Unit Corp. (UNT) Tops Q2 EPS by 7c, Miss on Revenues

Unit Corp. (NYSE: UNT) reported Q2 EPS of $0.17, $0.07 better than the analyst estimate of $0.10. Revenue for the quarter came in at $170.58 million versus the consensus estimate of $183.99 million.

• Net income of $9.1 million.
• Oil and natural gas segment production increased 2% over the first quarter of 2017 despite service company frac date delays and third party gathering and processing outages adversely impacting production by 94.0 MBoe.
• Completed the Hoxbar acquisition.
• Potential for over 1,000 drilling locations in the STACK and STACK extension plays.
• Construction was completed on the tenth BOSS drilling rig, and it was placed into service late in the quarter.
• Thirty-six drilling rigs are currently operating; all ten BOSS drilling rigs are under contract.
• Midstream segment increased gathered and processed volumes at its Hemphill and Cashion systems resulting in a liquids sold volume increase of 7% over the first quarter of 20

For earnings history and earnings-related data on Unit Corp. (UNT) click here.

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