Unit Corporation (NYSE: UNT) today reported its financial and
operational results for the third quarter of 2019. Operational
highlights include:
Oil and natural gas segment:
- Segment production increased 6% and capital expenditures
decreased 56% during the quarter, as compared to the second
quarter.
- Continued focus on increasing oil production, with this
quarter's oil production increasing 28% over the second quarter and
representing 21% of total equivalent production in the
quarter.
- Lease operating expense decreased 11% during the quarter
compared to the second quarter.
- Red Fork and SOHOT well results continue to meet or exceed
expectations.
Contract drilling segment:
- BOSS drilling rigs continue to be 100% contracted.
- Construction of the 14th BOSS drilling rig was substantially
completed and the rig is expected to begin working during the
fourth quarter.
Mid-stream segment:
- Continued third-party operator drilling activity in the
Cashion/Reeding gathering and processing system areas resulted in a
12% quarter-over-quarter throughput volume increase.
THIRD QUARTER 2019 FINANCIAL RESULTS
Net loss attributable to Unit for the quarter was $206.9
million, or $3.91 per diluted share, compared to net income
attributable to Unit of $18.9 million, or $0.36 per diluted share,
for the third quarter of 2018. The quarter's results included the
following pre-tax non-cash write downs: $169.8 million ceiling test
write down in the carrying value of Unit’s oil and natural gas
properties and certain gathering system assets; $62.8 million in
goodwill associated with the contract drilling segment; and $2.3
million in the carrying value of line-fill associated with the
mid-stream segment. Adjusted net loss attributable to Unit (which
excludes the effect of non-cash commodity derivatives and the
effects of the write-downs) for the quarter was $15.7 million, or
$0.30 per diluted share, as compared to adjusted net income
attributable to Unit of $15.7 million, or $0.30 per diluted share,
for the same quarter for 2018 (see non-GAAP financial measures
below). The loss is primarily attributable to the deterioration in
realized natural gas liquids (NGLs) prices and natural gas prices
experienced during the quarter. Total revenues for the quarter were
$155.4 million (50% oil and natural gas, 24% contract drilling, and
26% mid-stream), compared to $220.1 million (51% oil and natural
gas, 23% contract drilling, and 26% mid-stream) for the third
quarter of 2018. Adjusted EBITDA attributable to Unit was $58.8
million, or $1.11 per diluted share (see non-GAAP financial
measures below).
For the first nine months of 2019, net loss attributable to Unit
was $218.9 million, or $4.14 per diluted share, compared to net
income attributable to Unit of $32.6 million, or $0.62 per diluted
share, for the first nine months of 2018. Excluding the effect of
the third quarter 2019 write downs discussed above and the effect
of non-cash commodity derivatives, adjusted net loss attributable
to Unit was $24.1 million, or $0.46 per diluted share, as compared
to adjusted net income attributable to Unit of $38.0 million, or
$0.72 per diluted share, for the same period for 2018 (see non-GAAP
financial measures below). Total revenues for the first nine months
were $510.3 million (47% oil and natural gas, 26% contract
drilling, and 27% mid-stream), compared to $628.5 million (50% oil
and natural gas, 23% contract drilling, and 27% mid-stream) for the
first nine months of 2018. Adjusted EBITDA attributable to Unit for
the first nine months was $195.1 million, or $3.69 per diluted
share (see non-GAAP financial measures below).
OIL AND NATURAL GAS SEGMENT INFORMATION
For the quarter, total equivalent production was 4.4 million
barrels of oil equivalent (MMBoe), a 6% increase over the second
quarter. Oil and NGLs production represented 49% of total
equivalent production. Oil production was 10,074 barrels per day,
an increase of 26% over the second quarter. NGLs production was
13,480 barrels per day, a 1% increase over the second quarter.
Natural gas production was 145.2 million cubic feet (MMcf) per day,
a 1% decrease from the second quarter. Total equivalent production
for the first nine months of 2019 was 12.7 MMBoe.
Unit’s average realized per barrel equivalent price for the
quarter was $18.70, which was relatively unchanged compared to the
second quarter. Unit’s average natural gas price was $1.83 per
thousand cubic feet (Mcf), a decrease of 2% from the second
quarter. Unit’s average oil price was $56.62 per barrel, a decrease
of 6% from the second quarter. Unit’s average NGLs price was $8.50
per barrel, a decrease of 32% from the second quarter. All prices
in this paragraph include the effects of derivative contracts.
