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Supplemental Condensed Consolidating Financial Information (Tables)
 9 Months Ended
Sep. 30, 2019
Supplemental Condensed Consolidated Financial Information [Abstract]  
Condensed Consolidating Balance Sheets (Unaudited)
Condensed Consolidating Balance Sheets (Unaudited)
September 30, 2019
ParentCombined Guarantor SubsidiariesCombined Non-Guarantor SubsidiariesConsolidating AdjustmentsTotal Consolidated
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents$505  $104  $3  $—  $612  
Accounts receivable, net of allowance for doubtful accounts of $2,504 (Guarantor of $1,299 and Parent of $1,205) 1,863  62,662  20,900  (7,431) 77,994  
Materials and supplies—  524  —  —  524  
Current derivative asset5,959  —  —  —  5,959  
Income taxes receivable2,405  —  —  —  2,405  
Assets held for sale—  17,299  —  —  17,299  
Prepaid expenses and other2,879  3,673  5,920  —  12,472  
Total current assets13,611  84,262  26,823  (7,431) 117,265  
Property and equipment:
Oil and natural gas properties on the full cost method:
Proved properties—  6,312,461  —  —  6,312,461  
Unproved properties not being amortized
—  282,356  —  —  282,356  
Drilling equipment—  1,290,222  —  —  1,290,222  
Gas gathering and processing equipment—  —  806,862  —  806,862  
Saltwater disposal systems—  69,499  —  —  69,499  
Corporate land and building—  59,080  —  —  59,080  
Transportation equipment9,713  17,002  3,373  —  30,088  
Other28,876  28,555  —  —  57,431  
38,589  8,059,175  810,235  —  8,907,999  
Less accumulated depreciation, depletion, amortization, and impairment
32,217  6,090,830  399,574  —  6,522,621  
Net property and equipment6,372  1,968,345  410,661  —  2,385,378  
Intercompany receivable1,093,689  —  —  (1,093,689) —  
Goodwill—  —  —  —  —  
Investments964,822  —  —  (964,822) —  
Non-current derivative asset128  —  —  —  128  
Right of use asset52  1,855  5,464  (56) 7,315  
Other assets8,558  9,958  11,307  —  29,823  
Total assets$2,087,232  $2,064,420  $454,255  $(2,065,998) $2,539,909  
September 30, 2019
ParentCombined Guarantor SubsidiariesCombined Non-Guarantor SubsidiariesConsolidating AdjustmentsTotal Consolidated
(In thousands)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable$9,223  $64,771  $13,851  $(7,431) $80,414  
Accrued liabilities39,000  27,350  7,392  (468) 73,274  
Current operating lease liability22  941  3,334  (6) 4,291  
Current portion of other long-term liabilities1,069  7,316  7,023  (6) 15,402  
Total current liabilities49,314  100,378  31,600  (7,911) 173,381  
Intercompany debt—  1,093,642  47  (1,093,689) —  
Long-term debt less debt issuance costs780,252  —  4,100  —  784,352  
Non-current derivative liability107  —  —  —  107  
Operating lease liability29  883  1,938  (50) 2,800  
Other long-term liabilities14,367  72,219  10,376  (602) 96,360  
Deferred income taxes54,416  37,260  —  —  91,676  
Shareholders’ equity:
Preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued
—  —  —  —  —  
Common stock, $.20 par value, 175,000,000 shares authorized, 55,531,603 shares issued  10,590  —  —  —  10,590  
Capital in excess of par value644,042  45,921  197,042  (242,963) 644,042  
Contributions from Unit—  —  1,272  (1,272) —  
Accumulated other comprehensive loss—  —  —  —  —  
Retained earnings534,115  714,117  5,394  (719,511) 534,115  
Total shareholders’ equity attributable to Unit Corporation
1,188,747  760,038  203,708  (963,746) 1,188,747  
