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Unit Corp (UNT) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 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
November 8, 2019

UNIT CORPORATION REPORTS 2019 THIRD QUARTER RESULTS

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

Oil and natural gas segment:
Segment production increased 6% and capital expenditures decreased 56% during the quarter, as compared to the second quarter.
Continued focus on increasing oil production, with this quarter's oil production increasing 28% over the second quarter and representing 21% of total equivalent production in the quarter.
Lease operating expense decreased 11% during the quarter compared to the second quarter.
Red Fork and SOHOT well results continue to meet or exceed expectations.

Contract drilling segment:
BOSS drilling rigs continue to be 100% contracted.
Construction of the 14th BOSS drilling rig was substantially completed and the rig is expected to begin working during the fourth quarter.

Mid-stream segment:
Continued third-party operator drilling activity in the Cashion/Reeding gathering and processing system areas resulted in a 12% quarter-over-quarter throughput volume increase.


THIRD QUARTER 2019 FINANCIAL RESULTS
Net loss attributable to Unit for the quarter was $206.9 million, or $3.91 per diluted share, compared to net income attributable to Unit of $18.9 million, or $0.36 per diluted share, for the third quarter of 2018. The quarter's results included the following pre-tax non-cash write downs: $169.8 million ceiling test write down in the carrying value of Unit’s oil and natural gas properties and certain gathering system assets; $62.8 million in goodwill associated with the contract drilling segment; and $2.3 million in the carrying value of line-fill associated with the mid-stream segment. Adjusted net loss attributable to Unit (which excludes the effect of non-cash commodity derivatives and the effects of the write-downs) for the quarter was $15.7 million, or $0.30 per diluted share, as compared to adjusted net income attributable to Unit of $15.7 million, or $0.30 per diluted share, for the same quarter for 2018 (see non-GAAP financial measures below). The loss is primarily attributable to the deterioration in realized natural gas liquids (NGLs) prices and natural gas prices experienced during the quarter. Total revenues for the quarter were $155.4 million (50% oil and natural gas, 24% contract drilling, and 26% mid-stream), compared to $220.1 million (51% oil and natural gas, 23% contract drilling, and 26% mid-stream) for the third quarter of 2018. Adjusted EBITDA attributable to Unit was $58.8 million, or $1.11 per diluted share (see non-GAAP financial measures below).

For the first nine months of 2019, net loss attributable to Unit was $218.9 million, or $4.14 per diluted share, compared to net income attributable to Unit of $32.6 million, or $0.62 per diluted share, for the first nine months of 2018. Excluding the effect of the third quarter 2019 write downs discussed above and the effect of non-cash commodity derivatives,


The following information was filed by Unit Corp (UNT) on Friday, November 8, 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
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 (Schedule Of Subsequent Derivatives Outstanding) (Details)
Derivatives (Tables)
Divestitures
Divestitures (Narrative) (Details)
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 (Schedule Of Earnings (Loss) Per Share) (Details)
Earnings (Loss) Per Share (Tables)
Fair Value Measurements
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)
Impairments
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
Property, Plant, And Equipment (Details)
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)
Subsequent Events
Supplemental Condensed Consolidated Financial Information
Supplemental Condensed Consolidated Financial Information (Condensed Consolidating Balance Sheets - Parenthetical) (Details)
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 (Loss)) (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)
Ticker: UNT
CIK: 798949
Form Type: 10-Q Quarterly Report
Accession Number: 0000798949-19-000034
Submitted to the SEC: Fri Nov 08 2019 7:42:29 AM EST
Accepted by the SEC: Fri Nov 08 2019
Period: Monday, September 30, 2019
Industry: Crude Petroleum And Natural Gas

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