During the quarter, Unit continued to focus on increasing its
oil production. At year-end 2018, oil represented slightly over 17%
of Unit's production stream, and for the quarter, oil represented
21% of Unit's production.
Larry Pinkston, Chief Executive Officer and President, said:
“The quarter's early focus was on completion activities for wells
drilled in the prior quarter. The increase in oil production during
the quarter resulted from the new Redfork and Marchand wells which
met or exceeded our expectations. While third quarter production
resulted in a significant increase over the second quarter, we
anticipate annual production to be in line with our projection of
approximately 17.0 MMBoe as we continue to have no rigs currently
running for this segment."
This table illustrates certain
comparative production, realized prices, and operating profit for
the periods indicated:
Three Months Ended
Three Months Ended
Nine Months Ended
Sep 30, 2019
Sep 30, 2018
Change
Sep 30, 2019
Jun 30, 2019
Change
Sep 30, 2019
Sep 30, 2018
Change
Oil Production, MBbl
927
692
34%
927
726
28%
2,341
2,121
10%
NGLs Production, MBbl
1,240
1,278
(3)%
1,240
1,210
2%
3,657
3,702
(1)%
Natural Gas Production, Bcf
13.4
14.3
(7)%
13.4
13.3
1%
40.0
41.6
(4)%
Production, MBoe
4,394
4,359
1%
4,394
4,151
6%
12,668
12,752
(1)%
Production, MBoe/day
47.8
47.4
1%
47.8
45.6
5%
46.4
46.7
(1)%
Avg. Realized Natural Gas Price, Mcf (1)
$
1.83
$
2.27
(19)%
$
1.83
$
1.86
(2)%
$
2.07
$
2.35
(12)%
Avg. Realized NGL Price, Bbl (1)
$
8.50
$
25.66
(67)%
$
8.50
$
12.52
(32)%
$
12.21
$
23.03
(47)%
Avg. Realized Oil Price, Bbl (1)
$
56.62
$
57.72
2%
$
56.62
$
59.94
(6)%
$
57.55
$
56.4
2%
Avg. Price / Boe for Revenue Recognition
$
(1.22
)
$
(1.19
)
(3)%
$
(1.22
)
$
(1.17
)
(4)%
$
(1.25
)
$
(0.95
)
(32)%
Realized Price / Boe (1)
$
18.70
$
22.96
(19)%
$
18.70
$
18.75
—%
$
19.44
$
22.79
(15)%
Operating Profit Before Depreciation, Depletion, Impairment &
Amortization (MM) (2)
$
42.7
$
79.5
(46)%
$
42.7
$
41.6
3%
$
137.6
$
216.5
(36)%
(1)
Realized price includes oil, NGLs, natural
gas, and associated derivatives.
(2)
Operating profit before depreciation is
calculated by taking operating revenues for this segment less
operating expenses excluding depreciation, depletion, amortization,
and impairment. (See non-GAAP financial measures below.)
CONTRACT DRILLING SEGMENT INFORMATION
Unit’s average number of drilling rigs working during the
quarter was 20.4, a decrease of 29% from the second quarter. Per
day drilling rig rates averaged $19,276, up 4% over the second
quarter. For the first nine months of 2019, per day drilling rig
rates averaged $18,635, an 8% increase over the first nine months
of 2018. Average per day operating margin for the quarter was
$4,635 (with no elimination of intercompany drilling rig profit).
This compares to second quarter average operating margin of $5,526
(before elimination of intercompany drilling rig profit of $0.7
million), a decrease of 16%, or $891. Average per day operating
margin for the first nine months of 2019 was $6,011 (before
elimination of intercompany drilling rig profit of $1.6 million).
This compares to the first nine months of 2018 average operating
margin of $5,647 (before elimination of intercompany drilling rig
profit of $2.4 million), an increase of 6%, or $364 (in each case
regarding eliminating intercompany drilling rig profit - see
non-GAAP financial measures below). Average operating margins for
the first nine months included early termination fees of
approximately $4.8 million, or $650 per day, from the cancellation
of certain third-party long-term contracts. As noted, in this
quarter, this segment recognized goodwill impairment charges of
$62.8 million, pre-tax ($59.7 million, net of tax) representing all
of the goodwill.
Pinkston said: “We substantially completed the construction of
our 14th BOSS drilling rig during the later part of the quarter,
and the rig is scheduled to start work late in the fourth quarter.
