Tulsa’s Unit Corporation Reports 4th Q Income Growth and Production

Tulsa’s Unit Corporation reported fourth quarter net income of $89.2 million this week and indicated its oil and natural segment production grew by 6% over the third quarter of 2017.

The net income amounted to $1.71 per diluted share. It also compared to net income of $1.7 million or 3-cents a share for the fourth quarter of 2016.

Nearly half of the total revenues of $204.8 million came from oil while 23% was produced by contract drilling. The rest was from midstream operations.

The company reported total equivalent production of 4.3 million barrels of oil during the fourth quarter. Oil production was 7,877 barrels a day while natural gas production totaled 151.6 million cubic feet a day.

Unit also updated its drilling operations indicating it intends to drill ten new wells in the Wilcox area.  In the Granite Wash of the Texas Panhandle, Unit completed three wells in January. The company intends to maintain at least one rig in the Granite Wash for the rest of the year.

In Southern Oklahoma’s Hoxbar Oil Trend, Unit stated it will continue with one rig and bring on nine new wells.

As for western Oklahoma, thee company still has 17,000 net acres in the STACK and will initiate drilling in the first quarter of 2018.

Unit has adopted a 2018 capital expenditure plan of $352 million that is 27% higher than 2017. At least $272 million is for oil and natural gas segment while $47 million will go to the contract drilling segment.