XML 118 R100.htm IDEA: XBRL DOCUMENT v3.10.0.1
Supplemental Condensed Consolidated Financial Information (Condensed Consolidating Balance Sheets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2018
Jan. 01, 2018
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Current assets:          
Cash and cash equivalents $ 6,452   $ 701 $ 893 $ 835
Accounts receivable 119,397   111,512    
Materials and supplies 473   505    
Current derivative assets 12,870   721    
Current income taxes receivable 2,054   61    
Assets held for sale 22,511   0    
Prepaid expenses and other 11,356   6,172    
Total current assets 175,113   119,672    
Oil and Gas Property [Abstract]          
Proved properties 6,018,568   5,712,813 5,446,305  
Unproved properties not being amortized 330,216   296,764 314,867  
Drilling equipment 1,284,419   1,593,611    
Gas gathering and processing equipment 767,388   726,236    
Saltwater disposal systems 68,339   62,618    
Corporate land and building 59,081   59,080    
Transportation equipment 29,524   29,631    
Other 57,507   53,439    
Property, plant and equipment, gross, total 8,615,042   8,534,192    
Less accumulated depreciation, depletion, amortization, and impairment 6,182,726   6,151,450    
Net property and equipment 2,432,316   2,382,742    
Intercompany receivable 0   0    
Goodwill 62,808   62,808    
Investments 1,500   1,500    
Other assets 26,316   14,730    
Total assets 2,698,053 [1]   2,581,452 [1] 2,479,303  
Current liabilities:          
Accounts payable 149,945   112,648    
Accrued liabilities 49,664   48,523    
Current derivative liabilities 0   7,763    
Current portion of other long-term liabilities 14,250 $ 15,750 13,002    
Total current liabilities 213,859   181,936    
Intercompany debt 0   0    
Long-term debt     178,000    
Bonds payable less debt issuance costs 644,475   642,276    
Non-current derivative liabilities 293   0    
Other long-term liabilities 101,234 109,940 100,203    
Deferred income taxes 144,748 133,064 133,477    
Shareholders' equity:          
Preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued 0   0    
Common Stock, $0.20 par value, 175,000,000 shares authorized 10,414   10,280    
Capital in excess of par value 628,108   535,815    
Contributions from Unit 0        
Accumulated other comprehensive income (loss) (481) 76 63 0 0
Retained earnings 752,840 $ 798,128 799,402    
Total shareholders' equity attributable to Unit Corporation 1,390,881   1,345,560    
Non-controlling interests in consolidated subsidiaries 202,563   0    
Total shareholders' equity 1,593,444   1,345,560 1,194,070 1,313,580
Total liabilities and shareholders' equity [1] 2,698,053   2,581,452    
Consolidating Adjustments          
Current assets:          
Cash and cash equivalents 0   0 0 0
Accounts receivable (14,344)   (6,978)    
Materials and supplies 0   0    
Current derivative assets 0   0    
Current income taxes receivable 0   0    
Assets held for sale 0        
Prepaid expenses and other 0   0    
Total current assets (14,344)   (6,978)    
Oil and Gas Property [Abstract]          
Proved properties 0   0    
Unproved properties not being amortized 0   0    
Drilling equipment 0   0    
Gas gathering and processing equipment 0   0    
Saltwater disposal systems 0   0    
Corporate land and building 0   0    
Transportation equipment 0   0    
Other 0   0    
Property, plant and equipment, gross, total 0   0    
Less accumulated depreciation, depletion, amortization, and impairment 0   0    
Net property and equipment 0   0    
Intercompany receivable (950,916)   (1,155,725)    
Goodwill 0   0    
Investments (1,160,444)   (1,044,709)    
Other assets 0   0    
Total assets (2,125,704)   (2,207,412)    
Current liabilities:          
Accounts payable (13,576)   (6,978)    
Accrued liabilities (468)   0    
Current derivative liabilities     0    
Current portion of other long-term liabilities 0   0    
Total current liabilities (14,044)   (6,978)    
Intercompany debt (950,916)   (1,155,725)    
Long-term debt     0    