Our BOSS drilling rigs continue to maintain 100% utilization. Term
contracts (contracts with original terms ranging from six months to
three years in length) are in place for 15 of our drilling rigs at
the end of the quarter. Of the 15 contracts, three are up for
renewal in the fourth quarter, eight in 2020, and four after
2020.”
This table illustrates certain
comparative results for the periods indicated:
Three Months Ended
Three Months Ended
Nine Months Ended
Sep 30, 2019
Sep 30, 2018
Change
Sep 30, 2019
Jun 30, 2019
Change
Sep 30, 2019
Sep 30, 2018
Change
Rigs Utilized
20.4
34.2
(40)%
20.4
28.6
(29)%
26.8
32.7
(18)%
Operating Profit Before Depreciation & Impairment (MM)(1)
$
8.8
$
18.6
(53)%
$
8.8
$
13.7
(36)%
$
42.3
$
47.9
(12)%
(1)
Operating profit before depreciation is
calculated by taking operating revenues for this segment less
operating expenses excluding depreciation and impairment. (See
non-GAAP financial measures below.)
MID-STREAM SEGMENT INFORMATION
For the quarter, gas processed volumes per day increased 1% over
the second quarter, while gas gathered and liquids sold volumes per
day decreased 8% and 20%, respectively. Operating profit (as
defined in the footnote below) for the quarter was $11.3 million, a
4% decrease from the second quarter.
For the first nine months of 2019, gas gathered and gas
processed volumes per day increased 14% and 5%, respectively, as
compared to the first nine months of 2018, while liquids sold
volumes per day decreased by 1%. Operating profit (as defined in
the footnote below) for the first nine months of 2019 was $36.2
million, a decrease of 17% from the first nine months of 2018.
This table illustrates certain
comparative results for the periods indicated:
Three Months Ended
Three Months Ended
Nine Months Ended
Sep 30, 2019
Sep 30, 2018
Change
Sep 30, 2019
Jun 30, 2019
Change
Sep 30, 2019
Sep 30, 2018
Change
Gas Gathering, Mcf/day
428,573
415,862
3%
428,573
465,714
(8)%
447,989
393,414
14%
Gas Processing, Mcf/day
167,687
160,294
5%
167,687
165,682
1%
165,061
157,313
5%
Liquids Sold, Gallons/day
572,852
700,523
(18)%
572,852
711,192
(20)%
644,601
651,979
(1)%
Operating Profit Before Depreciation, Impairment & Amortization
(MM) (1)
$
11.3
$
14.7
(23)%
$
11.3
$
11.8
(4)%
$
36.2
$
43.5
(17)%
(1)
Operating profit before depreciation is
calculated by taking operating revenues for this segment less
operating expenses excluding depreciation, amortization, and
impairment. (See non-GAAP financial measures below.)
Pinkston said: “The Reeding natural gas processing plant that we
added to the Cashion system continues to perform well. The third
party operators in the area continue to be active and add new
wells. We continue to actively evaluate opportunities to accelerate
growth of the segment.”
FINANCIAL INFORMATION
Unit ended the quarter with long-term debt of $784.4 million,
consisting of $646.2 million in senior subordinated notes (net of
unamortized discount and debt issuance costs), $134.1 million in
borrowings under the Unit credit agreement, and $4.1 million in
borrowings under the Superior credit facility. The Unit Corporation
credit agreement semi-annual borrowing base was re-determined
effective as of September 26, 2019 with a new borrowing base set at
$275 million. The Superior credit agreement remains in place with a
facility size of $200 million.
WEBCAST
Unit uses its website to disclose material nonpublic information
and for complying with its disclosure obligations under Regulation
FD. The website includes those disclosures in the 'Investor
Information' sections. So, investors should monitor that portion of
the website, besides following the press releases, SEC filings, and
public conference calls and webcasts.
Unit will webcast its third quarter earnings conference call
live over the Internet on November 8, 2019, at 10:00 a.m. Central
Time (11:00 a.m. Eastern). To listen to the live call, please go to
http://www.unitcorp.com/investor/calendar.htm at least fifteen
minutes before the start of the call to download and install any
necessary audio software. For those who are not available to listen
to the live webcast, a replay will be available shortly after the
call and will remain on the site for 90 days.
_____________________________________________________
Unit Corporation is a Tulsa-based, publicly held energy company
engaged through its subsidiaries in oil and gas exploration,
production, contract drilling, and gas gathering and processing.
Unit’s Common Stock is listed on the New York Stock Exchange under
the symbol UNT. For more information about Unit Corporation, visit
its website at http://www.unitcorp.com.
