Unit Corporation reported earnings results for the second quarter and six months ended June 30, 2016. For the quarter, total revenues were $138,305,000 against $214,447,000 a year ago. Loss from operations was $81,701,000 against $428,875,000 a year ago. Loss before income taxes was $114,978,000 against $438,726,000 a year ago. Net loss was $72,136,000 against $274,389,000 a year ago. Net loss per basic and diluted common share was $1.44 against $5.58 a year ago. Net cash provided by operating activities was $132,716,000 against $257,606,000 a year ago. Adjusted net loss was $7,370,000 against $5,922,000 a year ago. Adjusted diluted loss per share was $0.15 against $0.12 a year ago. Adjusted EBITDA was $54,111,000 against $99,931,000 a year ago. Adjusted EBITDA per diluted share was $1.07 against $2.02 a year ago.

For six months, total revenues were $274,489,000 against $469,546,000 a year ago. Loss from operations was $139,865,000 against $827,151,000 a year ago. Loss before income taxes was $171,845,000 against $837,658,000 a year ago. Net loss was $113,285,000 against $522,743,000 a year ago. Net loss per basic and diluted common share was $2.27 against $10.66 a year ago. Adjusted net loss was $27,711,000 against $2,203,000 a year ago. Adjusted diluted loss per share was $0.55 against $0.05 a year ago. Adjusted EBITDA was $102,502,000 against $223,127,000 a year ago. Adjusted EBITDA per diluted share was $2.04 against $4.53 a year ago.

For the quarter, the company announced oil and NGLs production of 1,950 MBbls compared to 2,277 MBbls for the same period a year ago. Natural gas production was 14.5 Bcf compared to 16.7 for the same period a year ago. Production was 4,359 MBoe compared to 5,054 MBoe for the same period a year ago. Production per day was 47.9 MBoe compared to 55.5 MBoe for the same period a year ago.

For six months, the company announced oil and NGLs production of 4,044 MBbls compared to 4,661 MBbls for the same period a year ago. Natural gas production was 29.0 Bcf compared to 33.1 for the same period a year ago. Production was 8,873 MBoe compared to 10,171 MBoe for the same period a year ago. Production per day was 48.8 MBoe compared to 56.2 MBoe for the same period a year ago.

For the quarter, the company recorded impairment of oil and natural gas properties of $74,291,000 against $410,536,000 a year ago.

The company anticipates the effective rate in the balance of 2016 to be approximately 37.3%. For the year, the capital expenditure budget is $161 million to $187 million.