Unit Corporation Reports Third Quarter Results
Unit (UNTC) reported Q3 2024 net income of $8.9 million ($0.89 per diluted share), down from $28.8 million ($2.94 per diluted share) in Q3 2023. Total revenue decreased to $53.7 million from $80.2 million year-over-year. For the nine months ended September 30, 2024, net income was $36.6 million ($3.67 per diluted share), compared to $191.5 million in the same period of 2023. The company maintained quarterly dividends of $1.25 per share throughout 2024. Results reflect a stable contract drilling market and decreased production volumes following the December 2023 sale of Texas Panhandle assets.
Unit (UNTC) ha riportato un reddito netto di 8,9 milioni di dollari ($0,89 per azione diluita) nel terzo trimestre del 2024, in calo rispetto ai 28,8 milioni di dollari ($2,94 per azione diluita) nel terzo trimestre del 2023. I ricavi totali sono diminuiti a 53,7 milioni di dollari, rispetto agli 80,2 milioni di dollari dell'anno precedente. Nei nove mesi conclusisi il 30 settembre 2024, il reddito netto è stato di 36,6 milioni di dollari ($3,67 per azione diluita), rispetto ai 191,5 milioni di dollari dello stesso periodo del 2023. L'azienda ha mantenuto dividendi trimestrali di 1,25 dollari per azione per tutto il 2024. I risultati riflettono un mercato di perforazione contrattuale stabile e una diminuzione dei volumi di produzione a seguito della vendita degli attivi del Texas Panhandle a dicembre 2023.
Unit (UNTC) reportó un ingreso neto en el tercer trimestre de 2024 de 8.9 millones de dólares ($0.89 por acción diluida), una disminución desde los 28.8 millones de dólares ($2.94 por acción diluida) en el tercer trimestre de 2023. Los ingresos totales disminuyeron a 53.7 millones de dólares desde 80.2 millones de dólares en comparación interanual. Para los nueve meses que terminaron el 30 de septiembre de 2024, el ingreso neto fue de 36.6 millones de dólares ($3.67 por acción diluida), en comparación con 191.5 millones de dólares en el mismo período de 2023. La compañía mantuvo dividendos trimestrales de 1.25 dólares por acción durante todo el 2024. Los resultados reflejan un mercado de perforación por contrato estable y volúmenes de producción disminuidos tras la venta de activos en Texas Panhandle en diciembre de 2023.
Unit (UNTC)는 2024년 3분기에 순이익이 890만 달러($0.89 주당)로 2023년 3분기의 2,880만 달러($2.94 주당)에서 감소했다고 보고했습니다. 총 수익은 전년 대비 8020만 달러에서 5370만 달러로 감소했습니다. 2024년 9월 30일로 종료된 9개월 동안 순이익은 3660만 달러($3.67 주당)로, 2023년 같은 기간의 1억 9150만 달러와 비교됩니다. 회사는 2024년 내내 주당 1.25달러의 분기 배당금을 유지했습니다. 이 결과는 안정적인 계약 시추 시장을 반영하며, 2023년 12월 Texas Panhandle 자산 판매 이후 생산량이 감소한 것을 보여줍니다.
Unit (UNTC) a annoncé un revenu net de 8,9 millions de dollars (0,89 $ par action diluée) au troisième trimestre de 2024, en baisse par rapport à 28,8 millions de dollars (2,94 $ par action diluée) au troisième trimestre de 2023. Les revenus totaux ont diminué à 53,7 millions de dollars contre 80,2 millions de dollars d'une année sur l'autre. Pour les neuf mois se terminant le 30 septembre 2024, le revenu net était de 36,6 millions de dollars (3,67 $ par action diluée), comparé à 191,5 millions de dollars au cours de la même période de 2023. L'entreprise a maintenu un dividende trimestriel de 1,25 $ par action tout au long de l'année 2024. Les résultats reflètent un marché de forage contractuel stable et une diminution des volumes de production suite à la vente des actifs de Texas Panhandle en décembre 2023.
