Operational Updates
Unit Corp. Drills On at Granite Wash, Marmaton Prospects
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Unit Corporation reported net income of $46.6 million, or $0.97 per diluted share, for the three months ended September 30, 2012, compared to net income of $53.4 million, or $1.11 per diluted share for the third quarter of 2011. Total revenues for the third quarter of 2012 were $317.8 million (42% contract drilling, 41% oil and natural gas, and 17% mid-stream), compared to $323.8 million (39% contract drilling, 42% oil and natural gas, and 19% mid-stream) for the third quarter of 2011.
Contract Drilling Segment InformationThe average number of drilling rigs used in the third quarter of 2012 was 73.4, a decrease of 7% from the third quarter of 2011, and a decrease of 4% from the second quarter of 2012. Per day drilling rig rates for the third quarter of 2012 averaged $19,989, an increase…
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