Bonds payable less debt issuance costs 0   0    
Non-current derivative liabilities 0        
Other long-term liabilities (300)   0    
Deferred income taxes 0   0    
Shareholders' equity:          
Preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued 0   0    
Common Stock, $0.20 par value, 175,000,000 shares authorized 0   0    
Capital in excess of par value (242,963)   (61,470)    
Contributions from Unit (792)        
Accumulated other comprehensive income (loss) 0   0    
Retained earnings (916,689)   (983,239)    
Total shareholders' equity attributable to Unit Corporation (1,160,444)   (1,044,709)    
Non-controlling interests in consolidated subsidiaries 0   0    
Total shareholders' equity (1,160,444)   (1,044,709)    
Total liabilities and shareholders' equity (2,125,704)   (2,207,412)    
Parent          
Current assets:          
Cash and cash equivalents 403   510 517 510
Accounts receivable 2,539   154    
Materials and supplies 0   0    
Current derivative assets 12,870   721    
Current income taxes receivable 243   61    
Assets held for sale 0        
Prepaid expenses and other 5,103   2,925    
Total current assets 21,158   4,371    
Oil and Gas Property [Abstract]          
Proved properties 0   0    
Unproved properties not being amortized 0   0    
Drilling equipment 0   0    
Gas gathering and processing equipment 0   0    
Saltwater disposal systems 0   0    
Corporate land and building 0   0    
Transportation equipment 9,273   9,270    
Other 28,584   28,039    
Property, plant and equipment, gross, total 37,857   37,309    
Less accumulated depreciation, depletion, amortization, and impairment 27,504   21,268    
Net property and equipment 10,353   16,041    
Intercompany receivable 950,916   1,155,725    
Goodwill 0   0    
Investments 1,160,444   1,044,709    
Other assets 5,115   5,373    
Total assets 2,147,986   2,226,219    
Current liabilities:          
Accounts payable 8,697   13,124    
Accrued liabilities 28,230   26,165    
Current derivative liabilities     7,763    
Current portion of other long-term liabilities 812   657    
Total current liabilities 37,739   47,709    
Intercompany debt 0   0    
Long-term debt     178,000    
Bonds payable less debt issuance costs 644,475   642,276    
Non-current derivative liabilities 293        
Other long-term liabilities 13,134   11,257    
Deferred income taxes 60,983   1,480    
Shareholders' equity:          
Preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued 0   0    
Common Stock, $0.20 par value, 175,000,000 shares authorized 10,414   10,280    
Capital in excess of par value 628,108   535,815    
Contributions from Unit 0        
Accumulated other comprehensive income (loss) 0   0    
Retained earnings 752,840   799,402    
Total shareholders' equity attributable to Unit Corporation 1,391,362   1,345,497    
Non-controlling interests in consolidated subsidiaries 0   0    
Total shareholders' equity 1,391,362   1,345,497    
Total liabilities and shareholders' equity 2,147,986   2,226,219    
Combined Guarantor Subsidiaries          
Current assets:          
Cash and cash equivalents 208   191 376 325
Accounts receivable 94,526   89,622    
Materials and supplies 473   505    
Current derivative assets 0   0    
Current income taxes receivable 1,811   0    
Assets held for sale 22,511        
Prepaid expenses and other 3,560   2,370    
Total current assets 123,089   92,688    
Oil and Gas Property [Abstract]          
Proved properties 6,018,568   5,712,813    
Unproved properties not being amortized 330,216   296,764    
Drilling equipment 1,284,419   1,593,611    
Gas gathering and processing equipment 0   0    
Saltwater disposal systems 68,339   62,618    
Corporate land and building 59,081   59,080    
Transportation equipment 17,165   17,423    
Other 28,923   25,400    
Property, plant and equipment, gross, total 7,806,711   7,767,709    
Less accumulated depreciation, depletion, amortization, and impairment 5,790,481   5,807,757    
Net property and equipment 2,016,230   1,959,952    
