This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Unit Corporation Reports 2012 Second Quarter And First Six Months Results

Unit Corporation (NYSE: UNT) reported a net loss of $19.3 million, or $0.40 per diluted share, for the three months ended June 30, 2012, compared to net income of $49.8 million, or $1.04 per diluted share, for the second quarter of 2011. Included in the second quarter 2012 results was a non-cash ceiling test write down of $115.9 million ($72.1 million after tax, or $1.50 per diluted share). The ceiling test write down was required to reduce the carrying value of the company’s oil and natural gas properties resulting from significantly lower commodity prices during the second quarter of 2012. Excluding the ceiling test write down, net income for the second quarter of 2012 would have been $52.8 million, or $1.10 per diluted share, a 6% increase over the second quarter 2011 (see Non-GAAP Financial Measures below). Total revenues for the second quarter of 2012 were $329.9 million (45% contract drilling, 40% oil and natural gas, and 15% mid-stream), compared to $291.5 million (40% contract drilling, 45% oil and natural gas, and 15% mid-stream) for the second quarter of 2011.

For the first six months of 2012, Unit reported net income of $33.1 million, or $0.69 per diluted share. For the same period in 2011, net income was $90.8 million, or $1.89 per diluted share. Excluding the effect of the second quarter 2012 ceiling test write down, net income for the first six months would have been $105.3 million, or $2.19 per diluted share, an increase of 16% over the same period in 2011 (see Non-GAAP Financial Measures below). Total revenues for the first six months of 2012 were $662.3 million (43% contract drilling, 40% oil and natural gas, and 16% mid-stream), compared to $538.9 million (40% contract drilling, 45% oil and natural gas, and 15% mid-stream) for the first six months of 2011.

1 of 14

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs