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Table of Contents
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
[Commission File Number 1-9260]
unt-20190930_g1.jpg
UNIT CORPORATION
(Exact name of registrant as specified in its charter)
Delaware73-1283193
(State or other jurisdiction of incorporation)(I.R.S. Employer Identification No.)

8200 South Unit Drive,  Tulsa,  Oklahoma  74132  
(Address of principal executive offices)(Zip Code)
(918) 493-7700
(Registrant’s telephone number, including area code)
None
(Former name, former address and former fiscal year,
if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☒            No ☐ 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).       Yes ☒            No ☐                                                   
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer     Accelerated filer     Non-accelerated filer
Smaller reporting company    Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐        

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes             No ☒         
As of October 18, 2019, 55,531,603 shares of the issuer's common stock were outstanding.
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockUNTNYSE



Table of Contents
TABLE OF CONTENTS
 
  Page
Number
Item 1.
Unaudited Condensed Consolidated Balance Sheets
September 30, 2019 and December 31, 2018
Unaudited Condensed Consolidated Statements of Operations
Three and Nine Months Ended September 30, 2019 and 2018
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)
Three and Nine Months Ended September 30, 2019 and 2018
Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity
Three and Nine Months Ended September 30, 2019 and 2018
Unaudited Condensed Consolidated Statements of Cash Flows
Nine Months Ended September 30, 2019 and 2018
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

1

Table of Contents
Forward-Looking Statements

This report contains “forward-looking statements” – meaning, statements related to future events within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included or incorporated by reference in this document that addresses activities, events or developments we expect or anticipate will or may occur, are forward-looking statements. The words “believes,” “intends,” “expects,” “anticipates,” “projects,” “estimates,” “predicts,” and similar expressions are used to identify forward-looking statements. This report modifies and supersedes documents filed by us before this report. In addition, certain information we file with the SEC will automatically update and supersede information in this report.
These forward-looking statements include, among others, things as:

the amount and nature of our future capital expenditures and how we expect to fund our capital expenditures;
prices for oil, natural gas liquids (NGLs), and natural gas;
demand for oil, NGLs, and natural gas;
our exploration and drilling prospects;
the estimates of our proved oil, NGLs, and natural gas reserves;
oil, NGLs, and natural gas reserve potential;
development and infill drilling potential;
expansion and other development trends of the oil and natural gas industry;
our business strategy;
our plans to maintain or increase production of oil, NGLs, and natural gas;
the number of gathering systems and processing plants we plan to construct or acquire;
volumes and prices for natural gas gathered and processed;
expansion and growth of our business and operations;
demand for our drilling rigs and drilling rig rates;
our belief that the final outcome of legal proceedings involving us will not materially affect our financial results;
our ability to timely secure third-party services used in completing our wells;
our ability to transport or convey our oil or natural gas production to established pipeline systems;
impact of federal and state legislative and regulatory actions affecting our costs and increasing operating restrictions or delays and other adverse impacts on our business;
the possibility of security threats, including terrorist attacks and cybersecurity breaches, against, or otherwise impacting our facilities and systems;
our projected production guidelines for the year;
our anticipated capital budgets;
our financial condition and liquidity (including our ability to refinance our senior subordinated notes);
the amount of debt may limit our ability to obtain financing for acquisitions, make us more vulnerable to adverse economic conditions, and make it more difficult for us to make payments on our debt;
the possibility that covenants in our credit agreement or the indentures governing our outstanding notes may limit our discretion in the operation of our business, prohibit us from engaging in beneficial transactions, or lead to the accelerated payment of our debt;
the number of wells our oil and natural gas segment plans to drill or rework during the year; and
our estimates of the amounts of any ceiling test write-downs or other potential asset impairments we may have to record in future periods.
These statements are based on assumptions and analyses made by us based on our experience and our perception of historical trends, current conditions, and expected future developments, and other factors we believe are appropriate in the circumstances. Whether actual results and developments will conform to our expectations and predictions is subject to several risks and uncertainties, any one or combination of which could cause our actual results to differ materially from our expectations and predictions, including:
the risk factors discussed in this document and in the documents (if any) we incorporate by reference;
general economic, market, or business conditions;
the availability of and nature of (or lack of) business opportunities we pursue;
demand for our land drilling services;
changes in laws or regulations;
changes in the current geopolitical situation;
risks relating to financing, including restrictions in our debt agreements and availability and cost of credit;
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risks associated with future weather conditions;
decreases or increases in commodity prices;
putative class action lawsuits that may result in substantial expenditures and divert management's attention; and
other factors, most of which are beyond our control.
You should not place undue reliance on these forward-looking statements. Except as required by law, we disclaim any intention to update forward-looking information and to release publicly the results of any future revisions we may make to forward-looking statements to reflect events or circumstances after this document to reflect unanticipated events.
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements

