Unit (UNTC) 10-Q 9 Aug 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 20, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Trading Symbol	unt
Entity Registrant Name	UNIT CORP
Entity Central Index Key	798,949
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		54,086,806

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2018		Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 104,308,000		$ 701,000
Accounts receivable, net of allowance for doubtful accounts of $2,450 at both June 30, 2018 and December 31, 2017, respectively	113,377,000		111,512,000
Materials and supplies	501,000		505,000
Current derivative asset (Note 10)	127,000		721,000
Prepaid expenses and other	8,731,000		6,233,000
Total current assets	227,044,000		119,672,000
Oil and natural gas properties on the full cost method:
Proved properties	5,809,850,000		5,712,813,000
Unproved properties not being amortized	325,595,000		296,764,000
Drilling equipment	1,612,817,000		1,593,611,000
Gas gathering and processing equipment	736,488,000		726,236,000
Saltwater disposal systems	65,218,000		62,618,000
Corporate land and building	59,081,000		59,080,000
Transportation equipment	29,918,000		29,631,000
Other	56,381,000		53,439,000
Property, plant, and equipment, gross	8,695,348,000		8,534,192,000
Less accumulated depreciation, depletion, amortization, and impairment	6,263,504,000		6,151,450,000
Net property and equipment	2,431,844,000		2,382,742,000
Goodwill	62,808,000		62,808,000
Other assets	28,113,000		16,230,000
Total assets	2,749,809,000	[1]	2,581,452,000
Current liabilities:
Accounts payable	114,411,000		112,648,000
Accrued liabilities (Note 5)	49,064,000		48,523,000
Income taxes payable	4,648,000		0
Current derivative liability (Note 10)	18,555,000		7,763,000
Current portion of other long-term liabilities (Note 6)	14,036,000		13,002,000
Total current liabilities	200,714,000		181,936,000
Long-term debt less debt issuance costs (Note 6)	643,371,000		820,276,000
Non-current derivative liability (Note 10)	910,000		0
Other long-term liabilities (Note 6)	102,928,000		100,203,000
Deferred income taxes	158,232,000		133,477,000
Commitments and contingencies (Note 12)	0		0
Shareholders' equity:
Preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued	0		0
Common stock, $.20 par value, 175,000,000 shares authorized, 54,089,366 and 52,880,134 shares issued as of June 30, 2018 and December 31, 2017, respectively	10,414,000		10,280,000
Capital in excess of par value	622,120,000		535,815,000
Accumulated other comprehensive income (loss) (Note 14)	(65,000)		63,000
Retained earnings	811,781,000		799,402,000
Total shareholders’ equity attributable to Unit Corporation	1,444,250,000		1,345,560,000
Non-controlling interests in consolidated subsidiaries	199,404,000		0
Total shareholders' equity	1,643,654,000		1,345,560,000
Total liabilities and shareholders' equity	$ 2,749,809,000	[1]	$ 2,581,452,000
[1]	Unit Corporation's consolidated total assets as of June 30, 2018 include total current and long-term assets of the variable interest entity (VIE) of $38.4 million and $412.2 million, respectively, which can only be used to settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of June 30, 2018 include total current and long-term liabilities of the VIE of $33.7 million and $17.9 million, respectively,

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 2,450	$ 2,450
Preferred stock, par value	$ 1	$ 1
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.20	$ 0.20
Common stock, shares authorized	175,000,000	175,000,000
Common stock, shares issued	54,089,366	52,880,134
VIE Current Assets Pledged	$ 38,389
VIE Non-current Assets Pledged	412,237
VIE Current Liabilities, No Recourse	33,699
VIE Non-current Liabilities, No Recourse	$ 17,856

Condensed Consolidated Income S

Condensed Consolidated Income Statements (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Oil and natural gas	$ 102,318	$ 83,173	$ 205,417	$ 170,771
Contract drilling	46,926	39,255	92,915	76,440
Gas gathering and processing	54,059	48,153	110,103	99,094
Total revenues	203,303	170,581	408,435	346,305
Operating costs:
Oil and natural gas	32,418	32,758	68,380	61,962
Contract drilling	31,894	27,239	63,561	56,466
Gas gathering and processing	39,703	36,042	81,307	73,746
Total operating costs	104,015	96,039	213,248	192,174
Depreciation, depletion, and amortization	58,373	50,080	115,439	97,012
General and administrative	8,712	8,713	19,474	17,667
Gain on disposition of assets	(161)	(248)	(322)	(1,072)
Total operating expenses	170,939	154,584	347,839	305,781
Income from operations	32,364	15,997	60,596	40,524
Other income (expense):
Interest, net	(7,729)	(9,467)	(17,733)	(18,863)
Gain (loss) on derivatives	(14,461)	8,902	(21,223)	23,633
Other, net	5	6	11	9
Total other income (expense)	(22,185)	(559)	(38,945)	4,779
Income before income taxes	10,179	15,438	21,651	45,303
Income tax expense:
Deferred	2,029	6,379	5,636	20,315
Total income taxes	2,029	6,379	5,636	20,315
Net income	8,150	9,059	16,015	24,988
Net income attributable to non-controlling interest	2,362	0	2,362	0
Net income attributable to Unit Corporation	$ 5,788	$ 9,059	$ 13,653	$ 24,988
Net income attributable to Unit Corporation per common share:
Basic	$ 0.11	$ 0.18	$ 0.26	$ 0.49
Diluted	$ 0.11	$ 0.17	$ 0.26	$ 0.49

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 8,150	$ 9,059	$ 16,015	$ 24,988
Other comprehensive income (loss), net of taxes:
Unrealized gain (loss) on securities, net of tax of $11, $12, ($47) and $12	35	20	(141)	20
Comprehensive income	8,185	9,079	15,874	25,008
Less: Comprehensive income attributable to non-controlling interest	2,362	0	2,362	0
Comprehensive income attributable to Unit Corporation	$ 5,823	$ 9,079	$ 13,512	$ 25,008

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Unrealized income (loss) on securities, tax	$ 11	$ 12	$ (47)	$ 12

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)	Total	Common Stock [Member]	Capital In Excess of Par Value [Member]	Accumulated other comprehensive income [Member]	Retained earnings [Member]	Non-controlling interests in consolidated subsidiaries [Member]
Stockholders' equity, beginning balance at Dec. 31, 2016	$ 1,194,070,000	$ 10,016,000	$ 502,500,000	$ 0	$ 681,554,000	$ 0
Net income	24,988,000	0	0	0	24,988,000	0
Other comprehensive income (loss)	20,000	0	0	20,000	0	0
Total comprehensive income	25,008,000
Activity in employee compensation plans	25,385,000	261,000	25,124,000	0	0	0
Stockholders' equity, ending balance at Jun. 30, 2017	1,244,463,000	10,277,000	527,624,000	20,000	706,542,000	0
Cumulative effect adjustment for adoption of ASUs (Notes 1 and 2)	(1,261,000)	0	0	13,000	(1,274,000)	0
Stockholders' equity, beginning balance at Dec. 31, 2017	1,345,560,000	10,280,000	535,815,000	63,000	799,402,000	0
Net income	16,015,000	0	0	0	13,653,000	2,362,000
Other comprehensive income (loss)	(141,000)	0	0	(141,000)	0	0
Total comprehensive income	15,874,000
Contributions	300,000,000	0	102,958,000	0	0	197,042,000
Transaction costs associated with sale of non-controlling interest	(2,254,000)	0	(2,254,000)	0	0	0
Tax effect of sale on non-controlling interest	(24,300,000)	0	(24,300,000)	0	0	0
Activity in employee compensation plans	10,035,000	134,000	9,901,000	0	0	0
Stockholders' equity, ending balance at Jun. 30, 2018	$ 1,643,654,000	$ 10,414,000	$ 622,120,000	$ (65,000)	$ 811,781,000	$ 199,404,000

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
OPERATING ACTIVITIES:
Net income	$ 16,015	$ 24,988
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization	115,439	97,012
Amortization of debt issuance costs and debt discount (Note 6)	1,095	1,075
(Gain) loss on derivatives (Note 10)	21,223	(23,633)
Cash payments on derivatives settled, net (Note 10)	(8,928)	(1,569)
Deferred tax expense	5,636	20,315
Gain on disposition of assets	(322)	(1,072)
Stock compensation plans	12,073	8,066
Contract assets and liabilities, net (Note 2)	(2,371)	0
Other, net	1,998	299
Changes in operating assets and liabilities increasing (decreasing) cash:
Accounts receivable	(6,812)	(15,087)
Accounts payable	(403)	3,724
Material and supplies	4	49
Income taxes	0	(15)
Accrued liabilities	1,572	756
Other, net	(1,526)	2,147
Net cash provided by operating activities	154,693	117,055
INVESTING ACTIVITIES:
Capital expenditures	(189,916)	(107,933)
Producing properties and other acquisitions	(962)	(52,956)
Proceeds from disposition of assets	23,528	19,556
Other	0	(1,500)
Net cash used in investing activities	(167,350)	(142,833)
FINANCING ACTIVITIES:
Borrowings under credit agreement	71,200	160,600
Payments under credit agreement	(249,200)	(156,500)
Payments on capitalized leases	(1,901)	(1,901)
Proceeds from common stock issued, net of issue costs (Note 14)	0	18,623
Proceeds from investments of non-controlling interests	300,000	0
Transaction costs associated with non-controlling interests	(2,254)	0
Book overdrafts	(1,581)	4,912
Net cash provided in financing activities	116,264	25,734
Net increase (decrease) in cash and cash equivalents	103,607	(44)
Cash and cash equivalents, beginning of period	701	893
Cash and cash equivalents, end of period	104,308	849
Cash paid during the year for:
Interest paid (net of capitalized)	(17,957)	(16,813)
Income taxes	0	0
Changes in accounts payable and accrued liabilities related to purchases of property, plant, and equipment	(3,747)	(8,771)
Non-cash (addition) reduction to oil and natural gas properties related to asset retirement obligations	$ 7,854	$ 1,579

