(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) | (Country) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
N/A | N/A | N/A* |
Exhibit Number | Description | ||||
99.1 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
Unit Corporation | |||||||||||
Date: July 22, 2022 | By: | /s/ Drew Harding | |||||||||
Drew Harding Vice President, Secretary & General Counsel |
News | UNIT CORPORATION | ||||
8200 South Unit Drive, Tulsa, Oklahoma, 74132 | |||||
Telephone 918 493-7700, Fax 918 493-7711 |
Contact: | Rene Punch | ||||
Investor Relations | |||||
(918) 493-7700 | |||||
www.unitcorp.com |
Three Months Ended June 30, | Percent Change | Six Months Ended June 30, | Percent Change | ||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
(In thousands unless otherwise specified) | |||||||||||||||||||||||||||||||||||
Oil and Natural Gas: | |||||||||||||||||||||||||||||||||||
Avg. oil price (Bbl) | $ | 56.28 | $ | 48.38 | 16 | % | $ | 58.23 | $ | 47.82 | 22 | % | |||||||||||||||||||||||
Avg. oil price excl. derivatives (Bbl) | $ | 110.29 | $ | 64.38 | 71 | % | $ | 100.03 | $ | 60.12 | 66 | % | |||||||||||||||||||||||
Avg. NGLs price (Bbl) | $ | 34.72 | $ | 17.95 | 93 | % | $ | 33.82 | $ | 17.95 | 88 | % | |||||||||||||||||||||||
Avg. NGLs price excl. derivatives (Bbl) | $ | 34.72 | $ | 17.95 | 93 | % | $ | 33.82 | $ | 17.95 | 88 | % | |||||||||||||||||||||||
Avg. natural gas price (Mcf) | $ | 4.24 | $ | 2.98 | 42 | % | $ | 3.78 | $ | 2.87 | 32 | % | |||||||||||||||||||||||
Avg. natural gas price excl. derivatives (Mcf) | $ | 6.62 | $ | 3.00 | 121 | % | $ | 5.60 | $ | 2.86 | 96 | % | |||||||||||||||||||||||
Oil production (MBbls) | 309 | 389 | (21) | % | 714 | 801 | (11) | % | |||||||||||||||||||||||||||
NGL production (MBbls) | 620 | 662 | (6) | % | 1,233 | 1,303 | (5) | % | |||||||||||||||||||||||||||
Natural gas production (MMcf) | 6,821 | 7,543 | (10) | % | 13,336 | 14,946 | (11) | % | |||||||||||||||||||||||||||
Contract Drilling: | |||||||||||||||||||||||||||||||||||
Average drilling rigs in use | 16.3 | 10.0 | 63 | % | 15.9 | 9.7 | 64 | % | |||||||||||||||||||||||||||
Drilling rigs available (end of the period) | 21 | 21 | — | % | 21 | 21 | — | % | |||||||||||||||||||||||||||
Average dayrate on daywork contracts | $ | 21,285 | $ | 18,269 | 17 | % | $ | 20,555 | $ | 18,200 | 13 | % |
Term | Commodity | Contracted Volume | Weighted Average Fixed Price for Swaps | Contracted Market | ||||||||||||||||||||||
Apr'22 - Dec'22 | Natural gas - swap | 5,000 MMBtu/day | $2.61 | IF - NYMEX (HH) | ||||||||||||||||||||||
Jul'22 - Feb'23 | Natural gas - swap | 18,765 MMBtu/day | $9.14 | IF - NYMEX (HH) | ||||||||||||||||||||||
Jan'23 - Dec'23 | Natural gas - swap | 22,000 MMBtu/day | $2.46 | IF - NYMEX (HH) | ||||||||||||||||||||||
Apr'22 - Dec'22 | Natural gas - collar | 35,000 MMBtu/day | $2.50 - $2.68 | IF - NYMEX (HH) | ||||||||||||||||||||||
Apr'22 - Dec'22 | Crude oil - swap | 2,300 Bbl/day | $42.25 | WTI - NYMEX | ||||||||||||||||||||||
Jul'22 - Dec'22 | Crude oil - swap | 596 Bbl/day | $103.98 | WTI - NYMEX | ||||||||||||||||||||||
Jan'23 - Feb'23 | Crude oil - swap | 1,339 Bbl/day | $95.40 | WTI - NYMEX | ||||||||||||||||||||||
Jan'23 - Dec'23 | Crude oil - swap | 1,300 Bbl/day | $43.60 | WTI - NYMEX |
Three Months Ended June 30, | Six Months Ended June 30, 2022 | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(In thousands except per share amounts) | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Oil and natural gas | $ | 100,912 | $ | 41,970 | $ | 177,722 | $ | 96,994 | |||||||||||||||
Contract drilling | 33,642 | 18,061 | 62,524 | 33,735 | |||||||||||||||||||
Gas gathering and processing | — | 74,026 | 82,673 | 124,225 | |||||||||||||||||||
Total revenues | 134,554 | 134,057 | 322,919 | 254,954 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Operating costs: | |||||||||||||||||||||||
Oil and natural gas | 27,619 | 15,487 | 51,094 | 34,636 | |||||||||||||||||||
