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Unit Corp Q2 revenue rises on higher oil prices

Unit Corp Q2 revenue rises on higher oil prices


Overview

  • U.S. oil and gas producer's Q2 revenue rose yr/yr

  • Net income from continuing operations was nearly flat yr/yr

  • Company completed sale of Oklahoma oil and gas assets, repurchased 41,000 shares


Result Drivers

  • HIGHER OIL PRICES - Co said average realized oil prices rose 29% yr/yr, supporting revenue growth

  • LOWER PRODUCTION VOLUMES - Total production fell 8% yr/yr, with declines in NGL and natural gas output

  • ASSET SALE - Co completed sale of certain Oklahoma oil and gas leasehold interests for $17.2 mln


Company press release: ID:nBw2p3dZ7a


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 Revenue

$29.65 mln

Q2 EPS

$1.51


Reuters Recommended Reads

  • Aug 5 - Oil and gas producer W&T Offshore's Q2 revenue rises more than expected on higher prices

  • Aug 5 - SandRidge Energy Q2 revenue rises 48% on higher output and prices

  • Aug 6 - ConocoPhillips completes $1.7 bln asset sale, hits divestiture target early


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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