Basis of Preparation and Presen

Basis of Preparation and Presentation	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation and Presentation	BASIS OF PREPARATION AND PRESENTATION The unaudited condensed consolidated financial statements in this report include the accounts of Unit Corporation and all its subsidiaries and affiliates and have been prepared under the rules and regulations of the SEC. The terms “company,” “Unit,” “we,” “our,” “us,” or like terms refer to Unit Corporation, a Delaware corporation, and one or more of its subsidiaries and affiliates, except as otherwise indicated or as the context otherwise requires. We consolidate the activities of Superior Pipeline Company, L.L.C. (Superior), a 50/50 joint venture between Unit Corporation and SP Investor Holdings, LLC, which qualifies as a VIE under generally accepted accounting principles in the United States (GAAP). We have concluded that we are the primary beneficiary of the VIE, as defined in the accounting standards, since we have the power, through our 50% ownership, to direct those activities that most significantly impact the economic performance of Superior as further described in Note 13 – Variable Interest Entity Arrangements. The condensed consolidated financial statements are unaudited and do not include all the notes in our annual financial statements. This report should be read with the audited consolidated financial statements and notes in our Form 10-K, filed February 27, 2018, for the year ended December 31, 2017 as amended by our Form 10-K/A filed on August 6, 2018. In the opinion of our management, the unaudited condensed consolidated financial statements contain all normal recurring adjustments (including the elimination of all intercompany transactions) necessary to fairly state: • Balance Sheets at June 30, 2018 and December 31, 2017 ; • Income Statements for the three and six months ended June 30, 2018 and 2017 ; • Statements of Comprehensive Income for the three and six months ended June 30, 2018 and 2017 ; • Statements of Changes in Shareholders' Equity for the six months ended June 30, 2018 and 2017 ; and • Statements of Cash Flows for the six months ended June 30, 2018 and 2017 . Our financial statements are prepared in conformity with GAAP, which requires us to make certain estimates and assumptions that may affect the amounts reported in our unaudited condensed consolidated financial statements and notes. Actual results may differ from those estimates. Results for the six months ended June 30, 2018 and 2017 are not necessarily indicative of the results we may realize for the full year of 2018 , or that we realized for the full year of 2017 . Accounting Changes - Recent Accounting Pronouncements - Adopted As of January 1, 2018, we adopted ASU 2018-02 Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This standard is explained further in Note 8 - New Accounting Pronouncements. We adopted this amendment early and it had no material effect to our financial statements. We previously used 37.75% to calculate the tax effect on AOCI and we now use 24.5% . This change is reflected in our Unaudited Condensed Consolidated Statements of Comprehensive Income and in Note 14 - Equity. Also, as of January 1, 2018, we adopted ASU 2014-09 Revenue from Contracts with Customers - Topic 606 (ASC 606) and all later amendments that modified ASC 606. This new revenue standard is explained further in Note 8 - New Accounting Pronouncements. We elected to apply this standard on the modified retrospective approach method to contracts not completed as of January 1, 2018, where the cumulative effect on adoption, which only impacted our mid-stream segment, is recognized as an adjustment to opening retained earnings at January 1, 2018. This adjustment related to the timing of revenue recognition for certain demand fees. Our oil and natural gas and contract drilling segments had no retained earnings adjustment. Comparative prior periods have not been adjusted and continue to be reported under ASC 605. The additional disclosures required by the ASU are included in Note 2 – Revenue from Contracts with Customers.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer	REVENUE FROM CONTRACTS WITH CUSTOMERS Our revenue streams are reported under three segments: oil and natural gas, contract drilling, and mid-stream. This is our disaggregation of revenue and how our segment revenue is reported (as reflected in Note 15 - Industry Segment Information). Revenue from the oil and natural gas segment is derived from sales of our oil and natural gas production. Revenue from the contract drilling segment is derived by contracting with upstream companies to drill an agreed-on number of wells or provide drilling rigs and services over an agreed-on time period. Revenue from the mid-stream segment is derived from gathering, transporting, and processing natural gas production and selling those commodities. We sell the hydrocarbons (from the oil and natural gas and mid-stream segments) to mid-stream and downstream oil and gas companies. We satisfy the performance obligation under each segment's contracts as follows: for the contract drilling and mid-stream contracts, we satisfy the performance obligation over the agreed-on time period within the contracts, and for oil and natural gas contracts, we satisfy the performance obligation with each delivery of volumes. For oil and natural gas contracts, as it is more feasible, we account for these deliveries monthly. Per the contracts for all segments, customers pay for the services/goods received monthly within an agreed on number of days following the end of the month. Besides the mid-stream demand fees discussed further below, there were no other contract assets or liabilities falling within the scope of this accounting pronouncement. Oil and Natural Gas Contracts, Revenues, Implementation Impact to Retained Earnings, and Performance Obligations Typical types of revenue contracts signed by our segments are Oil Sales Contracts, Gas Purchase Agreements, North American Energy Standards Board (NAESB) Contracts, Gas Gathering and Processing Agreements, and revenues earned as the non-operated party with the operator serving as an agent on our behalf under our Joint Operating Agreements. Contract term can range from a single month to a term spanning a decade or more; some may also include evergreen provisions. Revenues from sales we make are recognized when our customer obtains control of the sold product. For sales to other mid-stream and downstream oil and gas companies, this would occur at a point in time, typically on delivery to the customer. Sales generated from our non-operated interest are recorded based on the information obtained from the operator. Our adoption of this standard did no t require an adjustment to opening retained earnings. Certain costs—as either a deduction from revenue or as an expense—is determined based on when control of the commodity is transferred to our customer, which would affect our total revenue recognized, but will not affect gross profit. For example, gathering, processing and transportation costs included as part of the contract price with the customer on transfer of control of the commodity are included in the transaction price, while costs incurred while we are in control of the commodity represent operating costs. The impact of the adoption of ASC 606 did not impact income from operations or net income for the three or six months ended June 30, 2018 . The following tables summarizes the impact of the adoption of ASC 606 on revenue and operating costs for the three months ended June 30, 2018 : Three Months Ended June 30, 2018 As Reported Adjustments due to ASC 606 Amounts without the Adoption of ASC 606 (In thousands) Oil and natural gas revenues $ 102,318 $ (3,732 ) $ 106,050 Oil and natural gas operating costs 32,418 (3,732 ) 36,150 Gross profit $ 69,900 $ — $ 69,900 The following tables summarizes the impact of the adoption of ASC 606 on revenue and operating costs for the six months ended June 30, 2018 : Six Months Ended June 30, 2018 As Reported Adjustments due to ASC 606 Amounts without the Adoption of ASC 606 (In thousands) Oil and natural gas revenues $ 205,417 $ (6,902 ) $ 212,319 Oil and natural gas operating costs 68,380 (6,902 ) 75,282 Gross profit $ 137,037 $ — $ 137,037 Our performance obligation for all commodity contracts is the delivery of oil and gas volumes to the customer. Typically, the contract is for a specified period of time (for example, a month or a year); however, each delivery under that contract can be considered separately identifiable since each delivery provides benefits to the customer on its own. For feasibility, as accounting for a monthly performance obligation is not materially different than identifying a more granular performance obligation, we conclude this performance obligation is satisfied monthly. We typically receive a payment within a set number of days following the end of the month which includes payment for all deliveries in that month. Depending on contract circumstances, judgment could be required to determine when the transfer of control occurs. Generally, depending of the facts and circumstances, we consider the transfer of control of the asset in a commodity sale to occur at the point the commodity transfers to our purchaser. Most of the consideration received by us for oil and gas sales is variable. Most of our contracts state the consideration is calculated by multiplying a variable quantity by an agreed-on index price less deductions related to gathering, transportation, fractionation, and related fuel charges. There are also instances where the consideration is quantity multiplied by a weighted average sales price. These different pricing tools can change the perception of when control transfers; however, when analyzed with other control factors, typically the accounting conclusion is the same for both pricing methods. In these instances, the variable consideration is partially constrained. In addition, all variable consideration is settled at the end of the month; therefore, whether the variability is constrained does not affect accounting for revenue under ASC 606 as the variability is known prior to each reporting period. An estimation and allocation of transaction price and future obligations are not required. Contract Drilling Contracts, Revenues , Implementation impact to retained earnings, and Performance Obligations The contracts our drilling segment uses are primarily industry standard IADC contracts model year 2003 and 2013. Contract terms range from six months to two or more years or can be based on terms to drill a specific number of wells. The allocation rules in ASC 606 (referred to as the "series guidance") provide that a contract may contain a single performance obligation composed of a series of distinct goods or services if 1) each distinct good or service is substantially the same and would meet the criteria to be a performance obligation satisfied over time and 2) each distinct good or service is measured using the same method as it relates to the satisfaction of the overall performance obligation. We have determined that the delivery of drilling services is within the scope of the series guidance as both criteria noted above are met. Specifically, 1) each distinct increment of service (i.e. hour available to drill) that the drilling contractor promises to transfer represents a performance obligation that would meet the criteria for recognizing revenue over time, and 2) the drilling contractor would use the same method for measuring progress toward satisfaction of the performance obligation for each distinct increment of service in the series. At inception, the total transaction price will be estimated to include any applicable fixed consideration, unconstrained variable consideration (estimated day rate mobilization and demobilization revenue, estimated operating day rate revenue to be earned over the contract term, expected bonuses (if material