Unit Corp. Posts Loss In Q4, Results Miss View - Quick Facts

(RTTNews) - Unit Corp. (UNT), an oil and natural gas contract drilling company, recorded a net loss of $42.6 million, or $0.88 per share for the fourth quarter 2014, versus an income of $51.3 million, or $1.05 per share, last year. Because of the significantly lower commodity prices existing at year-end 2014, fourth quarter 2014 results included the following pre-tax non-cash write downs: $76.7 million ceiling test write down in the carrying value of Unit's oil and natural gas properties; $74.3 million for the removal of 31 drillings rigs from the fleet along with some other equipment; and $7.1 million in the carrying value of three gas gathering systems.

Excluding the effect of non-cash commodity derivatives and the effects of the write-downs, adjusted net income for the quarter was $39.7 million, or $0.80 per share. On average, eight analysts polled by Thomson Reuters expected earnings of $0.82 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter were $378.6 million, compared with $359.1 million a year earlier. Three analysts expected revenues of $393.33 million.