Unit Corp (UNT) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

Earnings Press Release
10-Q Quarterly Report
10-Q QoQ Changes
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

August 9, 2018

UNIT CORPORATION REPORTS 2018 SECOND QUARTER RESULTS

Tulsa, Oklahoma . . . Unit Corporation (NYSE - UNT) today reported its financial and operational results for the second quarter 2018. The results reported below include those attributable to Unit's consolidated subsidiaries. Second quarter results and recent highlights include:


•	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 11^th BOSS drilling rig placed into service following the end of the quarter.


•	The 12^th BOSS rig is under construction, and a new contract has been signed for the construction of the 13^th BOSS rig, both with initial multi-year terms. The 12^th and 13^th 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 1^st.


•	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.

SECOND QUARTER 2018 FINANCIAL RESULTS

Unit recorded net income attributable to Unit of $5.8 million for the quarter, or $0.11 per diluted share, compared to net income attributable to Unit of $9.1 million, or $0.17 per share, for the second quarter of 2017. Adjusted net income attributable to Unit (which excludes the effect of non-cash commodity derivatives) for the quarter was $11.3 million, or $0.21 per diluted share, as compared to $0.07 per diluted share for the same quarter for 2017, a 216% increase (see Non-GAAP financial measures below). Total revenues for the quarter were $203.3 million (50% oil and natural gas, 23% contract drilling, and 27% midstream), compared to $170.6 million (49% oil and natural gas, 23% contract drilling, and 28% midstream) for the second quarter of 2017. Adjusted EBITDA attributable to Unit was $81.6 million, or $1.55 per diluted share (see Non-GAAP financial measures below).

For the first six months of 2018, Unit recorded net income attributable to Unit of $13.7 million, or $0.26 per diluted share, compared to net income attributable to Unit of $25.0 million, or $0.49 per share, for the first six months of 2017. Unit recorded adjusted net income attributable to Unit (which excludes the effect of non-cash commodity derivatives) of $22.4 million, or $0.43 per diluted share, as compared to $0.22 per diluted share for the same period for 2017, a 102% increase (see Non-GAAP financial measures below). Total revenues for the first six months were $408.4 million (50% oil and natural gas,

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.

View differences made from one quarter to another to evaluate Unit Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Unit Corp.

Continue

Please wait while we load the requested 10-Q report or click the link below:

https://last10k.com/sec-filings/report/798949/000079894918000041/unt-2018630x10q.htm