Unit (UNTC) meldete einen Nettogewinn von 8,9 Millionen Dollar (0,89 Dollar pro verwässerter Aktie) im dritten Quartal 2024, ein Rückgang von 28,8 Millionen Dollar (2,94 Dollar pro verwässerter Aktie) im dritten Quartal 2023. Der Gesamterlös sank im Jahresvergleich von 80,2 Millionen Dollar auf 53,7 Millionen Dollar. Für die am 30. September 2024 endenden neun Monate betrug der Nettogewinn 36,6 Millionen Dollar (3,67 Dollar pro verwässerter Aktie), im Vergleich zu 191,5 Millionen Dollar im gleichen Zeitraum 2023. Das Unternehmen hielt die vierteljährlichen Dividenden bei 1,25 Dollar pro Aktie während des gesamten Jahres 2024 bei. Die Ergebnisse spiegeln einen stabilen Vertragsbohrmarkt und gesunkene Produktionsmengen nach dem Verkauf der Texas Panhandle-Vermögenswerte im Dezember 2023 wider.
- Average oil price increased 23% to $74.18/Bbl in Q3 2024
- NGL prices rose 5% to $18.70/Bbl in Q3 2024
- Maintained consistent quarterly dividend payments of $1.25 per share in 2024
- Q3 2024 net income declined 69% YoY to $8.9 million
- Total revenue decreased 33% YoY to $53.7 million in Q3 2024
- Oil production dropped 29% YoY in Q3 2024
- Natural gas prices fell 19% to $1.42/Mcf in Q3 2024
- Average number of drilling rigs in use decreased 21% YoY
- Average dayrate on daywork contracts declined 8% to $29,956/day
Third Quarter and Year to Date Results
Net income for the three months ended September 30, 2024 was
For the nine months ended September 30, 2024, net income was
“Our current year results remain on track, with results reflecting a relatively stable contract drilling market, as well as the expected decline in production volumes due to the December 2023 sale of certain non-core oil and gas assets in the Texas Panhandle,” said Phil Frohlich, Chief Executive Officer.
Operational highlights for the oil and natural gas and contract drilling segments during the three and nine months ended September 30, 2024 and 2023 include:
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
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|
2024 |
|
2023 |
|
% Change |
2024 |
|
2023 |
|
% Change |
Oil and Natural Gas: |
|
|
|
|
|
|
|
|
|
|
Avg. oil price ($/Bbl) |
|
|
|
|
|
|
|
|
|
|
Avg. oil price excl. derivatives ($/Bbl) |
|
|
|
|
(8)% |
|
|
|
|
|
Avg. NGLs price ($/Bbl) |
|
|
|
|
|
|
|
|
|
|
Avg. NGLs price excl. derivatives ($/Bbl) |
|
|
|
|
|
|
|
|
|
|
Avg. natural gas price ($/Mcf) |
|
|
|
|
(19)% |
|
|
|
|
(42)% |
Avg. natural gas price excl. derivatives ($/Mcf) |
|
|
|
|
(20)% |
|
|
|
|
(32)% |
Oil production (MBbls) |
160 |
|
225 |
|
(29)% |
517 |
|
775 |
|
(33)% |
NGL production (MBbls) |
248 |
|
429 |
|
(42)% |
763 |
|
1,277 |
|
(40)% |
Natural gas production (MMcf) |
3,288 |
|
5,185 |
|
(37)% |
9,772 |
|
15,741 |
|
(38)% |
Total production (MBOE) |
956 |
|
1,518 |
|
(37)% |
2,909 |
|
4,676 |
|
(38)% |
|
2024 |
|
2023 |
|
% Change |
2024 |
|
2023 |
|
% Change |
Contract Drilling: |
|
|
|
|
|
|
|
|
|
|
Total rigs available (end of the period) |
14 |
|
14 |
|
—% |
14 |
|
14 |
|
—% |
Average number of drilling rigs in use |
11.1 |
|
14.1 |
|
(21)% |
12.2 |
|
15.5 |
|
(21)% |
Average dayrate on daywork contracts ($/day) |
|
|
|
|
(8)% |
|
|
|
|
(2)% |
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 |
Third quarter |
Quarterly |
$ |
1.25 |
$ |
12,248 |
September 16, 2024 |
September 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 |
