Selected Quarterly Financial Information

12 Months Ended

Dec. 31, 2020

Selected Quarterly Financial Information [Abstract]

Selected Quarterly Financial Information

SELECTED QUARTERLY FINANCIAL INFORMATION

Summarized unaudited quarterly financial information is as follows:

	First Quarter			Second Quarter			Third Quarter (1)			Fourth Quarter
	(In thousands except per share amounts)
2020 (Successor)
Revenues	$	—		$	—		$	32,846		$	100,682
Gross income (loss) (2)	$	—		$	—		$	(7,373)		$	5,599
Net loss attributable to Unit Corporation	$	—		$	—		$	(8,968)	(3)	$	(9,172)	(4)
Net loss attributable to Unit Corporation per common share:
Basic	$	—		$	—		$	(0.75)		$	(0.76)
Diluted	$	—		$	—		$	(0.75)		$	(0.76)
2020 (Predecessor)
Revenues	$	122,376		$	89,007		$	65,574		$	—
Gross loss(2)	$	(764,888)		$	(171,374)		$	(7,637)		$	—
Net income (loss) attributable to Unit Corporation	$	(770,494)	(5)	$	(215,649)	(6)	$	55,131	(7)	$	—
Net income (loss) attributable to Unit Corporation per common share:
Basic	$	(14.50)		$	(4.03)		$	1.03		$	—
Diluted	$	(14.50)		$	(4.03)		$	1.03		$	—
2019 (Predecessor)
Revenues	$	189,691		$	165,146		$	155,439		$	164,358
Gross income (loss) (2)	$	24,095		$	813		$	(242,308)		$	(393,983)
Net loss attributable to Unit Corporation	$	(3,504)		$	(8,509)		$	(206,886)	(8)	$	(334,980)	(9)
Net loss attributable to Unit Corporation per common share:
Basic	$	(0.07)		$	(0.16)		$	(3.91)		$	(6.33)
Diluted	$	(0.07)		$	(0.16)		$	(3.91)		$	(6.33)

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1.Third quarter for the 2020 Predecessor Period is for the period July 1, 2020 through August 31, 2020. Third quarter for the 2020 Successor Period is the period September 1, 2020 through September 30, 2020.

2.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).

3.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.

8.During the third quarter of 2019, we recorded a non-cash ceiling test write-down of $169.3 million pre-tax ($127.9 million, net of tax). We also recognized goodwill impairment charges of $62.8 million, pre-tax ($59.8 million, net of tax).

9.During the fourth quarter of 2019, we recorded a non-cash ceiling test write-down of $390.1 million pre-tax ($294.5 million, net of tax).