UNIT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 30,
2019
December 31,
2018
 (In thousands except share amounts)
ASSETS
Current assets:
Cash and cash equivalents$612  $6,452  
Accounts receivable, net of allowance for doubtful accounts of $2,504 and $2,531 at September 30, 2019 and December 31, 2018, respectively  77,994  119,397  
Materials and supplies524  473  
Current derivative asset (Note 11)5,959  12,870  
Income taxes receivable2,405  2,054  
Assets held for sale (Note 4)17,299  22,511  
Prepaid expenses and other12,472  6,602  
Total current assets117,265  170,359  
Property and equipment:
Oil and natural gas properties on the full cost method:
Proved properties6,312,461  6,018,568  
Unproved properties not being amortized282,356  330,216  
Drilling equipment1,290,222  1,284,419  
Gas gathering and processing equipment806,862  767,388  
Saltwater disposal systems69,499  68,339  
Corporate land and building59,080  59,081  
Transportation equipment30,088  29,524  
Other57,431  57,507  
8,907,999  8,615,042  
Less accumulated depreciation, depletion, amortization, and impairment6,522,621  6,182,726  
Net property and equipment2,385,378  2,432,316  
Goodwill (Note 2)  62,808  
Non-current derivative asset (Note 11)128    
Right of use asset (Note 13)7,315    
Other assets29,823  32,570  
Total assets (1)
$2,539,909  $2,698,053  

The accompanying notes are an integral part of these
unaudited condensed consolidated financial statements.
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UNIT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - CONTINUED

September 30,
2019
December 31,
2018
 (In thousands except share amounts)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable$80,414  $149,945  
Accrued liabilities (Note 6)73,274  49,664  
Current operating lease liability (Note 13)4,291    
Current portion of other long-term liabilities (Note 7)15,402  14,250  
Total current liabilities173,381  213,859  
Long-term debt less issuance costs (Note 7)784,352  644,475  
Non-current derivative liability (Note 11)107  293  
Operating lease liability (Note 13)2,800    
Other long-term liabilities (Note 7)96,360  101,234  
Deferred income taxes91,676  144,748  
Commitments and contingencies (Note 14)    
Shareholders’ equity:
Preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued    
Common stock, $.20 par value, 175,000,000 shares authorized, 55,531,603 and 54,055,600 shares issued as of September 30, 2019 and December 31, 2018, respectively  10,590  10,414  
Capital in excess of par value644,042  628,108  
Accumulated other comprehensive loss   (481) 
Retained earnings534,115  752,840  
Total shareholders’ equity attributable to Unit Corporation1,188,747  1,390,881  
Non-controlling interests in consolidated subsidiaries202,486  202,563  
Total shareholders' equity1,391,233  1,593,444  
Total liabilities(1) and shareholders’ equity
$2,539,909  $2,698,053  
_______________________
(1)Unit Corporation's consolidated total assets as of September 30, 2019 include total current and long-term assets of its variable interest entity (VIE) (Superior Pipeline Company, L.L.C.) of $24.1 million and $427.4 million, respectively, which can only settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of September 30, 2019 include total current and long-term liabilities of the VIE of $29.4 million and $15.8 million, respectively, for which the creditors of the VIE have no recourse to Unit Corporation. Unit Corporation's consolidated total assets as of December 31, 2018 include total current and long-term assets of the VIE of $40.1 million and $423.3 million, respectively, which can only settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of December 31, 2018 include total 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 15 – Variable Interest Entity Arrangements.


The accompanying notes are an integral part of these
unaudited condensed consolidated financial statements.

