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

Unit Corp

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CIK: 798949 Ticker: UNT


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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 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.


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,

1
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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Inside Unit Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Income Statements (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Changes In Shareholders' Equity (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited) (Parenthetical)
Accrued Liabilities
Accrued Liabilities (Accrued Liabilities) (Details)
Accrued Liabilities (Tables)
Asset Retirement Obligations
Asset Retirement Obligations (Schedule Of Asset Retirement Obligations) (Details)
Asset Retirement Obligations (Tables)
Basis Of Preparation And Presentation
Basis Of Preparation And Presentation (Narrative) (Details)
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Derivatives
Derivatives (Effect Of Derivative Instruments Recognized In Income Statements, Derivative Instruments) (Details)
Derivatives (Fair Value Of Derivative Instruments And Locations In Balance Sheets) (Details)
Derivatives (Schedule Of Derivatives Outstanding) (Details)
Derivatives (Tables)
Derivatives Derivatives (Subsequent Schedule Of Derivatives Outstanding) (Details)
Divestitures
Divestitures (Narrative) (Details)
Earnings Per Share
Earnings Per Share (Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share) (Details)
Earnings Per Share (Schedule Of Earnings Per Share) (Details)
Earnings Per Share (Tables)
Equity
Equity (Narrative) (Details)
Equity (Reclassification Out Of Accumulated Other Comprehensive Income) (Details)
Equity (Schedule Of Accumulated Other Comprehensive Income) (Details)
Equity (Tables)
Fair Value Measurements
Fair Value Measurements (Fair Value Of Available-For-Sale Securities) (Details)
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Reconciliations Of Level 3 Fair Value Measurements) (Details)
Fair Value Measurements (Recurring Fair Value Measurements) (Details)
Fair Value Measurements (Schedule Of Quantitative Information About Unobservable Inputs) (Details)
Fair Value Measurements (Tables)
Industry Segment Information
Industry Segment Information (Industry Segment Information) (Details)
Industry Segment Information (Tables)
Long-Term Debt And Other Long-Term Liabilities
Long-Term Debt And Other Long-Term Liabilities (Long-Term Debt) (Details)
Long-Term Debt And Other Long-Term Liabilities (Narrative) (Details)
Long-Term Debt And Other Long-Term Liabilities (Other Long-Term Liabilities) (Details)
Long-Term Debt And Other Long-Term Liabilities (Tables)
Long-Term Debt And Other Long-Term Liabilities Long-Term Debt And Other Long-Term Liabilities (Capital Leases) (Details)
New Accounting Pronouncements
Revenue From Contracts With Customers
Revenue From Contracts With Customers Revenue From Contracts With Customer (Narrative) (Details)
Revenue From Contracts With Customers Revenue From Contracts With Customers (Balance Sheet Impact Of The Adoption Of Asc606) (Details)
Revenue From Contracts With Customers Revenue From Contracts With Customers (Contract With Customer, Asset And Liability) (Details)
Revenue From Contracts With Customers Revenue From Contracts With Customers (Revenue Impact Of The Adoption Of Asc606) (Details)
Revenue From Contracts With Customers Revenue From Contracts With Customers (Revenue, Remaining Performance Obligation) (Details)
Revenue From Contracts With Customers Revenues From Contracts With Customers (Tables)
Stock-Based Compensation
Stock-Based Compensation (Narrative) (Details)
Stock-Based Compensation (Schedule Of Fair Value Of The Restricted Stock Awards Granted During The Periods) (Details)
Stock-Based Compensation (Tables)
Stock-Based Compensation Stock-Based Compensation (Schedule Of Restricted Stock Awards And Stock Options) (Details)
Supplemental Condensed Consolidated Financial Information
Supplemental Condensed Consolidated Financial Information (Condensed Consolidating Balance Sheets) (Details)
Supplemental Condensed Consolidated Financial Information (Condensed Consolidating Statements Of Cash Flows (Unaudited)) (Details)
Supplemental Condensed Consolidated Financial Information (Condensed Consolidating Statements Of Comprehensive Income) (Details)
Supplemental Condensed Consolidated Financial Information (Condensed Consolidating Statements Of Income) (Details)
Supplemental Condensed Consolidating Financial Information (Tables)
Variable Interest Entity Arrangements
Variable Interest Entity Arrangements (Details)
Variable Interest Entity Arrangements Variable Interest Entity Arrangements (Schedule Of Assets And Liabilities) (Details)
Variable Interest Entity Arrangements Variable Interest Entity Arrangements (Schedule Of Assets And Liabilities) (Tables)
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

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