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Unit Corp (UNT) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Unit Corp

CIK: 798949 Ticker: UNT


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…
February 21, 2019


UNIT CORPORATION REPORTS 2018 FOURTH QUARTER AND YEAR-END RESULTS


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.


FOURTH QUARTER AND YEAR-END 2018 FINANCIAL RESULTS
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).
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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.

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Inside Unit Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Accrued Liabilities
Accrued Liabilities (Accrued Liabilities) (Details)
Accrued Liabilities (Tables)
Acquisitions And Divestitures
Acquisitions And Divestitures (Fair Value Of Acquired Assets And Liabilities) (Details)
Acquisitions And Divestitures (Tables)
Acquisitions And Divestitures - Narrative (Details)
Asset Retirement Obligations
Asset Retirement Obligations (Schedule Of Asset Retirement Obligations) (Details)
Asset Retirement Obligations (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Derivatives
Derivatives (Effect Of Derivative Instruments Recognized In Statement Of Operations, Not Designated As Hedging Instruments) (Details)
Derivatives (Fair Value Of Derivative Instruments And Locations In Balance Sheets) (Details)
Derivatives (Schedule Of Non-Designated Hedges Outstanding) (Details)
Derivatives (Schedule Of Subsequent Non-Designated Hedges) (Details)
Derivatives (Tables)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Narrative) (Details)
Earnings (Loss) Per Share (Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share) (Details)
Earnings (Loss) Per Share (Tables)
Earnings Per Share (Schedule Of Earnings (Loss) Per Share) (Details)
Employee Benefit Plans
Employee Benefit Plans (Details)
Equity
Equity (Narrative) (Details)
Equity (Reclassification Out Of Accumulated Other Comprehensive Income (Loss)) (Details)
Equity (Schedule Of Accumulated Other Comprehensive Income) (Details)
Equity (Tables)
Fair Value Measurements
Fair Value Measurements (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)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Reconciliation Of Income Tax Expense (Benefit)) (Details)
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Schedule Of Total Provision For Income Taxes) (Details)
Income Taxes (Tables)
Industry Segment Information
Industry Segment Information (Revenue From Different Segments) (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)
Organization
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 (Narrative) (Details)
Revenue From Contracts With Customers (Revenue Impact Of The Adoption Of Asc606) (Details)
Revenue From Contracts With Customers (Revenue, Remaining Performance Obligation) (Details)
Revenue From Contracts With Customers (Tables)
Schedule Ii - Valuation And Qualifying Accounts And Reserves
Schedule Ii - Valuation And Qualifying Accounts And Reserves Valuation And Qualifying Accounts And Reserves (Details)
Schedule Ii - Valuation And Qualifying Accounts And Reserves Valuation And Qualifying Accounts And Reserves (Tables)
Selected Quarterly Financial Information
Selected Quarterly Financial Information (Details)
Selected Quarterly Financial Information (Tables)
Stock-Based Compensation
Stock-Based Compensation (Activity Pertaining To Nonemployee Director Stock Award Plan) (Details)
Stock-Based Compensation (Activity Pertaining To Restricted Stock Awards) (Details)
Stock-Based Compensation (Activity Pertaining To Stock Appreciation Rights) (Details)
Stock-Based Compensation (Narrative) (Details)
Stock-Based Compensation (Schedule Of Restricted Stock Awards Stock Options And Sar) (Details)
Stock-Based Compensation (Shares Authorized Under Stock Option Plans By Exercise Price Range) (Details)
Stock-Based Compensation (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policy)
Summary Of Significant Accounting Policies (Schedule Of Fair Values Of The Net Asset (Liabilities)) (Details)
Summary Of Significant Accounting Policies (Schedule Of Segment's Revenues) (Details)
Summary Of Significant Accounting Policies (Tables)
Supplemental Condensed Consolidated Financial Information
Supplemental Condensed Consolidated Financial Information (Condensed Consolidating Balance Sheets) (Details)
Supplemental Condensed Consolidated Financial Information (Condensed Consolidating Balance Sheets) (Parenthetical) (Details)
Supplemental Condensed Consolidated Financial Information (Condensed Consolidating Statements Of Cash Flow) (Details)
Supplemental Condensed Consolidated Financial Information (Condensed Consolidating Statements Of Comprehensive Income (Loss)) (Details)
Supplemental Condensed Consolidated Financial Information (Condensed Consolidating Statements Of Operation) (Details)
Supplemental Condensed Consolidating Financial Information (Tables)
Supplemental Oil And Gas Disclosures
Supplemental Oil And Gas Disclosures (Narrative) (Details)
Supplemental Oil And Gas Disclosures (Results Of Operations For Producing Activities) (Details)
Supplemental Oil And Gas Disclosures (Schedule Of Capitalized Costs And Costs Incurred On Oil And Gas Properties) (Details)
Supplemental Oil And Gas Disclosures (Schedule Of Principal Sources Of Changes In Standardized Measure Of Discounted Future Net Cash Flows) (Details)
Supplemental Oil And Gas Disclosures (Schedule Of Proved Developed And Undeveloped Oil And Gas Reserve Quantities) (Details)
Supplemental Oil And Gas Disclosures (Schedule Of The Oil And Natural Gas Property Costs Not Being Amortized) (Details)
Supplemental Oil And Gas Disclosures (Standardized Measure Of Discounted Future Cash Flows Relating To Proved Reserves Disclosure) (Details)
Supplemental Oil And Gas Disclosures (Tables)
Transactions With Related Parties
Transactions With Related Parties (Narrative) (Details)
Transactions With Related Parties (Schedule Of Amount Received In Public And Private Partnerships) (Details)
Transactions With Related Parties (Tables)
Variable Interest Entity Arrangements
Variable Interest Entity Arrangements (Narrative) (Details)
Variable Interest Entity Arrangements (Schedule Of Assets And Liabilities) (Details)
Variable Interest Entity Arrangements (Tables)
Ticker: UNT
CIK: 798949
Form Type: 10-K Annual Report
Accession Number: 0000798949-19-000007
Submitted to the SEC: Tue Feb 26 2019 3:15:00 PM EST
Accepted by the SEC: Tue Feb 26 2019
Period: Monday, December 31, 2018
Industry: Crude Petroleum And Natural Gas

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