Unit Corporation Reports Second Quarter Results
Unit (OTCQX: UNTC) reported its second quarter 2024 results. Net income for Q2 2024 was $11.5 million ($1.15 per diluted share), compared to $28.0 million ($2.86 per diluted share) in Q2 2023. Total revenue for Q2 2024 was $56.8 million, down from $78.6 million in Q2 2023. For the first half of 2024, net income was $27.6 million ($2.76 per diluted share), compared to $162.7 million ($16.62 per diluted share) in H1 2023. Total revenue for H1 2024 was $124.0 million, down from $172.5 million in H1 2023.
The company's oil and natural gas segment saw mixed price changes, with oil prices up but natural gas prices down. Production volumes decreased across all categories. In the contract drilling segment, the average number of drilling rigs in use decreased by 24% in Q2 2024 compared to Q2 2023.
Unit declared a quarterly dividend of $1.25 per share for Q2 2024, payable on June 27, 2024.
Unit (OTCQX: UNTC) ha riportato i risultati del secondo trimestre 2024. L'utile netto per il secondo trimestre 2024 è stato di 11,5 milioni di dollari (1,15 dollari per azione diluita), rispetto ai 28,0 milioni di dollari (2,86 dollari per azione diluita) del secondo trimestre 2023. Il fatturato totale per il secondo trimestre 2024 è stato di 56,8 milioni di dollari, in calo rispetto ai 78,6 milioni di dollari nel secondo trimestre 2023. Per il primo semestre del 2024, l'utile netto è stato di 27,6 milioni di dollari (2,76 dollari per azione diluita), rispetto ai 162,7 milioni di dollari (16,62 dollari per azione diluita) nel primo semestre 2023. Il fatturato totale per il primo semestre 2024 è stato di 124,0 milioni di dollari, in calo rispetto ai 172,5 milioni di dollari nel primo semestre 2023.
Il segmento petrolifero e del gas naturale dell'azienda ha registrato variazioni di prezzo miste, con l'aumento dei prezzi del petrolio ma un abbassamento dei prezzi del gas naturale. I volumi di produzione sono diminuiti in tutte le categorie. Nel segmento di perforazione per contratto, il numero medio di piattaforme di perforazione in uso è diminuito del 24% nel secondo trimestre 2024 rispetto al secondo trimestre 2023.
Unit ha dichiarato un dividendo trimestrale di 1,25 dollari per azione per il secondo trimestre 2024, pagabile il 27 giugno 2024.
Unit (OTCQX: UNTC) informó sobre los resultados del segundo trimestre de 2024. La ingresos neto para el segundo trimestre de 2024 fue de 11,5 millones de dólares (1,15 dólares por acción diluida), en comparación con 28,0 millones de dólares (2,86 dólares por acción diluida) en el segundo trimestre de 2023. El ingreso total para el segundo trimestre de 2024 fue de 56,8 millones de dólares, en descenso desde 78,6 millones de dólares en el segundo trimestre de 2023. Para la primera mitad de 2024, el ingreso neto fue de 27,6 millones de dólares (2,76 dólares por acción diluida), comparado con 162,7 millones de dólares (16,62 dólares por acción diluida) en la primera mitad de 2023. El ingreso total para la primera mitad de 2024 fue de 124,0 millones de dólares, en baja desde 172,5 millones de dólares en la primera mitad de 2023.
El segmento de petróleo y gas natural de la empresa vio cambios mixtos en los precios, con los precios del petróleo en aumento pero los precios del gas natural en disminución. Los volúmenes de producción disminuyeron en todas las categorías. En el segmento de perforación por contrato, el número promedio de plataformas de perforación en uso disminuyó un 24% en el segundo trimestre de 2024 en comparación con el segundo trimestre de 2023.
Unit declaró un dividendo trimestral de 1,25 dólares por acción para el segundo trimestre de 2024, pagadero el 27 de junio de 2024.
Unit (OTCQX: UNTC)는 2024년 2분기 실적을 발표했습니다. 2024년 2분기 순이익은 1천150만 달러(희석 주당 1.15달러)로, 2023년 2분기 2천800만 달러(희석 주당 2.86달러)와 비교됩니다. 2024년 2분기 총 수익은 5680만 달러로, 2023년 2분기 7860만 달러에서 감소했습니다. 2024년 상반기 순이익은 2760만 달러(희석 주당 2.76달러)로, 2023년 상반기 1억6270만 달러(희석 주당 16.62달러)와 비교됩니다. 2024년 상반기 총 수익은 1억2400만 달러로, 2023년 상반기 1억7250만 달러에서 감소했습니다.
