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8200 South Unit Drive, Tulsa, Oklahoma 74132
Telephone 918 493-7700, Fax 918 493-7711
Michael D. Earl
Vice President, Investor Relations
Net income of $7.9 million; adjusted net income of $11.1 million, a 47% increase over first quarter 2017 adjusted net income.
The company completed the sale of 50% of the ownership interests in Superior Pipeline Company LLC (Superior) to SP Investor Holdings, LLC for cash consideration of $300 million. The effective date of the sale was April 1st.
Termination of the At-The-Market common stock program initiated in February 2017.
Oil and natural gas segment placed its third drilling rig into service in mid-January and its fourth rig into service during March.
Proceeds from the sale of non-core oil and natural gas assets were $21.7 million.
Contract drilling segment constructing its 11th BOSS drilling rig under long-term contract.
Midstream segment operating profit increased 11% over the fourth quarter of 2017.
April redetermination of Unit’s borrowing base amount resulted in a decrease from $475 million to $425 million due to the sale of the 50% interest in Superior and the release of Superior as a borrower and co-obligor under the credit agreement.
The following information was filed by Unit Corp (UNT) on Thursday, May 3, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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