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UNIT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
 
Three Months EndedNine Months Ended
 September 30,September 30,
 2019201820192018
 (In thousands except per share amounts)
Revenues:
Oil and natural gas$78,045  $111,623  $241,955  $317,040  
Contract drilling37,596  50,612  131,788  143,527  
Gas gathering and processing39,798  57,823  136,533  167,926  
Total revenues155,439  220,058  510,276  628,493  
Expenses:
Operating costs:
Oil and natural gas35,364  32,139  104,320  100,519  
Contract drilling28,796  32,032  89,505  95,593  
Gas gathering and processing28,493  43,134  100,339  124,441  
Total operating costs92,653  107,305  294,164  320,553  
Depreciation, depletion, and amortization70,214  63,537  198,632  178,976  
Impairments (Note 2)234,880    234,880    
General and administrative10,094  9,278  29,899  28,752  
(Gain) loss on disposition of assets 231  (253) 1,424  (575) 
Total operating expenses408,072  179,867  758,999  527,706  
Income (loss) from operations (252,633) 40,191  (248,723) 100,787  
Other income (expense):
Interest, net(9,534) (7,945) (27,067) (25,678) 
Gain (loss) on derivatives4,237  (4,385) 5,232  (25,608) 
Other, net(622) 6  (611) 17  
Total other income (expense)(5,919) (12,324) (22,446) (51,269) 
Income (loss) before income taxes(258,552) 27,867  (271,169) 49,518  
Income tax expense (benefit):
Deferred(50,763) 6,744  (53,081) 12,380  
Total income taxes(50,763) 6,744  (53,081) 12,380  
Net income (loss)(207,789) 21,123  (218,088) 37,138  
Net income (loss) attributable to non-controlling interest(903) 2,224  811  4,586  
Net income (loss) attributable to Unit Corporation$(206,886) $18,899  (218,899) 32,552  
Net income (loss) attributable to Unit Corporation per common share (Note 5):
Basic$(3.91) $0.36  $(4.14) $0.63  
Diluted$(3.91) $0.36  $(4.14) $0.62  

The accompanying notes are an integral part of these
unaudited condensed consolidated financial statements.

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UNIT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
 
Three Months EndedNine Months Ended
 September 30,September 30,
 2019201820192018
 (In thousands) 
Net income (loss) $(207,789) $21,123  $(218,088) $37,138  
Other comprehensive income (loss), net of taxes: 
Unrealized loss on securities, net of tax of $0, ($13), $0, ($60)  (38)   (179) 
Reclassification adjustment for write-down of securities, net of tax of ($45), $0, ($47), $0487    481    
Comprehensive income (loss) (207,302) 21,085  (217,607) 36,959  
Less: Comprehensive income (loss) attributable to non-controlling interest (903) 2,224  811  4,586  
Comprehensive income (loss) attributable to Unit Corporation $(206,399) $18,861  $(218,418) $32,373  

The accompanying notes are an integral part of these
unaudited condensed consolidated financial statements.

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UNIT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)

Three Months Ended September 30, 2019
Shareholders' Equity Attributable to Unit Corporation
Common
Stock
Capital in Excess
of Par Value
Accumulated Other Comprehensive Income (Loss)Retained
Earnings
Non-controlling Interest in Consolidated SubsidiariesTotal
(In thousands except per share amounts)
Balances, June 30, 2019$10,590  $638,769  $(487) $741,001  $203,359  $1,593,232  
Net loss      (206,886) (903) (207,789) 
Reclassification adjustment for write-down of securities, net of tax of ($45))    487      487  
Total comprehensive loss(207,302) 
Activity in employee compensation plans ((5,313) shares)  5,273      30  5,303  
Balances, September 30, 2019$10,590  $644,042  $  $534,115  $202,486  $1,391,233  

Nine Months Ended September 30, 2019
Shareholders' Equity Attributable to Unit Corporation
Common
Stock
Capital in Excess
of Par Value
Accumulated Other Comprehensive Income (Loss)Retained
Earnings
Non-controlling Interest in Consolidated SubsidiariesTotal
 (In thousands except per share amounts)
Balances, December 31, 2018$10,414  $628,108  $(481) $752,840  $202,563  $1,593,444  
Cumulative effect adjustment for adoption of ASUs (Notes 1 and 12)
      174    174  
Net income (loss)      (218,899) 811  (218,088) 
Reclassification adjustment for write-down of securities, net of tax of ($47))