Intercompany receivable 0   0    
Goodwill 62,808   62,808    
Investments 1,500   1,500    
Other assets 5,293   6,328    
Total assets 2,208,920   2,123,276    
Current liabilities:          
Accounts payable 122,610   87,514    
Accrued liabilities 16,409   19,134    
Current derivative liabilities     0    
Current portion of other long-term liabilities 6,563   8,501    
Total current liabilities 145,582   115,149    
Intercompany debt 948,707   870,582    
Long-term debt     0    
Bonds payable less debt issuance costs 0   0    
Non-current derivative liabilities 0        
Other long-term liabilities 73,713   77,566    
Deferred income taxes 83,765   85,443    
Shareholders' equity:          
Preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued 0   0    
Common Stock, $0.20 par value, 175,000,000 shares authorized 0   0    
Capital in excess of par value 45,921   45,921    
Contributions from Unit 0        
Accumulated other comprehensive income (loss) (481)   63    
Retained earnings 911,713   928,552    
Total shareholders' equity attributable to Unit Corporation 957,153   974,536    
Non-controlling interests in consolidated subsidiaries 0   0    
Total shareholders' equity 957,153   974,536    
Total liabilities and shareholders' equity 2,208,920   2,123,276    
Combined Non-Guarantor Subsidiaries          
Current assets:          
Cash and cash equivalents 5,841   0 $ 0 $ 0
Accounts receivable 36,676   28,714    
Materials and supplies 0   0    
Current derivative assets 0   0    
Current income taxes receivable 0   0    
Assets held for sale 0        
Prepaid expenses and other 2,693   877    
Total current assets 45,210   29,591    
Oil and Gas Property [Abstract]          
Proved properties 0   0    
Unproved properties not being amortized 0   0    
Drilling equipment 0   0    
Gas gathering and processing equipment 767,388   726,236    
Saltwater disposal systems 0   0    
Corporate land and building 0   0    
Transportation equipment 3,086   2,938    
Other 0   0    
Property, plant and equipment, gross, total 770,474   729,174    
Less accumulated depreciation, depletion, amortization, and impairment 364,741   322,425    
Net property and equipment 405,733   406,749    
Intercompany receivable 0   0    
Goodwill 0   0    
Investments 0   0    
Other assets 15,908   3,029    
Total assets 466,851   439,369    
Current liabilities:          
Accounts payable 32,214   18,988    
Accrued liabilities 5,493   3,224    
Current derivative liabilities     0    
Current portion of other long-term liabilities 6,875   3,844    
Total current liabilities 44,582   26,056    
Intercompany debt 2,209   285,143    
Long-term debt     0    
Bonds payable less debt issuance costs 0   0    
Non-current derivative liabilities 0        
Other long-term liabilities 14,687   11,380    
Deferred income taxes 0   46,554    
Shareholders' equity:          
Preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued 0   0    
Common Stock, $0.20 par value, 175,000,000 shares authorized 0   0    
Capital in excess of par value 197,042   15,549    
Contributions from Unit 792        
Accumulated other comprehensive income (loss) 0   0    
Retained earnings 4,976   54,687    
Total shareholders' equity attributable to Unit Corporation 202,810   70,236    
Non-controlling interests in consolidated subsidiaries 202,563   0    
Total shareholders' equity 405,373   70,236    
Total liabilities and shareholders' equity $ 466,851   $ 439,369    
[1] Unit Corporation's consolidated total assets as of December 31, 2018 include current and long-term assets of its variable interest entity (VIE) (Superior) of $41.7 million and $421.6 million, respectively, which can only be used to settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of December 31, 2018 include current and long-term liabilities of the VIE of $42.8 million and $14.7 million, respectively, for which the creditors of the VIE have no recourse to Unit Corporation. See Note 16 – Variable Interest Entity Arrangements.