News Article | February 23, 2017
PDI’s Medical Assistant Certificate Program is scheduled to begin this March in both Fort Worth and Frisco. Live instruction, textbooks, a critical, hands-on externship in a medical office, and an opportunity to sit for the Certified Clinical Medical Assistant® CCMA® exam are included in tuition. The 12-week program, Tuesday evenings and Saturdays, gives participants the specialized skills needed to succeed in well-paying positions within hospitals, clinics, and physicians’ offices. The program requires a high school diploma or GED. Applicants should have no felony or drug-related conviction, and will need to provide a current vaccination record. Instructors for this program are M. Carol Cozart and Kissa Yarbough. M. Carol Cozart has more than 15 years of practical experience as a Medical Assistant/ Clinical Nurse. She has worked on both the administrative and clinical side of medical and cosmetic surgery practices. She has an Associate’s degree in Applied Science of Medical Assisting from STC Sanford. Kissa Yarbough, MA-P, NCMA, NCPT, NCPI, is an experienced instructor in the areas of medical assistant and phlebotomy. With more than 9 years of teaching experience, Kissa also functioned as an extern coordinator while also teaching in a medical assistant program. She is also a National Certified Medical Assistant and National Certified Phlebotomist. Kissa holds a Bachelor’s of Science in Healthcare Administration from Pima Medical Institute. FORT WORTH DETAILS March 28, 2017 through June 17, 2017 UNT Health Science Center 3500 Camp Bowie Blvd. Fort Worth, TX 76107 Tuition: $4,285. Inquire about early registration discount. Class meets Tuesdays evenings from 6 p.m. to 9 p.m., and every Saturday from 9 a.m. to 2 p.m., for 12 weeks. FRISCO DETAILS March 21, 2017 through June 10, 2017 UNT New College at Frisco 2811 Internet Blvd. Frisco, TX 75034 Tuition: $4,285. Inquire about early registration discount. Class meets Tuesdays evenings from 6 p.m. to 9 p.m., and every Saturday from 9 a.m. to 2 p.m., for 12 weeks. Visit the website for more information on this program, or email Program Director Tami Russell at trussell(at)pdi(dot)org, or contact her by phone at 866.374.0876.
News Article | December 15, 2016
NEW YORK, December 15, 2016 /PRNewswire/ -- Pre-market, Stock-Callers.com scans the most current performances of Pioneer Energy Services Corp. (NYSE: PES), Unit Corp. (NYSE: UNT), Seadrill Partners LLC (NYSE: SDLP), and Halcon Resources Corp. (NYSE: HK). These equities belong to the...
News Article | March 1, 2017
(PRLEAP.COM) LEWISVILLE, TEXAS (March 1, 2017) First Transit has received the International Standards Organization (ISO) 9001:2015 Quality Management System (QMS) certification for its first rail operation in North America. First Transit received the ISO certification for the operation and maintenance of the Denton County Transportation Authority (DCTA) A-train commuter rail system the company began operating in October 2016 The ISO 9001:2015 addresses various aspects of quality management and contains ISO's best-known standards. The certification provides guidance and tools for companies and organizations that want to ensure that their products and services consistently meet customers' requirements and that quality is consistently delivered."This ISO certification for the DCTA rail operation is a testament to the hard work our team takes every day to ensure customer and passenger satisfaction," said Brad Thomas, president of First Transit. "ISO certification reflects our leadership to deliver consistent quality to our rail partner."To receive ISO 9001:2015 certification, First Transit was required to pass a challenging evaluation of its operation and maintenance practices conducted by an independent auditor. The ISO 9001:2015 initiative was led and managed by First Transit's Denton and regional management teams. This certification positions both First Transit and DCTA as industry leaders in the commitment to quality management and operations that will help improve the passenger experience."This certification is a great achievement for First Transit and will benefit DCTA by allowing us to make sound decisions on how to best use our funds to purchase rail equipment, potentially expand our rail service, and have the highest level of quality and efficiency to help maintain and improve our operations," said Jim Cline, DCTA President.ISO is an independent, non-governmental organization based in Geneva, Switzerland with a membership of 163 national standards bodies. Their standards ensure that products and services are safe, reliable and of good quality. ISO reviews its standards every five years to remain current in an ever-changing business environment.About First TransitFirst Transit, Inc. has 60 years of experience and is one of the largest private-sector providers of mobility solutions in North America, moving more than 350 million passengers annually. First Transit, Inc. provides operation, management and consulting for more than 300 locations in 39 states, Canada, Puerto Rico, Panama and India for transit authorities, state departments of transportation, municipalities, hospitals, universities and private companies. First