Supplemental Condensed Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed Consolidating Balances Sheets


	Predecessor
	December 31, 2019
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Consolidating Adjustments		Total Consolidated
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	503	$	68	$	—	$	—	$	571
Accounts receivable, net of allowance for doubtful accounts of $2,332 (Guarantor of $1,116 and Parent of $1,216)	2,645		64,805		24,653		(9,447)		82,656
Materials and supplies	—		449		—		—		449
Current derivative asset	633		—		—		—		633
Income tax receivable	1,756		—		—		—		1,756
Assets held for sale	—		5,908		—		—		5,908
Prepaid expenses and other	2,019		3,373		7,686		—		13,078
Total current assets	7,556		74,603		32,339		(9,447)		105,051
Property and equipment:
Oil and natural gas properties on the full cost method:
Proved properties	—		6,341,582		—		—		6,341,582
Unproved properties not being amortized	—		252,874		—		—		252,874
Drilling equipment	—		1,295,713		—		—		1,295,713
Gas gathering and processing equipment	—		—		824,699		—		824,699
Saltwater disposal systems	—		69,692		—		—		69,692
Corporate land and building	—		59,080		—		—		59,080
Transportation equipment	9,712		16,621		3,390		—		29,723
Other	28,927		29,065		—		—		57,992
	38,639		8,064,627		828,089		—		8,931,355
Less accumulated depreciation, depletion, amortization, and impairment	33,794		6,537,731		407,144		—		6,978,669
Net property and equipment	4,845		1,526,896		420,945		—		1,952,686
Intercompany receivable	1,048,785		—		—		(1,048,785)		—
Investments	865,252		—		—		(865,252)		—
Right of use asset	46		1,733		3,948		(54)		5,673
Other assets	8,107		9,094		9,441		—		26,642
Total assets	$	1,934,591	$	1,612,326	$	466,673	$	(1,923,538)	$	2,090,052


	Predecessor
	December 31, 2019
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Consolidating Adjustments		Total Consolidated
	(In thousands)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	12,259	$	61,002	$	18,511	$	(7,291)	$	84,481
Accrued liabilities	28,003		14,024		6,691		(2,156)		46,562
Current operating lease liability	20		1,009		2,407		(6)		3,430
Current portion of long-term debt	108,200		—		—		—		108,200
Current portion of other long-term liabilities	3,003		7,313		7,060		—		17,376
Total current liabilities	151,485		83,348		34,669		(9,453)		260,049
Intercompany debt	—		1,047,599		1,186		(1,048,785)		—
Long-term debt less debt issuance costs	646,716		—		16,500		—		663,216
Non-current derivative liability	27		—		—		—		27
Operating lease liability	25		690		1,404		(48)		2,071
Other long-term liabilities	12,553		74,662		8,126		—		95,341
Deferred income taxes	68,150		(54,437)		—		—		13,713









Total shareholders' equity	1,055,635		460,464		404,788		(865,252)		1,055,635
Total liabilities and shareholders’ equity	$	1,934,591	$	1,612,326	$	466,673	$	(1,923,538)	$	2,090,052

Condensed Consolidating Statements of Operations


	Predecessor
	Eight Months Ended August 31, 2020
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Consolidating Adjustments		Total Consolidated
	(In thousands)
Revenues	$	—	$	176,962	$	114,531	$	(14,536)	$	276,957
Expenses:
Operating costs	—		171,476		80,607		(14,537)		237,546
Depreciation, depletion, and amortization	1,819		84,306		29,371		—		115,496
Impairments	—		803,852		63,962		—		867,814
Loss on abandonment of assets	—		18,733		—		—		18,733
General and administrative	—		42,766		—		—		42,766
(Gain) loss on disposition of assets	1,479		(1,550)		(18)		—		(89)
Total operating costs	3,298		1,119,583		173,922		(14,537)		1,282,266
Income (loss) from operations	(3,298)		(942,621)		(59,391)		1		(1,005,309)
Interest, net	(20,936)		—		(1,888)		—		(22,824)
Write-off of debt issuance costs	(2,426)		—		—		—		(2,426)
Loss on derivatives	(10,704)		—		—		—		(10,704)
Reorganization items	373,151		(168,160)		(71,016)		—		133,975
Other, net	79		1,906		49		—		2,034
Income (loss) before income taxes	335,866		(1,108,875)		(132,246)		1		(905,254)
Income tax benefit	(14,630)		—		—		—		(14,630)
Equity in net earnings from investment in subsidiaries, net of taxes	(1,241,120)		—		—		1,241,120		—
Net loss	(890,624)		(1,108,875)		(132,246)		1,241,121		(890,624)
Less: net income attributable to non-controlling interest	40,388		—		40,388		(40,388)		40,388
Net loss attributable to Unit Corporation	$	(931,012)	$	(1,108,875)	$	(172,634)	$	1,281,509	$	(931,012)


	Predecessor
	Twelve Months Ended December 31, 2019
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Consolidating Adjustments		Total Consolidated
	(In thousands)
Revenues	$	—	$	494,180	$	227,939	$	(47,485)	$	674,634
Expenses:
Operating costs	—		256,024		176,189		(47,485)		384,728
Depreciation, depletion, and amortization	7,707		220,203		47,663		—		275,573
Impairments	—		622,676		3,040		—		625,716
General and administrative	—		38,246		—		—		38,246
(Gain) loss on disposition of assets	(11)		3,673		(160)		—		3,502
Total operating costs	7,696		1,140,822		226,732		(47,485)		1,327,765
Income (loss) from operations	(7,696)		(646,642)		1,207		—		(653,131)
Interest, net	(35,466)		—		(1,546)		—		(37,012)
Gain on derivatives	4,225		—		—		—		4,225
Other, net	786		(1,086)		64		—		(236)
Loss before income taxes	(38,151)		(647,728)		(275)		—		(686,154)
Income tax expense (benefit)	7,238		(139,564)		—		—		(132,326)
Equity in net earnings from investment in subsidiaries, net of taxes	(508,439)		—		—		508,439		—
Net loss	(553,828)		(508,164)		(275)		508,439		(553,828)
Less: net income attributable to non-controlling interest	51		—		51		(51)		51
Net loss attributable to Unit Corporation	$	(553,879)	$	(508,164)	$	(326)	$	508,490	$	(553,879)

Condensed Consolidating Statement of Comprehensive Income (Loss)

Condensed Consolidating Statements of Comprehensive Income (Loss)


	Predecessor
	Eight Months Ended August 31, 2020
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Consolidating Adjustments		Total Consolidated
	(In thousands)
Net loss	$	(890,624)	$	(1,108,875)	$	(132,246)	$	1,241,121	$	(890,624)
Other comprehensive loss, net of taxes:
Unrealized gain on securities, net of tax of $0	—		—		—		—		—
Comprehensive loss	(890,624)		(1,108,875)		(132,246)		1,241,121		(890,624)
Less: Comprehensive income attributable to non-controlling interests	40,388		—		40,388		(40,388)		40,388
Comprehensive loss attributable to Unit Corporation	$	(931,012)	$	(1,108,875)	$	(172,634)	$	1,281,509	$	(931,012)


	Predecessor
	Twelve Months Ended December 31, 2019
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Consolidating Adjustments		Total Consolidated
	(In thousands)
Net loss	$	(553,828)	$	(508,164)	$	(275)	$	508,439	$	(553,828)
Other comprehensive loss, net of taxes:
Reclassification adjustment for write-down of securities, net of tax $(47)	—		481		—		—		481
Comprehensive loss	(553,828)		(507,683)		(275)		508,439		(553,347)
Less: Comprehensive income attributable to non-controlling interests	51		—		51		(51)		51
Comprehensive loss attributable to Unit Corporation	$	(553,879)	$	(507,683)	$	(326)	$	508,490	$	(553,398)

Condensed Consolidating Statements of Cash Flows


	Predecessor
	Eight Months Ended August 31, 2020
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Consolidating Adjustments		Total Consolidated
	(In thousands)
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	$	(207,593)	$	82,769	$	32,922	$	136,858	$	44,956
INVESTING ACTIVITIES:
Capital expenditures	(986)		(14,585)		(10,204)		—		(25,775)
Producing properties and other acquisitions	—		(382)		—		—		(382)
Proceeds from disposition of assets	1,169		4,772		77		—		6,018
Net cash provided by (used in) investing activities	183		(10,195)		(10,127)		—		(20,139)
FINANCING ACTIVITIES:
Borrowings under credit agreement, including borrowings under DIP credit facility	55,300		—		32,100		—		87,400
Payments under credit agreement	(31,500)		—		(32,600)		—		(64,100)
DIP financing costs	(990)		—		—		—		(990)
Exit facility financing costs	(3,225)		—		—		—		(3,225)
Intercompany borrowings (advances), net	210,398		(72,642)		(898)		(136,858)		—
Payments on finance leases	—		—		(2,757)		—		(2,757)
Employee taxes paid by withholding shares	(43)		—		—		—		(43)
Bank overdrafts	(7,269)		—		(1,464)		—		(8,733)
Net cash provided by (used in) financing activities	222,671		(72,642)		(5,619)		(136,858)		7,552
Net increase (decrease) in cash and cash equivalents	15,261		(68)		17,176		—		32,369
Cash and cash equivalents, beginning of period	503		68		—		—		571
Cash and cash equivalents, end of period	$	15,764	$	—	$	17,176	$	—	$	32,940


	Predecessor
	Twelve Months Ended December 31, 2019
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Consolidating Adjustments		Total Consolidated
	(In thousands)
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	$	(9,681)	$	217,883	$	48,856	$	12,338	$	269,396
INVESTING ACTIVITIES:
Capital expenditures	65		(355,258)		(51,472)		—		(406,665)
Producing properties and other acquisitions	—		(3,653)		—		—		(3,653)
Other acquisitions	—		—		(16,109)		—		(16,109)
Proceeds from disposition of assets	11		31,153		700		—		31,864
Net cash provided by (used in) investing activities	76		(327,758)		(66,881)		—		(394,563)
FINANCING ACTIVITIES:
Borrowings under credit agreement	400,600		—		92,900		—		493,500
Payments under credit agreement	(292,400)		—		(76,400)		—		(368,800)
Intercompany borrowings (advances), net	(97,455)		109,735		58		(12,338)		—
Payments on finance leases	—		—		(4,001)		—		(4,001)
Employee taxes paid by withholding shares	(4,158)		—		—		—		(4,158)
Distributions to non-controlling interest	919		—		(1,837)		—		(918)
Bank overdrafts	2,199		—		1,464		—		3,663
Net cash provided by (used in) financing activities	9,705		109,735		12,184		(12,338)		119,286
Net increase (decrease) in cash and cash equivalents	100		(140)		(5,841)		—		(5,881)
Cash and cash equivalents, beginning of period	403		208		5,841		—		6,452
Cash and cash equivalents, end of period	$	503	$	68	$	—	$	—	$	571