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Consolidated Statements of Operations - 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]
General and administrative 6,702 42,766 38,246
(Gain) loss on disposition of assets (619) (89) 3,502
Total operating expenses 141,385 1,282,266 1,327,765
Income (loss) from operations (7,857) (1,005,309) (653,131)
Other income (expense):      
Interest, net (3,275) (22,824) (37,012)
Gain (loss) on derivatives (985) (10,704) 4,225
Other 100 2,034 (236)
Total other income (expense) (6,433) 100,055 (33,023)
Loss before income taxes (14,290) (905,254) (686,154)
Income tax benefit:      
Current (302) (917) (1,281)
Deferred 0 (13,713) (131,045)
Total income taxes (302) (14,630) (132,326)
Net loss (13,988) (890,624) (553,828)
Net income attributable to non-controlling interest 4,152 40,388 51
Net loss attributable to Unit Corporation $ (18,140) $ (931,012) $ (553,879)
Net loss attributable to Unit Corporation per common share (Note 7):      
Basic $ (1.51) $ (17.45) $ (10.48)
Diluted $ (1.51) $ (17.45) $ (10.48)
Loss on abandonment of assets $ 0 $ 18,733 $ 0
Write off of Deferred Debt Issuance Cost 0 (2,426) 0
Reorganization Items (2,273) 133,975 0
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
[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).