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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 3,891 $ 6,452
Accounts receivable, net of allowance for doubtful accounts of $2,531 at both March 31, 2019 and December 31, 2018, respectively 93,875 119,397
Materials and supplies 495 473
Current derivative asset (Note 10) 3,464 12,870
Income taxes receivable 2,054 2,054
Assets held for sale (Note 3) 19,728 22,511
Prepaid expenses and other 7,504 6,602
Total current assets 131,011 170,359
Oil and natural gas properties on the full cost method:    
Proved properties 6,104,092 6,018,568
Unproved properties not being amortized 339,957 330,216
Drilling equipment 1,279,735 1,284,419
Gas gathering and processing equipment 781,970 767,388
Saltwater disposal systems 69,010 68,339
Corporate land and building 59,080 59,081
Transportation equipment 30,327 29,524
Other 57,624 57,507
Property, plant, and equipment, gross 8,721,795 8,615,042
Less accumulated depreciation, depletion, amortization, and impairment 6,225,220 6,182,726
Net property and equipment 2,496,575 2,432,316
Goodwill 62,808 62,808
Right of use asset (Note 12) 4,551 0
Other assets 34,235 32,570
Total assets [1] 2,729,180 2,698,053
Current liabilities:    
Accounts payable 132,899 149,945
Accrued liabilities (Note 5) 48,084 49,664
Current operating lease liability (Note 12) 2,369 0
Current portion of other long-term liabilities (Note 6) 14,310 14,250
Total current liabilities 197,662 213,859
Long-term debt less debt issuance costs (Note 6) 685,031 644,475
Non-current derivative liability (Note 10) 475 293
Operating lease liability (Note 12) 1,952 0
Other long-term liabilities (Note 6) 103,832 101,234
Deferred income taxes 144,369 144,748
Commitments and contingencies (Note 13) 0 0
Shareholders' equity:    
Preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued 0 0
Common stock, $.20 par value, 175,000,000 shares authorized, 55,467,987 and 54,055,600 shares issued as of March 31, 2019 and December 31, 2018, respectively 10,578 10,414
Capital in excess of par value 633,361 628,108
Accumulated other comprehensive loss (Note 15) (457) (481)
Retained earnings 749,510 752,840
Total shareholders’ equity attributable to Unit Corporation 1,392,992 1,390,881
Non-controlling interests in consolidated subsidiaries 202,867 202,563
Total shareholders' equity 1,595,859 1,593,444
Total liabilities and shareholders' equity [1] $ 2,729,180 $ 2,698,053
[1] Unit Corporation's consolidated total assets as of March 31, 2019 include total current and long-term assets of its variable interest entity (VIE) (Superior Pipeline Company, L.L.C.) of $28.9 million and $428.1 million, respectively, which can only be used to settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of March 31, 2019 include total current and long-term liabilities of the VIE of $36.0 million and $14.0 million, respectively, for which the creditors of the VIE have no recourse to Unit Corporation. Unit Corporation's consolidated total assets as of December 31, 2018 include total current and long-term assets of the VIE of $40.1 million and $423.3 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 total 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 14 – Variable Interest Entity Arrangements.