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Unit Corp (UNT) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Unit Corp

CIK: 798949 Ticker: UNT


NewsUNIT 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
May 2, 2019

UNIT CORPORATION REPORTS 2019 FIRST QUARTER RESULTS

Tulsa, Oklahoma . . . Unit Corporation (NYSE - UNT) today reported its financial and operational results for the first quarter of 2019. Operational highlights include:

Oil and natural gas segment:
Continues to refocus the drilling program on prospects considered to provide higher oil content. At the end of the quarter, its remaining Granite Wash rig was redeployed to the Penn Sands prospect area. This segment has four operated drilling rigs in Western Oklahoma.
In its Penn Sands prospect area in western Oklahoma, acquired an additional 8,200 net leasehold acres for approximately $8 million, adding 19 prospective controlled horizontal drilling locations and 12 non-controlled drilling locations. The locations are prospective for Marchand or Red Fork intervals.
In the Shoal Creek prospect in the Wilcox area, which was originally developed from the Blackstone G-1 well and reprocessed seismic data, the Blackstone G-2 delineation well was successfully drilled and completed. Further delineation of this prospect continues with the Blackstone G-3 well, which is currently drilling.
Experienced a third-party gas processor plant shut-down for 14 days, resulting in lost Wilcox production 200 MBoe (approximately 40% oil and liquids, 60% natural gas). The shut-down occurred from March 19th through April 2, 2019. The impact to first quarter production was slightly over 165 MBoe. Without this shut-down, daily production would have been 47.6 MBoe per day, a 1% increase over the fourth quarter of 2018.

Contract drilling segment:
Placed its 12th and 13th BOSS drilling rigs into service during the quarter.
Average rig utilization for the quarter was 31.4 rigs.

Mid-stream segment:
Natural gas gathered and gas processed volumes per day increased by 14% and 1%, respectively, over the fourth quarter of 2018.
Seven new extended lateral wells were brought on-line on the Pittsburgh Mills gathering system, increasing the daily volumes by nearly 115 MMcfe per day.
The Reeding processing plant, an addition to the Cashion system, was recently placed into service.


FIRST QUARTER 2019 FINANCIAL RESULTS
Net loss attributable to Unit for the quarter was $3.5 million, or $0.07 per diluted share, compared to net income attributable to Unit of $7.9 million, or $0.15 per diluted share, for the first quarter of 2018. Adjusted net income attributable to Unit (which excludes the effect of non-cash commodity derivatives) for the quarter was $4.5 million, or $0.09 per diluted share, as compared to $0.21 per diluted share for the same quarter for 2018 (see Non-GAAP financial measures below). Adjusted net income decreased due to lower oil and gas segment margins, which were primarily reduced by lost production resulting from the plant shut-down and an increase in DD&A, which was partially offset by improved contract drilling margins and derivative settlements received. Total revenues for the quarter were $189.7 million (45% oil and natural gas, 27% contract drilling, and


The following information was filed by Unit Corp (UNT) on Thursday, May 2, 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-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 Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Changes In Shareholders' Equity
Condensed Consolidated Statements Of Changes In Shareholders' Equity (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Operations (Unaudited)
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)
Divestitures
Divestitures (Narrative) (Details)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Narrative) (Details)
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 (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)
Leases
Leases (Finance Leases) (Details)
Leases (Narrative) (Details)
Leases (Operating Leases) (Details)
Leases (Schedule Of Lease Assets And Liabilities) (Details)
Leases (Schedule Of Lease Costs) (Details)
Leases (Schedule Of Weighted Average Discount Rate For Leases) (Details)
Leases (Supplemental Cash Flow Information Related To Leases) (Details)
Leases (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)
New Accounting Pronouncements
Revenue From Contracts With Customer (Narrative) (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Contract With Customer, Asset And Liability) (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)
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 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 (Schedule Of Assets And Liabilities) (Details)
Variable Interest Entity Arrangements (Tables)

Material Contracts, Statements, Certifications & more

Unit Corp provided additional information to their SEC Filing as exhibits

Ticker: UNT
CIK: 798949
Form Type: 10-Q Quarterly Report
Accession Number: 0000798949-19-000018
Submitted to the SEC: Thu May 02 2019 6:41:01 AM EST
Accepted by the SEC: Thu May 02 2019
Period: Sunday, March 31, 2019
Industry: Crude Petroleum And Natural Gas

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