Unit Corporation (NYSE: UNT) today reported its financial and
operational results for the first quarter of 2019. Operational
highlights include:
Oil and natural gas segment:
-
Continues to refocus the drilling program on prospects considered to
provide higher oil content. At the end of the quarter, its remaining
Granite Wash rig was redeployed to the Penn Sands prospect area. This
segment has four operated drilling rigs in Western Oklahoma. -
In its Penn Sands prospect area in western Oklahoma, acquired an
additional 8,200 net leasehold acres for approximately $8 million,
adding 19 prospective controlled horizontal drilling locations and 12
non-controlled drilling locations. The locations are prospective for
Marchand or Red Fork intervals. -
In the Shoal Creek prospect in the Wilcox area, which was originally
developed from the Blackstone G-1 well and reprocessed seismic data,
the Blackstone G-2 delineation well was successfully drilled and
completed. Further delineation of this prospect continues with the
Blackstone G-3 well, which is currently drilling. -
Experienced a third-party gas processor plant shut-down for 14 days,
resulting in lost Wilcox production 200 MBoe (approximately 40% oil
and liquids, 60% natural gas). The shut-down occurred from March 19th
through April 2, 2019. The impact to first quarter production was
slightly over 165 MBoe. Without this shut-down, daily production would
have been 47.6 MBoe per day, a 1% increase over the fourth quarter of
2018.
Contract drilling segment:
-
Placed its 12th and 13th BOSS drilling rigs into
service during the quarter. - Average rig utilization for the quarter was 31.4 rigs.
Mid-stream segment:
-
Natural gas gathered and gas processed volumes per day increased by
14% and 1%, respectively, over the fourth quarter of 2018. -
Seven new extended lateral wells were brought on-line on the
Pittsburgh Mills gathering system, increasing the daily volumes by
nearly 115 MMcfe per day. -
The Reeding processing plant, an addition to the Cashion system, was
recently placed into service.
FIRST QUARTER 2019 FINANCIAL RESULTS
Net loss attributable to Unit for the quarter was $3.5 million, or $0.07
per diluted share, compared to net income attributable to Unit of $7.9
million, or $0.15 per diluted share, for the first quarter of 2018.
Adjusted net income attributable to Unit (which excludes the effect of
non-cash commodity derivatives) for the quarter was $4.5 million, or
$0.09 per diluted share, as compared to $0.21 per diluted share for the
same quarter for 2018 (see Non-GAAP financial measures below). Adjusted
net income decreased due to lower oil and gas segment margins, which
were primarily reduced by lost production resulting from the plant
shut-down and an increase in DD&A, which was partially offset by
improved contract drilling margins and derivative settlements received.
Total revenues for the quarter were $189.7 million (45% oil and natural
gas, 27% contract drilling, and 28% mid-stream), compared to $205.1
million (50% oil and natural gas, 23% contract drilling, and 27%
mid-stream) for the first quarter of 2018. Adjusted EBITDA attributable
to Unit was $77.1 million, or $1.47 per diluted share (see Non-GAAP
financial measures below).
OIL AND NATURAL GAS SEGMENT INFORMATION
For the quarter, total equivalent production was 4.1 million barrels of
oil equivalent (MMBoe), a decrease of 5% from the fourth quarter of
2018. Oil and natural gas liquids (NGLs) production represented 46% of
total equivalent production. Oil production was 7,642 barrels per day, a
decrease of 7% from the fourth quarter of 2018. NGLs production was
13,410 barrels per day, an increase of 1% over the fourth quarter of
2018. Natural gas production was 148.6 million cubic feet (MMcf) per
day, a decrease of 3% from the fourth quarter of 2018. The decrease in
daily production from the fourth quarter of 2018 to the first quarter of
2019 was due to a 14-day plant shut-down that resulted in losing
slightly over 165 MBoe during the quarter.
Unit’s average realized per barrel equivalent price for the quarter was
$20.92, an 8% decrease from the fourth quarter of 2018. Unit’s average
natural gas price was $2.52 per Mcf, a decrease of 9% from the fourth
quarter of 2018. Unit’s average oil price was $56.29 per barrel, an
increase of 4% over the fourth quarter of 2018. Unit’s average NGLs
price was $16.06 per barrel, a decrease of 18% from the fourth quarter
of 2018. All prices in this paragraph include the effects of derivative
contracts.
