Read more
We may redeem all or,...Read more
Drilling revenues increased $52.6 million...Read more
Our mid-stream revenues increased $21.3...Read more
The continuous fluctuations in commodity...Read more
For public companies, the amendment...Read more
The amendment will be effective...Read more
The amendment is effective for...Read more
The amendment will be effective...Read more
The decrease was due primarily...Read more
The write-downs were due primarily...Read more
In addition, sustained lower commodity...Read more
Increases in dayrates for drilling...Read more
If future reserve estimates for...Read more
The increases were primarily due...Read more
Costs associated with unproved properties...Read more
Without this income tax benefit...Read more
The partnerships repay us for...Read more
The risk we will be...Read more
Our effective tax rate was...Read more
Some accounting policies involve judgments...Read more
Our commodity derivatives should reduce...Read more
Gas gathering volumes per day...Read more
For public companies, the amendment...Read more
For public companies, the amendment...Read more
Regarding the commodities subject to...Read more
Gas gathering volumes per day...Read more
Under the Agreement, the sales...Read more
These write-downs were due primarily...Read more
As volume increases on this...Read more
As volume increases on this...Read more
The increases were due primarily...Read more
As of January 1, 2017,...Read more
These factors include the demand...Read more
Contract drilling depreciation decreased $9.1...Read more
This increase in demand affects...Read more
We can use borrowings for...Read more
Our effective tax rate was...Read more
Topic 606 requires these arrangements...Read more
Whether we drill all of...Read more
Our goodwill is all related...Read more
Gain on Disposition of Assets...Read more
Gain on disposition of assets...Read more
Gain loss on derivatives, included...Read more
At our Cashion processing facility...Read more
At our Cashion processing facility...Read more
This table lists the critical...Read more
Because our contract drilling operations...Read more
Asset impairment evaluations are, by...Read more
Changes in these estimates could...Read more
At our Hemphill processing facility...Read more
At our Hemphill processing facility...Read more
Gain loss on disposition of...Read more
If the net capitalized costs...Read more
We made repurchases of approximately...Read more
For example, lower oil, natural...Read more
Gas processing volumes per day...Read more
Gas processing volumes per day...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Unit Corp provided additional information to their SEC Filing as exhibits
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