Non-controlling interests in consolidated subsidiaries—  —  202,486  —  202,486  
Total shareholders' equity1,188,747  760,038  406,194  (963,746) 1,391,233  
Total liabilities and shareholders’ equity$2,087,232  $2,064,420  $454,255  $(2,065,998) $2,539,909  
December 31, 2018
ParentCombined Guarantor SubsidiariesCombined Non-Guarantor SubsidiariesConsolidating AdjustmentsTotal Consolidated
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents$403  $208  $5,841  $—  $6,452  
Accounts receivable, net of allowance for doubtful accounts of $2,531 (Guarantor of $1,326 and Parent of $1,205) 2,539  94,526  36,676  (14,344) 119,397  
Materials and supplies—  473  —  —  473  
Current derivative asset12,870  —  —  —  12,870  
Income tax receivable243  1,811  —  —  2,054  
Assets held for sale—  22,511  —  —  22,511  
Prepaid expenses and other1,993  3,560  1,049  —  6,602  
Total current assets18,048  123,089  43,566  (14,344) 170,359  
Property and equipment:
Oil and natural gas properties on the full cost method:
Proved properties—  6,018,568  —  —  6,018,568  
Unproved properties not being amortized
—  330,216  —  —  330,216  
Drilling equipment—  1,284,419  —  —  1,284,419  
Gas gathering and processing equipment—  —  767,388  —  767,388  
Saltwater disposal systems—  68,339  —  —  68,339  
Corporate land and building—  59,081  —  —  59,081  
Transportation equipment9,273  17,165  3,086  —  29,524  
Other28,584  28,923  —  —  57,507  
37,857  7,806,711  770,474  —  8,615,042  
Less accumulated depreciation, depletion, amortization, and impairment
27,504  5,790,481  364,741  —  6,182,726  
Net property and equipment10,353  2,016,230  405,733  —  2,432,316  
Intercompany receivable950,916  —  —  (950,916) —  
Goodwill—  62,808  —  —  62,808  
Investments1,160,444  —  —  (1,160,444) —  
Other assets8,225  6,793  17,552  —  32,570  
Total assets$2,147,986  $2,208,920  $466,851  $(2,125,704) $2,698,053  
December 31, 2018
ParentCombined Guarantor SubsidiariesCombined Non-Guarantor SubsidiariesConsolidating AdjustmentsTotal Consolidated
(In thousands)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable$8,697  $122,610  $32,214  $(13,576) $149,945  
Accrued liabilities28,230  16,409  5,493  (468) 49,664  
Current portion of other long-term liabilities812  6,563  6,875  —  14,250  
Total current liabilities37,739  145,582  44,582  (14,044) 213,859  
Intercompany debt—  948,707  2,209  (950,916) —  
Long-term debt less debt issuance costs644,475  —  —  —  644,475  
Non-current derivative liability293  —  —  —  293  
Other long-term liabilities13,134  73,713  14,687  (300) 101,234  
Deferred income taxes60,983  83,765  —  —  144,748  
Shareholders’ equity:
Preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued—  —  —  —  —  
Common stock, $.20 par value, 175,000,000 shares authorized, 54,055,600 shares issued  10,414  —  —  —  10,414  
Capital in excess of par value628,108  45,921  197,042  (242,963) 628,108  
Contributions from Unit—  —  792  (792) —  
Accumulated other comprehensive loss—  (481) —  —  (481) 
Retained earnings752,840  911,713  4,976  (916,689) 752,840  
Total shareholders’ equity attributable to Unit Corporation
1,391,362  957,153  202,810  (1,160,444) 1,390,881  
Non-controlling interests in consolidated subsidiaries—  —  202,563  —  202,563  
Total shareholders' equity1,391,362  957,153  405,373  (1,160,444) 1,593,444  
Total liabilities and shareholders’ equity$2,147,986  $2,208,920  $466,851  $(2,125,704) $2,698,053  
