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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 6,989 $ 12,145
Restricted cash 0 569
Accounts receivable, net of allowance for credit losses of $4,265 and $3,783 at June 30, 2021 and December 31, 2020, respectively 63,879 57,846
Current income taxes receivable 34 1,150
Prepaid expenses and other 6,212 11,212
Total current assets 77,114 82,922
Oil and natural gas properties on the full cost method:    
Proved properties 233,004 238,581
Unproved properties not being amortized 487 1,591
Drilling equipment 64,056 63,687
Gas gathering and processing equipment 255,338 251,404
Land and building 32,635 32,635
Transportation equipment 3,486 3,130
Other 8,935 9,961
Property, plant, and equipment, gross 597,941 600,989
Less accumulated depreciation, depletion, amortization, and impairment 88,416 54,189
Net property and equipment 509,525 546,800
Right of use asset (Note 14) 6,406 5,592
Other assets 16,111 14,389
Total assets [1] 609,156 649,703
Current liabilities:    
Accounts payable 38,081 37,368
Accrued liabilities (Note 8) 23,748 25,204
Current operating lease liability (Note 14) 3,515 4,075
Current portion of long-term debt (Note 9) 0 600
Current derivative liabilities (Note 12) 37,960 1,047
Warrant liability (Note 13) 4,459 885
Current portion of other long-term liabilities (Note 9) 7,551 11,168
Total current liabilities 115,314 80,347
Long-term debt (Note 9) 35,000 98,400
Non-current derivative liabilities (Note 12) 23,270 4,659
Operating lease liability (Note 14) 2,856 1,445
Other long-term liabilities (Note 9) 38,871 39,259
Commitments and contingencies (Note 15)
Shareholders' equity:    
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued 0 0
Common stock, $0.01 par value, 25,000,000 shares authorized; 12,000,000 shares issued and 11,400,000 outstanding at June 30, 2021 and 12,000,000 shares issued and outstanding at December 31, 2020 120 120
Treasury stock (9,048) 0
Capital in excess of par value 197,561 197,242
Retained deficit (33,071) (18,140)
Total shareholders’ equity attributable to Unit Corporation 155,562 179,222
Non-controlling interests in consolidated subsidiaries 238,283 246,371
Total shareholders' equity 393,845 425,593
Total liabilities and shareholders' equity [1] $ 609,156 $ 649,703
[1] Unit Corporation's consolidated total assets as of June 30, 2021 include total current and long-term assets of its variable interest entity (VIE) (Superior Pipeline Company, L.L.C.) of $37.4 million and $237.0 million, respectively, which can only settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of June 30, 2021 include total current and long-term liabilities of the VIE of $28.7 million and $3.4 million, respectively, for which the creditors of the VIE have no recourse to Unit Corporation. Unit Corporation's consolidated total assets as of December 31, 2020 include total current and long-term assets of the VIE of $45.8 million and $247.8 million, respectively, which can only settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of December 31, 2020 include total current and long-term liabilities of the VIE of $28.4 million and $2.6 million, respectively, for which the creditors of the VIE have no recourse to Unit Corporation. See Note 16 – Variable Interest Entity Arrangements.