Transit employs more than 19,500 dedicated transit professionals. For additional information, please visit FirstTransit.com About Denton County Transportation AuthorityFormed in 2002 and funded in 2003, the Denton County Transportation Authority has been focused on an aggressive service implementation strategy to address the mobility needs of Denton County residents. The central element of their Service Plan is the A-train, which connects with DART's Green Line at Trinity Mills in Carrollton and provides service to five stations within Denton County. In addition to the A-train, DCTA provides Connect Bus service in Denton and Lewisville, Connect Shuttle and Community On-Demand services in Highland Village, Access service, Frisco Demand-Response service, University of North Texas (UNT) and North Central Texas College (NCTC) Campus Shuttle and vanpool services. The agency carries nearly three million passengers annually system-wide. For more information about DCTA, visit www.RideDCTA.net
News Article | December 13, 2016
News Article | November 29, 2016
AUSTIN, Texas, Nov. 29, 2016 (GLOBE NEWSWIRE) -- Superconductor Technologies Inc. (STI) (Nasdaq:SCON) has been selected as prime recipient of the $4.5 million program award provided by the U.S. Department of Energy’s (DOE) Office of Energy Efficiency and Renewable Energy (EERE), on behalf of the Advanced Manufacturing Office, for its Next Generation Electric Machines (NGEM) program. Collaborating with STI is TECO-Westinghouse Motor Company (TWMC), an industry leading manufacturer of electric generators and motors, and renowned academic institutions Massachusetts Institute of Technology (MIT) and University of North Texas (UNT). The combined team will focus on improving the manufacturing process of superconductive wires to improve performance and yield while reducing cost at high enough temperatures where nitrogen can be used as the cryogenic fluid. “Advancing these enabling technologies has the potential to boost the competitiveness of American manufacturers and take the development of more efficient electric machines a giant step further,” said Mark Johnson, director of the EERE Advanced Manufacturing Office. “These technology R&D projects aim to significantly improve industrial motors for manufacturing, helping companies who use these motors in manufacturing save energy and money over the long run.” “We believe that being selected first by our esteemed proposal partners and then winning the DOE award recognizes STI’s unique HTS manufacturing process and our ability to achieve high performance, cost efficiencies and commercial scale capacity,” stated STI’s president and chief executive officer Jeff Quiram. “In addition, the significant wire improvement goals for this program will address our customers’ desire for increased infield magnetic performance and high performance/low cost wire for many applications, such as motors, generators, magnets, power cables and MRI machines. STI expects to transition from R&D to full scale production of motor- and generator-optimized wire during the three-year project plan, which will enable our superconducting technology to be introduced into Next Generation Electrical Machines utilizing high performance/low cost HTS wire." TWMC’s president Pat Rogers stated, “TWMC recognized the immense value of superconductor technology for high-power electric machines early, and we are committed to their commercialization. We look forward to collaborating to develop the transformational technology needed to achieve commercial viability of high power superconducting next-generation electric machines.” MIT’s Plasma Science and Fusion Center Assistant Director Joseph V. Minervini stated, “STI’s goal of high performance at low cost can be a game changer for a wide range of applications, not only at temperatures near liquid nitrogen, but also at lower temperatures.” UNT’s Assistant Professor Materials and Science Engineering Dr. Marcus L. Young stated, “By bringing together university knowledge and capabilities from MIT and UNT with STI, a world class manufacturer of superconducting materials, and TWMC, the end user and device maker with over 100 years of experience in motor design and application, the full range of research and development to product manufacturing and wide scale commercialization of superconducting materials will be achieved.” About Superconductor Technologies Inc. (STI) Superconductor Technologies Inc. is a global leader in superconducting innovation. Its Conductus® superconducting wire platform offers high performance, cost-effective and scalable superconducting wire. With 100 times the current carrying capacity of conventional copper and aluminum, superconducting wire offers zero resistance with extreme high current density. This provides a significant benefit for electric power transmission and also enables much smaller or more powerful magnets for motors, generators, energy storage and medical equipment. Since 1987, STI has led innovation in HTS materials, developing more than 100 patents as well as proprietary trade secrets and manufacturing expertise. For more than 20 years STI utilized its unique HTS manufacturing process for solutions to maximize capacity utilization