Long-Term Debt And Other Long-Term Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Long-term debt and other long-term liabilites [Abstract]

Schedule of Long-term Debt Instruments [Table Text Block]

Long-term debt consisted of the following as of December 31:

	Successor		Predecessor
	2020		2019
	(In thousands)
Current portion of long-term debt:
Predecessor credit facility with an average interest rate of 4.0%	$	—	$	108,200
Successor Exit Facility with an average interest rate of 6.6%	600		—
Long-term debt:
Successor Exit Facility with an average interest of 6.6%	98,400		—
Superior credit agreement with an average interest rate of 3.9% at December 31, 2019	—		16,500
Predecessor 6.625% senior subordinated notes due 2021	—		650,000
Total principal amount	$	98,400	$	666,500
Less: unamortized discount	—		(971)
Less: debt issuance costs, net	—		(2,313)
Total long-term debt	$	98,400	$	663,216

Other Long Term Liabilities [Table Text Block]

Other long-term liabilities consisted of the following as of December 31:

	Successor		Predecessor
	2020		2019
	(In thousands)
ARO liability	$	23,356	$	66,627
Workers’ compensation	10,164		11,510
Separation benefit plans (1)	4,201		10,122
Contract liability	4,172		7,061
Gas balancing liability	3,997		3,838
Finance lease obligations	3,216		7,379
Other long-term liability	1,321		—
Deferred compensation plan	—		6,180
	50,427		112,717
Less current portion	11,168		17,376
Total other long-term liabilities	$	39,259	$	95,341

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1.As of the Effective Date, the Board adopted (i) the Amended and Restated Separation Benefit Plan of Unit Corporation and Participating Subsidiaries (Amended Separation Benefit Plan), (ii) the Amended and Restated Special Separation Benefit Plan of Unit Corporation and Participating Subsidiaries (Amended Special Separation Benefit Plan) and (iii) the Separation Benefit Plan of Unit Corporation and Participating Subsidiaries (New Separation Benefit Plan). In accordance with the Plan, the Amended Separation Benefit Plan and the Amended Special Separation Benefit Plan allow former employees or retained employees with vested severance benefits under either plan to receive certain cash payments in full satisfaction for their allowed separation claim under the Chapter 11 Cases. In accordance with the Plan, the New Separation Benefit Plan is a comprehensive severance plan for retained employees, including retained employees whose severance did not already vest under the Amended Separation Benefit Plan or the Amended Special Separation Benefit Plan. The New Separation Benefit Plan provides that eligible employees will be entitled to two weeks of severance pay per year of service, with a minimum of four weeks and a maximum of 13 weeks of severance pay.