Unit Corp. (UNT) Tops Q4 EPS by 3c

Unit Corp. (NYSE: UNT) reported Q4 EPS of $0.22, $0.03 better than the analyst estimate of $0.19. Revenue for the quarter came in at $204.85 million versus the consensus estimate of $199.77 million.

• Fourth quarter net income of $89.2 million, which reflects an $81.3 million net tax benefit related to tax legislation enacted in the quarter, and adjusted net income of $11.3 million.
• Oil and natural gas segment production increased 6% over the third quarter of 2017.
• Total year-end 2017 proved oil and natural gas reserves increased 27% over 2016.
• Replaced 300% of 2017 production with new reserves.
• Contract drilling segment placed its 10th BOSS rig into service in 2017; all ten BOSS rigs continuously operated under contract during the year.
• Average drilling rigs used in 2017 increased 72% over 2016.
• Midstream segment increased liquids sold and gas processed volumes 10% and 6%, respectively, over the third quarter.

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

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