회사의 석유 및 천연 가스 부문은 혼합된 가격 변화를 보였으며, 석유 가격은 상승했지만 천연 가스 가격은 하락했습니다. 모든 카테고리에서 생산량이 감소했습니다. 계약 드릴링 부문에서 사용 중인 드릴링 장비의 평균 수는 2023년 2분기 대비 24% 감소했습니다.
Unit는 2024년 2분기 주당 1.25달러의 분기 배당금을 선언했으며, 이는 2024년 6월 27일에 지급될 예정입니다.
Unit (OTCQX: UNTC) a publié ses résultats du deuxième trimestre 2024. Le revenu net pour le deuxième trimestre 2024 s'élevait à 11,5 millions de dollars (1,15 dollar par action diluée), contre 28,0 millions de dollars (2,86 dollars par action diluée) au deuxième trimestre 2023. Le chiffre d'affaires total pour le deuxième trimestre 2024 était de 56,8 millions de dollars, en baisse par rapport à 78,6 millions de dollars au deuxième trimestre 2023. Pour le premier semestre 2024, le revenu net était de 27,6 millions de dollars (2,76 dollars par action diluée), contre 162,7 millions de dollars (16,62 dollars par action diluée) au premier semestre 2023. Le chiffre d'affaires total pour le premier semestre 2024 s'élevait à 124,0 millions de dollars, en baisse par rapport à 172,5 millions de dollars au premier semestre 2023.
Le segment de l'huile et du gaz naturel de l'entreprise a vu des changements de prix hétérogènes, avec des prix du pétrole en hausse mais des prix du gaz naturel en baisse. Les volumes de production ont diminué dans toutes les catégories. Dans le segment du forage par contrat, le nombre moyen de plates-formes de forage en service a diminué de 24 % au deuxième trimestre 2024 par rapport au deuxième trimestre 2023.
Unit a déclaré un dividende trimestriel de 1,25 dollar par action pour le deuxième trimestre 2024, payable le 27 juin 2024.
Unit (OTCQX: UNTC) hat die Ergebnisse des zweiten Quartals 2024 veröffentlicht. Der Nettoertrag für das zweite Quartal 2024 betrug 11,5 Millionen Dollar (1,15 Dollar pro verwässerter Aktie), verglichen mit 28,0 Millionen Dollar (2,86 Dollar pro verwässerter Aktie) im zweiten Quartal 2023. Der Gesamtumsatz für das zweite Quartal 2024 betrug 56,8 Millionen Dollar, ein Rückgang von 78,6 Millionen Dollar im zweiten Quartal 2023. Für das erste Halbjahr 2024 lag der Nettoertrag bei 27,6 Millionen Dollar (2,76 Dollar pro verwässerter Aktie), verglichen mit 162,7 Millionen Dollar (16,62 Dollar pro verwässerter Aktie) im ersten Halbjahr 2023. Der Gesamtumsatz für das erste Halbjahr 2024 betrug 124,0 Millionen Dollar, ein Rückgang von 172,5 Millionen Dollar im ersten Halbjahr 2023.
Im Öl- und Erdgassegment des Unternehmens gab es gemischte Preisänderungen, da die Ölpreise stiegen, während die Erdgaspreise sanken. Die Produktionsmengen sind in allen Kategorien gesunken. Im Bereich des Vertragsbohrens sank die durchschnittliche Anzahl der im Einsatz befindlichen Bohranlagen im zweiten Quartal 2024 um 24% im Vergleich zum zweiten Quartal 2023.
Unit hat eine vierteljährliche Dividende von 1,25 Dollar pro Aktie für das zweite Quartal 2024 erklärt, die am 27. Juni 2024 zahlbar ist.