and coverage for Tier 1 telecommunications operators. Headquartered in Austin, TX, Superconductor Technologies Inc.'s common stock is listed on the NASDAQ Capital Market under the ticker symbol “SCON.” For more information about STI, please visit http://www.suptech.com. Safe Harbor Statement Statements in this press release regarding our business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. Forward-looking statements are not guarantees of future performance and are inherently subject to uncertainties and other factors, which could cause actual results to differ materially from the forward-looking statements. These factors and uncertainties include, but are not limited to: our limited cash and a history of losses; our need to materially grow our revenues from commercial operations and/or to raise additional capital (which financing may not be available on acceptable terms or at all) in the very near future, before cash reserves are depleted (which reserves are expected to be sufficient into the first quarter of 2017), to implement our current business plan and maintain our viability; the performance and use of our equipment to produce wire in accordance with our timetable; overcoming technical challenges in attaining milestones to develop and manufacture commercial lengths of our HTS wire; the possibility of delays in customer evaluation and acceptance of our HTS wire; the limited number of potential customers and customer pressures on the selling prices of our products; the limited number of suppliers for some of our components and our HTS wire; there being no significant backlog from quarter to quarter; our market being characterized by rapidly advancing technology; the impact of competitive products, technologies and pricing; manufacturing capacity constraints and difficulties; the impact of any financing activity on the level of our stock price; the dilutive impact of any issuances of securities to raise capital; the steps required to maintain the listing of our common stock with a U.S. national securities exchange and the impact on the liquidity and trading price of our common stock if we fail to maintain such listing; the cost and uncertainty from compliance with environmental regulations; and local, regional, and national and international economic conditions and events and the impact they may have on us and our customers. Forward-looking statements can be affected by many other factors, including, those described in the "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of STI's Annual Report on Form 10-K for the year ended December 31, 2015 and in STI's other public filings. These documents are available online at STI's website, www.suptech.com, or through the SEC's website, www.sec.gov. Forward-looking statements are based on information presently available to senior management, and STI has not assumed any duty to update any forward-looking statements.
News Article | December 5, 2016
The Greater Dallas Planning Council (GDPC) continues to recognize excellence in local urban planning and design through their yearly Urban Design Awards Reception. The 2016 winners will be honored this Tuesday, December 6, from 6:00 p.m. to 9:30 p.m. at the Latino Cultural Center. The Awards will highlight individuals, groups and communities for their contribution to making the region a better place to live. A jury comprising professionals in planning, engineering and architecture review the proposals and recommend those projects and individuals that merit special recognition. The 2016 Urban Design Award categories and winners are: BUILT PROJECT AWARD - completed within the last five years and improves the character, sense of place and fabric of the community, and has, or has the potential to, catalyze positive change in the built environment Winner: Garland City Center Design/Firm/Parties of Interest: City of Garland; Oaks Properties, LLC; Consultant Team: VAI Architects; JHP architecture/urban design; David C. Baldwin Incorporated Honorable Mention: Cedar Crest Bridge Design/Firm/Parties of Interest: City of Dallas; Cedar Crest Neighborhood Association; Consultant Team: Halff Associates, Inc. with Bowman-Melton Associates, Inc., Baker Consulting Associates, Salcedo Group, Urban Engineers and Better Block Honorable Mention: DART Blue Line Design/Firm/Parties of Interest: Dallas Area Rapid Transit (DART); City of Dallas, City of Dallas Parks and Recreation Department, Dallas Police Department and University of North Texas at Dallas; Consultant Team: URS Corporation; Blue Alliance Partners (BAP) a Joint Venture which includes HNTB Corporation and Dikita Enterprises, Inc.; South Oak Cliff Alliance (SOCA) a Joint Venture consisting of Archer Western Contractors, Phillips/May Corporation, and Robinson Industries; UNT Dallas Station Artist - Annette Lawrence; Camp Wisdom Station Artist - Anitra Blayton; Ledbetter Station Artist - Johnice Parker Honorable Mention: Durham Neighborhood Park Design/Firm/Parties of Interest: Owner: City of Richardson; Project Stakeholders and Drivers: Richardson Heights Neighborhood Association and Cottonwood Heights Neighborhood Association; Designer: Studio Outside DREAM/UNBUILT PROJECT AWARD - exemplifies best practices in