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Selected Financial Highlights |
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|
|||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
(In thousands except per share amounts) |
||||||||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Oil and natural gas |
$ |
21,277 |
|
|
$ |
35,205 |
|
|
$ |
68,259 |
|
|
$ |
114,407 |
|
Contract drilling |
|
32,453 |
|
|
|
44,951 |
|
|
|
109,432 |
|
|
|
138,259 |
|
Total revenues |
|
53,730 |
|
|
|
80,156 |
|
|
|
177,691 |
|
|
|
252,666 |
|
Expenses: |
|
|
|
|
|
|
|
||||||||
Operating costs: |
|
|
|
|
|
|
|
||||||||
Oil and natural gas |
|
10,503 |
|
|
|
16,823 |
|
|
|
32,962 |
|
|
|
49,211 |
|
Contract drilling |
|
23,117 |
|
|
|
27,629 |
|
|
|
73,893 |
|
|
|
81,383 |
|
Total operating costs |
|
33,620 |
|
|
|
44,452 |
|
|
|
106,855 |
|
|
|
130,594 |
|
Depreciation, depletion, and amortization |
|
3,934 |
|
|
|
4,778 |
|
|
|
11,494 |
|
|
|
12,493 |
|
General and administrative |
|
5,533 |
|
|
|
4,952 |
|
|
|
16,112 |
|
|
|
14,851 |
|
Gain on disposition of assets |
|
(180 |
) |
|
|
(4,149 |
) |
|
|
(1,325 |
) |
|
|
(13,578 |
) |
Total operating expenses |
|
42,907 |
|
|
|
50,033 |
|
|
|
133,136 |
|
|
|
144,360 |
|
Income from operations |
|
10,823 |
|
|
|
30,123 |
|
|
|
44,555 |
|
|
|
108,306 |
|
Other income (expense): |
|
|
|
|
|
|
|
||||||||
Interest income |
|
1,161 |
|
|
|
2,872 |
|
|
|
3,196 |
|
|
|
7,055 |
|
Interest expense |
|
(8 |
) |
|
|
(41 |
) |
|
|
(46 |
) |
|
|
(121 |
) |
Gain on derivatives, net |
|
(243 |
) |
|
|
(3,239 |
) |
|
|
(110 |
) |
|
|
11,856 |
|
Gain on sale of Superior investment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17,812 |
|
Reorganization items, net |
|
(34 |
) |
|
|
(12 |
) |
|
|
(56 |
) |
|
|
(163 |
) |
Other, net |
|
82 |
|
|
|
(146 |
) |
|
|
(73 |
) |
|
|
13 |
|
Total other income (expense) |
|
958 |
|
|
|
(566 |
) |
|
|
2,911 |
|
|
|
36,452 |
|
Income before income taxes |
|
11,781 |
|
|
|
29,557 |
|
|
|
47,466 |
|
|
|
144,758 |
|
Income tax expense (benefit), net: |
|
|
|
|
|
|
|
||||||||
Current |
|
143 |
|
|
|
532 |
|
|
|
(72 |
) |
|
|
881 |
|
Deferred |
|
2,689 |
|
|
|
190 |
|
|
|
10,976 |
|
|
|
(47,625 |
) |
Total income tax expense (benefit), net |
|
2,832 |
|
|
|
722 |
|
|
|
10,904 |
|
|
|
(46,744 |
) |
Net income |
$ |
8,949 |
|
|
$ |
28,835 |
|
|
$ |
36,562 |
|
|
$ |
191,502 |
|
Net income per common share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.91 |
|
|
$ |
2.98 |
|
|
$ |
3.73 |
|
|
$ |
19.81 |
|
Diluted |
$ |
0.89 |
|
|
$ |
2.94 |
|
|
$ |
3.67 |
|
|
$ |
19.55 |
|
Unit Corporation |
|||||
Selected Financial Highlights - Continued |
|||||
|
September 30,
|
|
December 31,
|
||
Balance Sheet Data: |
(In thousands) |
||||
Cash and cash equivalents |
$ |
80,088 |
|
$ |
60,779 |
Current assets |
$ |
115,452 |
|
$ |
118,296 |
Total assets |
$ |
307,658 |
|
$ |
322,720 |
Current liabilities |
$ |
29,374 |
|
$ |
42,399 |
Long-term debt |
$ |
— |
|
$ |
— |
Other long-term liabilities |
$ |
22,600 |
|
$ |
22,803 |
Total shareholders’ equity attributable to Unit Corporation |
$ |
253,475 |
|
$ |
254,126 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107778036/en/
Rene Punch
Investor Relations
(918) 493-7700
www.unitcorp.com
Source: Unit Corporation
FAQ
What was Unit 's (UNTC) earnings per share in Q3 2024?
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