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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, 2021
Revenues:      
Revenues $ 133,528 [1] $ 276,957 [2] $ 638,716
Operating costs:      
Operating costs 81,277 237,546 375,581
Depreciation, depletion, and amortization 27,962 115,496 64,326
Impairments (Note 4) 26,063 [3] 867,814 [4] 10,673
Loss on abandonment of assets (Note 4) 0 18,733 0
General and administrative 6,702 42,766 24,915
Gain on disposition of assets (619) (89) (10,877)
Total operating expenses 141,385 1,282,266 464,618
Income (loss) from operations (7,857) (1,005,309) 174,098
Other income (expense):      
Interest, net (3,275) (22,824) (4,266)
Write-off debt issuance costs 0 (2,426) 0
Gain (loss) on derivatives (Note 17) (985) (10,704) (97,615)
Loss on change in fair value of warrants (Note 17) 0 0 (18,937)
Reorganization items, net (Note 25) (2,273) 133,975 (4,294)
Other 100 2,034 (597)
Total other income (expense) (6,433) 100,055 (125,709)
Income (loss) before income taxes (14,290) (905,254) 48,389
Income tax expense (benefit):      
Current (302) (917) 173
Deferred 0 (13,713) 0
Total income taxes (302) (14,630) 173
Net income (loss) (13,988) (890,624) 48,216
Net income (loss) attributable to non-controlling interest 4,152 40,388 (12,431)
Net income (loss) attributable to Unit Corporation $ (18,140) $ (931,012) $ 60,647
Net income (loss) attributable to Unit Corporation per common share (Note 8):      
Basic $ (1.51) $ (17.45) $ 5.32
Diluted $ (1.51) $ (17.45) $ 5.26
Oil and Natural Gas      
Revenues:      
Revenues $ 57,578 [1] $ 103,439 [2] $ 224,232
Operating costs:      
Operating costs 25,256 117,691 79,924
Contract drilling      
Revenues:      
Revenues 19,413 [1] 73,519 [2] 76,107
Operating costs:      
Operating costs 13,852 51,810 60,973
Gas gathering and processing      
Revenues:      
Revenues 56,537 [1] 99,999 [2] 338,377
Operating costs:      
Operating costs $ 42,169 $ 68,045 $ 234,684
[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] 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
[4] 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 $10.7 million pre-tax write-down for certain long-lived asset groups.
3.Oil and natural gas assets include oil and natural gas properties, saltwater disposal systems, and other non-full cost pool assets.
4.Identifiable assets are those used in Unit’s operations in each industry segment.
5.Other corporate assets are principally cash and cash equivalents, short-term investments, transportation equipment, furniture, and equipment.