Contract drilling | 25,763 | 14,080 | 52,000 | 25,951 | |||||||||||||||||||
Gas gathering and processing | — | 45,056 | 62,388 | 84,719 | |||||||||||||||||||
Total operating costs | 53,382 | 74,623 | 165,482 | 145,306 | |||||||||||||||||||
Depreciation, depletion, and amortization | 5,661 | 16,364 | 16,931 | 33,875 | |||||||||||||||||||
General and administrative | 7,421 | 5,751 | 13,947 | 12,920 | |||||||||||||||||||
Gain on disposition of assets | (2,066) | (1,710) | (4,241) | (2,182) | |||||||||||||||||||
Total operating expenses | 64,398 | 95,028 | 192,119 | 189,919 | |||||||||||||||||||
Income from operations | 70,156 | 39,029 | 130,800 | 65,035 | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest, net | (97) | (487) | (371) | (3,193) | |||||||||||||||||||
Gain (loss) on derivatives | 2,609 | (42,400) | (61,467) | (65,231) | |||||||||||||||||||
Gain (loss) on change in fair value of warrants | 7,289 | (3,574) | (29,323) | (3,574) | |||||||||||||||||||
Loss on deconsolidation of Superior | — | — | (13,141) | — | |||||||||||||||||||
Reorganization items, net | (39) | (1,852) | (42) | (2,988) | |||||||||||||||||||
Other, net | 175 | (831) | 932 | (755) | |||||||||||||||||||
Total other income (expense) | 9,937 | (49,144) | (103,412) | (75,741) | |||||||||||||||||||
Income (loss) before income taxes | 80,093 | (10,115) | 27,388 | (10,706) | |||||||||||||||||||
Income tax expense (benefit): | |||||||||||||||||||||||
Current | — | — | — | — | |||||||||||||||||||
Deferred | — | — | — | — | |||||||||||||||||||
Total income taxes | — | — | — | — | |||||||||||||||||||
Net income (loss) | 80,093 | (10,115) | 27,388 | (10,706) | |||||||||||||||||||
Net income (loss) attributable to non-controlling interest | — | 2,879 | (5,828) | 4,225 | |||||||||||||||||||
Net income (loss) attributable to Unit Corporation | $ | 80,093 | $ | (12,994) | $ | 33,216 | $ | (14,931) | |||||||||||||||
Net income (loss) attributable to Unit Corporation per common share: | |||||||||||||||||||||||
Basic | $ | 7.99 | $ | (1.09) | $ | 3.31 | $ | (1.25) | |||||||||||||||
Diluted | $ | 7.82 | $ | (1.09) | $ | 3.25 | $ | (1.25) |
June 30, 2022 | December 31, 2021 | ||||||||||
Balance Sheet Data: | (In thousands) | ||||||||||
Cash and cash equivalents | $ | 115,628 | $ | 64,140 | |||||||
Current assets | $ | 187,363 | $ | 156,930 | |||||||
Total assets | $ | 422,392 | $ | 629,477 | |||||||
Current liabilities | $ | 107,564 | $ | 151,138 | |||||||
Long-term debt | $ | — | $ | 19,200 | |||||||
Other long-term liabilities and non-current derivative liability | $ | 54,460 | $ | 59,471 | |||||||
Total shareholders’ equity attributable to Unit Corporation | $ | 260,368 | $ | 187,397 |
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Oil and Natural Gas | Contract Drilling | Mid-Stream | Corporate and Other | Eliminations | Total Consolidated | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Oil and natural gas | $ | 100,896 | $ | — | $ | — | $ | — | $ | 16 | $ | 100,912 | ||||||||||||||||||||||||||
Contract drilling | — | 33,642 | — | — | — | 33,642 | ||||||||||||||||||||||||||||||||
Total revenues | 100,896 | 33,642 | — | — | 16 | 134,554 | ||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||
Operating costs: | ||||||||||||||||||||||||||||||||||||||
Oil and natural gas | 27,603 | — | — | — | 16 | 27,619 | ||||||||||||||||||||||||||||||||
Contract drilling | — | 25,763 | — | — | — | 25,763 | ||||||||||||||||||||||||||||||||
Total operating costs | 27,603 | 25,763 | — | — | 16 | 53,382 | ||||||||||||||||||||||||||||||||
Depreciation, depletion, and amortization | 4,027 | 1,558 | — | 76 | — | 5,661 | ||||||||||||||||||||||||||||||||
Total expenses | 31,630 | 27,321 | — | 76 | 16 | 59,043 | ||||||||||||||||||||||||||||||||
General and administrative | — | — | — | 7,421 | — | 7,421 | ||||||||||||||||||||||||||||||||
Gain on disposition of assets | (25) | (2,041) | — | — | — | (2,066) | ||||||||||||||||||||||||||||||||
