Unit Corp
OTC:UNTC
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Unit Corp
Unit Corp. engages in oil and gas exploration, production, contract drilling, and natural gas gathering and processing. The company is headquartered in Tulsa, Oklahoma and currently employs 653 full-time employees. The firm is primarily engaged in the development, acquisition, and production of oil and natural gas properties, the land contract drilling of natural gas and oil wells, and the buying, selling, gathering, processing, and treating of natural gas. The firm operates through three segments: Oil and Natural Gas, Contract Drilling, and Mid-Stream. The Oil and Natural Gas segment explores, develops, acquires, and produces oil and natural gas properties for its own account. The Contract Drilling segment contracts to drill onshore oil and natural gas wells for others and for its own account. The Mid-Stream segment buys, sells, gathers, processes, and treats natural gas for third parties and for its own account. The Company’s producing oil and natural gas properties, unproved properties, and related assets are primarily located in Oklahoma and Texas, in addition to Arkansas, Kansas, and North Dakota to a lesser extent.
Unit Corp. engages in oil and gas exploration, production, contract drilling, and natural gas gathering and processing. The company is headquartered in Tulsa, Oklahoma and currently employs 653 full-time employees. The firm is primarily engaged in the development, acquisition, and production of oil and natural gas properties, the land contract drilling of natural gas and oil wells, and the buying, selling, gathering, processing, and treating of natural gas. The firm operates through three segments: Oil and Natural Gas, Contract Drilling, and Mid-Stream. The Oil and Natural Gas segment explores, develops, acquires, and produces oil and natural gas properties for its own account. The Contract Drilling segment contracts to drill onshore oil and natural gas wells for others and for its own account. The Mid-Stream segment buys, sells, gathers, processes, and treats natural gas for third parties and for its own account. The Company’s producing oil and natural gas properties, unproved properties, and related assets are primarily located in Oklahoma and Texas, in addition to Arkansas, Kansas, and North Dakota to a lesser extent.
Net Loss: Unit Corporation reported a net loss of $206.9 million for Q3 2019, or $3.91 per share.
Adjusted Loss: Excluding noncash derivatives and impairment charges, adjusted net loss was $15.7 million, or $0.30 per share.
Production: Oil production rose by 28% quarter-over-quarter, but gains were offset by lower natural gas liquids prices and fewer rigs operating.
Debt Exchange: The company began an exchange offer for its 6.625% senior subordinated notes maturing in 2021 to extend debt maturities and reduce refinancing risk.
Drilling Activity: Operated rig count fell, with 20.4 rigs on average in Q3, and contract drilling revenue decreased by 13% sequentially.
Midstream Resilience: Despite lower commodity prices, the midstream segment remained stable due to fee-based contracts, though revenue fell 10% from Q2.
Capital Discipline: Reduced capital spending is expected to generate free cash flow in Q4, targeted at reducing debt.
