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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 64,140 $ 12,145
Restricted cash 0 569
Accounts receivable, net of allowance for credit losses of $2,511 and $3,783 at December 31, 2021 and December 31, 2020, respectively 87,248 57,846
Current income taxes receivable 0 1,150
Prepaid expenses and other 5,542 11,212
Total current assets 156,930 82,922
Oil and natural gas properties, on the full cost method:    
Proved properties 225,014 238,581
Unproved properties not being amortized 422 1,591
Drilling equipment 66,058 63,687
Gas gathering and processing equipment 274,748 251,404
Land and building 0 32,635
Transportation equipment 4,550 3,130
Other 8,631 9,961
Property, plant and equipment, gross, total 579,423 600,989
Less accumulated depreciation, depletion, amortization, and impairment 128,880 54,189
Net property and equipment 450,543 546,800
Right of use asset (Note 19) 12,445 5,592
Other assets 9,559 14,389
Total assets [1] 629,477 649,703
Current liabilities:    
Accounts payable 58,625 40,829
Accrued liabilities (Note 9) 22,450 21,743
Current operating lease liability (Note 19) 3,791 4,075
Current portion of long-term debt (Note 10) 0 600
Current derivative liabilities (Note 17) 40,876 1,047
Warrant liability (Note 17) 19,822 885
Current portion of other long-term liabilities (Note 10) 5,574 11,168
Total current liabilities 151,138 80,347
Long-term debt (Note 10) 19,200 98,400
Non-current derivative liabilities (Note 17) 17,855 4,659
Operating lease liability 8,677 1,445
Other long-term liabilities (Note 10) 32,939 39,259
Commitments and contingencies (Note 21)
Shareholders' equity:    
Common stock, $0.01 par value, 25,000,000 shares authorized, 12,000,000 shares issued and 10,050,037 outstanding as of December 31, 2021, and 12,000,000 issued and outstanding as of December 31, 2020 120 120
Treasury Stock, Value (51,965) 0
Capital in excess of par value 198,171 197,242
Retained earnings (deficit) 41,071 (18,140)
Total shareholders' equity attributable to Unit Corporation 187,397 179,222
Non-controlling interests in consolidated subsidiaries 212,271 246,371
Total shareholders' equity 399,668 425,593
Total liabilities and shareholders' equity [2] $ 629,477 $ 649,703
[1] Unit Corporation's consolidated total assets as of December 31, 2021 include current and long-term assets of its variable interest entity (VIE) (Superior) of $61.1 million and $229.5 million, respectively, which can only be used to settle obligations of the VIE. Unit Corporation's consolidated cash and cash equivalents of $64.1 million as of December 31, 2021 includes $17.2 million held by Superior. Unit Corporation's consolidated total assets as of December 31, 2020 include current and long-term assets of its variable interest entity (VIE) (Superior) of $45.8 million and $247.8 million, respectively, which can only be used to settle obligations of the VIE. Unit Corporation's consolidated cash and cash equivalents of $12.1 million as of December 31, 2020 includes $11.6 million held by Superior.
[2] Unit Corporation's consolidated total liabilities as of December 31, 2021 include current and long-term liabilities of Superior of $42.3 million and $21.2 million, respectively, for which the creditors of the VIE have no recourse to Unit Corporation. All of Unit Corporation's consolidated long-term debt of $19.2 million as of December 31, 2021 was held by Superior. Unit Corporation's consolidated total liabilities as of December 31, 2020 include 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. None of Unit Corporation's consolidated long-term debt of $98.4 million as of December 31, 2020 was held by Superior.