Unit Corporation Announces Production Results for the Fourth Quarter and Full Year Ended Dec. 31, 2018; Provides Production Guidance for 2019; Reports Impairments for the Quarter Ended Dec. 31, 2018
February 21, 2019 at 05:29 pm EST
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Unit Corporation announced production results for the fourth quarter and full year ended Dec. 31, 2018. For the quarter, total equivalent production was 4.3 MMBoe, a 1% decrease from the third quarter of 2018. Oil and natural gas liquids (NGLs) production represented 46% of total equivalent production, of which, oil production increased 9% over the third quarter of 2018. Oil production was 8,187 barrels per day. NGLs production was 13,290 barrels per day. Natural gas production was 152.8 million cubic feet (MMcf) per day.
Total production for 2018 was 17.1 MMBoe, a 7% increase over 2017.
Unit's oil and natural gas segment's 2019 production is anticipated to be 17.4 to 17.9 MMBoe (an increase of 2% to 5%, year-over-year) based on the capital budget range.
Unit Corporation is a natural gas contract drilling company. The Company is primarily engaged in the development, acquisition, and production of oil and natural gas properties, the land contract drilling of natural gas and oil wells, and the buying, selling, gathering, processing, and treating of natural gas. The Company operates through three segments: Oil and Natural Gas, Contract Drilling, and Mid-Stream. The Oil and Natural Gas segment explores, develops, acquires, and produces oil and natural gas properties for its own account. The Contract Drilling segment contracts to drill onshore oil and natural gas wells for others and for its own account. The Mid-Stream segment buys, sells, gathers, processes, and treats natural gas for third parties and for its own account. The Companyâs producing oil and natural gas properties, unproved properties, and related assets are primarily located in Oklahoma and Texas, in addition to Arkansas, Kansas, and North Dakota to a lesser extent.
Unit Corporation Announces Production Results for the Fourth Quarter and Full Year Ended Dec. 31, 2018; Provides Production Guidance for 2019; Reports Impairments for the Quarter Ended Dec. 31, 2018
UNIT CORPORATION 