urban design and employs innovative strategies to improve the quality of place and quality of life in the community Winner: Southwestern Medical District Urban Streetscape Master Plan Design/Firm/Parties of Interest: Texas Trees Foundation (TTF); Southwestern Medical District (SWMD); Prime Consultant: Design Workshop; Sub-Consultant: Dahlberg Landscape Design Studio Honorable Mention: Historic Preservation Task Force Report Design/Firm/Parties of Interest: City of Dallas; Downtown Dallas Historic Preservation Task Force Honorable Mention: Neighborhood Plus Design/Firm/Parties of Interest: City of Dallas, Planning and Urban Design Department; Consultant Team: Fregonese Associates; Marquez Community Strategy DUNNIGAN MEDIA AWARD - demonstrates excellence in reporting in any media on issues affecting quality growth of the region KESSLER AWARD - demonstrates a lasting and significant commitment along with sustained sensitivity to the urban environment Winner: Frank Turner, Fellow of the Institute of Certified Planners (FAICP) URBAN PIONEER AWARD - exemplifies risk-taking and innovation in the field A brief annual member meeting will also take place to elect and welcome the 2017 GDPC Board of Directors and Officers, followed by a reception to honor the GDPC's winners and to salute some great design work in DFW. The event is organized by a committee of volunteers and chaired by Brian Keith, Associate Principal at JHP Architecture / Urban Design. Mike Grace, Managing Principal, Metro Development Consulting, is vice chair. Sponsors of the program include, Title Sponsor: HKS, Benefactors and Supporters: AECOM, Halff Associates, JHP Architecture / Urban Design, Lawton Reprographic Centers, AIA Dallas, Allison+Partners, Arredondo, Zepeda & Brunz, LLC, Bowman-Melton Associates, Inc., The College of Architecture, Planning and Public Affairs (CAPPA) at UTA , DRW Planning, DSGN Associates, Kimley-Horn and Associates, Inc., Oncor, PGAL, Ridley Law Firm, P.C., Robert Reeves & Associates, Inc., VAI Architects. About GDPC The Greater Dallas Planning Council (GDPC), founded in 1946, is the oldest Dallas area civic organization that focuses on issues shaping regional growth. The members of the GDPC address a range of issues from a broad range of community and professional perspectives. The GDPC's membership is comprised of a group of successful professionals from architect design firms, planning consultants, construction and engineering firms, developers, real estate industry leaders, community and civic organizations, corporations and municipal entities. The GDPC membership also includes elected or appointed officials. The GDPC members evaluate local and regional policies in order to promote the long-term sustainability of the City of Dallas and surrounding region. To find out more about GDPC visit http://www.gdpc.org.
News Article | November 2, 2016
NEW YORK, November 2, 2016 /PRNewswire/ -- Stock-Callers.com draws investors' attention to four Oil and Gas Drilling and Exploration equities, namely, Rex Energy Corp. (NASDAQ: REXX), Pengrowth Energy Corp. (NYSE: PGH), Seadrill Partners LLC (NYSE: SDLP), and Unit Corp. (NYSE: UNT)....
News Article | February 23, 2017
TULSA, Okla.--(BUSINESS WIRE)--Unit Corporation (NYSE: UNT) today reported its financial and operational results for the fourth quarter and year end 2016. Fourth quarter and recent highlights include: Unit recorded net income of $1.7 million for the quarter, or $0.03 per diluted share, compared to a net loss of $309.3 million, or $6.29 per share, for the fourth quarter of 2015. During the fourth quarter of 2015, Unit incurred a pre-tax non-cash ceiling test write-down of $458.3 million in the carrying value of its oil and natural gas properties and $27.0 million in the carrying value of three of its gas gathering systems. Those non-cash ceiling test write-downs resulted from lower commodity prices. Adjusted net income for the fourth quarter of 2016 (which excludes the effect of non-cash commodity derivatives) was $12.2 million, or $0.23 per diluted share (see Non-GAAP financial measures below). Total revenues for the quarter were $174.3 million (51% oil and natural gas, 19% contract drilling, and 30% midstream), compared to $172.3 million (44% oil and natural gas, 29% contract drilling, and 27% midstream) for the fourth quarter of 2015. Adjusted EBITDA for the quarter was $80.7 million, or $1.58 per diluted share (see Non-GAAP financial measures below). For 2016, Unit recorded a net loss of $135.6 million, or $2.71 per share, compared to a net loss of $1.0 billion, or $21.12 per share, for 2015. For the full year, Unit incurred pre-tax non-cash ceiling test write-downs of $161.6 million in the carrying value of its oil and natural gas properties, compared to Unit’s 2015 pre-tax non-cash ceiling test write-downs of $1.6 billion in the carrying value of its oil and natural gas properties, $8.3 million in the carrying value of certain drilling rigs and other assets removed from service, and $27.0 million for the gas gathering systems discussed above. Unit recorded an adjusted net loss (which excludes the effect of non-cash commodity derivatives and the effect of the non-cash write-downs) of $13.8 million, or $0.28 per