XML 121 R102.htm IDEA: XBRL DOCUMENT v3.21.1
Industry Segment Information (Revenue From Different Segments) (Details) - USD ($)
$ in Thousands
4 Months Ended 8 Months Ended 12 Months Ended
Dec. 31, 2020
Aug. 31, 2020
Dec. 31, 2019
Revenues:      
Revenues $ 133,528 [1] $ 276,957 [2] $ 674,634 [3]
Operating costs:      
Operating costs 81,277 237,546 384,728
Depreciation, depletion, and amortization 27,962 115,496 275,573
Impairments (Note 4) 26,063 [4] 867,814 [5] 625,716 [6]
Total expenses 135,302 1,220,856 1,286,017
Loss on abandonment of assets (Note 4) 0 (18,733) 0
General and administrative 6,702 42,766 38,246
Gain (Loss) on Disposition of Assets (619) (89) 3,502
Income (loss) from operations (7,857) (1,005,309) (653,131)
Gain (loss) on derivatives (985) (10,704) 4,225
Write off of debt issuance costs 0 2,426 0
Total reorganization items, net 2,273 (133,975) 0
Interest expense, net (3,275) (22,824) (37,012)
Other 100 2,034 (236)
Income (loss) before income taxes (14,290) (905,254) (686,154)
Identifiable assets:      
Oil and natural gas 232,747 [7]   847,398 [8]
Contract drilling 81,608   708,468
Gas gathering and processing 293,297   459,444
Total identifiable assets 607,652 [9]   2,015,310 [10]
Corporate land and building 32,382   54,155
Other corporate assets 9,669 [11]   20,587 [12]
Total assets [13] 649,703   2,090,052
Capital expenditures:      
Total capital expenditures 5,960 17,213 374,369
Oil and Natural Gas      
Revenues:      
Revenues 57,578 [1] 103,439 [2] 325,797 [3]
Operating costs:      
Operating costs 25,256 117,691 135,124
Contract drilling      
Revenues:      
Revenues 19,413 [1] 73,519 [2] 168,383 [3]
Operating costs:      
Operating costs 13,852 51,810 115,998
Gas gathering and processing      
Revenues:      
Revenues 56,537 [1] 99,999 [2] 180,454 [3]
Operating costs:      
Operating costs 42,169 68,045 133,606
Intersubsegment Eliminations      
Revenues:      
Revenues (11,834) [1] (14,536) [2] (63,294) [3]
Operating costs:      
Operating costs (11,833) (14,536) (61,675)
Depreciation, depletion, and amortization 0 0 0
Impairments (Note 4) 0 [4] 0 [5] 0 [6]
Total expenses (11,833) (14,536) (61,675)
Loss on abandonment of assets (Note 4)   0  
General and administrative 0 0 0
Gain (Loss) on Disposition of Assets 0 0 0
Income (loss) from operations (1) 0 (1,619)
Gain (loss) on derivatives 0 0 0
Write off of debt issuance costs   0  
Total reorganization items, net 0 0  
Interest expense, net 0 0 0
Other 0 0 0
Income (loss) before income taxes (1) 0 (1,619)
Identifiable assets:      
Oil and natural gas (3,326) [7]   (4,264) [8]
Contract drilling (4)   (42)
Gas gathering and processing (335)   (4,255)
Total identifiable assets (3,665) [9]   (8,561) [10]
Corporate land and building 0   0
Other corporate assets (4,002) [11]   (2,505) [12]
Total assets (7,667)   (11,066)
Capital expenditures:      
Total capital expenditures 0 0 0
Intersubsegment Eliminations | Oil and Natural Gas      
Revenues:      
Revenues (2) [1] (4) [2] 0 [3]
Operating costs:      
Operating costs (855) (1,973) (4,902)
Intersubsegment Eliminations | Contract drilling      
Revenues:      
Revenues 0 [1] 0 [2] (15,809) [3]
Operating costs:      
Operating costs 0 (1) (14,190)
Intersubsegment Eliminations | Gas gathering and processing      
Revenues:      
Revenues (11,832) [1] (14,532) [2] (47,485) [3]
Operating costs:      
Operating costs (10,978) (12,562) (42,583)
Oil and Natural Gas      
Revenues:      
Revenues 57,580 [1] 103,443 [2] 325,797 [3]
Operating costs:      
Operating costs 26,111 119,664 140,026
Depreciation, depletion, and amortization 14,869 68,762 168,651
Impairments (Note 4) 26,063 [4] 393,726 [5] 559,867 [6]
Total expenses 67,043 582,152 868,544
Loss on abandonment of assets (Note 4)   (17,641)  
General and administrative 0 0 0
Gain (Loss) on Disposition of Assets (24) (160) (199)
Income (loss) from operations (9,439) (496,190) (542,548)
Gain (loss) on derivatives 0 0 0
Write off of debt issuance costs   0  
Total reorganization items, net 0 (15,504)  
