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

Unit Corp

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
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 11th BOSS drilling rig at the beginning of the third quarter. All eleven BOSS drilling rigs are operating under contract. The 12th and 13th 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).



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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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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 Changes In Shareholders' Equity (Unaudited) (Parenthetical)
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 (Subsequent Schedule Of Derivatives Outstanding) (Details)
Derivatives (Tables)
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 (Capital Leases) (Details)
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)
New Accounting Pronouncements
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 (Contract With Customer, Asset And Liability) (Details)
Revenue From Contracts With Customers (Revenue Impact Of The Adoption Of Asc606) (Details)
Revenue From Contracts With Customers (Revenue, Remaining Performance Obligation) (Details)
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 (Schedule Of Restricted Stock Awards And Stock Options) (Details)
Stock-Based Compensation (Tables)
Subsequent Event
Subsequent Event (Narrative) (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 Consolidated Financial Information Supplemental Condensed Consolidated Financial Information (Condensed Consolidating Balance Sheets) (Parenthetical) (Details)
Supplemental Condensed Consolidating Financial Information (Tables)
Variable Interest Entity Arrangements
Variable Interest Entity Arrangements (Details)
Variable Interest Entity Arrangements (Schedule Of Assets And Liabilities) (Details)
Variable Interest Entity Arrangements (Tables)
Ticker: UNT
CIK: 798949
Form Type: 10-Q Quarterly Report
Accession Number: 0000798949-18-000047
Submitted to the SEC: Tue Nov 06 2018 10:05:56 AM EST
Accepted by the SEC: Tue Nov 06 2018
Period: Sunday, September 30, 2018
Industry: Crude Petroleum And Natural Gas

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