share, for 2016 (see Non-GAAP financial measures below). Total revenues for the year were $602.2 million (49% oil and natural gas, 20% contract drilling, and 31% midstream), compared to $854.2 million (45% oil and natural gas, 31% contract drilling, and 24% midstream) for 2015. Adjusted EBITDA for 2016 was $251.6 million, or $4.98 per diluted share (see Non-GAAP financial measures below). Total production for 2016 was 17.3 million barrels of oil equivalent (MMBoe), a 14% decrease from 2015. For the quarter, total equivalent production was 4.2 MMBoe, a decrease of 12% from the fourth quarter of 2015 and essentially unchanged from the third quarter of 2016. Liquids (oil and NGLs) production represented 47% of total equivalent production for the quarter. Oil production for the quarter was 7,762 barrels per day, a decrease of 9% from the fourth quarter of 2015 and an increase of 2% over the third quarter of 2016. NGLs production for the quarter was 13,790 barrels per day, a decrease of 4% from the fourth quarter of 2015 and a 1% increase over the third quarter of 2016. Natural gas production for the quarter was 145,202 thousand cubic feet (Mcf) per day, a decrease of 16% from the fourth quarter of 2015 and essentially unchanged from the third quarter of 2016. Unit’s average realized per barrel equivalent price for the quarter was $19.73, an increase of 6% over the fourth quarter of 2015 and an 8% increase over the third quarter of 2016. Unit’s average natural gas price for the quarter was $2.37 per Mcf, an increase of 6% over the fourth quarter of 2015 and an increase of 3% over the third quarter of 2016. Unit’s average oil price for the quarter was $46.14 per barrel, a decrease of 4% from the fourth quarter of 2015 and an increase of 8% over the third quarter of 2016. Unit’s average NGLs price for the quarter was $14.57 per barrel, a 32% increase over the fourth quarter of 2015 and an increase of 15% over the third quarter of 2016. All prices in this paragraph include the effects of derivative contracts. During the quarter, Unit continued its Wilcox recompletion and workover program. There were 10 new behind pipe re-completions during the quarter, which increased combined production on those wells by 9.8 MMcf per day and 300 barrels of oil per day at a total capital cost of $3.0 million. During 2016, total production from the Wilcox play increased 22% over 2015. Unit’s plan for 2017 is for 10 - 15 Wilcox re-completions and seven new wells (4 vertical and 3 horizontal). In the SOHOT area, Unit resumed its drilling program in October drilling and completing two Marchand horizontal wells. Production is being monitored for a few months with plans to begin drilling additional wells in the second quarter. Unit is planning a seven well program for the balance of 2017. Unit resumed drilling in the Granite Wash play in December drilling an extended length lateral in the A2 interval of Buffalo Wallow that is anticipated to be completed in late February. The Dixon 5554 XL #1H, which was completed in the C1 interval, continues to perform at a rate over 50% better than its type curve forecast. Unit’s plan is to continuously operate at least one drilling rig in the Granite Wash during 2017, which is planned to result in nine new extended length lateral wells. In all three core areas, Unit continues to look for opportunities to add additional leasehold. Historically, Unit has generally succeeded in replacing acreage developed in any year with additional new locations. 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." The following table illustrates this segment’s comparative production, realized prices, and operating profit for the periods indicated: The following table summarizes this segment’s outstanding derivative contracts. The discount rate (PV-10) value of Unit’s estimated year-end 2016 proved reserves decreased 17% from 2015 to $575.2 million. Estimated year-end 2016 proved oil and natural gas reserves were 117.8 MMBoe, or 706.6 billion cubic feet of natural gas equivalents (Bcfe), as compared with 135.2 MMBoe, or 811.4 Bcfe, at year-end 2015, a 13% decrease. Estimated reserves were 13% oil, 29% NGLs, and 58% natural gas. The following details the changes to Unit’s proved oil, NGLs, and natural gas reserves during 2016: Estimated 2016 year-end proved reserves included proved developed reserves of 99.1 MMBoe, or 594.4 Bcfe, (13% oil, 29% NGLs, and 58% natural gas) and proved undeveloped reserves of 18.7 MMBoe, or 112.2 Bcfe, (16% oil, 32% NGLs, and 52% natural gas). Overall, 84% of the estimated proved reserves are proved developed. The present value of the estimated future net cash flows from the 2016 estimated proved reserves (before income taxes and using a PV-10), is approximately $575.2 million. The present value was determined using the required SEC's pricing methodology. The aggregate price used for all future reserves was $42.75 per barrel of oil, $19.74 per barrel of NGLs, and $2.48 per Mcf of natural gas (then adjusted for price differentials). Unit’s 2016 year-end proved reserves were independently audited by Ryder Scott Company, L.P. Their audit covered properties which accounted for 83% of the discounted future net cash flow (PV-10). See below for the