Disappointing second quarter results were reported by Unit Corporation of Tulsa as the energy firm saw a drop of net income in addition to a decline for the first half of the year.
Unit stated its net income for the quarter totaled $11.5 million or $1.15 a share compared to $28 million and $2.86 a share a year earlier. Total revenue for the quarter was $56.8 million, also down from $78.6 million recorded at the end of June 2023.
The latest decline added to a drop over the past six months for Unit. Its net income for the first half of 2024 was $27.6 million or $2.76 a share, way below the $162.7 million and $16.62 a share a year earlier. Total revenue for the same time period was $124 million, below the $172.5 million reported for the six months ended June 30, 2023.
Unit reported it had 14 rigs available for the second quarter and its average use was 11.9 rigs.
