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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 |
• | 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. |
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Unit Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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The increase in working capital is primarily due to increased cash and cash equivalents from the sale of 50% interest in our mid-stream segment and increased accounts receivable due to increased revenues partially offset by increased accounts payable due to increased activity in our drilling program and increased drilling rig utilization and the change in the value of outstanding derivatives.
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 .
Field direct and general and administrative expenses increased due to increased employee cost and from a $250,000 monthly outside service fee incurred in the second quarter.
The Separation Plan allows eligible employees whose employment is involuntarily terminated or, in the case of an employee who has completed 20 years of service, voluntarily or involuntarily terminated, to receive benefits equivalent to four weeks salary for every whole year of service completed with the company up to a maximum of 104 weeks.
Gas gathered volumes per day...Read more
Gas gathered volumes per day...Read more
The increase resulted from increased...Read more
On October 28, 1997, we...Read more
In 2017, we drilled 70...Read more
Effective December 31, 2014, The...Read more
On May 5, 2004 we...Read more
Corporate general and administrative expenses...Read more
Related party transactions for contract...Read more
The outstanding credit facility balance...Read more
The Senior Plan provides certain...Read more
Recently, commodity prices have improved....Read more
The decrease from the first...Read more
Net cash provided by operating...Read more
The decrease from the first...Read more
Revenue for the second quarter...Read more
The tax effects related to...Read more
The tax effects related to...Read more
The change was due primarily...Read more
During the second quarter, we...Read more
During the second quarter, we...Read more
Operating costs increased $3.7 million...Read more
Under the standard, revenue is...Read more
There was an $0.2 million...Read more
There was an $0.3 million...Read more
The increase over the second...Read more
Effective April 3, 2018, Superior...Read more
Effective January 1, 2018, we...Read more
The increase over the first...Read more
The increase over the first...Read more
Our decisions to increase our...Read more
NGLs sold increased 23% over...Read more
Part of the proceeds from...Read more
It is hard to predict...Read more
It is hard to predict...Read more
On April 3, 2018, we...Read more
The increase over the second...Read more
The increase over the second...Read more
Our internal control framework did...Read more
We had interest earned of...Read more
We can use borrowings for...Read more
Gas processed volumes for the...Read more
The decrease was again primarily...Read more
The continuous fluctuations in commodity...Read more
In March 2018, the FASB...Read more
The amendment will be effective...Read more
The amendment will be effective...Read more
The amendment is effective for...Read more
In July 2018, the FASB...Read more
We do not believe this...Read more
At June 30, 2018, we...Read more
Due to the high volume...Read more
Due to the high volume...Read more
Gain loss on derivatives decreased...Read more
Gain loss on derivatives decreased...Read more
For public companies, these amendments...Read more
In the Appalachian region at...Read more
Due to the high volume...Read more
In the Appalachian region at...Read more
Due to the high volume...Read more
Our average interest rate increased...Read more
The outstanding balance was paid...Read more
The increase in our DD&A...Read more
The increase in our DD&A...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Unit Corp provided additional information to their SEC Filing as exhibits
Ticker: UNT
CIK: 798949
Form Type: 10-Q Quarterly Report
Accession Number: 0000798949-18-000041
Submitted to the SEC: Thu Aug 09 2018 8:27:46 AM EST
Accepted by the SEC: Thu Aug 09 2018
Period: Saturday, June 30, 2018
Industry: Crude Petroleum And Natural Gas