In the Gulf Coast area, Unit began delineation of its Shoal Creek
prospect with the drilling of its Blackstone G #2, which encountered
multiple stacked pay intervals in the Lower Wilcox. After being
completed in mid-December in three of the lower stacked pay intervals,
the well produced 6 to 8 MMcfe per day with 25% being oil. The size of
the Shoal Creek prospect will be further delineated with additional
drilling as the year progresses.
In response to low natural gas prices, especially in its Texas Panhandle
area, Unit has refocused its drilling capital toward its oilier drilling
inventory in the Red Fork and Marchand plays in western Oklahoma.
Additional third-party gas takeaway capacity expected to come on line
later in the year should help improve natural gas pricing in the Texas
Panhandle area.
Pinkston said: “The first quarter production decline was due to the
third-party plant shut-down. The 14-day shut-down had a significant
impact on both production and revenues. Wilcox production generally
receives LLS oil pricing, Mt. Belvieu liquids, and Henry Hub natural gas
index pricing, which lately are some of the best price points we are
seeing. We are optimistic that the plant turnaround will result in
improved recoveries going forward. As we have noted, we are continuing
to move our drilling focus to increase our oil content. To that end, we
now have two drilling rigs operating in each of the Penn Sands and SOHOT
core areas, with both areas having a higher oil content. We are
encouraged by our efforts to successfully expand our leasehold position
in those areas where we have seen higher oil production.”
This table illustrates certain comparative production, realized prices,
and operating profit for the periods indicated:
Three Months Ended | Three Months Ended | |||||||||||||||||||
Mar 31, |
Mar 31, |
Change |
Mar 31, |
Dec 31, |
Change | |||||||||||||||
Oil and NGLs Production, MBbl | 1,895 | 1,931 | (2)% | 1,895 | 1,976 | (4)% | ||||||||||||||
Natural Gas Production, Bcf | 13.4 | 13.5 | (1)% | 13.4 | 14.1 | (5)% | ||||||||||||||
Production, MBoe | 4,123 | 4,181 | (1)% | 4,123 | 4,318 | (5)% | ||||||||||||||
Production, MBoe/day | 45.8 | 46.5 | (1)% | 45.8 | 46.9 | (2)% | ||||||||||||||
Avg. Realized Natural Gas Price, Mcf (1) | $ | 2.52 | $ | 2.62 | (4)% | $ | 2.52 | $ | 2.77 | (9)% | ||||||||||
Avg. Realized NGL Price, Bbl (1) | $ | 16.06 | $ | 21.08 | (24)% | $ | 16.06 | $ | 19.61 | (18)% | ||||||||||
Avg. Realized Oil Price, Bbl (1) | $ | 56.29 | $ | 55.10 | 2% | $ | 56.29 | $ | 54.01 | 4% | ||||||||||
Avg. Price / Boe for Revenue Recognition | $ | (1.36 | ) | $ | (0.76 | ) | (79)% | $ | (1.36 | ) | $ | (1.25 | ) | (9)% | ||||||
Realized Price / Boe (1) | $ | 20.92 | $ | 23.42 | (11)% | $ | 20.92 | $ | 22.74 | (8)% | ||||||||||
Operating Profit Before Depreciation, Depletion, & Amortization (MM) (2) | $ | 53.4 | $ | 67.1 | (21)% | $ | 53.4 | $ | 74.9 | (29)% |
(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
31.4, a decrease of 5% from the fourth quarter of 2018. Per day drilling
rig rates averaged $18,339, a 2% increase over the fourth quarter of
2018. Average per day operating margin for the quarter was $7,376
(before elimination of intercompany drilling rig profit of $1.1
million). This margin compares to fourth quarter 2018 average operating
margin of $5,859 (before elimination of intercompany drilling rig profit
of $0.6 million), an increase of 26%, or $1,517 (see non-GAAP financial
measures below). Average operating margins for the quarter included
early termination fees of approximately $4.8 million, or $1,684 per day,
from the cancellation of certain third-party long-term contracts.