Condensed Consolidating Statements of Operations (Unaudited)
Condensed Consolidating Statements of Operations (Unaudited)

Three Months Ended September 30, 2019
 ParentCombined Guarantor SubsidiariesCombined Non-Guarantor SubsidiariesConsolidating AdjustmentsTotal Consolidated
 (In thousands)
Revenues$—  $116,671  $48,585  $(9,817) $155,439  
Expenses:
Operating costs—  66,534  36,023  (9,904) 92,653  
Depreciation, depletion, and amortization1,935  56,432  11,847  —  70,214  
Impairments—  232,615  2,265  —  234,880  
General and administrative—  10,094  —  —  10,094  
(Gain) loss on disposition of assets(1) 260  (28) —  231  
Total operating costs1,934  365,935  50,107  (9,904) 408,072  
Income (loss) from operations(1,934) (249,264) (1,522) 87  (252,633) 
Interest, net(9,086) —  (448) —  (9,534) 
Gain on derivatives4,237  —  —  —  4,237  
Other, net5  (627) —  —  (622) 
Loss before income taxes(6,778) (249,891) (1,970) 87  (258,552) 
Income tax benefit(1,982) (48,781) —  —  (50,763) 
Equity in net earnings from investment in subsidiaries, net of taxes
(202,090) —  —  202,090  —  
Net loss(206,886) (201,110) (1,970) 202,177  (207,789) 
Less: net loss attributable to non-controlling interest—  —  (903) —  (903) 
Net loss attributable to Unit Corporation$(206,886) $(201,110) $(1,067) $202,177  $(206,886) 
Three Months Ended September 30, 2018
 ParentCombined Guarantor SubsidiariesCombined Non-Guarantor SubsidiariesConsolidating AdjustmentsTotal Consolidated
 (In thousands)
Revenues$—  $169,635  $82,882  $(32,459) $220,058  
Expenses:
Operating costs—  71,646  66,932  (31,273) 107,305  
Depreciation, depletion, and amortization1,923  50,349  11,265  —  63,537  
General and administrative—  9,252  26  —  9,278  
Gain on disposition of assets—  (237) (16) —  (253) 
Total operating costs1,923  131,010  78,207  (31,273) 179,867  
Income (loss) from operations(1,923) 38,625  4,675  (1,186) 40,191  
Interest, net(7,564) —  (381) —  (7,945) 
Loss on derivatives(4,385) —  —  —  (4,385) 
Other, net6  (1) 1  —  6  
Income (loss) before income taxes(13,866) 38,624  4,295  (1,186) 27,867  
Income tax expense (benefit)(3,688) 9,839  593  —  6,744  
Equity in net earnings from investment in subsidiaries, net of taxes
29,077  —  —  (29,077) —  
Net income18,899  28,785  3,702  (30,263) 21,123  
Less: net income attributable to non-controlling interest—  —  2,224  —  2,224  
Net income attributable to Unit Corporation$18,899  $28,785  $1,478  $(30,263) $18,899  
Nine Months Ended September 30, 2019
ParentCombined Guarantor SubsidiariesCombined Non-Guarantor SubsidiariesConsolidating AdjustmentsTotal Consolidated
(In thousands)
Revenues$—  $389,553  $173,724  $(53,001) $510,276  
Expenses:
Operating costs—  211,836  133,702  (51,374) 294,164  
Depreciation, depletion, and amortization5,804  157,153  35,675  —  198,632  
Impairments—  232,615  2,265  —  234,880  
General and administrative—  29,899  —  —  29,899  
(Gain) loss on disposition of assets(11) 1,571  (136) —  1,424  
Total operating costs5,793  633,074  171,506  (51,374) 758,999  
Income (loss) from operations(5,793) (243,521) 2,218  (1,627) (248,723) 
Interest, net(25,938) —  (1,129) —  (27,067) 
Gain on derivatives5,232  —  —  —  5,232  
Other, net16  (627) —  —  (611) 
Income (loss) before income taxes(26,483) (244,148) 1,089  (1,627) (271,169) 
Income tax benefit(6,529) (46,552) —  —  (53,081) 
Equity in net earnings from investment in subsidiaries, net of taxes
(198,945) —  —  198,945  —  
