- To date, the contract drilling segment increased the number of drilling rigs in service from a low of 13 to 20, a 54% increase. Average drilling rig utilization increased 19% quarter over quarter.
- Unit also was awarded a term contract for its ninth BOSS drilling rig, with completion expected in January 2017.
- After the quarter, the oil and natural gas segment put one drilling rig back into service in the Southern Oklahoma Hoxbar Oil Trend (SOHOT) play and is planning to put into service a second drilling rig in the Granite Wash play later in the fourth quarter.
- Midstream segment connected six new wells to its Pittsburgh Mills gathering system in Butler County, Pennsylvania, increasing the average daily throughput volume to approximately 151 million cubic feet (MMcf) per day, a 6% increase over the second quarter of 2016.
- Reduced long-term debt by $21 million from the end of the second quarter, bringing the total year-to-date reduction to $64 million.
- October redetermination of Unit's borrowing base amount was maintained at $475 million.
Unit Corporation (NYSE: UNT) today reported its financial and operational results for the third quarter 2016. Third quarter and recent highlights include: