Unit Corp. (UNT)
UBS Global Energy & Gas Conference Call
May 24, 2012 01:30 am ET
Larry Pinkston - CEO
Angie Sedita - UBS
Angie Sedita - UBS
Alright. We are very pleased to have Unit Corporation as our final presenter of the day and speaking here will first be Larry Pinkston CEO of Unit Corporation. Larry joined the company in 1981. He held a number of senior positions over the years and was named Vice President and CFO in 1989.
In 2004, he was elected to the position of COO and became Chief Executive Officer in 2005. We’re also pleased to have David Merrill here who is also the CFO, a position to he was named to in 2004.
Thanks Angie. We really appreciate you all staying around to hear our story. We think we have a very exciting story. It’s unique and we’re involved into three different segments of the energy industry. All segments and all of them we’ve been involved in since 2004, of course we got our start as a drilling company back in 1963, really got in to the exploration business in the late 70s and in the midstream business in 2004. They’ve all three shown very consistent growth over the years, very consistent economic growth. We finished the year of 2011 with 127 drilling rigs, 116 medium barrels of oil equivalent and a midstream company that had little over 900 miles of pipeline and 11 processing plants now.
We’ve always considered one of our major strengths is our corporate structure. What it does is it enables us to direct our investments in to whichever segment in the industry that we feel like has the best rate of return for our shareholders and those cycles are very seldom ever the same. We went through a very aggressive rig building cycle for three or four years. This year has dropped off about nearly as aggressive, but we’re seeing pickup this year has been the opportunities in the midstream segment.