and can be reasonably estimated without significant reversal), and penalties (if material and can be reasonably estimated without significant reversal)). Allocation rules under this new standard allow us to recognize revenues associated with our drilling contacts in materially the same manner as under the previous revenue accounting standard. A contract liability will be recorded for consideration received before the corresponding transfer of services. Those liabilities will generally only arise in relation to upfront mobilization fees which are paid in advance and are allocated/recognized over the entire performance obligation. Such balances will be amortized over the recognition period based on the same method of measure used for revenue. On adoption of the standard, no adjustment to opening retained earnings was required. Our performance obligation for all drilling contracts is to drill the agreed-on number of wells or drill over an agreed-on period of time as stated in the applicable contract. Any mobilization and demobilization activities are not considered to be distinct within the context of the contract and therefore, any associated revenue is allocated to the overall performance obligation of drilling services and recognized ratably over the initial term of the related drilling contract. It typically takes from 10 to 90 days to complete drilling a well; therefore, depending on the number of wells under a contract, the contract term could be up to two years . Most of the drilling contracts are for less than one year. As the customer simultaneously receives and consumes the benefits provided by the company’s performance, and the company’s performance enhances an asset that the customer controls, the performance obligation to drill the well occurs over time. We typically receive payment within a set number of days following the end of the month and that payment includes payment for all services performed during that month (calculated on an hourly basis). The company satisfies its overall performance obligation when the well included in the contract is drilled to an agreed-on depth or by a set date. All consideration received for contract drilling is variable, excluding termination fees, which we have concluded will not be applicable to our current contracts as of the reporting date. The consideration is calculated by multiplying a variable quantity (number of days/hours) by an agreed-on daily price (for the daily rate, mobilization and demobilization revenue). Other revenue items under the contract may include bonus/penalty revenue, reimbursable revenue, drilling fluid rates, and early termination fees. All variable consideration is not constrained but is settled at the end of the month; therefore, whether the variability is constrained or not does not affect accounting for revenue under ASC 606 as the variability is known before each reporting period excluding certain bonuses/penalties which might be based on activity that occurs over the entire term of the contract. We have evaluated the mobilization and de-mobilization charges on outstanding contracts, however, the impact to the financial statements was immaterial. As of June 30, 2018 , we had 36 contract drilling contracts ( 12 of which are long-term) for a duration of two months to almost three years . Under the guidance in relation to disclosures regarding the remaining performance obligations, there is a practical expedient for contracts that have an original expected duration of one year or less (ASC 606-10-50-14) and for contracts where the entity can recognize revenue as invoiced (ASC 606-10-55-18). The majority of our drilling contracts have an original term of less than one year; however, the remaining performance obligations under the contracts that do have a longer duration are not material. Mid-stream Contracts Revenues, and Implementation impact to retained earnings, and Performance Obligations Revenues are generated from the fees earned for gas gathering and processing services provided to a customer. The typical types of revenue contracts used by this segment are gas gathering and processing agreements. Contract terms range from a single month to terms spanning a decade or more, some include evergreen provisions. Fees for mid-stream services (gathering, transportation, processing) are performance obligations and meet the criteria of over time recognition which could be considered a series of distinct performance obligations that represents one overall performance obligation of gas gathering and processing services. On adoption of the standard, an adjustment to opening retained earnings was made in the amount of $1.7 million ( $1.3 million , net of tax). This adjustment related to the timing of revenue recognized on certain demand fees and had the following impact to the Unaudited Condensed Consolidated Balance Sheet: Balance at December 31, 2017 Adjustments due to ASC 606 Balance at January 1, 2018 (In thousands) Assets: Other assets $ 16,230 $ 10,798 $ 27,028 Liabilities and shareholders' equity: Current portion of other long-term liabilities 13,002 2,748 15,750 Other long-term liabilities 100,203 9,737 109,940 Deferred income taxes 133,477 (413 ) 133,064 Retained earnings 799,402 (1,274 ) 798,128 The impact of these demand fees to the Unaudited Condensed Consolidated Balance Sheet at June 30, 2018 was: As Reported Adjustments due to ASC 606 Amounts without the Adoption of ASC 606 (In thousands) Assets: Prepaid expenses and other $ 8,731 $ 128 $ 8,603 Other assets 28,113 11,887 16,226 Liabilities and shareholders' equity: Current portion of other long-term liabilities 14,036 2,875 11,161 Other long-term liabilities 102,928 8,456 94,472 Deferred income taxes 158,232 168 158,064 Retained earnings 811,781 516 811,265 This adjustment related to the timing of revenue recognized on certain demand fees and had the following impact to the Unaudited Condensed Consolidated Income Statement for the three months ended June 30, 2018 : As Reported Adjustments due to ASC 606 Amounts without the Adoption of ASC 606 (In thousands) Gas gathering and processing revenues $ 54,059 $ 1,179 $ 52,880 Deferred income tax expense 2,029 289 1,740 Net income 8,150 890 7,260 This adjustment related to the timing of revenue recognized on certain demand fees and had the following impact to the Unaudited Condensed Consolidated Income Statement for the six months ended June 30, 2018 : As Reported Adjustments due to ASC 606 Amounts without the Adoption of ASC 606 (In thousands) Gas gathering and processing revenues $ 110,103 $ 2,371 $ 107,732 Deferred income tax expense 5,636 581 5,055 Net income 16,015 1,790 14,225 The only fixed consideration related to mid-stream consideration is the demand fee which is calculated by multiplying an agreed-on price by a fixed number of volumes per month over a specified term in the contract. Included below is the additional fixed revenue we will earn over the remaining term of the contracts and excludes all variable consideration to be earned with the associated contract. Contract Remaining Term of Contract July - December 2018 2019 2020 2021 2022 Total Remaining Impact to Revenue (In thousands) Demand fee contracts 4-5 years $ 2,598 $ 2,632 $ (3,781 ) $ (3,507 ) $ 1,374 $ (684 ) Before the implementation of ASC 606, we immediately recognized the entire demand fee since the fee was payable within the first five years from the effective date of the contract and not over the entire term of the contract. However, as the demand fee does not specifically relate to a distinct performance obligation, under the new standard that amount should now be recognized over the life of the contract. Therefore, the demand fee previously recognized in the amount of $1.7 million ( $1.3 million , net of tax) was adjusted to retained earnings as of January 1, 2018, and will be recognized over the remaining term of the contract. As this amount is fixed, recognition of the remaining portion will be stable. Besides the demand fee, there were no other contract assets or liabilities (see above for the balance sheet line items where they are reported). For the three and six months ended June 30, 2018 , $1.2 million and $2.4 million , respectively, was recognized in revenue for these demand fees. June 30, January 1, Change (In thousands) Contract assets $ 12,015 $ 10,798 $ 1,217 Contract liabilities 11,331 12,485 (1,154 ) Contract liabilities, net $ 684 $ (1,687 ) $ 2,371 Our performance obligations for all contracts is to gather, transport, or process an agreed-on number of volumes as stated in the contract. Typically the contract will establish a period of time over which the company will perform the mid-stream services. Certain contracts also include an agreed-on quantity (or an agreed-on minimum quantity) of volumes that the company will deliver or service. The term under mid-stream service contracts is typically five to ten years. Under service contracts, as the customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs, the performance obligation to gather, transport, or process occurs over time. We typically receive payment within a set number of days following the end of the month and includes payment for all services performed that month. Our overall performance obligation is satisfied at the end of the contract term. Most of the consideration received under mid-stream service contracts is variable. The consideration is calculated by multiplying a variable quantity (number of volumes) by an agreed-on price per MCF (commodity fee and the gathering fee). One fixed component of revenue is calculated by multiplying an agreed-on price by a certain volume commitment (MCF per day). Other revenue items may include shortfall fees. All variable consideration is settled at the end of the month; therefore, whether or not the variability is constrained does not affect accounting for revenue under ASC 606 as the variability is known before each reporting period. However, this excludes the shortfall fee as this fee could be based on a set number of volumes over the course of more than one month. Per the new guidance related to disclosures for remaining performance obligations, there is a practical expedient for contracts that have an original expected duration of one year or less (ASC 606-10-50-14). There is also a practical expedient for “variable consideration [that] is allocated entirely to a wholly unsatisfied performance obligation… that forms part of a single performance obligation… for which the criteria in paragraph 606-10-32-40 have been met” (ASC 606-10-50-14A). As stated previously, the contract term for mid-stream services is typically longer than one year. However, based on the guidance at 606-10-32-40, we determined some of the variable payment in mid-stream service agreements specifically relates to the entity’s efforts to satisfy the performance obligation and that “allocating the variable amount entirely to the distinct good or service is consistent with the allocation objective in paragraph 606-10-32-28.” Therefore, the practical expedient relates to this variable consideration: the commodity fee and the gathering fee. The last time we received a shortfall fee was in 2016 and the amount was immaterial to total mid-stream revenues. These terms have historically been limited in our contracts. We calculate revenue earned from the variable consideration related to mid-stream services by multiplying the number of volumes serviced times an agreed-on price. Therefore, the variable portion of this consideration is due to the change in volumes. This variability is resolved at the end of each month as the company will know the number of volumes serviced under each contract and payment is received monthly. The mid-stream gathering service contracts remaining are for a duration of less than one year to 15 years. While long term service contracts are in place as of the reporting date, due to the variable volumes an estimation and allocation of transaction price and future obligations are not required.