reconciliation of PV-10 to the standardized measure of discounted future net cash flows as defined by GAAP. Pinkston said: " The suspension of drilling activities at the end of the first quarter 2016, lower commodity prices, and divestitures during the year resulted in the reduction of 2016's total proved reserves as compared to 2015. Lower pricing requirements caused the revisions to our reserves. Our non-core asset divestitures also reduced our reserves by approximately 5.3 MMBoe. Our proved undeveloped reserves were 16% of total proved reserves at the end of 2016." The average number of Unit's drilling rigs working during the quarter was 19.5, a decrease of 28% from the fourth quarter of 2015 and an increase of 22% over the third quarter of 2016. Per day drilling rig rates for the quarter averaged $16,866, a decrease of 9% from the fourth quarter of 2015 and a 4% decrease from the third quarter of 2016. For 2016, per day drilling rig rates averaged $17,784, a 9% decrease from 2015. Average per day operating margin for the quarter was $6,478 (with no elimination of intercompany drilling rig profit and bad debt expense). This compares to fourth quarter 2015 average operating margin of $7,258 (before elimination of intercompany drilling rig profit and bad debt expense of $0.3 million), a decrease of 11%, or $780. Fourth quarter 2016 average per day operating margin increased 42%, or $1,932, as compared to $4,546 for the third quarter of 2016 (in each case regarding eliminating intercompany drilling rig profit and bad debt expense - see Non-GAAP financial measures below). Average operating margins for the fourth quarter of 2016 did not include early termination fees from the cancellation of long-term contracts, compared to early termination fees of $3.3 million, or $1,327 per day, during the fourth quarter of 2015. There were no early termination fees for the third quarter of 2016. Pinkston said: " Construction for our ninth BOSS drilling rig was completed, and currently all nine of our BOSS drilling rigs are operating under contract. Commodity prices continued to increase during the quarter, and the uptick in operator inquiries has led to more contracts for our drilling rigs. Our fleet totals 94 drilling rigs, of which 26 are working under contract after rebounding from a low of 13 drilling rigs during the second quarter of 2016. We also have contracts for four additional drilling rigs to return to service during the first quarter of 2017. Long-term contracts (contracts with original terms ranging from six months to two years in length) are in place for 10 of our drilling rigs. Of the 10, eight are up for renewal during 2017 and two in 2018." The following table illustrates certain comparative results from this segment’s operations for the periods indicated: For the quarter, per day gas gathered volumes increased 18%, while gas processed and liquids sold volumes decreased 17% and 5%, respectively, as compared to the fourth quarter of 2015. Compared to the third quarter of 2016, gas gathered, gas processed, and liquids sold volumes per day decreased 1%, 8% and 4%, respectively. Operating profit (as defined in the footnote below) for the quarter was $14.7 million, an increase of 55% over the fourth quarter of 2015 and an increase of 13% over the third quarter of 2016. For 2016, per day gas gathered volumes increased 18%, while gas processed and liquids sold volumes per day decreased 15% and 7%, respectively, as compared to 2015. Operating profit (as defined in the footnote below) for 2016 was $48.3 million, an increase of 17% over 2015. The following table illustrates certain comparative results from this segment’s operations for the periods indicated: Pinkston said: " Our midstream segment saw throughput volumes continue to grow at both our Pittsburgh Mills and Segno (Wilcox) gathering systems which partially offset declines on other gathering systems resulting from reduced well drilling activity levels. Due to low liquids prices, our midstream segment processing facilities in the Mid-Continent area largely operated in ethane rejection mode during the quarter. Midstream operating profit remained strong in 2016." Pinkston said: " The commodity price outlook appears to show signs of improvement. While our balance sheet has improved over last year, we continue to be cautious in developing our capital expenditures plan for 2017. It is our intention to match expected anticipated cash flow with our capital expenditures for the year." During 2017, Unit's capital expenditures budget is anticipated to be $227 million, which represents a 32% increase over 2016. The capital expenditures plan by segment is: $188 million for the oil and natural gas segment, $24 million for the contract drilling segment, and $13 million for the midstream segment, representing an increase of 57%, 25%, and a decrease of 23%, respectively, from 2016. The budget includes no costs for potential acquisitions and is based on realized prices for the year averaging $53.37 per barrel for oil, $21.35 per barrel for natural gas liquids, and $3.00 per Mcf of natural gas (all prices are before differentials and hedges are applied). As always, Unit's capital budget is subject to periodic review based on