- Quarterly dividend of $1.25 per share maintained in Q2 2024
- Average oil price increased 38% to $79.23 per barrel in Q2 2024
- Average NGLs price increased 23% to $18.15 per barrel in Q2 2024
- Net income decreased 59% to $11.5 million in Q2 2024 compared to Q2 2023
- Total revenue declined 28% to $56.8 million in Q2 2024 compared to Q2 2023
- Oil production decreased 32% in Q2 2024 compared to Q2 2023
- Natural gas production decreased 43% in Q2 2024 compared to Q2 2023
- Average number of drilling rigs in use decreased 24% in Q2 2024 compared to Q2 2023
Second Quarter and Year to Date Results
Net income for the three months ended June 30, 2024 was
For the six months ended June 30, 2024, net income was
Operational highlights for the oil and natural gas and contract drilling segments during the three and six months ended June 30, 2024 and 2023 include:
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
||||
|
2024 |
|
2023 |
|
% Change |
2024 |
|
2023 |
|
% Change |
Oil and Natural Gas: |
|
|
|
|
|
|
|
|
|
|
Avg. oil price ($/Bbl) |
|
|
|
|
|
|
|
|
|
|
Avg. oil price excl. derivatives ($/Bbl) |
|
|
|
|
|
|
|
|
|
|
Avg. NGLs price ($/Bbl) |
|
|
|
|
|
|
|
|
|
|
Avg. NGLs price excl. derivatives ($/Bbl) |
|
|
|
|
|
|
|
|
|
|
Avg. natural gas price ($/Mcf) |
|
|
|
|
(32)% |
|
|
|
|
(49)% |
Avg. natural gas price excl. derivatives ($/Mcf) |
|
|
|
|
(24)% |
|
|
|
|
(36)% |
Oil production (MBbls) |
170 |
|
250 |
|
(32)% |
357 |
|
550 |
|
(35)% |
NGL production (MBbls) |
217 |
|
428 |
|
(49)% |
515 |
|
848 |
|
(39)% |
Natural gas production (MMcf) |
2,982 |
|
5,188 |
|
(43)% |
6,484 |
|
10,556 |
|
(39)% |
Total production (MBOE) |
884 |
|
1,543 |
|
(43)% |
1,953 |
|
3,157 |
|
(38)% |
|
2024 |
|
2023 |
|
% Change |
2024 |
|
2023 |
|
% Change |
Contract Drilling: |
|
|
|
|
|
|
|
|
|
|
Total rigs available (end of the period) |
14 |
|
14 |
|
—% |
14 |
|
14 |
|
—% |
Average number of drilling rigs in use |
11.9 |
|
15.6 |
|
(24)% |
12.8 |
|
16.2 |
|
(21)% |
Average dayrate on daywork contracts ($/day) |
|
|
|
|
(3)% |
|
|
|
|
|
Common Stock Dividends
The table below presents information about the dividends paid during the periods indicated:
|
Type |
Dividend per share |
Total Amount |
Record Date |
Payment Date |
|
||
2023 |
|
|
(In thousands) |
|
|
|
||
First quarter |
Special |
$ |
10.00 |
$ |
96,179 |
January 20, 2023 |
January 31, 2023 |
|
Second quarter |
Quarterly |
$ |
2.50 |
$ |
24,071 |
June 16, 2023 |
June 26, 2023 |
|
Third quarter |
Quarterly |
$ |
2.50 |
$ |
24,113 |
September 15, 2023 |
September 26, 2023 |
|
Fourth quarter |
Quarterly |
$ |
2.50 |
$ |
24,226 |
December 18, 2023 |
December 27, 2023 |
|
Fourth quarter |
Special |
$ |
15.00 |
$ |
145,353 |
December 18, 2023 |
December 27, 2023 |
|
Fourth quarter |
Special |
$ |
5.00 |
$ |
48,451 |
December 18, 2023 |
December 27, 2023 |
|
2024 |
|
|
|
|
|
|
||
First quarter |
Quarterly |
$ |
1.25 |
$ |
12,269 |
March 18, 2024 |
March 28, 2024 |
|
Second quarter |
Quarterly |
$ |
1.25 |
$ |
12,961 |
June 17, 2024 |
June 27, 2024 |
|
The declaration and payment of any future dividend, whether fixed, special, or variable, are at the sole discretion of the Company’s Board of Directors. This decision will depend upon several factors, including the Company’s financial position, results of operations, cash flows, capital requirements, business conditions, future expectations, legal requirements, and other relevant factors at the time of consideration. Future dividends are expected to be funded by cash on the Company's balance sheet.
The Company's preliminary 2024 Form 8937 (Report of Organizational Actions Affecting Basis of Securities) can be found on its website at https://unitcorp.com/investor-relations/tax-reporting/.
About Unit Corporation
Unit Corporation is a
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. All statements, other than statements of historical facts, included in this release that address activities, events, or developments that the Company expects, believes, or anticipates will or may occur are forward-looking statements. Several risks and uncertainties could cause actual results to differ materially from these statements, including changes in commodity prices, the productive capabilities of the Company’s wells, future demand for oil and natural gas, future drilling rig utilization and dayrates, projected rate of the Company’s oil and natural gas production, the amount available to the Company for borrowings, its anticipated borrowing needs under its credit agreement, the number of wells to be drilled by the Company’s oil and natural gas segment, the potential productive capability of its prospective plays, and other factors described occasionally in the Company’s publicly available OTC reports. The Company assumes no obligation to update publicly such forward-looking statements, whether because of new information, future events, or otherwise.