Divestitures

Divestitures	6 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment Impairment or Disposal [Abstract]
Divestitures	DIVESTITURES Divestitures Oil and Natural Gas We sold non-core oil and natural gas assets, net of related expenses, for $22.4 million during the first six months of 2018 , compared to $17.8 million during the first six months of 2017 . Proceeds from those sales reduced the net book value of our full cost pool with no gain or loss recognized. Mid-Stream On April 3, 2018 , we sold 50% of the ownership interest in our mid-stream segment, Superior. The purchaser is SP Investor Holdings, LLC, a holding company jointly owned by OPTrust and funds managed and/or advised by Partners Group, a global private markets investment manager. We received $300.0 million as a result of this sale. A portion of the proceeds were used to pay down our bank debt and the remainder will be used to accelerate the drilling program of our upstream subsidiary, Unit Petroleum Company, make additional capital investments in the jointly owned Superior, and for general working capital purposes. In connection with the sale of the interest in Superior, we took the necessary actions under the Indenture governing our outstanding senior subordinated notes to secure the ability to close the sale and have Superior released from the Indenture. Superior will be governed and managed under its Amended and Restated Limited Liability Company Agreement and the Master Services and Operating Agreement (MSA) entered into by Superior and an affiliate of Unit, as both of those agreements may be amended from time to time. Further details are in Note 13 – Variable Interest Entity Arrangements.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE Information related to the calculation of earnings per share attributable to Unit Corporation follows: Earnings (Numerator) Weighted Shares (Denominator) Per-Share Amount (In thousands except per share amounts) For the three months ended June 30, 2018 Basic earnings attributable to Unit Corporation per common share $ 5,788 52,050 $ 0.11 Effect of dilutive stock options and restricted stock — 731 — Diluted earnings attributable to Unit Corporation per common share $ 5,788 52,781 $ 0.11 For the three months ended June 30, 2017 Basic earnings attributable to Unit Corporation per common share $ 9,059 51,366 $ 0.18 Effect of dilutive stock options, restricted stock, and stock appreciation rights (SARs) — 578 (0.01 ) Diluted earnings attributable to Unit Corporation per common share $ 9,059 51,944 $ 0.17 The following table shows the number of stock options and SARs (and their average exercise price) excluded because their option exercise prices were greater than the average market price of our common stock: Three Months Ended June 30, 2018 2017 Stock options and SARs 66,500 178,755 Average exercise price $ 44.42 $ 47.75 Earnings (Loss) Weighted Shares (Denominator) Per-Share Amount (In thousands except per share amounts) For the six months ended June 30, 2018 Basic earnings attributable to Unit Corporation per common share $ 13,653 51,891 $ 0.26 Effect of dilutive stock options and restricted stock — 651 — Diluted earnings attributable to Unit Corporation per common share $ 13,653 52,542 $ 0.26 For the six months ended June 30, 2017 Basic earnings attributable to Unit Corporation per common share $ 24,988 50,832 $ 0.49 Effect of dilutive stock options, restricted stock, and SARs — 539 — Diluted earnings attributable to Unit Corporation per common share $ 24,988 51,371 $ 0.49 The following table shows the number of stock options and SARs (and their average exercise price) excluded because their option exercise prices were greater than the average market price of our common stock: Six Months Ended June 30, 2018 2017 Stock options and SARs 66,500 178,755 Average exercise price $ 44.42 $ 47.75

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2018
Accrued Liabilities [Abstract]
Accrued Liabilities	ACCRUED LIABILITIES Accrued liabilities consisted of: June 30, December 31, (In thousands) Employee costs $ 12,359 $ 19,521 Lease operating expenses 12,080 11,819 Taxes 6,997 3,404 Interest payable 6,581 6,745 Derivative settlements 2,550 — Third-party credits 2,473 2,240 Other 6,024 4,794 Total accrued liabilities $ 49,064 $ 48,523

Long-Term Debt And Other Long-T

Long-Term Debt And Other Long-Term Liabilities	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Long-Term Debt And Other Long-Term Liabilities	LONG-TERM DEBT AND OTHER LONG-TERM LIABILITIES Long-Term Debt Our long-term debt as of the dates indicated consisted of the following: June 30, December 31, (In thousands) Unit credit agreement with an average interest rate of 3.4% at December 31, 2017 $ — $ 178,000 Superior credit agreement — — 6.625% senior subordinated notes due 2021 650,000 650,000 Total principal amount 650,000 828,000 Less: unamortized discount (1,933 ) (2,234 ) Less: debt issuance costs, net (4,696 ) (5,490 ) Total long-term debt $ 643,371 $ 820,276 Unit Credit Agreement. On April 2, 2018, we signed a Fourth Amendment to our Senior Credit Agreement (Unit credit agreement) scheduled to mature on April 10, 2020 . The Fourth Amendment provided, among other things, for a reduction of the maximum credit amount from $875.0 million to $425.0 million , a reduction in the borrowing base from $475.0 million to $425.0 million , a reduction in the total commitment amount from $475.0 million to $425.0 million ; and the full release of Superior and its subsidiaries as a borrower and co-obligor under the Unit credit agreement. Under the amendment, once the sale of the interest in Superior was completed, we were required to use part of the proceeds to pay down the Unit credit agreement. The Superior sale closed on April 3, 2018 and the pay down was made that day. On May 2, 2018, as contemplated under the Fourth Amendment to its credit agreement, the company entered into a Pledge Agreement with BOKF, NA (dba Bank of Oklahoma), as administrative agent for the benefit of the secured parties, under which we granted a security interest in the limited liability membership interests and other equity interests we own in Superior (which as of the date of this report is 50% of the aggregate outstanding equity interests of Superior ) as additional collateral for our obligations under the Unit credit agreement. We are charged a commitment fee of 0.50% on the amount available but not borrowed. That fee varies based on the amount borrowed as a percentage of the total borrowing base. We paid $1.0 million in previous origination, agency, syndication, and other related fees. We did no t incur any additional fees related to the amendment. We are amortizing these fees over the life of the Unit credit agreement. Under the Unit credit agreement, we have pledged as collateral 85% of the proved developed producing (discounted as present worth at 8% ) total value of our oil and gas properties. The borrowing base amount which is subject to redetermination by the lenders on April 1st and October 1st of each year is based on a percentage of the discounted future value of our oil and natural gas reserves. We or the lenders may request a onetime special redetermination of the borrowing base between each scheduled redetermination. In addition, we may request a redetermination following the completion of an acquisition that meets the requirements in the Unit credit agreement. At our election, any part of the outstanding debt under the Unit credit agreement can be fixed at a London Interbank Offered Rate (LIBOR). LIBOR interest is computed as the LIBOR base for the term plus 2.00% to 3.00% depending on the level of debt as a percentage of the borrowing base and is payable at the end of each term, or every 90 days, whichever is less. Borrowings not under LIBOR bear interest at the prime rate specified in the Unit credit agreement but in no event less than LIBOR plus 1.00% plus a margin . Interest is payable at the end of each month and the principal may be repaid in whole or in part at any time, without a premium or penalty. At June 30, 2018 , we did no t have any outstanding borrowings under our Unit credit agreement. We can use borrowings for financing general working capital requirements for (a) exploration, development, production, and acquisition of oil and gas properties, (b) acquisitions and operation of mid-stream assets up to certain limits, (c) issuance of standby letters of credit, (d) contract drilling services and acquisition of contract drilling equipment, and (e) general corporate purposes. The Unit credit agreement prohibits, among other things: • the payment of dividends (other than stock dividends) during any fiscal year over 30% of our consolidated net income for the preceding fiscal year; • the incurrence of additional debt with certain limited exceptions; • the creation or existence of mortgages or liens, other than those in the ordinary course of business and with certain limited exceptions, on any of our properties, except in favor of our lenders; and • investments in Unrestricted Subsidiaries (as defined in the Unit credit agreement) in excess of $200.0 million . The Unit credit agreement also requires that we have at the end of each quarter: • a current ratio (as defined in the credit agreement) of not less than 1 to 1 . Through the quarter ending March 31, 2019, the Unit credit agreement also requires that we have at the end of each quarter: • a senior indebtedness ratio of senior indebtedness to consolidated EBITDA (as defined in the Unit credit agreement) for the most recently ended rolling four quarters of no greater than 2.75 to 1 . Beginning with the quarter ending June 30, 2019, and for each following quarter, the Unit credit agreement requires: • a leverage ratio of funded debt to consolidated EBITDA (as defined in the Unit credit agreement) for the most recently ended rolling four fiscal quarters of no greater than 4 to 1 . As of June 30, 2018, we were in compliance with the Unit credit agreement covenants. Superior Credit Agreement. On May 10, 2018 , Superior entered into a five -year, $200.0 million senior secured revolving credit facility with an option to increase the credit amount up to $250.0 million , subject to certain conditions (Superior credit agreement). The amounts borrowed under the Superior credit agreement bear annual interest at a rate, at Superior’s option, equal to (a) LIBOR plus the applicable margin of 2.00% to 3.25% or (b) the alternate base rate (greater of (i) the federal funds rate plus 0.5%, (ii) the prime rate, and (iii) third day LIBOR plus 1.00%) plus the applicable margin of 1.00% to 2.25%. The obligations under the Superior credit agreement are secured by, among other things, mortgage liens on certain of Superior’s processing plants and gathering systems. Superior is charged a commitment fee of 0.375% on the amount available but not borrowed which varies based on the amount borrowed as a percentage of the total borrowing base. Superior paid $1.7 million in origination, agency, syndication, and other related fees. These fees are being amortized over the life of the Superior credit agreement. The Superior credit agreement requires that Superior maintain a Consolidated EBITDA to interest expense ratio for the most-recently ended rolling four quarters of at least 2.50 to 1.00 , and a funded debt to Consolidated EBITDA ratio of not greater than 4.00 to 1.00 . Additionally, the Superior credit agreement contains a number of customary covenants that, among other things, restrict (subject to certain exceptions) Superior’s ability to incur additional indebtedness, create additional liens on its assets, make investments, pay distributions, enter into sale and leaseback transactions, engage in certain transactions with affiliates, engage in mergers or consolidations, enter into hedging arrangements, and acquire or dispose of assets. As of June 30, 2018, we were in compliance with the Superior credit agreement covenants. The borrowings under the Superior credit agreement will be used to fund capital expenditures and acquisitions, provide general working capital, and for letters of credit for Superior. On June 27, 2018, Superior and the lenders amended the Superior credit agreement to revise certain definitions in the agreement. Superior's credit agreement is not guaranteed by Unit. 6.625% Senior Subordinated Notes. We have an aggregate principal amount of $650.0 million , 6.625% senior subordinated notes (the Notes) outstanding. Interest on the Notes is payable semi-annually (in arrears) on May 15 and November 15 of each year. The Notes mature on May 15, 2021 . In issuing the Notes, we incurred fees of $14.7 million that are being amortized as debt issuance cost over the life of the Notes. The Notes are subject to an Indenture dated as of May 18, 2011, between us and Wilmington Trust, National Association (successor to Wilmington Trust FSB), as Trustee (the Trustee), as supplemented by the First Supplemental Indenture dated as of May 18, 2011, between us, the Guarantors, and the Trustee, and as further supplemented by the Second Supplemental Indenture dated as of January 7, 2013, between us, the Guarantors, and the Trustee (as supplemented, the 2011 Indenture), establishing the terms of and providing for issuing the Notes. The Guarantors are most of our direct and indirect subsidiaries. The discussion of the Notes in this report is qualified by and subject to the actual terms of the 2011 Indenture. Unit, as the parent company, has no significant independent assets or operations. The guarantees by the Guarantors of the Notes (registered under registration statements) are full and unconditional, joint and several, subject to certain automatic customary releases, are subject to certain restrictions on the sale, disposition, or transfer of the capital stock or substantially all of the assets of a subsidiary guarantor, and other conditions and terms set out in the 2011 Indenture. Effective April 3, 2018, Superior is no longer a Guarantor of the Notes. Any of our other subsidiaries that are not Guarantors are minor. There are no significant restrictions on our ability to receive funds from any of our subsidiaries through dividends, loans, advances, or otherwise. We may redeem all or, occasionally, a part of the Notes at certain redemption prices, plus accrued and unpaid interest. If a “change of control” occurs, subject to certain conditions, we must offer to repurchase from each holder all or any part of that holder’s Notes at a purchase price in cash equal to 101% of the principal amount of the Notes plus accrued and unpaid interest to the date of purchase. The 2011 Indenture contains customary events of default. The 2011 Indenture also contains covenants including those that limit our ability and the ability of certain of our subsidiaries to incur or guarantee additional indebtedness; pay dividends on our capital stock or redeem capital stock or subordinated indebtedness; transfer or sell assets; make investments; incur liens; enter into transactions with our affiliates; and merge or consolidate with other companies. We were in compliance with all covenants of the Notes as of June 30, 2018 . Other Long-Term Liabilities Other long-term liabilities consisted of the following: June 30, December 31, (In thousands) Asset retirement obligation (ARO) liability $ 62,838 $ 69,444 Capital lease obligations 13,321 15,224 Workers’ compensation 12,963 13,340 Contract liability 11,331 — Separation benefit plans 7,607 6,524 Deferred compensation plan 5,621 5,390 Gas balancing liability 3,283 3,283 116,964 113,205 Less current portion 14,036 13,002 Total other long-term liabilities $ 102,928 $ 100,203 Estimated annual principal payments under the terms of our long-term debt and other long-term liabilities during the five successive twelve-month periods beginning July 1, 2018 (and through 2023) are $14.0 million , $43.8 million , $660.6 million , $5.0 million , and $2.7 million , respectively. Capital Leases In 2014, Superior entered into capital lease agreements for 20 compressors with initial terms of seven years. The underlying assets are included in gas gathering and processing equipment. The $3.9 million current portion of the capital lease obligations is included in current portion of other long-term liabilities and the non-current portion of $9.4 million is included in other long-term liabilities in the accompanying Unaudited Condensed Consolidated Balance Sheets as of June 30, 2018 . These capital leases are discounted using annual rates of 4.00% . Total maintenance and interest remaining related to these leases are $5.0 million and $0.9 million , respectively, at June 30, 2018 . Annual payments, net of maintenance and interest, average $4.2 million annually through 2021 . At the end of the term, Superior has the option to purchase the assets at 10% of their then fair market value. Future payments required under the capital leases at June 30, 2018 are: Amount Beginning July 1, (In thousands) 2018 $ 6,168 2019 6,168 2020 6,673 2021 179 Total future payments 19,188 Less payments related to: Maintenance 4,981 Interest 886 Present value of future minimum payments $ 13,321

