Unit Corp. Reports Higher Q1 Revenue, Income

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.



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