Pinkston said: “Our contract drilling segment’s operations held steady
during the quarter. During January, we completed and placed into service
our 12th BOSS rig, and during February, our 13th
BOSS rig was placed into service under a long-term contract. All 13 of
our BOSS rigs are under contract, and we currently have a total of 31
drilling rigs operating. 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, five
are up for renewal in the second quarter of 2019, two in the third
quarter, three in the fourth quarter, two in 2020, and three after 2020.”
This table illustrates certain comparative results for the periods
indicated:
Three Months Ended | Three Months Ended | |||||||||||||||
Mar 31, |
Mar 31, |
Change |
Mar 31, |
Dec 31, |
Change | |||||||||||
Rigs Utilized | 31.4 | 31.7 | (1)% | 31.4 | 33.1 | (5)% | ||||||||||
Operating Profit Before Depreciation (MM)(1) | $ | 19.8 | $ | 14.3 | 38% | $ | 19.8 | $ | 17.2 | 15% |
(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 gathering and gas processing volumes per day
increased 14% and 1%, respectively, while liquids sold volumes per day
decreased 7% from the fourth quarter of 2018. Operating profit (as
defined in the footnote below) for the quarter was $13.1 million, an
increase of 6% over the fourth quarter of 2018.
This table illustrates certain comparative results for the periods
indicated:
Three Months Ended | Three Months Ended | |||||||||||||||
Mar 31, 2019 |
Mar 31, 2018 |
Change | Mar 31, 2019 |
Dec 31, 2018 |
Change | |||||||||||
Gas Gathering, Mcf/day | 449,916 | 372,862 | 21% | 449,916 | 394,203 | 14% | ||||||||||
Gas Processing, Mcf/day | 161,748 | 151,039 | 7% | 161,748 | 160,786 | 1% | ||||||||||
Liquids Sold, Gallons/day | 650,614 | 577,560 | 13% | 650,614 | 697,161 | (7)% | ||||||||||
Operating Profit Before Depreciation & Amortization (MM) (1) | $ | 13.1 | $ | 14.4 | (9)% | $ | 13.1 | $ | 12.4 | 6% |
(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: “In our Appalachian region, seven new extended lateral
wells were brought online on the Pittsburgh Mills gathering system,
increasing daily volume by nearly 115 MMcfe per day. Overall, the
mid-stream segment saw a 14% increase in throughput volumes despite the
Wilcox processing plant shut-down which adversely impacted Segno
gathered volumes. The Reeding processing plant was placed into service
after the end of the first quarter. This processing plant is an addition
to the Cashion system in central Oklahoma.”
FINANCIAL INFORMATION
Unit ended the quarter with long-term debt of $685.0 million, consisting
of $645.0 million in senior subordinated notes (net of unamortized
discount and debt issuance costs) and $40 million in borrowings under
the Unit credit agreement. The Unit credit agreement is subject to an
elected commitment and borrowing base of $425 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 first quarter earnings conference call live over
the Internet on May 2, 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 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 | ||||||
March 31, | ||||||
2019 | 2018 | |||||
Statement of Operations: | ||||||
Revenues: | ||||||
Oil and natural gas | $ | 86,095 | $ | 103,099 | ||
Contract drilling | 51,155 | 45,989 | ||||
Gas gathering and processing | 52,441 | 56,044 | ||||
Total revenues | 189,691 | 205,132 | ||||
Expenses: | ||||||
Operating costs: | ||||||
Oil and natural gas | 32,714 | 35,962 | ||||
Contract drilling | 31,401 | 31,667 | ||||
Gas gathering and processing | 39,355 | 41,604 | ||||
Total operating costs | 103,470 | 109,233 | ||||
Depreciation, depletion, and amortization | 62,126 | 57,066 | ||||
General and administrative | 9,741 | 10,762 | ||||
(Gain) loss on disposition of assets | 1,615 | (161) | ||||
Total operating expenses | 176,952 | 176,900 | ||||
Income from operations | 12,739 | 28,232 | ||||
Other income (expense): | ||||||
Interest, net | (8,538) | (10,004) | ||||
(Loss) on derivatives not designated as hedges | (6,932) | (6,762) | ||||
Other | 5 | 6 | ||||
Total other income (expense) | (15,465) | (16,760) | ||||
Income (loss) before income taxes | (2,726) | 11,472 | ||||
Income tax expense: | ||||||
Deferred | (444) | 3,607 | ||||
Total income taxes | (444) | 3,607 | ||||
Net income (loss) | (2,282) | 7,865 | ||||
Net income attributable to non-controlling interest | 1,222 | – | ||||
Net income (loss) attributable to Unit Corporation | $ | (3,504) | $ | 7,865 | ||
Net income (loss) attributable to Unit Corporation per common share: | ||||||
Basic | $ | (0.07) | $ | 0.15 | ||
Diluted | $ | (0.07) | $ | 0.15 | ||
Weighted average shares outstanding: | ||||||
Basic | 52,557 | 51,730 | ||||
Diluted | 52,557 | 52,272 | ||||
Unit Corporation | ||||||
Selected Financial Highlights – continued | ||||||
(In thousands) |
||||||
March 31, | December 31, | |||||
2019 | 2018 | |||||
Balance Sheet Data: | ||||||
Current assets | $ | 131,011 | $ | 170,359 | ||
Total assets | $ | 2,729,180 | $ | 2,698,053 | ||
Current liabilities | $ | 197,662 | $ | 213,859 | ||
Long-term debt | $ | 685,031 | $ | 644,475 | ||
Other long-term liabilities and non-current derivative liability | $ | 106,259 | $ | 101,527 | ||
Deferred income taxes | $ | 144,369 | $ | 144,748 | ||
Total shareholders’ equity attributable to Unit Corporation | $ | 1,392,992 | $ | 1,390,881 | ||
Three Months Ended March 31, | ||||||
2019 | 2018 | |||||
Statement of Cash Flows Data: | ||||||
Cash flow from operations before changes in operating assets and liabilities |
$ | 76,166 | $ | 79,966 | ||
Net change in operating assets and liabilities | 912 | 3,602 | ||||
Net cash provided by operating activities | $ | 77,078 | $ | 83,568 | ||
Net cash used in investing activities | $ | (120,897) | $ | (68,165) | ||
Net cash provided by financing activities | $ | 41,258 | $ | (15,352) | ||
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 | ||||||
March 31, | ||||||
2019 | 2018 | |||||
(In thousands except earnings per share) | ||||||
Adjusted net income attributable to Unit Corporation: | ||||||
Net income (loss) attributable to Unit Corporation | $ | (3,504) | $ | 7,865 | ||
Loss on derivatives (net of income tax) | 5,802 | 4,636 | ||||
Settlements during the period of matured derivative contracts (net of income tax) |
2,224 | (1,421) | ||||
Adjusted net income attributable to Unit Corporation | $ | 4,522 | $ | 11,080 | ||
Adjusted diluted earnings attributable to Unit Corporation per share: | ||||||
Diluted earnings (loss) per share | $ | (0.07) | $ | 0.15 | ||
Diluted earnings per share from loss on derivatives | 0.11 | 0.09 | ||||
Diluted earnings per share from settlements of matured derivative contracts |
0.05 | (0.03) | ||||
Adjusted diluted income per share attributable to Unit | $ | 0.09 | $ | 0.21 | ||
Weighted shares (denominator) | 52,557 | 52,272 | ||||
________________
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 | |||||||||
December 31, | March 31, | ||||||||
2018 | 2019 | 2018 | |||||||
(In thousands) | |||||||||
Oil and natural gas | $ | 74,863 | $ | 53,381 | $ | 67,137 | |||
Contract drilling | 17,173 | 19,754 | 14,322 | ||||||
Gas gathering and processing | 12,409 | 13,086 | 14,440 | ||||||
Total operating profit | 104,445 | 86,221 | 95,899 | ||||||
Depreciation, depletion and amortization | (64,629) | (62,126) | (57,066) | ||||||
Impairments | (147,884) | – | – | ||||||
Total operating income (loss) | (108,068) | 24,095 | 38,833 | ||||||
General and administrative | (9,955) | (9,741) | (10,762) | ||||||
Gain (loss) on disposition of assets | 129 | (1,615) | 161 | ||||||
Interest, net | (7,816) | (8,538) | (10,004) | ||||||
Gain (loss) on derivatives | 22,424 | (6,932) | (6,762) | ||||||
Other | 5 | 5 | 6 | ||||||
Income (loss) before income taxes | $ | (103,281) | $ | (2,726) | $ | 11,472 | |||
_________________
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 |
|||||||||
and Bad Debt Expense | |||||||||
Three Months Ended | |||||||||
December 31, | March 31, | ||||||||
2018 | 2019 | 2018 | |||||||
(In thousands except for operating days and operating margins) | |||||||||
Contract drilling revenue | $ | 52,965 | $ | 51,155 | $ | 45,989 | |||
Contract drilling operating cost | 35,792 | 31,401 | 31,667 | ||||||
Operating profit from contract drilling | 17,173 | 19,754 | 14,322 | ||||||
Add: | |||||||||
Elimination of intercompany rig profit and bad debt expense | 644 | 1,060 | 434 | ||||||
Operating profit from contract drilling before elimination of intercompany rig profit and bad debt expense |
17,817 | 20,814 | 14,756 | ||||||
Contract drilling operating days | 3,041 | 2,822 | 2,849 | ||||||
Average daily operating margin before elimination of intercompany rig profit and bad debt expense |
$ | 5,859 | $ | 7,376 | $ | 5,179 | |||
________________
The company has included the average daily operating margin before
elimination of intercompany rig profit and bad debt expense 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.
Unit Corporation | ||||||
Reconciliation of Cash Flow From Operations Before Changes in Operating Assets and Liabilities |
||||||
Three Months Ended March 31, | ||||||
2019 | 2018 | |||||
(In thousands) | ||||||
Net cash provided by operating activities | $ | 77,078 | $ | 83,568 | ||
Net change in operating assets and liabilities | (912) | (3,602) | ||||
Cash flow from operations before changes in operating assets and liabilities |
$ | 76,166 | $ | 79,966 | ||
________________
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 | ||||||
March 31, | ||||||
2019 | 2018 | |||||
(In thousands except earnings per share) | ||||||
Net income (loss) | $ | (2,282) | $ | 7,865 | ||
Income taxes | (444) | 3,607 | ||||
Depreciation, depletion and amortization | 62,126 | 57,066 | ||||
Interest, net | 8,538 | 10,004 | ||||
Loss on derivatives | 6,932 | 6,762 | ||||
Settlements during the period of matured derivative contracts | 2,656 | (2,073) | ||||
Stock compensation plans | 5,134 | 6,609 | ||||
Other non-cash items | (138) | (532) | ||||
(Gain) loss on disposition of assets | 1,615 | (161) | ||||
Adjusted EBITDA | 84,137 | 89,147 | ||||
Adjusted EBITDA attributable to non-controlling interest | 7,022 | – | ||||
Adjusted EBITDA attributable to Unit Corporation | $ | 77,115 | $ | 89,147 | ||
Diluted earnings (loss) per share attributable to Unit | $ | (0.07) | $ | 0.15 | ||
Diluted earnings per share from income taxes | (0.01) | 0.07 | ||||
Diluted earnings per share from depreciation, depletion and amortization |
1.08 | 1.09 | ||||
Diluted earnings per share from interest, net | 0.16 | 0.19 | ||||
Diluted earnings per share from loss on derivatives | 0.13 | 0.13 | ||||
Diluted earnings per share from settlements during the period of matured derivative contracts |
0.05 | (0.04) | ||||
Diluted earnings per share from stock compensation plans | 0.10 | 0.13 | ||||
Diluted earnings per share from other non-cash items | – | (0.01) | ||||
Diluted earnings per share from (gain) loss on disposition of assets | 0.03 | – | ||||
Adjusted EBITDA per diluted share | $ | 1.47 | $ | 1.71 | ||
Weighted shares (denominator) | 52,557 | 52,272 |
________________
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/20190502005215/en/
Michael D. Earl
Vice President, Investor Relations
(918)
493-7700
www.unitcorp.com
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