FORWARD-LOOKING STATEMENT
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act. All
statements, other than statements of historical facts, included in
this release that address activities, events, or developments that
the company expects, believes, or anticipates will or may occur are
forward-looking statements. Several risks and uncertainties could
cause actual results to differ materially from these statements,
including changes in commodity prices, the productive capabilities
of the company’s wells, future demand for oil and natural gas,
future drilling rig utilization and dayrates, projected rate of the
company’s oil and natural gas production, the amount available to
the company for borrowings, its anticipated borrowing needs under
its credit agreements, the ability to refinance the company's
senior subordinated notes, the number of wells to be drilled by the
company’s oil and natural gas segment, the potential productive
capability of its prospective plays, and other factors described
occasionally in the company’s publicly available SEC reports. The
company assumes no obligation to update publicly such
forward-looking statements, whether because of new information,
future events, or otherwise.
Unit Corporation
Selected Financial
Highlights
(In thousands except per share
amounts)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2019
2018
2019
2018
Statement of Operations:
Revenues:
Oil and natural gas
78,045
111,623
241,955
317,040
Contract drilling
37,596
50,612
131,788
143,527
Gas gathering and processing
39,798
57,823
136,533
167,926
Total revenues
155,439
220,058
510,276
628,493
Expenses:
Operating costs:
Oil and natural gas
35,364
32,139
104,320
100,519
Contract drilling
28,796
32,032
89,505
95,593
Gas gathering and processing
28,493
43,134
100,339
124,441
Total operating costs
92,653
107,305
294,164
320,553
Depreciation, depletion, and
amortization
70,214
63,537
198,632
178,976
Impairments
234,880
—
234,880
—
General and administrative
10,094
9,278
29,899
28,752
(Gain) loss on disposition of assets
231
(253)
1,424
(575)
Total operating expenses
408,072
179,867
758,999
527,706
Income (loss) from operations
(252,633)
40,191
(248,723)
100,787
Other income (expense):
Interest, net
(9,534)
(7,945)
(27,067)
(25,678)
Gain (loss) on derivatives
4,237
(4,385)
5,232
(25,608)
Other
(622)
6
(611)
17
Total other income (expense)
(5,919)
(12,324)
(22,446)
(51,269)
Income (loss) before income taxes
(258,552)
27,867
(271,169)
49,518
Income tax expense (benefit):
Deferred
(50,763)
6,744
(53,081)
12,380
Total income taxes
(50,763)
6,744
(53,081)
12,380
Net income (loss)
(207,789)
21,123
(218,088)
37,138
Net income (loss) attributable to
non-controlling interest
(903)
2,224
811
4,586
Net income (loss) attributable to Unit
Corporation
$
(206,886)
$
18,899
$
(218,899)
$
32,552
Net income (loss) attributable to Unit
Corporation per common share:
Basic
$
(3.91)
$
0.36
$
(4.14)
$
0.63
Diluted
$
(3.91)
$
0.36
$
(4.14)
$
0.62
Weighted average shares outstanding:
Basic
52,950
52,068
52,814
51,951
Diluted
52,950
53,140
52,814
52,759
Unit Corporation
Selected Financial
Highlights-continued
(In thousands)
September 30,
December 31,
2019
2018
Balance Sheet Data:
Current assets
$
117,265
$
170,359
Total assets
$
2,539,909
$
2,698,053
Current liabilities
$
173,381
$
213,859
Long-term debt
$
784,352
$
644,475
Other long-term liabilities and
non-current derivative liability
$
99,267
$
101,527
Deferred income taxes
$
91,676
$
144,748
Total shareholders’ equity attributable to
Unit Corporation
$
1,391,233
$
1,593,444
Nine Months Ended September
30,
2019
2018
Statement of Cash Flows Data:
Cash flow from operations before changes
in operating assets and liabilities
$
189,470
$
253,693
Net change in operating assets and
liabilities
29,980
(12,211)
Net cash provided by operating
activities
$
219,450
$
241,482
Net cash used in investing activities
$
(357,793)
$
(279,507)
Net cash provided by financing
activities
$
132,503
$
128,881
Non-GAAP Financial Measures
Unit Corporation reports its financial results under generally
accepted accounting principles (“GAAP”). The company believes
certain non-GAAP measures provide users of its financial
information and its management additional meaningful information to
evaluate the performance of the company.