Interest expense, net 0 0 0
Other 56 458 (481)
Income (loss) before income taxes (9,383) (480,228) (543,029)
Identifiable assets:      
Oil and natural gas 236,073 [7]   851,662 [8]
Contract drilling 0   0
Gas gathering and processing 0   0
Total identifiable assets 236,073 [9]   851,662 [10]
Corporate land and building 0   0
Other corporate assets 0 [11]   0 [12]
Total assets 236,073   851,662
Capital expenditures:      
Total capital expenditures 4,018 5,350 268,622
Oil and Natural Gas | Oil and Natural Gas      
Revenues:      
Revenues 57,580 [1] 103,443 [2] 325,797 [3]
Operating costs:      
Operating costs 26,111 119,664 140,026
Oil and Natural Gas | Contract drilling      
Revenues:      
Revenues 0 [1] 0 [2] 0 [3]
Operating costs:      
Operating costs 0 0 0
Oil and Natural Gas | Gas gathering and processing      
Revenues:      
Revenues 0 [1] 0 [2] 0 [3]
Operating costs:      
Operating costs 0 0 0
Drilling      
Revenues:      
Revenues 19,413 [1] 73,519 [2] 184,192 [3]
Operating costs:      
Operating costs 13,852 51,811 130,188
Depreciation, depletion, and amortization 2,102 15,544 51,552
Impairments (Note 4) 0 [4] 410,126 [5] 62,809 [6]
Total expenses 15,954 477,481 244,549
Loss on abandonment of assets (Note 4)   (1,092)  
General and administrative 0 0 0
Gain (Loss) on Disposition of Assets (521) (1,390) 3,872
Income (loss) from operations 3,980 (403,664) (64,229)
Gain (loss) on derivatives 0 0 0
Write off of debt issuance costs   0  
Total reorganization items, net 0 183,664  
Interest expense, net 0 0 0
Other 4 1,449 (605)
Income (loss) before income taxes 3,984 (585,879) (64,834)
Identifiable assets:      
Oil and natural gas 0 [7]   0 [8]
Contract drilling 81,612   708,510
Gas gathering and processing 0   0
Total identifiable assets 81,612 [9]   708,510 [10]
Corporate land and building 0   0
Other corporate assets 0 [11]   0 [12]
Total assets 81,612   708,510
Capital expenditures:      
Total capital expenditures 616 2,438 40,636
Drilling | Oil and Natural Gas      
Revenues:      
Revenues 0 [1] 0 [2] 0 [3]
Operating costs:      
Operating costs 0 0 0
Drilling | Contract drilling      
Revenues:      
Revenues 19,413 [1] 73,519 [2] 184,192 [3]
Operating costs:      
Operating costs 13,852 51,811 130,188
Drilling | Gas gathering and processing      
Revenues:      
Revenues 0 [1] 0 [2] 0 [3]
Operating costs:      
Operating costs 0 0 0
Mid-Stream      
Revenues:      
Revenues 68,369 [1] 114,531 [2] 227,939 [3]
Operating costs:      
Operating costs 53,147 80,607 176,189
Depreciation, depletion, and amortization 10,659 29,371 47,663
Impairments (Note 4) 0 [4] 63,962 [5] 3,040 [6]
Total expenses 63,806 173,940 226,892
Loss on abandonment of assets (Note 4)   0  
General and administrative 0 0 0
Gain (Loss) on Disposition of Assets (55) (18) (160)
Income (loss) from operations 4,618 (59,391) 1,207
Gain (loss) on derivatives 0 0 0
Write off of debt issuance costs   0  
Total reorganization items, net 0 71,016  
Interest expense, net (501) (1,888) (1,546)
Other 34 50 827
Income (loss) before income taxes 4,151 (132,245) 488
Identifiable assets:      
Oil and natural gas 0 [7]   0 [8]
Contract drilling 0   0
Gas gathering and processing 293,632   463,699
Total identifiable assets 293,632 [9]   463,699 [10]
Corporate land and building 0   0
Other corporate assets 0 [11]   0 [12]
Total assets 293,632   463,699
Capital expenditures:      
Total capital expenditures 1,323 9,342 64,438
Mid-Stream | Oil and Natural Gas      
Revenues:      
Revenues 0 [1] 0 [2] 0 [3]
Operating costs:      
Operating costs 0 0 0
Mid-Stream | Contract drilling      
Revenues:      
Revenues 0 [1] 0 [2] 0 [3]
Operating costs:      
Operating costs 0 0 0
Mid-Stream | Gas gathering and processing      
Revenues:      
Revenues 68,369 [1] 114,531 [2] 227,939 [3]
Operating costs:      
Operating costs 53,147 80,607 176,189
Corporate and Other      
Revenues:      
Revenues 0 [1] 0 [2] 0 [3]
Operating costs:      
Operating costs 0 0 0