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Jun. 30, 2018
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	ASSET RETIREMENT OBLIGATIONS We are required to record the estimated fair value of the liabilities relating to the future retirement of our long-lived assets. Our oil and natural gas wells are plugged and abandoned when the oil and natural gas reserves in those wells are depleted or the wells are no longer able to produce. The plugging and abandonment liability for a well is recorded in the period in which the obligation is incurred (at the time the well is drilled or acquired). None of our assets are restricted for purposes of settling these AROs. All our AROs relate to the plugging costs associated with our oil and gas wells. The following table shows certain information about our AROs for the periods indicated: Six Months Ended June 30, 2018 2017 (In thousands) ARO liability, January 1: $ 69,444 $ 70,170 Accretion of discount 1,248 1,458 Liability incurred 211 1,018 Liability settled (3,142 ) (1,224 ) Liability sold (94 ) (1,412 ) Revision of estimates (1) (4,829 ) 39 ARO liability, June 30: 62,838 70,049 Less current portion 1,451 2,825 Total long-term ARO $ 61,387 $ 67,224 _______________________ (1) Plugging liability estimates were revised in both 2018 and 2017 for updates in the cost of services used to plug wells over the preceding year. We had various upward and downward adjustments.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	NEW ACCOUNTING PRONOUNCEMENTS Compensation—Stock Compensation: Improvements to Nonemployee Share-Based Payment Accounting. The FASB issued ASU 2018-07, to improve financial reporting for nonemployee share-based payments. The amendment expands the scope of Topic 718, Compensation—Stock Compensation to include share-based payments issued to nonemployees for goods or services. The amendment will be effective for years beginning after December 15, 2019, and interim periods within those years. This amendment will not have a material impact on our financial statements. Income Taxes - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118. In March 2018, the FASB issued ASU 2018-05 which updates the FASB’s Accounting Standards Codification to reflect the guidance in SAB 118, which adds Section EE, “Income Tax Accounting Implications of the Tax Cuts and Jobs Act,” to SAB Topic 5, “Miscellaneous Accounting.” SAB 118 also provides guidance on applying ASC 740, Income Taxes, if the accounting for certain income tax effects of the Tax Cuts and Jobs Act of 2017 is incomplete when the financial statements are issued for a reporting period. Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment. The FASB issued ASU 2017-04, to simplify the measurement of goodwill. The amendment eliminates Step 2 from the goodwill impairment test. The amendment will be effective prospectively for reporting periods beginning after December 15, 2019, and early adoption is permitted. This amendment will not have a material impact on our financial statements. Leases. The FASB has issued ASU 2016-02. The amendment will require lessees to recognize at the commencement date of a lease a lease liability which is the lessee's obligation to make lease payments arising from the lease, measured on a discounted basis; and a right-of-use asset, which represents the lessee's right to use a specified asset for the lease term. Lessor accounting is largely unchanged. In January 2018, the FASB issued ASU 2018-01, "Leases - Land Easement practical expedient for Transition to Topic 842", which provides clarifying guidance regarding land easements and adds practical expedients. Further amendments were issued under ASU 2018-10. In July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842),” as an amendment to ASU 2016-02, “Leases (Topic 842) Targeted Improvements” which provides entities with an additional transition method in which an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The amendment also provides a practical expedient for lessors. At this time, we are still evaluating these expedients. For public companies, these amendments are effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The standard will not apply to leases of mineral rights. We have an implementation team working through the provisions of the new guidance including a review of different types of contracts to document our lease portfolio and assess the impact on our accounting, disclosures, processes, internal control over financial reporting, and the election of certain practical expedients. Our evaluation of the impact of the new guidance on our financial statements is on-going. Adopted Standards Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The FASB issued ASU 2018-02, an amendment which provides financial statement preparers with an option to reclassify stranded tax effects within AOCI to retained earnings caused by the Tax Cuts and Jobs Act of 2017. The amendment is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. Organizations should apply the proposed amendments either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. We adopted this amendment early and it had no material effect to our financial statements. We previously used 37.75% to calculate the tax effect on AOCI and now we are using 24.5%. The change is reflected in our Unaudited Condensed Consolidated Statements of Comprehensive Income and in Note 14 - Equity. Revenue from Contracts with Customers. Effective January 1, 2018, we adopted ASC 606. This new revenue standard provides for a five-step analysis of transactions to determine when and how revenue is to be recognized. The guidance in this update supersedes the revenue recognition requirements in ASC 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. Under the standard, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. We applied the five step method outlined in the ASU to all of our revenue streams in the scope of ASC 606 and elected the modified retrospective approach method. Under that approach the cumulative effect on adoption is recognized as an adjustment to opening retained earnings at January 1, 2018. Only our mid-stream segment was affected. This adjustment related to the timing of revenue on certain demand fees. Both our oil and natural gas and contract drilling segments had no retained earnings adjustment. Comparative prior periods have not been adjusted and continue to be reported under ASC 605. The additional disclosures required by ASC 606 have been included in Note 2 – Revenue from Contracts with Customers. Our internal control framework did not materially change as a result of this standard, but the existing internal controls have been modified to consider our new revenue recognition policy effective January 1, 2018. As we implement the new standard, we have added internal controls to ensure that we adequately evaluate new contracts under the five-step model under ASU 2014-09.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION For restricted stock awards and stock options, we had: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In millions) Recognized stock compensation expense $ 4.0 $ 3.2 $ 9.5 $ 5.8 Capitalized stock compensation cost for our oil and natural gas properties 0.6 0.4 1.0 0.8 Tax benefit on stock-based compensation 1.0 1.2 2.3 2.2 The remaining unrecognized compensation cost related to unvested awards at June 30, 2018 is approximately $23.7 million , of which $3.0 million is anticipated to be capitalized. The weighted average period over which this cost will be recognized is 1.0 year . Our Second Amended and Restated Unit Corporation Stock and Incentive Compensation Plan effective May 6, 2015 (the amended plan) allows us to grant stock-based and cash-based compensation to our employees (including employees of subsidiaries) and to non-employee directors. 7,230,000 shares of the company's common stock are authorized for issuance to eligible participants under the amended plan with 2,000,000 shares being the maximum number of shares that can be issued as "incentive stock options." We granted no SARs or stock options during either of the three or six month periods ending June 30, 2018 or 2017 . This table shows the fair value of restricted stock awards granted to employees and non-employee directors during the periods indicated: Three Months Ended Three Months Ended June 30, 2018 June 30, 2017 Time Vested Performance Vested Time Vested Performance Vested Shares granted: Employees 5,000 — 14,000 21,000 Non-employee directors 44,312 — 49,104 — 49,312 — 63,104 21,000 Estimated fair value (in millions): (1) Employees $ 0.1 $ — $ 0.4 $ 0.5 Non-employee directors 0.9 — 0.9 — $ 1.0 $ — $ 1.3 $ 0.5 Percentage of shares granted expected to be distributed: Employees 95 % N/A 100 % 87 % Non-employee directors 100 % N/A 100 % N/A _______________________ (1) The performance shares represent 100% of the grant date fair value. (We recognize the grant date fair value minus estimated forfeitures.) Six Months Ended Six Months Ended June 30, 2018 June 30, 2017 Time Vested Performance Vested Time Vested Performance Vested Shares granted: Employees 844,498 362,070 475,799 173,373 Non-employee directors 44,312 — 49,104 — 888,810 362,070 524,903 173,373 Estimated fair value (in millions): (1) Employees $ 16.2 $ 7.3 $ 11.8 $ 4.5 Non-employee directors 0.9 — 0.9 — $ 17.1 $ 7.3 $ 12.7 $ 4.5 Percentage of shares granted expected to be distributed: Employees 95 % 62 % 95 % 87 % Non-employee directors 100 % N/A 100 % N/A _______________________ (1) The performance shares represent 100% of the grant date fair value. (We recognize the grant date fair value minus estimated forfeitures.) The time vested restricted stock awards granted during the first six months of 2018 and 2017 are being recognized over a three -year vesting period. During the first quarter of 2018 and 2017, two performance vested restricted stock awards were granted to certain executive officers. The first will cliff vest three years from the grant date based on the company's achievement of certain stock performance measures (TSR) at the end of the term and will range from 0% to 200% of the restricted shares granted as performance shares. The second will vest, one-third each year, over a three -year vesting period subject to the company's achievement of cash flow to total assets (CFTA) performance measurement each year and will range from 0% to 200% . Based on a probability assessment of the selected TSR performance criteria at June 30, 2018 , the participants are estimated to receive 25% of the 2018, 91% of the 2017, and 167% of the 2016 performance-based shares. The CFTA performance measurement at June 30, 2018 was assessed to vest at target or 100% . The total aggregate stock compensation expense and capitalized cost related to oil and natural gas properties for 2018 awards for the first six months of 2018 was $4.3 million .

