Tulsa’s Unit Corporation unveiled its first quarter financial report this week showing a major drop in net income.
The company plunged from $134.7 million or $13.75 per diluted share a year ago to $16.1 million or $1.61 a share at the end of the first quarter on March 31, 2024. Total revenues for the most recent quarter were $67.2 million, compared to $93.9 million for the three months ended March 31, 2023.
“After completing the previously announced sale of certain non-core oil and gas assets in the Texas Panhandle, we are pleased to be focused on developing and optimizing production in our core properties,” said Phil Frohlich, Chief Executive Officer.
“In addition, we continue to work diligently towards a cost structure that remains appropriate for our core assets while ensuring that we have the resources available to maximize value.”
Unit’s operational results indicated it suffered large drops in production of oil, natural gas and NGLs during the quarter. The company also experienced drastic cuts in the prices it received for natural gas.
Operational highlights for the oil and natural gas and contract drilling segments during the three months ended March 31, 2024 and 2023 include:
|
Oil and Natural Gas: |
|
|
|
|
|
|
Avg. oil price ($/Bbl) |
$75.28 |
|
$65.96 |
|
14% |
|
Avg. oil price excl. derivatives ($/Bbl) |
$75.28 |
|
$73.94 |
|
2% |
|
Avg. NGLs price ($/Bbl) |
$20.74 |
|
$21.37 |
|
(3)% |
|
Avg. NGLs price excl. derivatives ($/Bbl) |
$20.74 |
|
$21.37 |
|
(3)% |
|
Avg. natural gas price ($/Mcf) |
$1.79 |
|
$4.04 |
|
(56)% |
|
Avg. natural gas price excl. derivatives ($/Mcf) |
$1.79 |
|
$3.11 |
|
(42)% |
|
Oil production (MBbls) |
187 |
|
300 |
|
(38)% |
|
NGL production (MBbls) |
298 |
|
419 |
|
(29)% |
|
Natural gas production (MMcf) |
3,501 |
|
5,369 |
|
(35)% |
|
Total production (MBOE) |
1,069 |
|
1,614 |
|
(34)% |
|
|
|
|
|
|
|
|
Contract Drilling: |
|
|
|
|
|
|
BOSS rigs available (end of the period) |
14 |
|
14 |
|
-% |
|
Average BOSS rigs in use |
13.7 |
|
13.8 |
|
(1)% |
|
BOSS rigs average dayrate ($/day) |
$30,891 |
|
$30,845 |
|
-% |