Company Quick10K Filing
Quick10K
Unit
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$11.78 55 $653
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-06 Earnings, Exhibits
8-K 2019-05-02 Earnings, Exhibits
8-K 2019-05-01 Shareholder Vote
8-K 2019-02-21 Earnings, Exhibits
8-K 2018-11-06 Earnings, Exhibits
8-K 2018-10-18 Enter Agreement
8-K 2018-08-09 Earnings, Exhibits
8-K 2018-08-01 Amendment
8-K 2018-05-10 Enter Agreement, Exhibits
8-K 2018-04-02 Enter Agreement, M&A, Other Events, Exhibits
8-K 2018-03-28 Enter Agreement, Regulation FD, Exhibits
8-K 2018-03-14 Other Events, Exhibits
8-K 2018-03-07 Enter Agreement, Exhibits
8-K 2018-02-22 Earnings, Exhibits
AIN Albany International 2,470
ALLK Allakos 1,820
LBAI Lakeland Bancorp 838
MRUS Merus 321
CBNK Chicopee Bancorp 159
USAP Universal Stainless & Alloy Products 124
LGCY Legacy Reserves 48
ASCMA Ascent Capital Group 8
FIND Findex Com 0
LSYN Liberated Syndication 0
UNT 2019-06-30
Part I. Financial Information
Item 1. Financial Statements
Note 1 - Basis of Preparation and Presentation
Note 2 - Revenue From Contracts with Customers
Note 3 - Divestitures
Note 4 - Earnings (Loss) per Share
Note 5 - Accrued Liabilities
Note 6 - Long-Term Debt and Other Long-Term Liabilities
Note 7 - Asset Retirement Obligations
Note 8 - New Accounting Pronouncements
Note 9 - Stock-Based Compensation
Note 10 - Derivatives
Note 11 - Fair Value Measurements
Note 12 - Leases
Note 13 - Commitments and Contingencies
Note 14 - Variable Interest Entity Arrangements
Note 15 - Equity
Note 16 - Industry Segment Information
Note 17 - Supplemental Condensed Consolidating Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosure About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 unt-20190630xex311.htm
EX-31.2 unt-20190630xex312.htm
EX-32 unt-20190630xex32.htm

Unit Earnings 2019-06-30

UNT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
[Commission File Number 1-9260]
unt-20190630_g1.jpg
UNIT CORPORATION
(Exact name of registrant as specified in its charter)
Delaware73-1283193
(State or other jurisdiction of incorporation)(I.R.S. Employer Identification No.)

8200 South Unit Drive, Tulsa, Oklahoma 74132 
(Address of principal executive offices)(Zip Code)
(918) 493-7700
(Registrant’s telephone number, including area code)
None
(Former name, former address and former fiscal year,
if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☒            No ☐ 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).       Yes ☒            No ☐                                                   
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ☒   Accelerated filer ☐    Non-accelerated filer ☐
Smaller reporting company    Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐        

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes             No ☒         
As of July 19, 2019, 55,536,916 shares of the issuer's common stock were outstanding.
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockUNTNYSE



Table of Contents
TABLE OF CONTENTS
 
  Page
Number
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

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Forward-Looking Statements

This report contains “forward-looking statements” – meaning, statements related to future events within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included or incorporated by reference in this document that addresses activities, events or developments we expect or anticipate will or may occur, are forward-looking statements. The words “believes,” “intends,” “expects,” “anticipates,” “projects,” “estimates,” “predicts,” and similar expressions are used to identify forward-looking statements. This report modifies and supersedes documents filed by us before this report. In addition, certain information we file with the SEC will automatically update and supersede information in this report.
These forward-looking statements include, among others, things as:

the amount and nature of our future capital expenditures and how we expect to fund our capital expenditures;
prices for oil, natural gas liquids (NGLs), and natural gas;
demand for oil, NGLs, and natural gas;
our exploration and drilling prospects;
the estimates of our proved oil, NGLs, and natural gas reserves;
oil, NGLs, and natural gas reserve potential;
development and infill drilling potential;
expansion and other development trends of the oil and natural gas industry;
our business strategy;
our plans to maintain or increase production of oil, NGLs, and natural gas;
the number of gathering systems and processing plants we plan to construct or acquire;
volumes and prices for natural gas gathered and processed;
expansion and growth of our business and operations;
demand for our drilling rigs and drilling rig rates;
our belief that the final outcome of legal proceedings involving us will not materially affect our financial results;
our ability to timely secure third-party services used in completing our wells;
our ability to transport or convey our oil or natural gas production to established pipeline systems;
impact of federal and state legislative and regulatory actions affecting our costs and increasing operating restrictions or delays and other adverse impacts on our business;
our projected production guidelines for the year;
our anticipated capital budgets;
our financial condition and liquidity (including our ability to refinance our senior subordinated notes);
the number of wells our oil and natural gas segment plans to drill or rework during the year; and
our estimates of the amounts of any ceiling test write-downs or other potential asset impairments we may have to record in future periods.
These statements are based on assumptions and analyses made by us based on our experience and our perception of historical trends, current conditions, and expected future developments, and other factors we believe are appropriate in the circumstances. Whether actual results and developments will conform to our expectations and predictions is subject to several risks and uncertainties, any one or combination of which could cause our actual results to differ materially from our expectations and predictions, including:
the risk factors discussed in this document and in the documents (if any) we incorporate by reference;
general economic, market, or business conditions;
the availability of and nature of (or lack of) business opportunities we pursue;
demand for our land drilling services;
changes in laws or regulations;
changes in the current geopolitical situation;
risks relating to financing, including restrictions in our debt agreements and availability and cost of credit;
risks associated with future weather conditions;
decreases or increases in commodity prices;
putative class action lawsuits that may cause substantial expenditures and divert management's attention; and
other factors, most of which are beyond our control.
You should not place undue reliance on these forward-looking statements. Except as required by law, we disclaim any intention to update forward-looking information and to release publicly the results of any future revisions we may make to forward-looking statements to reflect events or circumstances after this document to reflect unanticipated events.
2

Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements

UNIT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
June 30,
2019
December 31,
2018
 (In thousands except share amounts)
ASSETS
Current assets:
Cash and cash equivalents$669 $6,452 
Accounts receivable, net of allowance for doubtful accounts of $2,494 and $2,531 at June 30, 2019 and December 31, 2018, respectively 89,876 119,397 
Materials and supplies516 473 
Current derivative asset (Note 10)8,513 12,870 
Income taxes receivable2,405 2,054 
Assets held for sale (Note 3)19,500 22,511 
Prepaid expenses and other9,106 6,602 
Total current assets130,585 170,359 
Property and equipment:
Oil and natural gas properties on the full cost method:
Proved properties6,212,323 6,018,568 
Unproved properties not being amortized336,214 330,216 
Drilling equipment1,284,295 1,284,419 
Gas gathering and processing equipment798,503 767,388 
Saltwater disposal systems69,212 68,339 
Corporate land and building59,080 59,081 
Transportation equipment30,019 29,524 
Other57,900 57,507 
8,847,546 8,615,042 
Less accumulated depreciation, depletion, amortization, and impairment6,289,575 6,182,726 
Net property and equipment2,557,971 2,432,316 
Goodwill62,808 62,808 
Right of use asset (Note 12)8,302  
Other assets33,863 32,570 
Total assets (1)
$2,793,529 $2,698,053 

The accompanying notes are an integral part of these
unaudited condensed consolidated financial statements.
3

Table of Contents
UNIT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - CONTINUED

June 30,
2019
December 31,
2018
 (In thousands except share amounts)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable$131,129 $149,945 
Accrued liabilities (Note 5)45,175 49,664 
Current operating lease liability (Note 12)4,519  
Current portion of other long-term liabilities (Note 6)13,887 14,250 
Total current liabilities194,710 213,859 
Long-term debt less debt issuance costs (Note 6)756,590 644,475 
Non-current derivative liability (Note 10)256 293 
Operating lease liability (Note 12)3,556  
Other long-term liabilities (Note 6)102,700 101,234 
Deferred income taxes142,485 144,748 
Commitments and contingencies (Note 13)  
Shareholders’ equity:
Preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued  
Common stock, $.20 par value, 175,000,000 shares authorized, 55,536,916 and 54,055,600 shares issued as of June 30, 2019 and December 31, 2018, respectively 10,590 10,414 
Capital in excess of par value638,769 628,108 
Accumulated other comprehensive loss (Note 15)(487)(481)
Retained earnings741,001 752,840 
Total shareholders’ equity attributable to Unit Corporation1,389,873 1,390,881 
Non-controlling interests in consolidated subsidiaries203,359 202,563 
Total shareholders' equity1,593,232 1,593,444 
Total liabilities(1) and shareholders’ equity
$2,793,529 $2,698,053 
_______________________
(1)Unit Corporation's consolidated total assets as of June 30, 2019 include total current and long-term assets of its variable interest entity (VIE) (Superior Pipeline Company, L.L.C.) of $23.7 million and $435.4 million, respectively, which can only be used to settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of June 30, 2019 include total current and long-term liabilities of the VIE of $29.6 million and $21.4 million, respectively, for which the creditors of the VIE have no recourse to Unit Corporation. Unit Corporation's consolidated total assets as of December 31, 2018 include total current and long-term assets of the VIE of $40.1 million and $423.3 million, respectively, which can only be used to settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of December 31, 2018 include total current and long-term liabilities of the VIE of $42.8 million and $14.7 million, respectively, for which the creditors of the VIE have no recourse to Unit Corporation. See Note 14 – Variable Interest Entity Arrangements.