Income (loss) from operations | 69,291 | 8,362 | — | (7,497) | — | 70,156 | ||||||||||||||||||||||||||||||||
Gain on derivatives | — | — | — | 2,609 | — | 2,609 | ||||||||||||||||||||||||||||||||
Gain on change in fair value of warrants | — | — | — | 7,289 | — | 7,289 | ||||||||||||||||||||||||||||||||
Reorganization items, net | — | — | — | (39) | — | (39) | ||||||||||||||||||||||||||||||||
Interest, net | — | — | — | (97) | — | (97) | ||||||||||||||||||||||||||||||||
Other | 13 | 9 | — | 153 | — | 175 | ||||||||||||||||||||||||||||||||
Income before income taxes | $ | 69,304 | $ | 8,371 | $ | — | $ | 2,418 | $ | — | $ | 80,093 | ||||||||||||||||||||||||||
Capital expenditures | $ | 1,753 | $ | 3,225 | $ | — | $ | 44 | $ | — | $ | 5,022 |
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Oil and Natural Gas | Contract Drilling | Mid-Stream (1) | Corporate and Other | Eliminations (1) | Total Consolidated | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
Revenues: (1) | ||||||||||||||||||||||||||||||||||||||
Oil and natural gas | $ | 188,478 | $ | — | $ | — | $ | — | $ | (10,756) | $ | 177,722 | ||||||||||||||||||||||||||
Contract drilling | — | 62,524 | — | — | — | 62,524 | ||||||||||||||||||||||||||||||||
Gas gathering and processing | — | — | 83,198 | — | (525) | 82,673 | ||||||||||||||||||||||||||||||||
Total revenues | 188,478 | 62,524 | 83,198 | — | (11,281) | 322,919 | ||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||
Operating costs: | ||||||||||||||||||||||||||||||||||||||
Oil and natural gas | 51,603 | — | — | — | (509) | 51,094 | ||||||||||||||||||||||||||||||||
Contract drilling | — | 52,000 | — | — | — | 52,000 | ||||||||||||||||||||||||||||||||
Gas gathering and processing | — | — | 73,771 | — | (11,383) | 62,388 | ||||||||||||||||||||||||||||||||
Total operating costs | 51,603 | 52,000 | 73,771 | — | (11,892) | 165,482 | ||||||||||||||||||||||||||||||||
Depreciation, depletion, and amortization | 8,075 | 3,092 | 5,614 | 150 | — | 16,931 | ||||||||||||||||||||||||||||||||
Total expenses | 59,678 | 55,092 | 79,385 | 150 | (11,892) | 182,413 | ||||||||||||||||||||||||||||||||
General and administrative | — | — | — | 13,336 | 611 | 13,947 | ||||||||||||||||||||||||||||||||
(Gain) loss on disposition of assets | (79) | (4,165) | — | 3 | — | (4,241) | ||||||||||||||||||||||||||||||||
Income (loss) from operations | 128,879 | 11,597 | 3,813 | (13,489) | — | 130,800 | ||||||||||||||||||||||||||||||||
Loss on derivatives | — | — | — | (61,467) | — | (61,467) | ||||||||||||||||||||||||||||||||
Loss on change in fair value of warrants | — | — | — | (29,323) | — | (29,323) | ||||||||||||||||||||||||||||||||
Loss on deconsolidation of Superior | — | — | — | (13,141) | — | (13,141) | ||||||||||||||||||||||||||||||||
Reorganization items, net | — | — | — | (42) | — | (42) | ||||||||||||||||||||||||||||||||
Interest, net | — | — | (179) | (192) | — | (371) | ||||||||||||||||||||||||||||||||
Other | 721 | 28 | 17 | 166 | — | 932 | ||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 129,600 | $ | 11,625 | $ | 3,651 | $ | (117,488) | $ | — | $ | 27,388 | ||||||||||||||||||||||||||
Capital expenditures | $ | 8,199 | $ | 4,232 | $ | 1,167 | $ | 49 | $ | — | $ | 13,647 |
Document |
Jul. 22, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jul. 22, 2022 |
Entity Registrant Name | Unit Corporation |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-9260 |
Entity Tax Identification Number | 73-1283193 |
Entity Address, Address Line One | 8200 South Unit Drive, |
Entity Address, City or Town | Tulsa, |
Entity Address, State or Province | OK |
Entity Address, Postal Zip Code | 74132 |
Entity Address, Country | US |
City Area Code | (918) |
Local Phone Number | 493-7700 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000798949 |
Amendment Flag | false |
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