Depreciation, depletion, and amortization 332 1,819 7,707
Impairments (Note 4) 0 [4] 0 [5] 0 [6]
Total expenses 332 1,819 7,707
Loss on abandonment of assets (Note 4)   0  
General and administrative 6,702 42,766 38,246
Gain (Loss) on Disposition of Assets (19) 1,479 (11)
Income (loss) from operations (7,015) (46,064) (45,942)
Gain (loss) on derivatives (985) (10,704) 4,225
Write off of debt issuance costs   2,426  
Total reorganization items, net 2,273 (373,151)  
Interest expense, net (2,774) (20,936) (35,466)
Other 6 77 23
Income (loss) before income taxes (13,041) 293,098 (77,160)
Identifiable assets:      
Oil and natural gas 0 [7]   0 [8]
Contract drilling 0   0
Gas gathering and processing 0   0
Total identifiable assets 0 [9]   0 [10]
Corporate land and building 32,382   54,155
Other corporate assets 13,671 [11]   23,092 [12]
Total assets 46,053   77,247
Capital expenditures:      
Total capital expenditures 3 83 673
Corporate and Other | Oil and Natural Gas      
Revenues:      
Revenues 0 [1] 0 [2] 0 [3]
Operating costs:      
Operating costs 0 0 0
Corporate and Other | Contract drilling      
Revenues:      
Revenues 0 [1] 0 [2] 0 [3]
Operating costs:      
Operating costs 0 0 0
Corporate and Other | Gas gathering and processing      
Revenues:      
Revenues 0 [1] 0 [2] 0 [3]
Operating costs:      
Operating costs $ 0 $ 0 $ 0
[1] The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time.
[2] The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time.
[3] The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time.
[4] During the Successor Period of 2020, we recorded non-cash ceiling test write-downs on our oil and natural gas properties of $26.1 million pre-tax
[5] During the Predecessor Period of 2020, we recorded non-cash ceiling test write-downs on our oil and natural gas properties of $393.7 million, pre-tax ($346.6 million, net of tax). Impairment for contract drilling equipment includes a $410.1 million pre-tax write-down for SCR drilling rigs and other drilling equipment. Impairment for mid-stream assets includes a $64.0 million pre-tax write-down for certain long-lived asset groups.
[6] We incurred non-cash ceiling test write-downs of our oil and natural gas properties of $559.4 million pre-tax ($422.4 million, net of tax). We also recognized goodwill impairment charges of $62.8 million pre-tax ($59.8 million, net of tax).
[7] Oil and natural gas assets include oil and natural gas properties, saltwater disposal systems, and other non-full cost pool assets.
[8] Oil and natural gas assets include oil and natural gas properties, saltwater disposal systems, and other non-full cost pool assets.
[9] Identifiable assets are those used in Unit’s operations in each industry segment.
[10] Identifiable assets are those used in Unit’s operations in each industry segment.
[11] Other corporate assets are principally cash and cash equivalents, short-term investments, transportation equipment, furniture, and equipment.
[12] Other corporate assets are principally cash and cash equivalents, short-term investments, transportation equipment, furniture, and equipment.
[13] Unit Corporation's consolidated total assets as of December 31, 2020 include current and long-term assets of its variable interest entity (VIE) (Superior) of $45.8 million and $247.8 million, respectively, which can only be used to settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of December 31, 2020 include current and long-term liabilities of the VIE of $28.4 million and $2.6 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, 2019 include current and long-term assets of its variable interest entity (VIE) (Superior) of $28.8 million and $434.3 million, respectively, which can only be used to settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of December 31, 2019 include current and long-term liabilities of the VIE of $32.2 million and $26.0 million, respectively, for which the creditors of the VIE have no recourse to Unit Corporation. See Note 19 – Variable Interest Entity Arrangements.