SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION

The Notes of the Predecessor company were registered securities until they were cancelled on the Effective Date. As a result, we are required to present the following condensed consolidating financial information for the Predecessor Periods under to Rule 3-10 of the SEC's Regulation S-X, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered. Our Exit credit agreement is not a registered security. Therefore, the presentation of condensed consolidating financial information is not required for the Successor Period.

For the following footnote:

•we were called "Parent",

•the direct subsidiaries were 100% owned by the Parent and the guarantee was full, unconditional, and joint and several and called "Combined Guarantor Subsidiaries", and

•Superior and its subsidiaries and the Operator were called "Non-Guarantor Subsidiaries."

The following supplemental condensed consolidating financial information reflects the Parent's separate accounts, the combined accounts of the Combined Guarantor Subsidiaries', the combined accounts of the Non-Guarantor Subsidiaries', the combined consolidating adjustments and eliminations, and the Parent's consolidated amounts for the periods indicated.

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)

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)

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