XML 122 R103.htm IDEA: XBRL DOCUMENT v3.21.1
Selected Quarterly Financial Information (Details) - USD ($)
1 Months Ended 2 Months Ended 3 Months Ended 4 Months Ended 8 Months Ended 12 Months Ended
Sep. 30, 2020
Aug. 31, 2020
Dec. 31, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Aug. 31, 2020
Dec. 31, 2020
Dec. 31, 2019
Revenues $ 32,846,000 $ 65,574,000 $ 100,682,000 $ 89,007,000 $ 122,376,000 $ 164,358,000 $ 155,439,000 $ 165,146,000 $ 189,691,000   $ 276,957,000   $ 674,634,000
Gross income (loss) (7,373,000) (7,637,000) 5,599,000 (171,374,000) (764,888,000) (393,983,000) [1] (242,308,000) [1] 813,000 [1] 24,095,000 [1]        
Net income (loss) attributable to Unit Corporation $ (8,968,000) $ 55,131,000 $ (9,172,000) $ (215,649,000) $ (770,494,000) $ (334,980,000) [2] $ (206,886,000) $ (8,509,000) $ (3,504,000) $ (18,140,000) $ (931,012,000)   $ (553,879,000)
Net income (loss) attributable to Unit Corporation per common share:                          
Basic $ (0.75) $ 1.03 $ (0.76) $ (4.03) $ (14.50) $ (6.33) $ (3.91) $ (0.16) $ (0.07) $ (1.51) $ (17.45)   $ (10.48)
Diluted $ (0.75) $ 1.03 $ (0.76) $ (4.03) $ (14.50) $ (6.33) $ (3.91) $ (0.16) $ (0.07) $ (1.51) $ (17.45)   $ (10.48)
Ceiling test write-down                       $ 559,400,000 $ 559,400,000
Non-cash ceiling test write-down net of tax         $ 220,800,000 $ 294,500,000 $ 127,900,000       $ 346,600,000 $ 422,400,000 422,400,000
Goodwill impairment             62,800,000            
Goodwill, Impairment Loss, Net of Tax             59,800,000            
Loss on abandonment of assets (Note 4)                   $ 0 (18,733,000)   $ 0
Oil and Natural Gas                          
Net income (loss) attributable to Unit Corporation per common share:                          
Ceiling test write-down $ 13,200,000 $ 16,600,000 $ 12,900,000 $ 109,300,000 267,800,000 $ 390,100,000 $ 169,300,000     $ 26,100,000 393,700,000    
Loss on abandonment of assets (Note 4)                     (17,600,000)    
Drilling Equipment                          
Net income (loss) attributable to Unit Corporation per common share:                          
Loss on abandonment of assets (Note 4)                     (1,100,000)    
Drilling Equipment | Other drilling equipment                          
Net income (loss) attributable to Unit Corporation per common share:                          
Impairment of Long-Lived Assets Held-for-use                     3,000,000.0    
Drilling Equipment | SCR drilling rigs                          
Net income (loss) attributable to Unit Corporation per common share:                          
Impairment of Long-Lived Assets Held-for-use                     $ 407,100,000    
Mid-Stream                          
Net income (loss) attributable to Unit Corporation per common share:                          
Impairment of Long-Lived Assets Held-for-use         $ 64,000,000.0                
[1] Gross income (loss) excludes general and administrative expense, interest expense, (gain) loss on disposition of assets, loss on abandonment of assets, gain (loss) on derivatives, reorganization items, net, income taxes, and other income (loss).
[2] During the one-month Successor Period for the third quarter of 2020, we recorded a non-cash ceiling test write-down of $13.2 million pre-tax.
4.During the fourth quarter of 2020, we recorded a non-cash ceiling test write-down of $12.9 million pre-tax.
5.During the first quarter of 2020, we recorded a non-cash ceiling test write-down of $267.8 million pre-tax ($220.8 million, net of tax). We also recorded total expense of $17.6 million related to the abandonment of salt water disposal assets, $407.1 million related to the write-down of the SCR drilling rigs, $3.0 million related to the write-down of other miscellaneous drilling equipment, and $64.0 million related to the write-down of mid-stream assets.
6.During the second quarter of 2020, we recorded a non-cash ceiling test write-down of $109.3 million pre-tax.
7.During the two months ended August 31, 2020, we recorded a non-cash test write-down of $16.6 million pre-tax and $1.2 million related to the abandonment of other miscellaneous drilling equipment. We also recorded $141.0 million gain in reorganization items, net.