Edition:
United States

Profile: Unit Corp (UNT.N)

UNT.N on New York Stock Exchange

26.67USD
9 Dec 2016
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Unit Corporation, incorporated on July 28, 1986, is an oil and natural gas contract drilling company. The Company has operations in the exploration and production and mid-stream areas. The Company operates through three segments: Oil and Natural Gas, Contract Drilling and Mid-Stream. The Company is primarily engaged in the exploration, development, acquisition, and production of oil and natural gas properties, the land contract drilling of natural gas and oil wells, and the buying, selling, gathering, processing and treating of natural gas. The Company's Oil and Natural Gas operations are carried out by its subsidiary Unit Petroleum Company. Contract Drilling operations are carried out by subsidiary Unit Drilling Company. The Company's Mid-Stream operations are carried out by subsidiary Superior Pipeline Company, L.L.C.

Oil and Natural Gas

The Oil and Natural Gas segment explores, develops, acquires, and produces oil and natural gas properties. The Company's producing oil and natural gas properties, unproved properties, and related assets are located in West division, which includes Western and Southern Texas, Colorado, Wyoming, Montana, North Dakota, New Mexico, Southern Louisiana and Mississippi; East division, which includes East Texas, Eastern Oklahoma, Arkansas and Northern Louisiana, and Central division, which includes Western Oklahoma, Texas Panhandle and Kansas. In its Wilcox play, located primarily in Polk, Tyler, and Hardin Counties, Texas, it has completed over 10 operated gross vertical wells and three operated gross horizontal wells. Annual production in its Wilcox play averaged approximately 77.4 million cubic feet of natural gas equivalent (MMcfe) per day (11% oil, 31% natural gas liquids (NGLs), 58% natural gas). Southern Oklahoma Hoxbar Oil Trend (SOHOT) is a play located primarily in Grady County, Oklahoma. The Company has completed over 10 Hoxbar horizontal wells focused primarily on two Hoxbar benches named the Marchand oil zone and the Medrano gas liquids zone. In the Texas Panhandle District, which consists primarily of Granite Wash (GW) wells, daily production averaged approximately 160 million cubic feet of natural gas equivalent (MMcfe) per day (13% oil, 38% NGLs). In its Mississippian play in south central Kansas, the average daily production is approximately 1,880 barrel of oil equivalent (Boe) per day (64% oil and 12% NGLs). In the Marmaton horizontal oil play in Beaver County, Oklahoma, the daily average production rate is approximately 2,500 Boe per day (57% oil and 16% NGLs).

Contract Drilling

The Company drills onshore oil and natural gas wells for its own account, as well as for other oil and natural gas companies. The Company's drilling operations are located in Oklahoma, Texas, Louisiana, Kansas, Wyoming, and North Dakota. The Company's on-shore drilling rig consists of equipment components, such as engines, drawworks or hoists, derrick and mast, substructure, pumps to circulate the drilling fluid, blowout preventers, and drill pipe. The Company also owns additional equipment used in the operation of its drilling rigs, including top drives, skidding systems, air compressors, trucks, and other support equipment. The Company's Mid-Continent and Panhandle divisions averaged approximately 14.2 and 4.1 drilling rigs operating, respectively. The Company's Gulf Coast division provides drilling rigs to the onshore areas of Texas and Louisiana. The Gulf Coast division averaged approximately 4.0 drilling rigs operating. The Gulf Coast has one drilling rig working in East Texas and two drilling rigs operating in the Permian Basin. The Company's Rocky Mountain division covers states, including Colorado, Utah, Wyoming, Montana and North Dakota. The Rocky Mountain division operated an average of approximately 10.0 drilling rigs. The Company has approximately four drilling rigs operating in the Pinedale Anticline of western Wyoming, approximately four drilling rigs operating in the Bakken Shale of North Dakota, and approximately two drilling rigs operating in the Niobrara play of eastern Colorado.

Mid-Stream

The Company's mid-stream operations are conducted through Superior Pipeline Company L.L.C. and its subsidiaries. Its operations consist of buying, selling, gathering, processing and treating natural gas. It operates approximately three natural gas treatment plants, over 10 processing plants, 20 active gathering systems, and approximately 1,460 miles of pipeline. Superior Pipeline Company L.L.C. and its subsidiaries operate in Oklahoma, Texas, Kansas, Pennsylvania and West Virginia. Its mid-stream segment gathers an average of approximately 353,771 thousand cubic feet of natural gas (Mcf) per day.

Company Address

Unit Corp

8200 S Unit Dr
TULSA   OK   74132-5300
P: +1918.4937700
F: +1918.4937711

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