Third quarter earnings results for Tulsa’s Unit Corporation were only about a third of what they were a year ago.
Unit released the report showing net income totaled $8.9 million or 89 cents a share, compared to $28.8 million and and $2.94 a share one year earlier. Total revenue for the three months ended September 30, 2024 was $53.7 million, compared to $80.2 million for the three months ended September 30, 2023.
For the nine months ended September 30, 2024, net income was $36.6 million, or $3.67 per diluted share, compared to $191.5 million, or $19.55 per diluted share, for the nine months ended September 30, 2023. Total revenue for the nine months ended September 30, 2024 was $177.7 million, compared to $252.7 million for the nine months ended September 30, 2023.
“Our current year results remain on track, with results reflecting a relatively stable contract drilling market, as well as the expected decline in production volumes due to the December 2023 sale of certain non-core oil and gas assets in the Texas Panhandle,” said Phil Frohlich, Chief Executive Officer.
Operational highlights for the oil and natural gas and contract drilling segments during the three and nine months ended September 30, 2024 and 2023 include:
|
2024 |
|
2023 |
|
% Change |
2024 |
|
2023 |
|
% Change |
|
|
Contract Drilling: |
|
|
|
|
|
|
|
|
|
|
|
Total rigs available (end of the period) |
14 |
|
14 |
|
-% |
14 |
|
14 |
|
-% |
|
Average number of drilling rigs in use |
11.1 |
|
14.1 |
|
(21)% |
12.2 |
|
15.5 |
|
(21)% |
|
Average dayrate on daywork contracts ($/day) |
$29,956 |
|
$32,572 |
|
(8)% |
$30,569 |
|
$31,220 |
|
(2)% |