This press release includes net income (loss) and earnings
(loss) per share excluding the effect of the cash-settled commodity
derivatives, its reconciliation of segment operating profit, its
drilling segment’s average daily operating margin before
elimination of intercompany drilling rig profit and bad debt
expense, its cash flow from operations before changes in operating
assets and liabilities, and its reconciliation of net income to
adjusted EBITDA.
Below are reconciliations of GAAP financial measures to non-GAAP
financial measures for the periods below. Non-GAAP financial
measures should not be considered by themselves or a substitute for
results reported under GAAP. This non-GAAP information should be
considered by the reader in addition to, but not instead of, the
financial statements prepared under GAAP. The non-GAAP financial
information presented may be determined or calculated differently
by other companies and may not be comparable to similarly titled
measures.
Unit Corporation
Reconciliation of Adjusted Net
Income (Loss) and Adjusted Diluted Earnings per Share
Three Months Ended
Nine Months Ended
September 30,
September 30,
2019
2018
2019
2018
(In thousands except earnings
per share)
Adjusted net income (loss) attributable to
Unit Corporation:
Net income (loss) attributable to Unit
Corporation
$
(206,886)
$
18,899
$
(218,899)
$
32,552
Impairment adjustment (net of income
tax)
189,486
—
189,486
—
(Gain) loss on derivatives (net of income
tax)
(3,377)
3,531
(4,213)
18,553
Settlements during the period of matured
derivative contracts (net of income tax)
5,066
(6,751)
9,522
(13,070)
Adjusted net income (loss) attributable to
Unit Corporation
$
(15,711)
$
15,679
$
(24,104)
$
38,035
Adjusted diluted earnings (loss)
attributable to Unit Corporation per share:
Diluted earnings (loss) per share
$
(3.91)
$
0.36
$
(4.14)
$
0.62
Diluted earnings per share from the
impairments
3.58
—
3.58
—
Diluted earnings (loss) per share from
(gain) loss on derivatives
(0.06)
0.07
(0.08)
0.35
Diluted earnings (loss) per share from
settlements of matured derivative contracts
0.09
(0.13)
0.18
(0.25)
Adjusted diluted earnings (loss)
attributable to Unit Corporation per share
$
(0.30)
$
0.30
$
(0.46)
$
0.72
Weighted shares (denominator)
52,950
53,140
52,814
52,759
________________
The company has included the net income and diluted earnings per
share including only the cash-settled commodity derivatives
because:
- It uses the adjusted net income to evaluate the operational
performance of the company.
- The adjusted net income is more comparable to earnings
estimates provided by securities analysts.
Unit Corporation
Reconciliation of Segment
Operating Profit
Three Months Ended
Nine Months Ended
June 30,
September 30,
September 30,
2019
2019
2018
2019
2018
(In thousands)
Oil and natural gas
$
41,573
$
42,681
$
79,484
$
137,635
$
216,521
Contract drilling
13,729
8,800
18,580
42,283
47,934
Gas gathering and processing
11,803
11,305
14,689
36,194
43,485
Total operating profit
67,105
62,786
112,753
216,112
307,940
Depreciation, depletion and
amortization
(66,292)
(70,214)
(63,537)
(198,632)
(178,976)
Impairments
—
(234,880)
—
(234,880)
—
Total operating income (loss)
813
(242,308)
49,216
(217,400)
128,964
General and administrative
(10,064)
(10,094)
(9,278)
(29,899)
(28,752)
Gain (loss) on disposition of assets
422
(231)
253
(1,424)
575
Interest, net
(8,995)
(9,534)
(7,945)
(27,067)
(25,678)
Gain (loss) on derivatives
7,927
4,237
(4,385)
5,232
(25,608)
Other
6
(622)
6
(611)
17
Income (loss) before income taxes
$
(9,891)
$
(258,552)
$
27,867
$
(271,169)
$
49,518
_________________
The company has included segment operating profit because:
- It considers segment operating profit to be an important
supplemental measure of operating performance for presenting trends
in its core businesses.
- Segment operating profit is useful to investors because it
provides a means to evaluate the operating performance of the
segments and company using the criteria used by management.
