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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV