Unit Corporation Reports Production Results for the Second Quarter and Six Months Ended June 30, 2022
July 22, 2022 at 06:45 pm IST
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Unit Corporation reported production results for the second quarter and six months ended June 30, 2022. For the quarter, the company reported Oil production of 309,000 MBbls against 389,000 MBbls a year ago. NGL production of 620,000 MBbls against 662,000 MBbls a year ago. Natural gas production of 6,821,000 MMcf against 7,543,000 MMcf a year ago.
For the six months, the company reported Oil production of 714,000 MBbls against 801,000 MBbls a year ago. NGL production of 1,233,000 MBbls against 1,303,000 MBbls a year ago. Natural gas production of 13,336,000 MMcf against 14,946,000 MMcf a year ago.
Unit Corporation is a natural gas contract drilling company. The Company is primarily engaged in the development, acquisition, and production of oil and natural gas properties, the land contract drilling of natural gas and oil wells, and the buying, selling, gathering, processing, and treating of natural gas. The Company operates through three segments: Oil and Natural Gas, Contract Drilling, and Mid-Stream. The Oil and Natural Gas segment explores, develops, acquires, and produces oil and natural gas properties for its own account. The Contract Drilling segment contracts to drill onshore oil and natural gas wells for others and for its own account. The Mid-Stream segment buys, sells, gathers, processes, and treats natural gas for third parties and for its own account. The Companyâs producing oil and natural gas properties, unproved properties, and related assets are primarily located in Oklahoma and Texas, in addition to Arkansas, Kansas, and North Dakota to a lesser extent.