Net income (loss)(218,899) (197,596) 1,089  197,318  (218,088) 
Less: net income attributable to non-controlling interest—  —  811  —  811  
Net income (loss) attributable to Unit Corporation$(218,899) $(197,596) $278  $197,318  $(218,899) 

Nine Months Ended September 30, 2018
 ParentCombined Guarantor SubsidiariesCombined Non-Guarantor SubsidiariesConsolidating AdjustmentsTotal Consolidated
 (In thousands)
Revenues$—  $478,529  $232,938  $(82,974) $628,493  
Expenses:
Operating costs—  215,355  185,738  (80,540) 320,553  
Depreciation, depletion, and amortization5,759  139,724  33,493  —  178,976  
General and administrative—  26,136  2,616  —  28,752  
Gain on disposition of assets(30) (450) (95) —  (575) 
Total operating costs5,729  380,765  221,752  (80,540) 527,706  
Income (loss) from operations(5,729) 97,764  11,186  (2,434) 100,787  
Interest, net(24,844) —  (834) —  (25,678) 
Loss on derivatives(25,608) —  —  —  (25,608) 
Other, net17  —  —  —  17  
Income (loss) before income taxes(56,164) 97,764  10,352  (2,434) 49,518  
Income tax expense (benefit)(14,356) 25,299  1,437  —  12,380  
Equity in net earnings from investment in subsidiaries, net of taxes
74,360  —  —  (74,360) —  
Net income32,552  72,465  8,915  (76,794) 37,138  
Less: net income attributable to non-controlling interest—  —  4,586  —  4,586  
Net income attributable to Unit Corporation$32,552  $72,465  $4,329  $(76,794) $32,552  
Condensed Consolidating Statements of Comprehensive Income (Loss) (Unaudited)
Condensed Consolidating Statements of Comprehensive Income (Loss) (Unaudited)
Three Months Ended September 30, 2019
 ParentCombined Guarantor SubsidiariesCombined Non-Guarantor SubsidiariesConsolidating AdjustmentsTotal Consolidated
 (In thousands)
Net loss$(206,886) $(201,110) $(1,970) $202,177  $(207,789) 
Other comprehensive loss, net of taxes:
Reclassification adjustment for write-down of securities, net of tax of ($45)—  487  —  —  487  
Comprehensive loss(206,886) (200,623) (1,970) 202,177  (207,302) 
Less: Comprehensive loss attributable to non-controlling interests—  —  (903) —  (903) 
Comprehensive loss attributable to Unit Corporation$(206,886) $(200,623) $(1,067) $202,177  $(206,399) 

Three Months Ended September 30, 2018
 ParentCombined Guarantor SubsidiariesCombined Non-Guarantor SubsidiariesConsolidating AdjustmentsTotal Consolidated
 (In thousands)
Net income$18,899  $28,785  $3,702  $(30,263) $21,123  
Other comprehensive income, net of taxes:
Unrealized loss on securities, net of tax of ($13)—  (38) —  —  (38) 
Comprehensive income18,899  28,747  3,702  (30,263) 21,085  
Less: Comprehensive income attributable to non-controlling interests—  —  2,224  —  2,224  
Comprehensive income attributable to Unit Corporation$18,899  $28,747  $1,478  $(30,263) $18,861  

Nine Months Ended September 30, 2019
 ParentCombined Guarantor SubsidiariesCombined Non-Guarantor SubsidiariesConsolidating AdjustmentsTotal Consolidated
 (In thousands)
Net income (loss)$(218,899) $(197,596) $1,089  $197,318  $(218,088) 
Other comprehensive income (loss), net of taxes:
Reclassification adjustment for write-down of securities, net of tax of ($47)—  481  —  —  481  
Comprehensive income (loss)(218,899) (197,115) 1,089  197,318  (217,607) 
Less: Comprehensive income attributable to non-controlling interests—  —  811  —  811  
Comprehensive income (loss) attributable to Unit Corporation$(218,899) $(197,115) $278  $197,318  $(218,418) 
Nine Months Ended September 30, 2018
