Exploration & Production | Top Story | Quarterly / Earnings Reports | First Quarter (1Q) Update
Unit to Accelerate Granite Wash, Emerging SOHOT Ops
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Unit Corporation reported its financial and operational results for the first quarter 2014.
Larry Pinkston, Unit's Chief Executive Officer and President, stated, "For the quarter, Unit reported net income of $56.9 million, or $1.17 per diluted share, and adjusted net income of $62.8 million, or $1.29 per diluted share. We continue to make progress on our key initiatives within each business segment.
"For the oil and natural gas segment, production for the quarter increased 5% over the first quarter of 2013 with oil and natural gas liquids (NGLs) production increasing from 40% to 45% of total equivalent production. Compared to the fourth quarter of 2013, production decreased 4%, or 1,745 barrels of oil equivalent (Boe) per day. The decrease was due primarily to weather related factors. The…
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