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Unit Corp (UNT) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 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…
March 16, 2020


UNIT CORPORATION REPORTS 2019 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 2019. Operational highlights for 2019 include:

Oil and natural gas segment:
Segment oil production increased 12% year-over-year.
Initiated development drilling program of Red Fork horizontal oil play with outstanding results.
Cost cuts identified during the fourth quarter of 2019 expected to reduce lease operating expense by 10% during 2020.
Completed sale of non-core eastern Oklahoma gas properties with proceeds of $18 million.

Contract drilling segment:
Utilization cycle during 2019:
Started the year with 32 drilling rigs operating (including four rigs running for Unit Petroleum).
Placed two new BOSS drilling rigs into service in the first quarter and one new BOSS drilling rig in the fourth quarter.
Rig utilization averaged between 30-32 drilling rigs operating through the middle of May 2019, as many operators front-end loaded their drilling budgets in the first half of 2019 (including an average of five rigs running for Unit Petroleum).
Utilization decreased to 18 drilling rigs at the end of August and remained at that level into early December finishing the year at 20 drilling rigs operating (with no rigs operating for Unit Petroleum).
All 14 BOSS drilling rigs were operating during the year.
Average drilling rig dayrates increased 7% year-over-year, primarily due to a higher BOSS rig concentration in rigs operating.

Mid-stream segment:
Completed the acquisition of Central Oklahoma assets consisting of approximately 600 miles of pipeline and related compressor stations in December 2019.
During 2019, per day gas gathered and gas processed volumes increased 11% and 4%, respectively, compared to 2018 per day volumes.


FOURTH QUARTER AND YEAR-END 2019 FINANCIAL RESULTS
Net loss attributable to Unit for the quarter was $335.0 million, or $6.33 per diluted share, compared to net loss attributable to Unit of $77.8 million, or $1.49 per diluted share, for the fourth quarter of 2018. The quarter's results included the following pre-tax non-cash write-downs: $390.0 million ceiling test write-down in the carrying value of Unit’s oil and natural gas properties and $0.8 million relating to the write-off of two small gas gathering systems. (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
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The following information was filed by Unit Corp (UNT) on Monday, March 16, 2020 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 (Loss)
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 (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)
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)
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)
Leases
Leases (Financing 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)
Liquidity And Ability To Continue As A Going Concern
Liquidity And Ability To Continue As A Going Concern (Details)
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)
Organization
Revenue From Contracts With Customers
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, 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 (Narrative) (Details)
Stock-Based Compensation (Schedule Of Restricted Stock Awards) (Details)
Stock-Based Compensation (Shares Authorized Under Stock Option Plans By Exercise Price Range) (Details)
Stock-Based Compensation (Tables)
Subsequent Events
Subsequent Events (Details)
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 Parenthetical) (Details)
Supplemental Condensed Consolidated Financial Information (Condensed Consolidating Balance Sheets) (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: 0000798949-20-000010
Submitted to the SEC: Mon Mar 16 2020 4:39:10 PM EST
Accepted by the SEC: Mon Mar 16 2020
Period: Tuesday, December 31, 2019
Industry: Crude Petroleum And Natural Gas

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