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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 612 $ 6,452
Accounts receivable, net of allowance for doubtful accounts of $2,504 and $2,531 at September 30, 2019 and December 31, 2018, respectively 77,994 119,397
Materials and supplies 524 473
Current derivative asset (Note 11) 5,959 12,870
Income taxes receivable 2,405 2,054
Assets held for sale (Note 4) 17,299 22,511
Prepaid expenses and other 12,472 6,602
Total current assets 117,265 170,359
Oil and natural gas properties on the full cost method:    
Proved properties 6,312,461 6,018,568
Unproved properties not being amortized 282,356 330,216
Drilling equipment 1,290,222 1,284,419
Gas gathering and processing equipment 806,862 767,388
Saltwater disposal systems 69,499 68,339
Corporate land and building 59,080 59,081
Transportation equipment 30,088 29,524
Other 57,431 57,507
Property, plant, and equipment, gross 8,907,999 8,615,042
Less accumulated depreciation, depletion, amortization, and impairment 6,522,621 6,182,726
Net property and equipment 2,385,378 2,432,316
Goodwill (Note 2) 0 62,808
Non-current derivative asset (Note 11) 128 0
Right of use asset (Note 13) 7,315 0
Other assets 29,823 32,570
Total assets [1] 2,539,909 2,698,053
Current liabilities:    
Accounts payable 80,414 149,945
Accrued liabilities (Note 6) 73,274 49,664
Current operating lease liability (Note 13) 4,291 0
Current portion of other long-term liabilities (Note 7) 15,402 14,250
Total current liabilities 173,381 213,859
Long-term debt less issuance costs (Note 7) 784,352 644,475
Non-current derivative liability (Note 11) 107 293
Operating lease liability (Note 13) 2,800 0
Other long-term liabilities (Note 7) 96,360 101,234
Deferred income taxes 91,676 144,748
Commitments and contingencies (Note 14) 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, 55,531,603 and 54,055,600 shares issued as of September 30, 2019 and December 31, 2018, respectively 10,590 10,414
Capital in excess of par value 644,042 628,108
Accumulated other comprehensive loss 0 (481)
Retained earnings 534,115 752,840
Total shareholders’ equity attributable to Unit Corporation 1,188,747 1,390,881
Non-controlling interests in consolidated subsidiaries 202,486 202,563
Total shareholders' equity 1,391,233 1,593,444
Total liabilities and shareholders' equity [1] $ 2,539,909 $ 2,698,053
[1] Unit Corporation's consolidated total assets as of September 30, 2019 include total current and long-term assets of its variable interest entity (VIE) (Superior Pipeline Company, L.L.C.) of $24.1 million and $427.4 million, respectively, which can only settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of September 30, 2019 include total current and long-term liabilities of the VIE of $29.4 million and $15.8 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 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 15 – Variable Interest Entity Arrangements.