prevailing conditions. With the curtailment of drilling activity during 2016, production declined and ended the year down 13.5% year over year, at the low end of guidance. Unit resumed drilling activities in the fourth quarter of 2016. Unit's oil and natural gas segment's 2017 production is anticipated to trough in the first quarter of 2017 and begin growing sequentially in subsequent quarters. Unit's 2017 production is expected to decline 5% to 8% year over year from 2016. Unit ended the quarter with long-term debt of $800.9 million (a reduction of $53.7 million from the end of the third quarter and $118.1 million from the end of 2015). Long-term debt is comprised of $640.1 million of senior subordinated notes (net of unamortized discount and debt issuance costs) and $160.8 million of bank credit facility borrowings. During October, Unit's borrowing base was redetermined with no change to availability. Under the credit agreement, the amount Unit can borrow is the lesser of the amount it elects as the commitment amount ($475 million) or the value of its borrowing base as determined by the lenders ($475 million), but in either event not to exceed $875 million. On February 21, 2017, Mr. Brad Guidry, Executive Vice President - Exploration & Production, of the company’s wholly owned subsidiary Unit Petroleum Company, announced his intention to retire effective March 31, 2017. Mr. Frank Young, Unit Petroleum’s current Senior Vice President - Exploration & Production, is expected to replace Mr. Guidry on the effective date of his retirement. Mr. Young joined Unit Petroleum in June 2007 as Vice President over the Central Division. Since 2012, Mr. Young has served as the Senior Vice President, Operations for Unit Petroleum. Before joining Unit Petroleum, Mr. Young worked for Anadarko Petroleum for 16 years where he served in various operating and leadership capacities. Mr. Young holds a Bachelor of Science degree in Petroleum Engineering from Texas Tech University and a Master of Business Administration degree from Texas A&M University. Pinkston said: " Brad has been a tremendous asset for the almost 30 years he has been with us. His knowledge and leadership skills allowed him to move quickly from a staff geologist to manager and finally to executive vice president. He has had an incredible career here, and we will greatly miss him. We believe that Mr. Young is a highly qualified replacement for Mr. Guidry, and we look forward to his leadership for our oil and natural gas segment." Pinkston said: " We are pleased with our fourth quarter improved results. We entered 2016 with an uncertain outlook for the direction of commodity prices. As a result, we implemented a strategy of closely managing costs and being careful with our balance sheet. We believe recent modest commodity price improvements and the resulting positive impact on industry sentiment has positioned our company for an improved 2017. Our oil and natural gas segment is excited about having restarted its drilling program after a period of inactivity. Our intention is to increase our capital allocation to this segment and return to sequential production growth, although it will take time to overcome the results of that inactivity. Our Granite Wash drilling activities will not only benefit our production profile but will also benefit our midstream throughput volumes at our Buffalo Wallow facility. Our contract drilling segment had seen a dramatic improvement in utilization from a low of 13 drilling rigs operating in the second quarter to current levels. We are pleased with the pace of getting drilling rigs redeployed. Surprisingly, we have seen spotty opportunities to increase dayrates very modestly. Finally, the increased activity levels around our Buffalo Wallow, Segno and Pittsburgh Mills midstream facilities bode well for that segment's ability to increase its gathering volumes in 2017. Additionally, continued NGL price improvement should position the midstream segment to increase its cash flow with minimal incremental capital cost." Unit will webcast its fourth quarter earnings conference call live over the Internet on February 23, 2017 at 10:00 a.m. Central Time (11:00 a.m. Eastern). To listen to the live call, please go to http://www.unitcorp.com/investor/calendar.htm at least fifteen minutes prior to the start of the call to download and install any necessary audio software. For those who are not available to listen to the live webcast, a replay will be available shortly after the call and will remain on the site for 90 days. Unit Corporation is a Tulsa-based, publicly held energy company engaged through its subsidiaries in oil and gas exploration, production, contract drilling, and gas gathering and processing. Unit’s Common Stock is on the New York Stock Exchange under the symbol UNT. For more information about Unit Corporation, visit its website at http://www.unitcorp.com. This news release contains forward-looking statements within the meaning of the private Securities Litigation Reform Act. All statements, other than statements of historical facts, included in this release that address activities, events, or developments that the company expects, believes, or anticipates will or may occur in the