This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Unit Corporation Announces 2012 Reserve Growth Of 29%, Production Replacement Of 337% And 2013 Guidance

Stocks in this article: UNT

Unit Corporation (NYSE: UNT) announced today that the estimated year-end 2012 proved oil and natural gas reserves for its wholly owned subsidiary, Unit Petroleum Company, were 150 million barrels of oil equivalents (MMBoe), or 899 billion cubic feet of natural gas equivalents (Bcfe), as compared with 116 MMBoe, or 696 Bcfe, at year-end 2011, a 29% increase in its estimated proved reserves. From all sources, Unit replaced approximately 337% of its 2012 production. Estimated reserves were 15% oil, 23% natural gas liquids (NGLs), and 62% natural gas.

The following details the changes to Unit’s proved oil, NGLs, and natural gas reserves during 2012:

   

 

Oil (MMbls)

   

 

NGLs (MMbls)

   

 

Natural Gas (Bcf)

   

Proved

Reserves

(MMBoe)

           
Proved Reserves, at December 31, 2011 20.2 22.1 442.1 116.0
Revisions of previous estimates (1.8 ) (2.6 ) (55.1 ) (13.6 )
Extensions, discoveries, and other additions 9.2 7.8 79.8 30.3
Purchases of minerals in place 2.8 11.1 141.5 37.5
Production (3.2 ) (2.8 ) (48.9 ) (14.2 )
Sales (5.2 )     (0.4 )     (3.8 )     (6.2 )
Proved Reserves, at December 31, 2012 22.0       35.2       555.6       149.8  
 

The estimated 2012 year-end proved reserves included proved developed reserves of 118 MMBoe, or 706 Bcfe, (split 14% oil, 22% NGLs and 64% natural gas) and proved undeveloped reserves of 32 MMBoe, or 193 Bcfe, (split 17% oil, 30% NGLs and 53% natural gas). Overall, 79% of Unit’s estimated proved reserves are proved developed.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs