Unit Corp. Posts Q2 Loss - Quick Facts

(RTTNews) - Unit Corp. (UNT) reported a second quarter net loss of $274.4 million, or $5.58 per share, compared to net income of $54.4 million, or $1.11 per share, last year. The company noted that its second quarter of 2015 results include pre-tax non-cash write downs of: $410.5 million ceiling test write down in the carrying value of the oil and natural gas properties and an $8.3 million pre-tax write down for the decline in the carrying value of certain drilling rigs and other assets removed from service. Adjusted net loss for the quarter was $5.9 million, or $0.12 per share.

On average, ten analysts polled by Thomson Reuters expected the company to report a loss per share of $0.18 for the quarter. Analysts' estimates typically exclude special items.

Total revenues were $214.4 million compared to $405.4 million for the second quarter of 2014. Analysts expected revenue of $224.54 million for the quarter.

Total equivalent production for the quarter was 5.1 million barrels of oil equivalent (MMBoe), an increase of 9% over the second quarter of 2014. Oil production for the quarter was 10,418 barrels per day, unchanged from the second quarter of 2014.