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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 attributable to Unit of $5.8 million; adjusted net income attributable to Unit of $11.3 million, a 216% increase over second quarter 2017 adjusted net income.
Oil and natural gas segment production increased 1% over first quarter 2018 and 9% over the second quarter 2017.
Delineation wells in the Wing and Brandt Prospects in Unit's Wilcox play have provided very promising results. Further delineation work continues.
Contract drilling segment completed construction of its 11th BOSS drilling rig placed into service following the end of the quarter.
The 12th BOSS rig is under construction, and a new contract has been signed for the construction of the 13th BOSS rig, both with initial multi-year terms. The 12th and 13th BOSS rigs are expected to be placed into service in the first quarter of 2019.
Thirty-five drilling rigs are operating; all eleven BOSS drilling rigs are under contract.
On April 3, 2018, Unit 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.
During the second quarter, Superior signed a five-year $200 million senior secured credit facility.
Midstream segment gas processed, gas gathered, and liquids sold volumes per day increased 6%, 5%, and 17%, respectively, as compared to the first quarter of 2018.
Midstream segment began construction of its new Reeding gas processing plant near Cashion, Oklahoma.
The following information was filed by Unit Corp (UNT) on Thursday, August 9, 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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