Unit Corporation Reports Year End and Fourth Quarter Results
- None.
- None.
Fourth Quarter and Year End Results
Net income attributable to Unit Corporation for the three months ended December 31, 2023 was
For the twelve months ended December 31, 2023, net income attributable to Unit Corporation was
“This was an important year for Unit as we paid a total of
The Company announced on March 7, 2024 that a quarterly cash dividend of
Operational highlights for the oil and natural gas and contract drilling segments during the twelve months ended December 31, 2023 and 2022 include:
|
Three Months Ended December 31, |
|
|
|
Twelve Months Ended December 31, |
|
|
||||||||||
|
2023 |
|
2022 |
|
% Change |
|
2023 |
|
2022 |
|
% Change |
||||||
Oil and Natural Gas: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Avg. oil price ($/Bbl) |
$ |
57.12 |
|
$ |
56.31 |
|
1 |
% |
|
$ |
60.61 |
|
$ |
57.48 |
|
5 |
% |
Avg. oil price excl. derivatives ($/Bbl) |
$ |
76.98 |
|
$ |
82.48 |
|
(7 |
)% |
|
$ |
75.57 |
|
$ |
94.28 |
|
(20 |
)% |
Avg. NGLs price ($/Bbl) |
$ |
18.25 |
|
$ |
18.07 |
|
1 |
% |
|
$ |
18.02 |
|
$ |
30.00 |
|
(40 |
)% |
Avg. NGLs price excl. derivatives ($/Bbl) |
$ |
18.25 |
|
$ |
18.07 |
|
1 |
% |
|
$ |
18.02 |
|
$ |
30.00 |
|
(40 |
)% |
Avg. natural gas price ($/Mcf) |
$ |
1.72 |
|
$ |
3.42 |
|
(50 |
)% |
|
$ |
2.28 |
|
$ |
3.65 |
|
(38 |
)% |
Avg. natural gas price excl. derivatives ($/Mcf) |
$ |
2.04 |
|
$ |
4.98 |
|
(59 |
)% |
|
$ |
2.07 |
|
$ |
5.79 |
|
(64 |
)% |
Oil production (MBbls) |
|
209 |
|
|
290 |
|
(28 |
)% |
|
|
984 |
|
|
1,281 |
|
(23 |
)% |
NGL production (MBbls) |
|
360 |
|
|
368 |
|
(2 |
)% |
|
|
1,636 |
|
|
2,148 |
|
(24 |
)% |
Natural gas production (MMcf) |
|
4,453 |
|
|
5,424 |
|
(18 |
)% |
|
|
20,195 |
|
|
24,211 |
|
(17 |
)% |
Total production (Mboe) |
|
1,310 |
|
|
1,562 |
|
(16 |
)% |
|
|
5,986 |
|
|
7,464 |
|
(20 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Contract Drilling: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Drilling rigs available (end of the period) |
|
14 |
|
|
18 |
|
(22 |
)% |
|
|
14 |
|
|
18 |
|
(22 |
)% |
Average drilling rigs in use |
|
13.9 |
|
|
17.0 |
|
(18 |
)% |
|
|
15.1 |
|
|
16.4 |
|
(8 |
)% |
Average dayrate on daywork contracts ($/day) |
$ |
31,245 |
|
$ |
27,579 |
|
13 |
% |
|
$ |
31,225 |
|
$ |
23,132 |
|
35 |
% |
BOSS rigs average dayrate ($/day) |
$ |
31,245 |
|
$ |
28,385 |
|
10 |
% |
|
$ |
31,690 |
|
$ |
23,963 |
|
32 |
% |
SCR rigs average dayrate ($/day) |
$ |
— |
|
$ |
23,861 |
|
(100 |
)% |
|
$ |
22,944 |
|
$ |
19,422 |
|
18 |
% |
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 |
The declaration and payment of any future dividend, whether fixed, special, or variable, will remain at the full discretion of the Company’s Board of Directors and will depend upon the Company’s financial position, results of operations, cash flows, capital requirements, business conditions, future expectations, the requirements of applicable law, and other factors that the Company’s Board of Directors finds relevant at the time of considering any potential dividend declaration. Future dividends are expected to be funded by cash on the Company's balance sheet.
Oil and Natural Gas Divestiture
On December 13, 2023, the Company closed on the sale of certain non-core wells and related leases in the Texas Panhandle for cash proceeds of
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 agreements, 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 and SEC 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 December 31, |
|
Twelve Months Ended December 31, |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
(In thousands except per share amounts) |
||||||||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Oil and natural gas |
$ |
31,830 |
|
|
$ |
57,734 |
|
|
$ |
146,237 |
|
|
$ |
315,482 |
|
Contract drilling |
|
42,797 |
|
|
|
44,590 |
|
|
|
181,056 |
|
|
|
147,370 |
|
Gas gathering and processing |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
82,673 |
|
Total revenues |
|
74,627 |
|
|
|
102,324 |
|
|
|
327,293 |
|
|
|
545,525 |
|
Expenses: |
|
|
|
|
|
|
|
||||||||
Operating costs: |
|
|
|
|
|
|
|
||||||||
Oil and natural gas |
|
16,528 |
|
|
|
21,021 |
|
|
|
65,739 |
|
|
|
93,350 |
|
Contract drilling |
|
26,652 |
|
|
|
27,564 |
|
|
|
108,035 |
|
|
|
105,387 |
|
Gas gathering and processing |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
62,388 |
|
Total operating costs |
|
43,180 |
|
|
|
48,585 |
|
|
|
173,774 |
|
|
|
261,125 |
|
Depreciation, depletion, and amortization |
|
5,231 |
|
|
|
3,691 |
|
|
|
17,724 |
|
|
|
24,143 |
|
General and administrative |
|
7,726 |
|
|
|
5,096 |
|
|
|
22,577 |
|
|
|
24,644 |
|
Gain on disposition of assets |
|
(36,372 |
) |
|
|
(1,968 |
) |
|
|
(49,950 |
) |
|
|
(8,367 |
) |
Total operating expenses |
|
19,765 |
|
|
|
55,404 |
|
|
|
164,125 |
|
|
|
301,545 |
|
Income from operations |
|
54,862 |
|
|
|
46,920 |
|
|
|
163,168 |
|
|
|
243,980 |
|
Other income (expense): |
|
|
|
|
|
|
|
||||||||
Interest income |
|
2,679 |
|
|
|
— |
|
|
|
9,734 |
|
|
|
2,642 |
|
Interest expense |
|
(43 |
) |
|
|
— |
|
|
|
(164 |
) |
|
|
(447 |
) |
Gain (loss) on derivatives, net |
|
1,119 |
|
|
|
10,238 |
|
|
|
12,975 |
|
|
|
(63,610 |
) |
Gain (loss) on change in fair value of warrants |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(29,323 |
) |
Loss on deconsolidation of Superior |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13,141 |
) |
Gain on sale of Superior investment |
|
— |
|
|
|
— |
|
|
|
17,812 |
|
|
|
— |
|
Reorganization items, net |
|
(136 |
) |
|
|
(37 |
) |
|
|
(299 |
) |
|
|
(127 |
) |
Other, net |
|
190 |
|
|
|
(56 |
) |
|
|
203 |
|
|
|
2,900 |
|
Total other income (expense) |
|
3,809 |
|
|
|
12,748 |
|
|
|
40,261 |
|
|
|
(101,106 |
) |
Income before income taxes |
|
58,671 |
|
|
|
59,668 |
|
|
|
203,429 |
|
|
|
142,874 |
|
Income tax expense (benefit), net: |
|
|
|
|
|
|
|
||||||||
Current |
|
694 |
|
|
|
333 |
|
|
|
1,575 |
|
|
|
333 |
|
Deferred |
|
540 |
|
|
|
— |
|
|
|
(47,085 |
) |
|
|
— |
|
Total income tax expense (benefit), net |
|
1,234 |
|
|
|
333 |
|
|
|
(45,510 |
) |
|
|
333 |
|
Net income |
|
57,437 |
|
|
|
59,335 |
|
|
|
248,939 |
|
|
|
142,541 |
|
Net loss attributable to non-controlling interests |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,828 |
) |
Net income attributable to Unit Corporation |
$ |
57,437 |
|
|
$ |
59,335 |
|
|
$ |
248,939 |
|
|
$ |
148,369 |
|
Net income attributable to Unit Corporation per common share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
5.89 |
|
|
$ |
6.16 |
|
|
$ |
25.68 |
|
|
$ |
15.03 |
|
Diluted |
$ |
5.79 |
|
|
$ |
6.07 |
|
|
$ |
25.32 |
|
|
$ |
14.78 |
|
Unit Corporation |
|||||
Selected Financial Highlights - Continued |
|||||
|
December 31,
|
|
December 31,
|
||
Balance Sheet Data: |
(In thousands) |
||||
Cash and cash equivalents |
$ |
60,779 |
|
$ |
213,975 |
Current assets |
$ |
118,296 |
|
$ |
275,469 |
Total assets |
$ |
322,720 |
|
$ |
469,255 |
Current liabilities |
$ |
42,399 |
|
$ |
68,232 |
Long-term debt |
$ |
— |
|
$ |
— |
Other long-term liabilities |
$ |
22,803 |
|
$ |
33,362 |
Total shareholders’ equity attributable to Unit Corporation |
$ |
254,126 |
|
$ |
362,626 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240314119265/en/
Rene Punch
Investor Relations
(918) 493-7700
www.unitcorp.com
Source: Unit Corporation
FAQ
What were Unit Corporation's net income and total revenues for Q4 2023?
How much did Unit Corporation pay in cash dividends in 2023?
What was the quarterly cash dividend declared for Q1 2024 by Unit Corporation?
Where can the Company's financial reports be accessed?