 ParentCombined Guarantor SubsidiariesCombined Non-Guarantor SubsidiariesConsolidating AdjustmentsTotal Consolidated
 (In thousands)
Net income$32,552  $72,465  $8,915  $(76,794) $37,138  
Other comprehensive income, net of taxes:
Unrealized loss on securities, net of tax of ($60)—  (179) —  —  (179) 
Comprehensive income32,552  72,286  8,915  (76,794) 36,959  
Less: Comprehensive income attributable to non-controlling interests—  —  4,586  —  4,586  
Comprehensive income attributable to Unit Corporation$32,552  $72,286  $4,329  $(76,794) $32,373  
Condensed Consolidating Statements of Cash Flows (Unaudited)
Condensed Consolidating Statements of Cash Flows (Unaudited)
Nine Months Ended September 30, 2019
 ParentCombined Guarantor SubsidiariesCombined Non-Guarantor SubsidiariesConsolidating AdjustmentsTotal Consolidated
 (In thousands)
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities$11,054  $169,838  $38,592  $(34) $219,450  
INVESTING ACTIVITIES:
Capital expenditures
168  (321,840) (43,282) —  (364,954) 
Producing properties and other acquisitions
—  (3,345) —  —  (3,345) 
Proceeds from disposition of assets
11  10,376  119  —  10,506  
Net cash provided by (used in) investing activities179  (314,809) (43,163) —  (357,793) 
FINANCING ACTIVITIES:
Borrowings under credit agreement
332,300  —  59,900  —  392,200  
Payments under credit agreement
(198,200) —  (55,800) —  (254,000) 
Intercompany borrowings (advances), net
(143,692) 144,867  (1,209) 34  —  
Payments on finance leases
—  —  (2,984) —  (2,984) 
Employee taxes paid by withholding shares(4,080) —  —  —  (4,080) 
Distributions to non-controlling interest919  —  (1,837) —  (918) 
Bank overdrafts
1,622  —  663  —  2,285  
Net cash provided by (used in) financing activities(11,131) 144,867  (1,267) 34  132,503  
Net increase (decrease) in cash and cash equivalents102  (104) (5,838) —  (5,840) 
Cash and cash equivalents, beginning of period
403  208  5,841  —  6,452  
Cash and cash equivalents, end of period
$505  $104  $3  $—  $612  

Nine Months Ended September 30, 2018
 ParentCombined Guarantor SubsidiariesCombined Non-Guarantor SubsidiariesConsolidating AdjustmentsTotal Consolidated
 (In thousands)
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities$(98,489) $215,350  $(3,459) $128,080  $241,482  
INVESTING ACTIVITIES:
Capital expenditures
22  (275,434) (28,642) —  (304,054) 
Producing properties and other acquisitions
—  (769) —  —  (769) 
Proceeds from disposition of assets
30  25,199  87  —  25,316  
Net cash provided by (used in) investing activities52  (251,004) (28,555) —  (279,507) 
FINANCING ACTIVITIES:
Borrowings under credit agreement
69,200  —  2,000  —  71,200  
Payments under credit agreement
(247,200) —  (2,000) —  (249,200) 
Intercompany borrowings (advances), net
248,343  35,714  (155,977) (128,080) —  
Payments on finance leases
—  —  (2,869) —  (2,869) 
Employee taxes paid by withholding shares(4,947) —  —  —  (4,947) 
Proceeds from investments of non-controlling interest102,958  —  197,042  —  300,000  
Transaction costs associated with sale of non-controlling interest(2,303) —  —  —  (2,303) 
Bank overdrafts
14,143  —  2,857  —  17,000  
Net cash provided by (used in) financing activities180,194  35,714  41,053  (128,080) 128,881  
Net increase in cash and cash equivalents81,757  60  9,039  —  90,856  
Cash and cash equivalents, beginning of period
510  191  —  —  701  
Cash and cash equivalents, end of period
$82,267  $251  $9,039  $—  $91,557