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

For Immediate Release…
February 21, 2019


Tulsa, Oklahoma . . . Unit Corporation (NYSE - UNT) today reported its financial and operational results for the fourth quarter and year-end 2018. Fourth quarter and 2018 operational highlights include:

Oil and natural gas segment production increased 7% year-over-year from 2017.
Total year-end 2018 proved oil and natural gas reserves increased 7% over 2017, and 158% of 2018 production was replaced with new reserves.
In December, Unit acquired approximately 8,700 net acres in the Penn sands play in western Oklahoma adding additional oil prospects similar to Unit’s existing Southern Oklahoma Hoxbar Oil Trend (SOHOT) play. The final adjusted price of the acquisition totaled approximately $29.6 million and included net proved reserves of 2.6 million barrels of oil equivalent (MMBoe). The acquisition provides Unit with 20 to 30 horizontal drilling locations and 82% of the acreage is held by production.
Contract drilling segment placed its 11th BOSS rig into service during the second quarter. Its 12th BOSS rig was placed into service during January 2019. Further, its 13th BOSS rig was recently placed into service under a long-term contract. 
During the quarter, the mid-stream segment completed the connection of the Miller Pad to its Pittsburgh Mills gathering system.  The wells from the new pad began being placed online in late January 2019.
The mid-stream segment’s natural gas gathering, processing and liquids sold volumes increased 2%, 15% and 24% year-over-year, respectively.
Unit amended its bank credit agreement during the quarter, in part extending its maturity until October 2023.

Net loss attributable to Unit for the quarter was $77.8 million, or $1.49 loss per diluted share, compared to net income attributable to Unit of $89.2 million, or $1.71 per diluted share, for the fourth quarter of 2017. (For the fourth quarter of 2017, Unit recorded an $81.3 million net tax benefit related to tax legislation enacted during the quarter.) For the fourth quarter of 2018, Unit recorded a pre-tax non-cash write-down of $147.9 million associated with the removal of 41 drilling rigs from its drilling fleet along with some other equipment. The drilling rigs removed from service included our remaining 29 mechanical drilling rigs and 12 SCR drilling rigs. The company strategically decided to focus on its new BOSS drilling rigs and specific SCR drilling rigs (good candidates for modification) and sell the other drilling rigs it now chooses not to market. Adjusted net income attributable to Unit for the quarter (which excludes the effect of non-cash commodity derivatives and the write-down) was $13.8 million, or $0.27 per diluted share compared to $0.22 per diluted share for the same quarter for 2017, a 22% increase in adjusted net income (see Non-GAAP financial measures below). Total revenues for the quarter were $214.8 million (49% oil and natural gas, 25% contract drilling, and 26% mid-stream), compared to $204.8 million (49% oil and natural gas, 23% contract drilling, and 28% mid-stream) for the fourth quarter of 2017. Adjusted EBITDA attributable to Unit was $88.2 million, or $1.69 per diluted share (see Non-GAAP financial measures below).

The following information was filed by Unit Corp (UNT) on Thursday, February 21, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year 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-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Unit Corp.


Never Miss A New SEC Filing Again

Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.


We Highlighted This SEC Filing For You

SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.


Widen Your SEC Filing Reading Experience

Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view


Uncover Actionable Information Inside SEC Filings

SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q


Adobe PDF, Microsoft Word and Excel Downloads

Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis


FREE Financial Statements

Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator

Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019) Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not


Financial Stability Report

Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019) Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity


Get a Better Picture of a Company's Performance

Financial Ratios
Available Financial Ratios Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years


Log in with your credentials


Forgot your details?

Create Account