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

Earnings Press Release
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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

November 6, 2018

UNIT CORPORATION REPORTS 2018 THIRD QUARTER RESULTS

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


•	Net income attributable to Unit of $18.9 million; adjusted net income attributable to Unit of $15.7 million, a 39% and 195% increase over second quarter 2018 and third quarter 2017 adjusted net income, respectively.


•	Oil and natural gas segment production increased 3% over the second quarter of 2018 and 7% over the third quarter of 2017.


•	Contract drilling segment placed into service its 11^th BOSS drilling rig at the beginning of the third quarter. All eleven BOSS drilling rigs are operating under contract. The 12^th and 13^th BOSS rigs are contracted and expected to be placed into service in the first quarter of 2019.


•	Thirty-four of the contract drilling segment's drilling rigs are operating.


•	Midstream segment gas gathered and liquids sold volumes per day increased 6% and 4%, respectively, as compared to the second quarter of 2018.


•	On October 18, 2018, Unit Corporation amended its credit agreement extending the term of the agreement to October 18, 2023, among other things.

THIRD QUARTER 2018 FINANCIAL RESULTS

Net income attributable to Unit for the quarter was $18.9 million, or $0.36 per diluted share, compared to net income attributable to Unit of $3.7 million, or $0.07 per share, for the third quarter of 2017. Adjusted net income attributable to Unit (which excludes the effect of non-cash commodity derivatives) for the quarter was $15.7 million, or $0.30 per diluted share, as compared to $0.10 per diluted share for the same quarter for 2017, a 195% increase in adjusted net income (see Non-GAAP financial measures below). Total revenues for the quarter were $220.1 million (51% oil and natural gas, 23% contract drilling, and 26% midstream), compared to $188.5 million (45% oil and natural gas, 28% contract drilling, and 27% midstream) for the third quarter of 2017. Adjusted EBITDA attributable to Unit was $90.8 million, or $1.71 per diluted share, compared to $78.4 million, or $1.51 per diluted share, for the third quarter of 2017 (see Non-GAAP financial measures below).

For the first nine months of 2018, net income attributable to Unit was $32.6 million, or $0.62 per diluted share, compared to $28.7 million, or $0.56 per share, for the first nine months of 2017. For the same period adjusted net income attributable to Unit (which excludes the effect of non-cash commodity derivatives) was $38.0 million, or $0.72 per diluted share, as compared to $0.32 per diluted share for the same period for 2017, a 132% increase in adjusted net income (see Non-GAAP financial measures below). Total revenues for the first nine months were $628.5 million (50% oil and natural gas, 23% contract drilling, and 27% midstream), compared to $534.8 million (48% oil and natural gas, 24% contract drilling, and 28% midstream) for the first nine months of 2017. Adjusted EBITDA attributable to Unit for the first nine months was $261.5 million, or $4.96 per diluted share, compared to $222.8 million, or $4.32 per diluted share, for the first nine months of 2017 (see Non-GAAP financial measures below).

The following information was filed by Unit Corp (UNT) on Tuesday, November 6, 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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