The accompanying notes are an integral part of these
unaudited condensed consolidated financial statements.

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Table of Contents
UNIT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
 
Three Months EndedSix Months Ended
 June 30,June 30,
 2019 2018 2019 2018 
 (In thousands except per share amounts)
Revenues:
Oil and natural gas$77,815 $102,318 $163,910 $205,417 
Contract drilling43,037 46,926 94,192 92,915 
Gas gathering and processing44,294 54,059 96,735 110,103 
Total revenues165,146 203,303 354,837 408,435 
Expenses:
Operating costs:
Oil and natural gas36,242 32,418 68,956 68,380 
Contract drilling29,308 31,894 60,709 63,561 
Gas gathering and processing32,491 39,703 71,846 81,307 
Total operating costs98,041 104,015 201,511 213,248 
Depreciation, depletion, and amortization66,292 58,373 128,418 115,439 
General and administrative10,064 8,712 19,805 19,474 
(Gain) loss on disposition of assets(422)(161)1,193 (322)
Total operating expenses173,975 170,939 350,927 347,839 
Income (loss) from operations(8,829)32,364 3,910 60,596 
Other income (expense):
Interest, net(8,995)(7,729)(17,533)(17,733)
Gain (loss) on derivatives
7,927 (14,461)995 (21,223)
Other, net6 5 11 11 
Total other income (expense)(1,062)(22,185)(16,527)(38,945)
Income (loss) before income taxes(9,891)10,179 (12,617)21,651 
Income tax expense (benefit):
Deferred(1,874)2,029 (2,318)5,636 
Total income taxes(1,874)2,029 (2,318)5,636 
Net income (loss)(8,017)8,150 (10,299)16,015 
Net income attributable to non-controlling interest492 2,362 1,714 2,362 
Net income (loss) attributable to Unit Corporation$(8,509)$5,788 (12,013)13,653 
Net income (loss) attributable to Unit Corporation per common share (Note 4):
Basic$(0.16)$0.11 $(0.23)$0.26 
Diluted$(0.16)$0.11 $(0.23)$0.26 

The accompanying notes are an integral part of these
unaudited condensed consolidated financial statements.

5

Table of Contents
UNIT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
 
Three Months EndedSix Months Ended
 June 30,June 30,
 2019 2018 2019 2018 
 (In thousands) 
Net income (loss)$(8,017)$8,150 $(10,299)$16,015 
Other comprehensive income (loss), net of taxes:
Unrealized gain (loss) on securities, net of tax of ($9), $11, ($2) and ($47) (30)35 (6)(141)
Comprehensive income (loss)(8,047)8,185 (10,305)15,874 
Less: Comprehensive income attributable to non-controlling interest
492 2,362 1,714 2,362 
Comprehensive income (loss) attributable to Unit Corporation$(8,539)$5,823 $(12,019)$13,512 

The accompanying notes are an integral part of these
unaudited condensed consolidated financial statements.

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Table of Contents
UNIT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)

Three Months Ended June 30, 2019
Shareholders' Equity Attributable to Unit Corporation
Common
Stock
Capital In Excess
of Par Value
Accumulated Other Comprehensive Income (Loss)Retained
Earnings
Non-controlling Interest in Consolidated SubsidiariesTotal
(In thousands except per share amounts)
Balances, March 31, 2019$10,578 $633,361 $(457)$749,510 $202,867 $1,595,859 
Net income (loss)   (8,509)492 (8,017)
Other comprehensive loss (net of tax of ($9))
  (30)  (30)
Total comprehensive loss(8,047)
Activity in employee compensation plans (68,929 shares)
12 5,408    5,420 
Balances, June 30, 2019$10,590 $638,769 $(487)$741,001 $203,359 $1,593,232 

Six Months Ended June 30, 2019
Shareholders' Equity Attributable to Unit Corporation
Common
Stock
Capital In Excess
of Par Value
Accumulated Other Comprehensive Income (Loss)Retained
Earnings
Non-controlling Interest in Consolidated SubsidiariesTotal
 (In thousands except per share amounts)
Balances, December 31, 2018$10,414 $628,108 $(481)$752,840 $202,563 1,593,444 
Cumulative effect adjustment for adoption of ASUs (Notes 1 and 12)
   174  174 
Net income (loss)   (12,013)1,714 (10,299)
Other comprehensive loss (net of tax of ($2))
  (6)  (6)
Total comprehensive loss
(10,305)
Distributions to non-controlling interest
    (918)(918)
Activity in employee compensation plans (1,481,316 shares)
176 10,661