16 Dec 2019securities registration● Neutral
Unit extended the expiration of its exchange offer for its 6.625% notes from December 13, 2019 to January 10, 2020, with consideration terms unchanged.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Dec 2019securities registration● Neutral
Unit extended the early tender date of its notes exchange offer to the December 13, 2019 expiration date, so all tendering holders get $735 of senior secured notes or $1,000 of junior secured notes per $1,000 of old notes.
27 Nov 2019business combination● Neutral
Unit filed a second amendment to the exchange offer registration, keeping the same terms ($735 of 10.000% Senior Secured Notes due 2024 or $1,000 of 7.000% Junior Secured Notes due 2025 per $1,000 of old notes) and the December 13, 2019 expiry. The early tender deadline moved from November 25 to November 29, 2019. The filing text shown still lists the consent revocation deadline as November 25, 2019.
26 Nov 2019securities registration● Neutral
Unit extended the early tender date of its exchange offer for 6.625% Senior Subordinated Notes due 2021 from November 25 to November 29, 2019, with the other terms unchanged.
12 Nov 2019business combination● NeutralMajor
Unit revised its note exchange offer with terms now filled in. Holders of the $650 million 6.625% notes due 2021 can choose $735 of 10.000% Senior Secured Notes due 2024 (second lien, capped at $300 million in total) or $1,000 of 7.000% Junior Secured Notes due 2025 (third lien) per $1,000 tendered by the early deadline of November 25, 2019. Later tenders get $685 or $950, and the offer expires December 13, 2019. The senior secured option is less than face value, so the senior secured option swaps notes at a discount. The offer is still conditioned on a credit agreement amendment or refinancing.
8 Nov 2019quarterly activities report▼ Bad
Unit filed an 8-K saying it had issued a press release on November 8, 2019 announcing results for the three and nine months ended September 30, 2019.
8 Nov 2019quarterly activities report▼ Bad
Unit filed its quarterly report (10-Q) for the three and nine months ended September 30, 2019, including its financial statements and debt, hedging and drilling disclosures.
5 Nov 2019business combination● NeutralMajor
Unit filed a registration statement for an offer to swap its $650 million of 6.625% senior subordinated notes due 2021 for new second lien senior secured notes, and to ask noteholders to agree to remove most of the old notes' restrictions. The new notes' rate, maturity and exchange terms were left blank in this draft. The offer depends on amending or replacing the senior credit agreement, a condition the filing says will not be waived.
6 Aug 2019quarterly activities report▼ Bad
Unit Corp announced on August 6, 2019 that it issued a press release with financial results for the three and six months ended June 30, 2019. The 8-K only furnished the release as an exhibit.
6 Aug 2019quarterly activities report▼ Bad
Unit Corp filed its quarterly report on Form 10-Q for the period ended June 30, 2019, with 55,536,916 shares outstanding.
2 May 2019agm notice● Neutral
UNIT CORP shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
2 May 2019quarterly activities report▼ Bad
Unit Corp filed its quarterly report on Form 10-Q for the three months ended March 31, 2019, with 55,467,987 shares outstanding.
2 May 2019quarterly activities report▼ Bad
Unit Corp announced on May 2, 2019 that it issued a press release with its financial results for the three months ended March 31, 2019. The 8-K itself only furnished the release as an exhibit.
26 Mar 2019agm notice● Neutral
Unit Corp sent stockholders its proxy statement for the May 1, 2019 annual meeting in Tulsa. Stockholders were asked to elect three Class II directors, hold an advisory vote on executive pay, and ratify PricewaterhouseCoopers as auditor.
21 Feb 2019quarterly activities report▼ Bad
Unit Corp announced on February 21, 2019 that it had issued a press release with financial results for the three and twelve months ended December 31, 2018.
11 Feb 2019substantial holder notice● Neutral
The Vanguard Group reported a UNIT CORP shareholding of 5,750,179 shares (10.63% of votes) in a periodic institutional filing.
31 Jan 2019substantial holder notice● Neutral
BlackRock, Inc reported a UNIT CORP shareholding of 7,954,804 shares (14.70% of votes) in a periodic institutional filing.
6 Nov 2018quarterly activities report▼ Bad
Unit Corp announced on November 6, 2018 that it had issued a press release with financial results for the three and nine months ended September 30, 2018.
6 Nov 2018quarterly activities report▼ Bad
Unit Corp's 10-Q for the quarter ended September 30, 2018 showed revenue of $220.1 million and net income of $21.1 million, of which $18.9 million was attributable to Unit shareholders.
22 Oct 2018material agreement▲ GoodMajor
On October 18, 2018 Unit signed a Fifth Amendment to its senior credit agreement, extending its term to October 18, 2023 (subject to conditions), lowering borrowing and non-use fees, and removing the senior debt to EBITDA ratio requirement. The total commitment and borrowing base stay at $425 million.
9 Aug 2018quarterly activities report● Neutral
Unit Corp announced on August 9, 2018 that it had issued a press release with financial results for the three and six months ended June 30, 2018.
9 Aug 2018quarterly activities report● Neutral
Unit Corp's 10-Q for the quarter ended June 30, 2018 showed revenue of $203.3 million and net income of $8.2 million, of which $5.8 million was attributable to Unit shareholders.
6 Aug 2018quarterly activities report● Neutral
Unit Corp filed an amended first-quarter 2018 10-Q restating its cash flow statement to fix a roughly $44.9 million misstatement between operating and investing activities. Revenue ($205.1 million) and net income ($7.9 million) were unchanged, and a material weakness in internal controls was disclosed.
3 Aug 2018financial restatement▼ BadMajor
On August 1, 2018 Unit's board said its Q1 2018 financial statements must be restated and its 2017 statements revised, because of cash-flow classification errors between operating and investing activities of about $45 million (Q1 2018, judged material) and about $14 million (2017, judged immaterial). The company says revenue, net income, total assets, cash, liquidity, debt covenant compliance and shareholders' equity are unaffected, and it identified a material weakness in financial reporting controls.
17 July 2018securities registration● Neutral
UNIT CORP amended its automatic shelf registration statement.
16 May 2018material agreement● Neutral
On May 10, 2018 Superior Pipeline, now owned equally by Unit and SP Investor Holdings, signed its own five-year, $200 million secured revolving credit facility (expandable to $250 million) with a bank group led by BOKF. It is secured by liens on certain Superior plants and gathering systems and is separate from Unit's own credit agreement; proceeds are for capital spending, acquisitions, working capital and letters of credit.
3 May 2018quarterly activities report● Neutral
Unit Corp reported first-quarter 2018 revenue of $205.1 million, up from $175.7 million, and net income of $7.9 million, down from $15.9 million a year earlier.
3 May 2018agm notice● Neutral
UNIT CORP shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
3 May 2018quarterly activities report● Neutral
Unit Corp announced it issued a press release on May 3, 2018 with its financial results for the three months ended March 31, 2018.
6 Apr 2018asset acquisition disposition● NeutralMajor
The Superior Pipeline sale closed April 3, 2018 for $300 million cash, resolving the pending deal; Unit now owns half of Superior. Proceeds went to pay down bank debt, and the Fourth Amendment to the credit agreement (April 2, 2018) then cut the total commitment, maximum credit and borrowing base to $425 million and released Superior from the credit agreement. The filing says proceeds will also fund faster drilling by Unit Petroleum, more investment in Superior, and working capital.