Supplemental Condensed Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2021


	Predecessor
	Two Months Ended August 31, 2020
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Consolidating Adjustments		Total Consolidated
	(In thousands)
Revenues	$	—	$	35,647	$	34,132	$	(4,205)	$	65,574
Expenses:
Operating costs	—		21,307		21,619		(4,206)		38,720
Depreciation, depletion, and amortization	341		10,828		6,750		—		17,919
Impairments	—		16,572		—		—		16,572
Loss on abandonment of assets	—		1,179		—		—		1,179
General and administrative expense	—		5,399		—		—		5,399
Gain on disposition of assets	—		(1,353)		(3)		—		(1,356)
Total operating costs	341		53,932		28,366		(4,206)		78,433
Income (loss) from operations	(341)		(18,285)		5,766		1		(12,859)
Interest, net	(1,131)		—		(828)		—		(1,959)
Write-off of debt issuance costs	—		—		—		—		—
Loss on derivatives	(4,250)		—		—		—		(4,250)
Reorganization items	380,178		(168,160)		(71,016)		—		141,002
Other, net	68		1,853		10		—		1,931
Income (loss) before income taxes	374,524		(184,592)		(66,068)		1		123,865
Income tax benefit	(4,750)		—		—		—		(4,750)
Equity in net earnings from investment in subsidiaries, net of taxes	(250,659)		—		—		250,659		—
Net income (loss)	128,615		(184,592)		(66,068)		250,660		128,615
Less: net income attributable to non-controlling interest	73,484		—		73,484		(73,484)		73,484
Net income (loss) attributable to Unit Corporation	$	55,131	$	(184,592)	$	(139,552)	$	324,144	$	55,131


	Predecessor
	Eight Months Ended August 31, 2020
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Consolidating Adjustments		Total Consolidated
	(In thousands)
Revenues	$	—	$	176,962	$	114,531	$	(14,536)	$	276,957
Expenses:
Operating costs	—		171,476		80,607		(14,537)		237,546
Depreciation, depletion, and amortization	1,819		84,306		29,371		—		115,496
Impairments	—		803,852		63,962		—		867,814
Loss on abandonment of assets	—		18,733		—		—		18,733
General and administrative	—		42,766		—		—		42,766
(Gain) loss on disposition of assets	1,479		(1,550)		(18)		—		(89)
Total operating costs	3,298		1,119,583		173,922		(14,537)		1,282,266
Income (loss) from operations	(3,298)		(942,621)		(59,391)		1		(1,005,309)
Interest, net	(20,936)		—		(1,888)		—		(22,824)
Write-off of debt issuance costs	(2,426)		—		—		—		(2,426)
Loss on derivatives	(10,704)		—		—		—		(10,704)
Reorganization items	373,151		(168,160)		(71,016)		—		133,975
Other, net	79		1,906		49		—		2,034
Income (loss) before income taxes	335,866		(1,108,875)		(132,246)		1		(905,254)
Income tax benefit	(14,630)		—		—		—		(14,630)
Equity in net earnings from investment in subsidiaries, net of taxes	(1,241,120)		—		—		1,241,120		—
Net loss	(890,624)		(1,108,875)		(132,246)		1,241,121		(890,624)
Less: net income attributable to non-controlling interest	40,388		—		40,388		(40,388)		40,388
Net loss attributable to Unit Corporation	$	(931,012)	$	(1,108,875)	$	(172,634)	$	1,281,509	$	(931,012)


	Predecessor
	Eight Months Ended August 31, 2020
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Consolidating Adjustments		Total Consolidated
	(In thousands)
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	$	(207,593)	$	82,769	$	32,922	$	136,858	$	44,956
INVESTING ACTIVITIES:									—
Capital expenditures	(986)		(14,585)		(10,204)		—		(25,775)
Producing properties and other acquisitions	—		(382)		—		—		(382)
Proceeds from disposition of assets	1,169		4,772		77		—		6,018
Net cash provided by (used in) investing activities	183		(10,195)		(10,127)		—		(20,139)
FINANCING ACTIVITIES:
Borrowings under credit agreement, including borrowings under DIP credit facility	55,300		—		32,100		—		87,400
Payments under credit agreement	(31,500)		—		(32,600)		—		(64,100)
DIP financing costs	(990)		—		—		—		(990)
Exit facility financing costs	(3,225)		—		—		—		(3,225)
Intercompany borrowings (advances), net	210,398		(72,642)		(898)		(136,858)		—
Payments on finance leases	—		—		(2,757)		—		(2,757)
Employee taxes paid by withholding shares	(43)		—		—		—		(43)

Bank overdrafts	(7,269)		—		(1,464)		—		(8,733)
Net cash provided by (used in) financing activities	222,671		(72,642)		(5,619)		(136,858)		7,552
Net increase (decrease) in cash and cash equivalents	15,261		(68)		17,176		—		32,369
Cash and cash equivalents, beginning of period	503		68		—		—		571
Cash and cash equivalents, end of period	$	15,764	$	—	$	17,176	$	—	$	32,940