Company leaders at Tulsa-based Unit Corporation sounded optimistic Friday after releasing the firm’s second quarter earnings report showing $80 million net income compared to a $13 million loss a year earlier.
The figures are estimates because Unit stated it had not completed the reporting process for the quarter. It explained preliminary results are based on “reasonable estimates” and available information at this time.
Net income for the second quarter amounted to $80.1 million or $7.82 a diluted share while a year earlier, Unit suffered a $13 million loss or $1.09 a share. The company stated its total revenues for the three months ended June 30 will be about $134.6 million, only about half-a-million dollars more than the second quarter 2021.
The firm’s net income for the first half of 2022 is expected to be $33.2 million or $3.25 a diluted share, up from the nearly $15 million loss compared to the same time period in 2021. Total revenues from the first half of this year will be nearly $323 million while a year earlier, they were $255 million.