On August 8, 2024, Unit Corporation (OTCQX: UNTC) filed unaudited condensed consolidated financial statements for the three and six months ended June 30, 2024.
Unit stated its net income for the quarter totaled $11.5 million or $1.15 a share compared to $28 million and $2.86 a share a year earlier. Total revenue for the quarter was $56.8 million, also down from $78.6 million recorded at the end of June 2023.
Unit reported it had 14 rigs available for the second quarter and its average use was 11.9 rigs.
Unit Corporation is a Tulsa-based, publicly-held energy company engaged in oil and gas production and contract drilling through its wholly-owned subsidiaries. For more information about Unit Corporation, visit its website at http://www.unitcorp.com.
Colorado gives go-ahead to 166 well project near Aurora
Residents around the Aurora Reservoir just east of Denver in Colorado...
Residents around the Aurora Reservoir just east of Denver in Colorado aren’t happy but state regulators have just approved a plan for an oil and gas company to drill up to 166 oil and gas wells near their homes.
This week, the Colorado Energy and Carbon Management Commission approved Crestone Resources, but with the proviso that it electrify its operations. The drilling will take place on 32,000 acres. Crestone is a subsidiary of Denver-based Civitas Resources.
When Crestone received an oil and gas lease from the Colorado State Land Board for Lowry Ranch’s 26,000 acres in 2012, there were hardly any homes in the area. Now, there are an estimated 12,000 homes.
Crestone has already drilled and fracked 17 horizontal wells on the ranch and plans to drill the new wells from two existing pads and eight new ones by 2029.
Ascent Resources moves toward more oil production to fight natural gas price volatility
The volatility in natural gas prices forced Oklahoma City’s...
The volatility in natural gas prices forced Oklahoma City’s Ascent Resources to include more oil production, but the company still reported a net loss of $98 million along with adjusted net income of $96 million.
It also had a 5% increase in net production of 2,190 mmcf a day compared to a year ago. Liquids production show up 60% over a year ago with an average of 50 mbbls a day from its operations in the Utica shale of southern Ohio.
During the second quarter of 2024, Ascent spud 19 operated wells, hydraulically fractured 18 wells, and turned-in-line 17 wells with an average lateral length of 13,761 feet. As of June 30, 2024, Ascent had 888 gross operated producing Utica wells.
FTX was ordered to pay $12.7 billion to customers. All...
FTX was ordered to pay $12.7 billion to customers. All customers will recoup their deposits that were locked when the crypto exchange went under in 2022, the Commodity Futures Trading Commission said on Thursday. FTX was able to guarantee the payments thanks to its bankruptcy liquidation, which it also used to reach settlements with regulators and former business partners of founder Sam Bankman-Fried, who is now serving 25 years for fraud. Some FTX customers reportedly feel stiffed since their payouts are based on 2022 crypto prices.
Google and Meta teamed up to target teens with ads for Instagram on YouTube, going against Google’s own rules, the Financial Times reported.
The CDC updated federal health guidelines to require doctors to warn patients about the potential for pain during the placement of an intrauterine device (IUD), following women detailing their experiences on social media.
UK regulators are formally investigating Amazon’s $4 billion investment in AI startup Anthropic as governments increasingly scrutinize Big Tech’s involvement in the sector.
China told its Olympics fans to behave themselves, alleging that their toxic online behavior is affecting athlete performance.
Olympics update: US men’s basketball survived a battle with Serbia behind epic performances from Steph Curry and LeBron James to advance to the final vs. France tomorrow. On the track, after winning the men’s 100m race, US sprinter Noah Lyles earned bronze in the 200m despite testing positive for Covid.
The Bureau of Land Management netted roughly $24 million from an oil...
The Bureau of Land Management netted roughly $24 million from an oil and gas sale on public lands in North Dakota and Montana held this week, despite protests from climate organizations.
The oil lease auction was the most lucrative the Biden administration has held in the region this year, but it still fell short of what some drillers wanted to see on the table. It was opposed by several prominent environmental groups who have called on President Joe Biden to end oil sales on public lands because of fossil fuels’ contribution to climate change.
The auction included over 5,000 acres, with most parcels clustered in the prolific Bakken oil region. A handful of parcels were also auctioned in northern and southern Montana.