future are forward-looking statements. Several risks and uncertainties could cause actual results to differ materially from these statements, including changes in commodity prices, the productive capabilities of the company’s wells, future demand for oil and natural gas, future drilling rig utilization and dayrates, projected rate of the company’s oil and natural gas production, the amount available to the company for borrowings, its anticipated borrowing needs under its credit agreement, the number of wells to be drilled by the company’s oil and natural gas segment, and other factors described from time to time in the company’s publicly available SEC reports. The company assumes no obligation to update publicly such forward-looking statements, whether because of new information, future events, or otherwise. Unit Corporation reports its financial results in accordance with generally accepted accounting principles (“GAAP”). The Company believes certain non-GAAP performance measures provide users of its financial information and its management additional meaningful information to evaluate the performance of the company. This press release includes net income (loss) and earnings (loss) per share excluding impairment adjustments and the effect of the cash settled commodity derivatives, its exploration and production segment’s reconciliation of PV-10 to standard measure, its reconciliation of segment operating profit, its drilling segment’s average daily operating margin before elimination of intercompany drilling rig profit and bad debt expense, its cash flow from operations before changes in operating assets and liabilities, and its reconciliation of net income (loss) to adjusted EBITDA. Below is a reconciliation of GAAP financial measures to non-GAAP financial measures for the three and twelve months ended December 31, 2016 and 2015. Non-GAAP financial measures should not be considered by themselves or a substitute for results reported in accordance with GAAP. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be comparable to similarly titled measures. The Company has included the net income and diluted earnings per share including only the cash settled commodity derivatives because: PV-10 is the estimated future net cash flows from proved reserves discounted at an annual rate of 10 percent before giving effect to income taxes. Standardized Measure is the after-tax estimated future cash flows from proved reserves discounted at an annual rate of 10 percent, determined in accordance with GAAP. The company uses PV-10 as one measure of the value of its proved reserves and to compare relative values of proved reserves among exploration and production companies without regard to income taxes. The company believes that securities analysts and rating agencies use PV-10 in similar ways. The company’s management believes PV-10 is a useful measure for comparison of proved reserve values among companies because, unlike Standardized Measure, it excludes future income taxes that often depend principally on the characteristics of the owner of the reserves rather than on the nature, location and quality of the reserves themselves. Below is a reconciliation of PV-10 to Standardized Measure: The Company has included segment operating profit because: The Company has included the average daily operating margin before elimination of intercompany rig profit and bad debt expense because: The Company has included the cash flow from operations before changes in operating assets and liabilities because: The Company has included the adjusted EBITDA, which excludes gain or loss on disposition of assets and includes only the cash settled commodity derivatives because:
News Article | February 22, 2017
TULSA, Okla.--(BUSINESS WIRE)--Unit Corporation (NYSE: UNT) announced today that it will present at EnerCom’s Dallas Oil and Gas Conference in Dallas, Texas on Wednesday, March 1st. The presentation will be broadcast live over the Internet at 3:45 p.m. Eastern Time (2:45 p.m. Central Time). Unit will present at the Raymond James Institutional Investors Conference in Orlando, Florida. Unit’s presentation will be broadcast live over the Internet on Tuesday, March 7th at 7:30 a.m. Eastern Time (6:30 a.m. Central Time). Listeners may access all webcasts via the Company’s website at www.unitcorp.com. Unit Corporation is a Tulsa-based, publicly held energy company engaged through its subsidiaries in oil and natural gas exploration, production, contract drilling and natural gas gathering and processing. Unit’s Common Stock is listed on the New York Stock Exchange under the symbol UNT. For more information about Unit Corporation, visit its website at http://www.unitcorp.com.
News Article | November 3, 2016
TULSA, Okla.--(BUSINESS WIRE)--Unit Corporation (NYSE: UNT) today reported its financial and operational results for the third quarter 2016. Third quarter and recent highlights include: To date, the contract drilling segment increased the number of drilling rigs in service from a low of 13 to 20, a 54% increase. Average drilling rig utilization increased 19% quarter over quarter. Unit also was awarded a term contract for its ninth BOSS drilling rig, with completion expected in January 2017. Aft