Exploration & Production | Operational Updates | General | Quarterly / Earnings Reports
Unit's 2012 Income Takes Hit; NGL Portfolio Sees Boost
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Unit Corporation reported results for the fourth quarter of 2012. Those results included a previously announced non-cash ceiling test write down of $167.7 million ($104.5 million after tax, or $2.17 per diluted share).
Because of the ceiling test write down, Unit incurred a net loss of $56.5 million, or $1.18 per diluted share, for the fourth quarter of 2012, compared to net income of $51.7 million, or $1.08 per diluted share for the fourth quarter of 2011. The ceiling test write down, which reduced the carrying value of the company’s oil and natural gas properties, resulted from significantly lower commodity prices during the fourth quarter of 2012. Without the ceiling test write down, net income for the fourth quarter of 2012 would have been $47.9 million, or $0.99 per diluted share…
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