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United States

Profile: Unit Corp (UNT.N)

UNT.N on New York Stock Exchange

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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 its subsidiary Unit Drilling Company. The Company's Mid-Stream operations are carried out by its subsidiary Superior Pipeline Company, L.L.C. (Superior).

Oil and Natural Gas

The Oil and Natural Gas segment explores, develops, acquires, and produces oil and natural gas properties for its own account. 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 Utah; East division, which includes East Texas, Eastern Oklahoma and Arkansas, 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 had completed four operated horizontal wells as of December 31, 2016. Annual production from its Wilcox play averaged 94.1 million cubic feet of natural gas equivalent (MMcfe) per day (12% oil, 31% natural gas liquids (NGLs), 57% natural gas) as of December 31, 2016.

In its Southern Oklahoma Hoxbar Oil Trend (SOHOT) play, located in western Oklahoma primarily in Grady County, the Company completed three horizontal oil wells in the Marchand zone of the Hoxbar interval as of December 31, 2016. Annual production from western Oklahoma averaged 65.1 MMcfe per day (27% oil, 22% NGLs, 51% natural gas) as of December 31, 2016. In its Texas Panhandle Granite Wash play, it completed one lateral horizontal gas/condensate well (working interest 99.4%) in its Buffalo Wallow field as of December 31, 2016. Annual production from the Texas Panhandle averaged 93.7 MMcfe per day (11% oil, 37% NGLs, 52% natural gas) as of December 31, 2016. In its Mississippian play in south central Kansas, it completed one horizontal oil well (working interest 100%) as of December 31, 2016. Annual production from Kansas averaged 6.2 MMcfe per day (62% oil, 9% NGLs, 29% natural gas) as of December 31, 2016.

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, top drives and drill pipe. The Company also owns additional equipment used in the operation of its drilling rigs, including iron roughnecks, automated catwalks, skidding systems, air compressors, trucks, and other support equipment. The Company's Mid-Continent division manages operations from Oklahoma, Texas, Louisiana, and Kansas. The division operated an average of 11.7 drilling rigs as of December 31, 2016. As of December 31, 2016, this division was operating 15 drilling rigs, 10 of which were working in Oklahoma and the Texas Panhandle and five in the Permian Basin of West Texas.

The Company's Rocky Mountain division covers Colorado, Utah, Wyoming, Montana, and North Dakota. This vast area has produced a number of conventional and unconventional oil and gas fields. This division operated an average of 5.7 drilling rigs as of December 31, 2016. The Company had two drilling rigs operating in the Pinedale Anticline of western Wyoming, three drilling rigs operating in the Bakken Shale of North Dakota, and one drilling rig operating in the Niobrara play in eastern Colorado as of December 31, 2016.

Mid-Stream

The Company's mid-stream operations consist of buying, selling, gathering, processing, and treating natural gas. It operated three natural gas treatment plants, 13 processing plants, 25 active gathering systems, and approximately 1,465 miles of pipeline as of December 31, 2016. Superior and its subsidiaries operate in Oklahoma, Texas, Kansas, Pennsylvania, and West Virginia. Its mid-stream segment provides its customers with a range of gathering, processing and treating services.

Company Address

Unit Corp

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

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