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
May 3, 2018

UNIT CORPORATION REPORTS 2018 FIRST QUARTER RESULTS

Tulsa, Oklahoma . . . Unit Corporation (NYSE - UNT) today reported its financial and operational results for the first quarter 2018. First quarter results and recent highlights include:

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.


FIRST QUARTER 2018 FINANCIAL RESULTS
Unit recorded net income of $7.9 million for the quarter, or $0.15 per diluted share, compared to net income of $15.9 million, or $0.31 per share, for the first quarter of 2017. Adjusted net income (which excludes the effect of non-cash commodity derivatives) for the quarter was $11.1 million, or $0.21 per diluted share, as compared to $0.15 per diluted share for the same quarter for 2017, a 40% increase (see Non-GAAP financial measures below). Total revenues for the quarter were $205.1 million (50% oil and natural gas, 23% contract drilling, and 27% midstream), compared to $175.7 million (50% oil and natural gas, 21% contract drilling, and 29% midstream) for the first quarter of 2017. Adjusted EBITDA was $89.1 million, or $1.71 per diluted share (see Non-GAAP financial measures below).


MIDSTREAM TRANSACTION
On April 3, 2018, Unit closed the sale of fifty percent (50%) interest in its wholly owned midstream subsidiary, Superior to SP Investor Holdings, LLC, which is jointly owned by OPTrust and funds managed and/or advised by Partners Group, a global private markets investment manager. The cash proceeds at closing were $300 million. Proceeds from the sale were used to pay down the outstanding amount under the company's credit agreement. The balance will be used to accelerate the drilling program of Unit’s upstream subsidiary, make additional capital investments in the now jointly owned midstream subsidiary, and for general corporate purposes.

Larry Pinkston, Unit’s Chief Executive Officer and President, said: “Our goal has been to grow the cash flow of our midstream segment to maximize the segment’s value. With the association of our new partners, we believe we are now in a better position to accelerate the realization of that goal. Unit will continue to serve as managing partner of the segment and

1

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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