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	DERIVATIVES Commodity Derivatives We have signed various types of derivative transactions covering some of our projected natural gas and oil production. These transactions are intended to reduce our exposure to market price volatility by setting the price(s) we will receive for that production. Our decisions on the price(s), type, and quantity of our production subject to a derivative contract are based, in part, on our view of current and future market conditions. As of June 30, 2018 , these hedges made up our derivative transactions: • Swaps. We receive or pay a fixed price for the commodity and pay or receive a floating market price to the counterparty. The fixed-price payment and the floating-price payment are netted, resulting in a net amount due to or from the counterparty. • Basis/Differential Swaps. We receive or pay the NYMEX settlement value plus or minus a fixed delivery point price for the commodity and pay or receive the published index price at the specified delivery point. We use basis/differential swaps to hedge the price risk between NYMEX and its physical delivery points. • Collars. A collar contains a fixed floor price (put) and a ceiling price (call). If the market price exceeds the call strike price or falls below the put strike price, we receive the fixed price and pay the market price. If the market price is between the call and the put strike price, no payments are due from either party. • Three-way collars. A three-way collar contains a fixed floor price (long put), fixed subfloor price (short put), and a fixed ceiling price (short call). If the market price exceeds the ceiling strike price, we receive the ceiling strike price and pay the market price. If the market price is between the ceiling and the floor strike price, no payments are due from either party. If the market price is below the floor price but above the subfloor price, we receive the floor strike price and pay the market price. If the market price is below the subfloor price, we receive the market price plus the difference between the floor and subfloor strike prices and pay the market price. We have documented policies and procedures to monitor and control the use of derivative transactions. We do not engage in derivative transactions not otherwise tied to our projected production. Any changes in the fair value of our derivative transactions before maturity (i.e., temporary fluctuations in value) are reported in gain (loss) on derivatives in our Unaudited Condensed Consolidated Income Statements. At June 30, 2018 , these derivatives were outstanding: Term Commodity Contracted Volume Weighted Average Fixed Price Contracted Market Jul'18 – Sep'18 Natural gas – swap 40,000 MMBtu/day $2.985 IF – NYMEX (HH) Oct'18 Natural gas – swap 30,000 MMBtu/day $3.005 IF – NYMEX (HH) Nov’18 – Dec'18 Natural gas – swap 20,000 MMBtu/day $3.013 IF – NYMEX (HH) Jan'19 – Dec'19 Natural gas – swap 10,000 MMBtu/day $2.810 IF – NYMEX (HH) Jul'18 – Oct'18 Natural gas – basis swap 10,000 MMBtu/day $(0.190) NGPL TEXOK Jul'18 – Dec'18 Natural gas – basis swap 10,000 MMBtu/day $(0.678) PEPL Jul'18 – Dec'18 Natural gas – basis swap 10,000 MMBtu/day $(0.568) NGPL MIDCON Nov’18 – Dec'18 Natural gas – basis swap 10,000 MMBtu/day $(0.208) IF – NYMEX (HH) Jan'19 – Dec'19 Natural gas – basis swap 10,000 MMBtu/day $(0.728) PEPL Jan'19 – Dec'19 Natural gas – basis swap 10,000 MMBtu/day $(0.625) NGL MIDCON Jan'19 – Dec'19 Natural gas – basis swap 30,000 MMBtu/day $(0.265) NGPL TEXOK Jan'20 – Dec'20 Natural gas – basis swap 30,000 MMBtu/day $(0.275) NGPL TEXOK Jul'18 – Sep'18 Natural gas – collar 30,000 MMBtu/day $2.67 - $2.97 IF – NYMEX (HH) Jul'18 – Dec'18 Natural gas – three-way collar 20,000 MMBtu/day $3.00 - $2.50 - $3.51 IF – NYMEX (HH) Jul'18 – Dec'18 Crude oil – swap 4,000 Bbl/day $53.52 WTI – NYMEX Jul'18 – Dec'18 Crude oil – price differential risk 500 Bbl/day $7.00 LLS/WTI Jul'18 – Dec'18 Crude oil – three-way collar 2,000 Bbl/day $47.50 - $37.50 - $56.08 WTI – NYMEX Jan'19 – Dec'19 Crude oil – three-way collar 2,000 Bbl/day $57.50 - $47.50 - $71.90 WTI – NYMEX Jul'18 – Sep'18 NGLs – swap (1) 1,500 Bbl/day $32.14 OPIS – Mont Belvieu _______________________ (1) Type of NGLs involved is propane. After June 30, 2018, the following derivative was entered into: Term Commodity Contracted Volume Weighted Average Fixed Price Contracted Market Jan'19 – Dec'19 Natural gas – basis swap 10,000 MMBtu/day $(0.590) PEPL The following tables present the fair values and locations of the derivative transactions recorded in our Unaudited Condensed Consolidated Balance Sheets: Derivative Assets Fair Value Balance Sheet Location June 30, December 31, (In thousands) Commodity derivatives: Current Current derivative asset $ 127 $ 721 Long-term Non-current derivative asset — — Total derivative assets $ 127 $ 721 Derivative Liabilities Fair Value Balance Sheet Location June 30, December 31, (In thousands) Commodity derivatives: Current Current derivative liability $ 18,555 $ 7,763 Long-term Non-current derivative liability 910 — Total derivative liabilities $ 19,465 $ 7,763 All our counterparties are subject to master netting arrangements. If we have a legal right of set-off, we net the value of the derivative transactions we have with the same counterparty in our Unaudited Condensed Consolidated Balance Sheets. Following is the effect of derivative instruments on the Unaudited Condensed Consolidated Income Statements for the three months ended June 30 : Derivatives Instruments Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Derivative 2018 2017 (In thousands) Commodity derivatives Gain (loss) on derivatives (1) $ (14,461 ) $ 8,902 Total $ (14,461 ) $ 8,902 _______________________ (1) Amounts settled during the 2018 and 2017 periods include net payments of $6.9 million and $0.4 million , respectively. Following is the effect of derivative instruments on the Unaudited Condensed Consolidated Income Statements for the six months ended June 30 : Derivatives Instruments Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Derivative 2018 2017 (In thousands) Commodity derivatives Gain (loss) on derivatives (1) $ (21,223 ) $ 23,633 Total $ (21,223 ) $ 23,633 _______________________ (1) Amounts settled during the 2018 and 2017 periods include payments of $8.9 million and $1.6 million , respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS The estimated fair value of our available-for-sale securities, reflected on our Unaudited Condensed Consolidated Balance Sheets as Non-current other assets, is based on market quotes. The following is a summary of available-for-sale securities: Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Equity Securities: June 30, 2018 $ 830 $ — $ 86 $ 744 December 31, 2017 $ 830 $ 102 $ — $ 932 During the second quarter of 2017, we received available-for-sale securities for early termination fees associated with a long-term drilling contract. We will evaluate the marketability of those equity securities to determine if any decline in fair value below cost is other-than-temporary. If a decline in fair value below cost is determined to be other-than-temporary, an impairment charge will be recorded, and a new cost basis established. We will review several factors to determine whether a loss is other-than-temporary. These factors include, but are not limited to, (i) the time a security is in an unrealized loss position, (ii) the extent to which fair value is less than cost, (iii) the financial condition and near-term prospects of the issuer, and (iv) our intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. Fair value is defined as the amount that would be received from the sale of an asset or paid for transferring a liability in an orderly transaction between market participants (in either case, an exit price). To estimate an exit price, a three-level hierarchy is used prioritizing the valuation techniques used to measure fair value into three levels with the highest priority given to Level 1 and the lowest priority given to Level 3. The levels are summarized as follows: • Level 1—unadjusted quoted prices in active markets for identical assets and liabilities. • Level 2—significant observable pricing inputs other than quoted prices included within level 1 either directly or indirectly observable as of the reporting date. Essentially, inputs (variables used in the pricing models) that are derived principally from or corroborated by observable market data. • Level 3—generally unobservable inputs developed based on the best information available and may include our own internal data. The inputs available to us determine the valuation technique we use to measure the fair values of our financial instruments. The following tables set forth our recurring fair value measurements: June 30, 2018 Level 1 Level 2 Level 3 Effect of Netting Net Amounts Presented (In thousands) Financial assets (liabilities): Commodity derivatives: Assets $ — $ 1,196 $ 390 $ (1,459 ) $ 127 Liabilities — (14,399 ) (6,525 ) 1,459 (19,465 ) Total commodity derivatives — (13,203 ) (6,135 ) — (19,338 ) Equity securities 744 — — — 744 $ 744 $ (13,203 ) $ (6,135 ) $ — $ (18,594 ) December 31, 2017 Level 1 Level 2 Level 3 