Unit Corp. Announces Record Quarterly Results

Unit Corporation has announced record revenues for the second quarter of 2008.

For the quarter, the company recorded $370.1 million (41 percent contract drilling, 44 percent oil and natural gas, and 15 percent mid-stream) compared to total revenues of $286.6 million for the second quarter of 2007 (54 percent contract drilling, 34 percent oil and natural gas, and 12 percent mid-stream).

Net income for the second quarter of 2008 was $94.1 million, or $2.00 per diluted share compared with net income of $65.6 million, or $1.41 per diluted share, for the second quarter of 2007.

During the first half of 2008, Unit’s total revenues were $691.5 million, setting a six-month revenues record for Unit, (43 percent contract drilling, 43 percent oil and natural gas, and 14 percent mid-stream), up from $563.9 million (56 percent contract drilling, 32 percent oil and natural gas, and 12 percent mid-stream) for the same period in 2007. Net income was $171.2 million, an increase of 32 percent over net income of $130.0 million for the comparative period in 2007.



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