Unit Corporation
Reconciliation of Average
Daily Operating Margin Before Elimination of Intercompany Rig
Profit
Three Months Ended
Nine Months Ended
June 30,
September 30,
September 30,
2019
2019
2018
2019
2018
(In thousands except for
operating days and operating margins)
Contract drilling revenue
$
43,037
$
37,596
$
50,612
$
131,788
$
143,527
Contract drilling operating cost
29,308
28,796
32,032
89,505
95,593
Operating profit from contract
drilling
13,729
8,800
18,580
42,283
47,934
Add:
Elimination of intercompany rig profit
654
(87)
1,186
1,627
2,434
Operating profit from contract drilling
before elimination of intercompany rig profit
14,383
8,713
19,766
43,910
50,368
Contract drilling operating days
2,603
1,880
3,142
7,305
8,919
Average daily operating margin before
elimination of intercompany rig profit
$
5,526
$
4,635
$
6,291
$
6,011
$
5,647
________________
The company has included the average daily operating margin
before elimination of intercompany rig profit because:
- Its management uses the measurement to evaluate the cash flow
performance of its contract drilling segment and to evaluate the
performance of contract drilling management.
- It is used by investors and financial analysts to evaluate the
performance of the company.
- Average operating margins for the first quarter and six months
of 2019 included early termination fees of approximately $4.8
million, or $1,684 per day and $875 per day, respectively, from the
cancellation of certain third-party long-term contracts.
Unit Corporation
Reconciliation of Cash Flow
From Operations Before Changes in Operating Assets and
Liabilities
Nine Months Ended September
30,
2019
2018
(In thousands)
Net cash provided by operating
activities
$
219,450
$
241,482
Net change in operating assets and
liabilities
29,980
(12,211)
Cash flow from operations before changes
in operating assets and liabilities
$
189,470
$
253,693
________________
The company has included the cash flow from operations before
changes in operating assets and liabilities because:
- It is an accepted financial indicator used by its management
and companies in the industry to measure the company’s ability to
generate cash used to internally fund its business activities.
- It is used by investors and financial analysts to evaluate the
performance of the company.
Unit Corporation
Reconciliation of Adjusted
EBITDA
Three Months Ended
Nine Months Ended
September 30,
September 30,
2019
2018
2019
2018
(In thousands except earnings
per share)
Net income (loss)
$
(207,789)
$
21,123
$
(218,088)
$
37,138
Income taxes
(50,763)
6,744
(53,081)
12,380
Depreciation, depletion and
amortization
70,214
63,537
198,632
178,976
Impairments
234,880
—
234,880
—
Interest, net
9,534
7,945
27,067
25,678
(Gain) loss on derivatives
(4,237)
4,385
(5,232)
25,608
Settlements during the period of matured
derivative contracts
6,515
(9,112)
11,829
(18,040)
Stock compensation plans
5,920
5,324
17,107
17,397
Other non-cash items
582
(717)
411
(1,841)
(Gain) loss on disposition of assets
231
(253)
1,424
(575)
Adjusted EBITDA
65,087
98,976
214,949
276,721
Adjusted EBITDA attributable to
non-controlling interest
6,311
8,154
19,808
15,173
Adjusted EBITDA attributable to Unit
Corporation
$
58,776
$
90,822
$
195,141
$
261,548
Diluted earnings (loss) per share
attributable to Unit
$
(3.91)
$
0.36
$
(4.14)
$
0.62
Diluted earnings per share from income
taxes
(0.96)
0.13
(1.01)
0.23
Diluted earnings per share from
depreciation, depletion and amortization
1.21
1.09
3.42
3.18
Diluted earnings per share from
impairments
4.42
—
4.43
—
Diluted earnings per share from interest,
net
0.18
0.14
0.50
0.48
Diluted earnings per share from (gain)
loss on derivatives
(0.08)
0.08
(0.10)
0.49
Diluted earnings per share from
settlements during the period of matured derivative contracts
0.12
(0.17)
0.22
(0.34)
Diluted earnings per share from stock
compensation plans
0.11
0.10
0.31
0.33
Diluted earnings per share from other
non-cash items
0.02
(0.01)
0.03
(0.02)
Diluted earnings per share from (gain)
loss on disposition of assets
—
(0.01)
0.03
(0.01)
Adjusted EBITDA per diluted share
$
1.11
$
1.71
$
3.69
$
4.96
Weighted shares (denominator)
52,950
53,140
52,814
52,759
________________
The company has included the adjusted EBITDA, which excludes
gain or loss on disposition of assets and includes only the
cash-settled commodity derivatives because:
- It uses adjusted EBITDA to evaluate the operational performance
of the company.
- Adjusted EBITDA is more comparable to estimates provided by
securities analysts.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191108005119/en/
Michael D. Earl Vice President, Investor Relations (918)
493-7700 www.unitcorp.com
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