Unit Corporation (UNT), which engages in the contract drilling, oil and natural gas, and mid-stream businesses, Tuesday reported a decline in net income for the first quarter, hurt by unrealized value of commodity derivatives. However, on an adjusted basis, earnings per share came in above analysts' expectations.
For the three-month period, the firm reported net income of $40.2 million or $0.83 per share, compared with $52.4 million or $1.09 per share during the corresponding quarter last year. The results included the effect of a $7 million reduction from the unrealized value of commodity derivatives.
Excluding this, the company reported net income of $44.5 million or $0.92 per share.
On average, seven analysts by Thomson Reuters expected earnings per share of $0.88 for the first quarter. Analysts' estimates typically exclude one-time items.
Total revenues for the first were $318.5 million, compared with $334 million generated during the comparable period last year. Analysts estimated the firm to record revenues of $330.5 million for the quarter.
The company's total production for first quarter was 4 million barrels of oil equivalent, an increase of 21 percent over the first quarter of 2012.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.