Effect of Netting Net Amounts Presented (In thousands) Financial assets (liabilities): Commodity derivatives: Assets $ — $ 2,137 $ 3,344 $ (4,760 ) $ 721 Liabilities — (8,973 ) (3,550 ) 4,760 (7,763 ) Total commodity derivatives $ — $ (6,836 ) $ (206 ) $ — $ (7,042 ) Equity securities 932 — — — 932 $ 932 $ (6,836 ) $ (206 ) $ — $ (6,110 ) All our counterparties are subject to master netting arrangements. If a legal right of set-off exists, we net the value of the derivative transactions we have with the same counterparty. We are not required to post cash collateral with our counterparties and no collateral has been posted as of June 30, 2018 . We used the following methods and assumptions to estimate the fair values of the assets and liabilities in the table above. There were no transfers between Level 2 and Level 3 financial assets (liabilities). Level 1 Fair Value Measurements Equity Securities. We measure the fair values of our available for sale securities based on market quotes. Level 2 Fair Value Measurements Commodity Derivatives . We measure the fair values of our crude oil and natural gas swaps using estimated internal discounted cash flow calculations based on the NYMEX futures index. Level 3 Fair Value Measurements Commodity Derivatives . The fair values of our natural gas and crude oil collars and three-way collars are estimated using internal discounted cash flow calculations based on forward price curves, quotes obtained from brokers for contracts with similar terms, or quotes obtained from counterparties to the agreements. The following table is a reconciliation of our level 3 fair value measurements: Net Derivatives Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In thousands) Beginning of period $ (3,206 ) $ (602 ) $ (206 ) $ (7,122 ) Total gains or losses (realized and unrealized): Included in earnings (1) (4,704 ) 5,214 (8,624 ) 11,117 Settlements 1,775 (519 ) 2,695 98 End of period $ (6,135 ) $ 4,093 $ (6,135 ) $ 4,093 Total gains (losses) for the period included in earnings attributable to the change in unrealized gain relating to assets still held at end of period $ (2,929 ) $ 4,695 $ (5,929 ) $ 11,215 _______________________ (1) Commodity derivatives are reported in the Unaudited Condensed Consolidated Income Statements in gain (loss) on derivatives. The following table provides quantitative information about our Level 3 unobservable inputs at June 30, 2018 : Commodity (1) Fair Value Valuation Technique Unobservable Input Range (In thousands) Oil three-way collars $ (6,420 ) Discounted cash flow Forward commodity price curve $0 - $18.05 Natural gas collar $ (105 ) Discounted cash flow Forward commodity price curve $0 - $0.08 Natural gas three-way collars $ 390 Discounted cash flow Forward commodity price curve $0 - $0.18 _______________________ (1) The commodity contracts detailed in this category include non-exchange-traded crude oil and natural gas collars and three-way collars that are valued based on NYMEX. The forward pricing range represents the low and high price expected to be paid or received within the settlement period. Our valuation at June 30, 2018 reflected that the risk of non-performance by our counterparties was immaterial. Fair Value of Other Financial Instruments This disclosure of the estimated fair value of financial instruments is made under accounting guidance for financial instruments. We have determined the estimated fair values by using market information and valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Using different market assumptions or valuation methodologies may have a material effect on the estimated fair value amounts. At June 30, 2018 , the carrying values on the Unaudited Condensed Consolidated Balance Sheets for cash and cash equivalents (composed of bank and money market accounts - classified as Level 1), accounts receivable, accounts payable, other current assets, and current liabilities approximate their fair value because of their short-term nature. Based on the borrowing rates available to us for credit agreement debt with similar terms and maturities and considering the risk of our non-performance, long-term debt under our credit agreements approximate their fair value and at June 30, 2018 we did no t have any outstanding borrowings under either the Unit or Superior credit agreement. Borrowings from our Unit credit agreement at December 31, 2017 were $178.0 million . These borrowings would be classified as Level 2. The carrying amounts of long-term debt associated with the Notes, net of unamortized discount and debt issuance costs, reported in the Unaudited Condensed Consolidated Balance Sheets as of June 30, 2018 and December 31, 2017 were $643.4 million and $642.3 million , respectively. We estimate the fair value of the Notes using quoted marked prices at June 30, 2018 and December 31, 2017 was $651.1 million and $649.7 million , respectively. The Notes would be classified as Level 2. Fair Value of Non-Financial Instruments The initial measurement of AROs at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with property, plant, and equipment. Significant Level 3 inputs used in the calculation of AROs include plugging costs and remaining reserve lives. A reconciliation of the company’s AROs is presented in Note 7 – Asset Retirement Obligations.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES We lease office space or yards in Edmond and Oklahoma City, Oklahoma; Houston, Texas; Englewood, Colorado; Pinedale, Wyoming; and Canonsburg, Pennsylvania under the terms of operating leases expiring through December 2021. We own our corporate headquarters in Tulsa, Oklahoma. We also have several compressor rentals, equipment leases, and lease space on short-term commitments to stack excess drilling rig equipment and production inventory. Future minimum rental payments under the terms of the leases are approximately $4.9 million , $1.4 million , $0.3 million , and less than $0.1 million in twelve-month periods beginning July 1, 2018 (and through 2021), respectively. Total rent expense incurred was $4.6 million and $4.2 million for the first six months of 2018 and 2017 , respectively. In 2014, Superior signed capital lease agreements for 20 compressors with initial terms of seven years. Estimated annual capital lease payments under the terms during the four successive twelve-month periods beginning July 1, 2018 (and through the end of 2021) are $6.2 million , $6.2 million , $6.7 million , and $0.2 million . Total maintenance and interest remaining related to these leases are $5.0 million and $0.9 million , respectively at June 30, 2018 . Annual payments, net of maintenance and interest, average $4.2 million annually through 2021 . At the end of the term, Superior has the option to purchase the assets at 10% of their then fair market value. The employee oil and gas limited partnerships require, on the election of a limited partner, that we repurchase the limited partner’s interest at amounts to be determined by appraisal. In any one year, these repurchases are limited to 20% of the units outstanding. We had no repurchases in the first six months of 2018 or 2017. We manage our exposure to environmental liabilities on properties to be acquired by identifying existing problems and assessing the potential liability. We also conduct periodic reviews, on a company-wide basis, to identify changes in our environmental risk profile. These reviews evaluate whether there is a probable liability, its amount, and the likelihood that the liability will be incurred. Any potential liability is determined by considering, among other matters, incremental direct costs of any likely remediation and the proportionate cost of employees expected to devote significant time directly to any possible remediation effort. As it relates to evaluations of purchased properties, depending on the extent of an identified environmental problem, we may exclude a property from the acquisition, require the seller to remediate the property to our satisfaction, or agree to assume liability for the remediation of the property. We have not historically experienced any environmental liability while being a contract driller since the greatest portion of risk is borne by the operator. Any liabilities we have incurred have been small and have been resolved while the drilling rig is on the location and the cost has been included in the direct cost of drilling the well. During the second quarter of 2018, as part of the Superior transaction, we entered into a contractual obligation that commits us to spend $150.0 million to drill wells in the Granite Wash/Buffalo Wallow area over three years starting January 1, 2019. This amount is already included in our drilling plan. For each dollar of the $150.0 million that we do not spend (over the three year period), we would forgo receiving $0.58 of future distributions from our 50% ownership interest in our consolidated mid-stream subsidiary. If we elected not to drill or spend any money in the designated area over the three year period, the maximum amount we could forgo from distributions would be $87.0 million. For the next twelve months, we have committed to purchase approximately $14.0 million of new drilling rig components.

