Unit Corporation (UNT) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $1.68 million, or $ 0.03 a share in the quarter, against a net loss of $309.34 million, or $6.29 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $12.21 million, or $0.23 a share compared with a net loss of $6.63 million, or $0.14 a share in the last year period. Revenue during the quarter went up marginally by 1.15 percent to $174.28 million from $172.29 million in the previous year period. Gross margin for the quarter expanded 1089 basis points over the previous year period to 49.75 percent.
Operating income for the quarter was $30.97 million, compared with an operating loss of $502.30 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $80.74 million compared with $83.25 million in the prior year period. At the same time, adjusted EBITDA margin contracted 199 basis points in the quarter to 46.33 percent from 48.32 percent in the last year period.
Larry Pinkston, Unit's chief executive officer and president, said: "During 2016, we saw the continued strong performance of our Wilcox behind pipe recompletion and workover program. Wilcox production grew during 2016, helping to partially offset our corporate decline during the suspension of our drilling activities. All three of our core areas have provided rates of return that compete very favorably with other active basins."
Operating cash flow drops significantly
Unit Corporation has generated cash of $240.13 million from operating activities during the year, down 46.27 percent or $206.81 million, when compared with the last year. The company has spent $110.97 million cash to meet investing activities during the year as against cash outgo of $549.78 million in the last year.
The company has spent $129.10 million cash to carry out financing activities during the year as against cash inflow of $102.62 million in the last year period.
Debt comes down
Unit Corporation has recorded a decline in total debt over the last one year. It stood at $800.92 million as on Dec. 31, 2016, down 12.85 percent or $118.08 million from $919 million on Dec. 31, 2015. Unit Corp has recorded a decline in long-term debt over the last one year. It stood at $800.92 million as on Dec. 31, 2016, down 12.85 percent or $118.08 million from $919 million on Dec. 31, 2015.
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