Unit Corporation Selected Financial Highlights |
|||||||||||||||
|
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
(In thousands except per share amounts) |
||||||||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Oil and natural gas |
$ |
20,410 |
|
|
$ |
31,176 |
|
|
$ |
46,982 |
|
|
$ |
79,202 |
|
Contract drilling |
|
36,347 |
|
|
|
47,405 |
|
|
|
76,979 |
|
|
|
93,308 |
|
Total revenues |
|
56,757 |
|
|
|
78,581 |
|
|
|
123,961 |
|
|
|
172,510 |
|
Expenses: |
|
|
|
|
|
|
|
||||||||
Operating costs: |
|
|
|
|
|
|
|
||||||||
Oil and natural gas |
|
10,480 |
|
|
|
15,224 |
|
|
|
22,459 |
|
|
|
32,388 |
|
Contract drilling |
|
25,051 |
|
|
|
26,882 |
|
|
|
50,776 |
|
|
|
53,754 |
|
Total operating costs |
|
35,531 |
|
|
|
42,106 |
|
|
|
73,235 |
|
|
|
86,142 |
|
Depreciation, depletion, and amortization |
|
3,659 |
|
|
|
3,824 |
|
|
|
7,560 |
|
|
|
7,715 |
|
General and administrative |
|
5,601 |
|
|
|
4,809 |
|
|
|
10,579 |
|
|
|
9,899 |
|
Gain on disposition of assets |
|
(1,210 |
) |
|
|
(5,676 |
) |
|
|
(1,145 |
) |
|
|
(9,429 |
) |
Total operating expenses |
|
43,581 |
|
|
|
45,063 |
|
|
|
90,229 |
|
|
|
94,327 |
|
Income from operations |
|
13,176 |
|
|
|
33,518 |
|
|
|
33,732 |
|
|
|
78,183 |
|
Other income (expense): |
|
|
|
|
|
|
|
||||||||
Interest income |
|
1,081 |
|
|
|
2,426 |
|
|
|
2,035 |
|
|
|
4,183 |
|
Interest expense |
|
(8 |
) |
|
|
(41 |
) |
|
|
(38 |
) |
|
|
(80 |
) |
Gain on derivatives, net |
|
133 |
|
|
|
1,500 |
|
|
|
133 |
|
|
|
15,095 |
|
Gain on sale of Superior investment |
|
— |
|
|
|
17,812 |
|
|
|
— |
|
|
|
17,812 |
|
Reorganization items, net |
|
— |
|
|
|
(70 |
) |
|
|
(22 |
) |
|
|
(151 |
) |
Other, net |
|
222 |
|
|
|
52 |
|
|
|
(155 |
) |
|
|
159 |
|
Total other income (expense) |
|
1,428 |
|
|
|
21,679 |
|
|
|
1,953 |
|
|
|
37,018 |
|
Income before income taxes |
|
14,604 |
|
|
|
55,197 |
|
|
|
35,685 |
|
|
|
115,201 |
|
Income tax expense (benefit), net: |
|
|
|
|
|
|
|
||||||||
Current |
|
(290 |
) |
|
|
159 |
|
|
|
(215 |
) |
|
|
349 |
|
Deferred |
|
3,385 |
|
|
|
27,021 |
|
|
|
8,287 |
|
|
|
(47,815 |
) |
Total income tax expense (benefit), net |
|
3,095 |
|
|
|
27,180 |
|
|
|
8,072 |
|
|
|
(47,466 |
) |
Net income |
$ |
11,509 |
|
|
$ |
28,017 |
|
|
$ |
27,613 |
|
|
$ |
162,667 |
|
Net income per common share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
1.17 |
|
|
$ |
2.90 |
|
|
$ |
2.81 |
|
|
$ |
16.82 |
|
Diluted |
$ |
1.15 |
|
|
$ |
2.86 |
|
|
$ |
2.76 |
|
|
$ |
16.62 |
|
Unit Corporation Selected Financial Highlights - Continued |
|||||
|
June 30,
|
|
December 31,
|
||
Balance Sheet Data: |
(In thousands) |
||||
Cash and cash equivalents |
$ |
80,808 |
|
$ |
60,779 |
Current assets |
$ |
117,326 |
|
$ |
118,296 |
Total assets |
$ |
312,648 |
|
$ |
322,720 |
Current liabilities |
$ |
30,275 |
|
$ |
42,399 |
Long-term debt |
$ |
— |
|
$ |
— |
Other long-term liabilities |
$ |
22,698 |
|
$ |
22,803 |
Total shareholders’ equity attributable to Unit Corporation |
$ |
257,056 |
|
$ |
254,126 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808057152/en/
Rene Punch
Investor Relations
(918) 493-7700
www.unitcorp.com
Source: Unit Corporation
FAQ
What was Unit 's (UNTC) net income for Q2 2024?
How did Unit 's (UNTC) revenue change in Q2 2024 compared to Q2 2023?
What dividend did Unit (UNTC) declare for Q2 2024?
How did Unit 's (UNTC) oil production change in Q2 2024?
What was the average number of drilling rigs in use for Unit (UNTC) in Q2 2024?
