Unit Corporation Reports Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2016; Reports Impairment of Oil and Natural Gas Properties for the Second Quarter Ended June 30, 2016; Provides Capital Expenditure and Tax Rate Guidance for the Year 2016
August 04, 2016 at 08:00 am
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Unit Corporation reported earnings results for the second quarter and six months ended June 30, 2016. For the quarter, total revenues were $138,305,000 against $214,447,000 a year ago. Loss from operations was $81,701,000 against $428,875,000 a year ago. Loss before income taxes was $114,978,000 against $438,726,000 a year ago. Net loss was $72,136,000 against $274,389,000 a year ago. Net loss per basic and diluted common share was $1.44 against $5.58 a year ago. Net cash provided by operating activities was $132,716,000 against $257,606,000 a year ago. Adjusted net loss was $7,370,000 against $5,922,000 a year ago. Adjusted diluted loss per share was $0.15 against $0.12 a year ago. Adjusted EBITDA was $54,111,000 against $99,931,000 a year ago. Adjusted EBITDA per diluted share was $1.07 against $2.02 a year ago.
For six months, total revenues were $274,489,000 against $469,546,000 a year ago. Loss from operations was $139,865,000 against $827,151,000 a year ago. Loss before income taxes was $171,845,000 against $837,658,000 a year ago. Net loss was $113,285,000 against $522,743,000 a year ago. Net loss per basic and diluted common share was $2.27 against $10.66 a year ago. Adjusted net loss was $27,711,000 against $2,203,000 a year ago. Adjusted diluted loss per share was $0.55 against $0.05 a year ago. Adjusted EBITDA was $102,502,000 against $223,127,000 a year ago. Adjusted EBITDA per diluted share was $2.04 against $4.53 a year ago.
For the quarter, the company announced oil and NGLs production of 1,950 MBbls compared to 2,277 MBbls for the same period a year ago. Natural gas production was 14.5 Bcf compared to 16.7 for the same period a year ago. Production was 4,359 MBoe compared to 5,054 MBoe for the same period a year ago. Production per day was 47.9 MBoe compared to 55.5 MBoe for the same period a year ago.
For six months, the company announced oil and NGLs production of 4,044 MBbls compared to 4,661 MBbls for the same period a year ago. Natural gas production was 29.0 Bcf compared to 33.1 for the same period a year ago. Production was 8,873 MBoe compared to 10,171 MBoe for the same period a year ago. Production per day was 48.8 MBoe compared to 56.2 MBoe for the same period a year ago.
For the quarter, the company recorded impairment of oil and natural gas properties of $74,291,000 against $410,536,000 a year ago.
The company anticipates the effective rate in the balance of 2016 to be approximately 37.3%. For the year, the capital expenditure budget is $161 million to $187 million.
Unit Corporation is a natural gas contract drilling company. The Company 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 Company 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 Companyâs 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 Corporation Reports Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2016; Reports Impairment of Oil and Natural Gas Properties for the Second Quarter Ended June 30, 2016; Provides Capital Expenditure and Tax Rate Guidance for the Year 2016