Unit Corp. (UNT), Tuesday said its third-quarter net income declined plunged from the previous year quarter, as revenues dropped significantly on lower oil and natural gas prices.
The Tulsa-based energy company reported a third quarter profit of $31.45 million or $0.66 per share, compared to $92.28 million or $1.96 per share in the prior year.
On average, seven analysts polled by Thomson Reuters expected earnings per share of $0.62 for the quarter. Analysts' estimate typically excludes one-time items.
Total revenues for the third quarter plummeted to $167.43 million from $375.56 million in the comparable period. Six analysts estimated revenues of $160.44 million for the quarter.
During the third quarter 2009 production was 300,000 barrels of oil, in comparison to 316,000 barrels of oil in the third quarter of 2008, a 5% decrease. Natural gas liquids (NGLs) production during the third quarter of 2009 was 358,000 barrels in comparison to 306,000 barrels in the third quarter of 2008, a 17% increase. Third quarter 2009 natural gas production decreased 12% to 10.7 billion cubic feet (Bcf) from 12.1 Bcf during the comparable quarter of 2008.
Third quarter 2009 equivalent production totaled 14.7 Bcfe, an 8% decrease over the third quarter 2008. Total production for the first nine months of 2009 was 46.4 Bcfe, a decrease of 0.4% over the 46.6 Bcfe produced during the first nine months of 2008.
Unit's average natural gas price for the third quarter of 2009 decreased 31% to $5.67 per thousand cubic feet (Mcf) as compared to $8.20 per Mcf for the third quarter of 2008. Unit's average oil price for the third quarter of 2009 was $59.55 per barrel compared to $101.82 per barrel for the third quarter of 2008, a 42% decrease, and Unit's average NGLs price for the third quarter of 2009 was $22.99 per barrel compared to $61.78 per barrel for the third quarter of 2008, a 63% decrease.
For the first nine months of 2009, Unit reported a net loss of $84.0 million or $1.79 per share, compared to net income of $263.5 million or $5.61 per share for the nine months ended September 30, 2008.
Excluding the charges , net income for the first nine months of 2009 would have been $91.1 million or $1.92 per share.
Included in the 2009 results is a $281.2 million ($175.1 million after tax or $3.71 per share) noncash ceiling test write down that occurred in the first quarter. The ceiling test write down was required to reduce the carrying value of the company's oil and natural gas properties due to significantly lower commodity prices at the end of the first quarter 2009.
Excluding the charges, net income for the first nine months of 2009 would have been $91.1 million or $1.92 per share.
Total revenues for the first nine months of 2009 were $532.6 million (35% contract drilling, 50% oil and natural gas, and 13% mid-stream), compared to $1.1 billion (44% contract drilling, 42% oil and natural gas, and 14% mid-stream) for the first nine months of 2008.
UNT is currently being traded at $39.88 up $0.02 or 0.05% on a volume of 0.487 million shares on the NYSE.
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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.