Unit Corporation has announced financial and operational results for the three months ended March 31, 2008.
Net income for the first quarter of 2008 was $77.1 million, or $1.65 per diluted share, on revenues of $321.4 million, compared with net income of $64.5 million, or $1.39 per diluted share, on revenues of $277.3 million for the first quarter of 2007. Net cash provided by operations was $158.8 million, up 23 percent over the $128.7 million reported for the first quarter of 2007.
First quarter 2008 revenues by segment were: contract drilling $147.2 million, or 46 percent of total revenues; exploration and production $130.0 million, or 40 percent of total revenues; and mid-stream $44.2 million, or 14 percent of total revenues. By comparison, 2007 first quarter segment revenues consisted of $160.3 million for contract drilling, or 58 percent; E&P revenues of $86.1 million, or 31 percent; and mid-stream $30.8 million, or 11 percent.