XML 20 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 6,452 $ 701
Accounts receivable (less allowance for doubtful accounts of $2,531 and $2,450 at December 31, 2018 and 2017, respectively) 119,397 111,512
Materials and supplies 473 505
Current derivative asset (Note 13) 12,870 721
Current income taxes receivable 2,054 61
Assets held for sale (Note 2) 22,511 0
Prepaid expenses and other 11,356 6,172
Total current assets 175,113 119,672
Oil and natural gas properties, on the full cost method:    
Proved properties 6,018,568 5,712,813
Unproved properties not being amortized 330,216 296,764
Drilling equipment 1,284,419 1,593,611
Gas gathering and processing equipment 767,388 726,236
Saltwater disposal systems 68,339 62,618
Corporate land and building 59,081 59,080
Transportation equipment 29,524 29,631
Other 57,507 53,439
Property, plant and equipment, gross, total 8,615,042 8,534,192
Less accumulated depreciation, depletion, amortization, and impairment 6,182,726 6,151,450
Net property and equipment 2,432,316 2,382,742
Goodwill (Note 2) 62,808 62,808
Other assets 27,816 16,230
Total assets [1] 2,698,053 2,581,452
Current liabilities:    
Accounts payable 149,945 112,648
Accrued liabilities (Note 6) 49,664 48,523
Current derivative liabilities (Note 13) 0 7,763
Current portion of other long-term liabilities (Note 7) 14,250 13,002
Total current liabilities 213,859 181,936
Long-term debt less unamortized discount and debt issuance costs (Note 7) 644,475 820,276
Non-current derivative liabilities (Note 13) 293 0
Other long-term liabilities (Note 7) 101,234 100,203
Deferred income taxes (Note 9) 144,748 133,477
Commitments and contingencies (Note 15) 0 0
Shareholders' equity:    
Preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued 0 0
Common stock, $0.20 par value, 175,000,000 shares authorized, 54,055,600 and 52,880,134 shares issued as of December 31, 2018 and 2017, respectively 10,414 10,280
Capital in excess of par value 628,108 535,815
Accumulated other comprehensive income (loss) (net of tax ($155) and $39 at December 31, 2018 and 2017, respectively) (Note 17) (481) 63
Retained earnings 752,840 799,402
Total shareholders' equity attributable to Unit Corporation 1,390,881 1,345,560
Non-controlling interests in consolidated subsidiaries 202,563 0
Total shareholders' equity 1,593,444 1,345,560
Total liabilities and shareholders' equity [1] $ 2,698,053 $ 2,581,452
[1] Unit Corporation's consolidated total assets as of December 31, 2018 include current and long-term assets of its variable interest entity (VIE) (Superior) of $41.7 million and $421.6 million, respectively, which can only be used to settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of December 31, 2018 include current and long-term liabilities of the VIE of $42.8 million and $14.7 million, respectively, for which the creditors of the VIE have no recourse to Unit Corporation. See Note 16 – Variable Interest Entity Arrangements.