Variable Interest Entity Arrang

Variable Interest Entity Arrangements	6 Months Ended
	Jun. 30, 2018
Variable Interest Entity Arrangements [Abstract]
Variable Interest Entity Arrangements	VARIABLE INTEREST ENTITY ARRANGEMENTS On April 3, 2018 we sold 50% of the ownership interest in Superior. The 50% interest in Superior we sold was acquired by SP Investor Holdings, LLC, a holding company jointly owned by OPTrust and funds managed and/or advised by Partners Group, a global private markets investment manager. Superior will be governed and managed under the Amended and Restated Limited Liability Company Agreement and the MSA. The MSA is between our affiliate, SPC Midstream Operating, L.L.C. (the Operator) and Superior. The Operator is owned 100% by Unit Corporation. Under the guidance in ASC 810, Consolidation, we have determined that Superior is a VIE. The two variable interests applicable to Unit include the 50% equity investment in Superior and the MSA. The MSA houses the power to direct the activities that most significantly impact Superior's operating performance. The MSA is a separate variable interest. Unit through the MSA has the power to direct Superior’s most significant activities; reciprocally the equity investors lack the power to direct the activities that most significantly impact the entity’s economic performance. Because of this, Unit is considered the primary beneficiary. As the primary beneficiary of this VIE, we consolidate in the financial statements the financial position, results of operations and cash flows of this VIE, and all intercompany balances and transactions between us and the VIE are eliminated in the consolidated financial statements. Cash distributions of income, net of agreed on expenses, and estimated expenses are allocated to the equity owners as specified in the relevant agreements. On the sale or liquidation of Superior, distributions would occur in the order and priority specified in the relevant agreements. As the Operator, we provide services, such as operations and maintenance support, accounting, legal, and human resources to Superior for a monthly service fee of $250,000 . Superior's creditors have no recourse to our general credit. Superior's credit agreement is not guaranteed by Unit. The obligations under Superior's credit agreement are secured by, among other things, mortgage liens on certain of Superior’s processing plants and gathering systems. The carrying value of Superior's assets and liabilities, after eliminations of any intercompany transactions and balances, in the consolidated balance sheets were as follows: June 30, (In thousands) Current assets: Cash and cash equivalents $ 7,002 Accounts receivable 28,378 Prepaid expenses and other 3,009 Total current assets 38,389 Property and equipment: Gas gathering and processing equipment 736,488 Transportation equipment 3,102 739,590 Less accumulated depreciation, depletion, amortization, and impairment 342,269 Net property and equipment 397,321 Other assets 14,916 Total assets $ 450,626 Current liabilities: Accounts payable $ 24,898 Accrued liabilities 2,005 Current portion of other long-term liabilities 6,796 Total current liabilities 33,699 Long-term debt less debt issuance costs — Other long-term liabilities 17,856 Total liabilities $ 51,555

Equity

Equity	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Equity	EQUITY At-the-Market (ATM) Common Stock Program On April 4, 2017, we signed a Distribution Agreement (the Agreement) with a sales agent, under which we could offer and sell, from time to time, through the sales agent shares of our common stock, par value $.20 per share (the Shares), up to an aggregate offering price of $100.0 million . Net proceeds from any of these sales could be used to fund (or offset costs of) acquisitions, future capital expenditures, repay amounts outstanding under our revolving credit facility, and general corporate purposes. On May 2, 2018, we terminated the Distribution Agreement. The Distribution Agreement was terminable at will on written notification by us with no penalty. As of the date of termination, we had sold 787,547 shares of our common stock under the Distribution Agreement resulting in net proceeds of approximately $18.6 million . We paid the sales agent a commission of 2.0% of the gross sales price per share sold. As a result of the termination, there will be no more sales of our common stock under the Distribution Agreement. Accumulated Other Comprehensive Income (Loss) Components of accumulated other comprehensive income (loss) were as follows for the three months ended June 30 : 2018 2017 (In thousands) Unrealized appreciation on securities, before tax $ 46 $ 32 Tax expense (11 ) (1) (12 ) Unrealized appreciation on securities, net of tax $ 35 $ 20 _______________________ (1) Due to the implementation of ASU 2018-02, the tax rate changed from 37.75% to 24.5%. Changes in accumulated other comprehensive income (loss) by component, net of tax, for the three months ended June 30 are as follows: Net Gains on Equity Securities 2018 2017 (In thousands) Balance at March 31: $ (100 ) $ — Unrealized appreciation before reclassifications 35 (1) 20 Amounts reclassified from accumulated other comprehensive income — — Net current-period other comprehensive income 35 20 Balance at June 30: $ (65 ) $ 20 _______________________ (1) Due to the implementation of ASU 2018-02, the tax rate changed from 37.75% to 24.5%. Components of accumulated other comprehensive income (loss) were as follows for the six months ended June 30: 2018 2017 (In thousands) Unrealized appreciation (loss) on securities, before tax $ (188 ) $ 32 Tax benefit (expense) 47 (1) (12 ) Unrealized appreciation (loss) on securities, net of tax $ (141 ) $ 20 _______________________ (1) Due to the implementation of ASU 2018-02, the tax rate changed from 37.75% to 24.5%. Changes in accumulated other comprehensive income by component, net of tax, for the six months ended June 30 are as follows: Net Gains on Equity Securities 2018 2017 (In thousands) Balance at December 31, 2017 $ 63 $ — Adjustment due to ASU 2018-02 13 (1) — Balance at January 1: 76 — Unrealized appreciation (loss) before reclassifications (141 ) (1) 20 Amounts reclassified from accumulated other comprehensive income — — Net current-period other comprehensive income (loss) (141 ) 20 Balance at June 30: $ (65 ) $ 20 _______________________ (1) Due to the implementation of ASU 2018-02, the tax rate changed from 37.75% to 24.5%.

Industry Segment Information

Industry Segment Information	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Industry Segment Information	INDUSTRY SEGMENT INFORMATION We have three main business segments offering different products and services within the energy industry: • Oil and natural gas, • Contract drilling, and • Mid-stream Our oil and natural gas segment is engaged in the acquisition, development, and production of oil, NGLs, and natural gas properties. The contract drilling segment is engaged in the land contract drilling of oil and natural gas wells and the mid-stream segment is engaged in the buying, selling, gathering, processing, and treating of natural gas and NGLs. We evaluate each segment’s performance based on its operating income, which is defined as operating revenues less operating expenses and depreciation, depletion, amortization, and impairment. We have no oil and natural gas production outside the United States. The following tables provide certain information about the operations of each of our segments: Three Months Ended June 30, 2018 Oil and Natural Gas Contract Drilling Mid-stream Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 102,318 $ — $ — $ — $ — $ 102,318 Contract drilling — 52,767 — — (5,841 ) 46,926 Gas gathering and processing — — 75,406 — (21,347 ) 54,059 Total revenues 102,318 52,767 75,406 — (27,188 ) 203,303 Expenses: Operating costs: Oil and natural gas 33,682 — — — (1,264 ) 32,418 Contract drilling — 36,921 — — (5,027 ) 31,894 Gas gathering and processing — — 59,786 3,576 (23,659 ) 39,703 Total operating costs 33,682 36,921 59,786 3,576 (29,950 ) 104,015 Depreciation, depletion, and amortization 31,554 13,726 11,175 1,918 — 58,373 Total expenses 65,236 50,647 70,961 5,494 (29,950 ) 162,388 Total operating income (loss) (2) 37,082 2,120 4,445 (5,494 ) 2,762 General and administrative expense — — — (8,712 ) — (8,712 ) Gain on disposition of assets 59 57 45 — — 161 Loss on derivatives — — — (14,461 ) — (14,461 ) Interest, net — — (304 ) (7,425 ) — (7,729 ) Other — — — 3,581 (3,576 ) 5 Income (loss) before income taxes $ 37,141 $ 2,177 $ 4,186 $ (32,511 ) $ (814 ) $ 10,179 _______________________ (1) The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time. (2) Operating income (loss) is total operating revenues less operating expenses, depreciation, depletion, and amortization and does not include general corporate expenses, gain on disposition of assets, loss on derivatives, interest, net, other income, or income taxes. Three Months Ended June 30, 2017 Oil and Natural Gas Contract Drilling Mid-stream Other Eliminations Total Consolidated (In thousands) Revenues: Oil and natural gas $ 83,173 $ — $ — $ — $ — $ 83,173 Contract drilling — 44,844 — — (5,589 ) 39,255 Gas gathering and processing — — 63,111 — (14,958 ) 48,153 Total revenues 83,173 44,844 63,111 — (20,547 ) 170,581 Expenses: Operating costs: Oil and natural gas 33,941 — — — (1,183 ) 32,758 Contract drilling — 32,452 — — (5,213 ) 27,239 Gas gathering and processing — — 49,817 — (13,775 ) 36,042 Total operating costs 33,941 32,452 49,817 — (20,171 ) 96,039 Depreciation, depletion, and amortization 23,558 13,769 10,849 1,904 — 50,080 Total expenses 57,499 46,221 60,666 1,904 (20,171 ) 146,119 Total operating income (loss) (1) 25,674 (1,377 ) 2,445 (1,904 ) (376 ) General and administrative expense — — — (8,713 ) — (8,713 ) Gain on disposition of assets 168 31 44 5 — 248 Gain on derivatives — — — 8,902 — 8,902 Interest, net — — — (9,467 ) — (9,467 ) Other — — — 6 — 6 Income (loss) before income taxes $ 25,842 $ (1,346 ) $ 2,489 $ (11,171 ) $ (376 ) $ 15,438 _______________________ (1) Operating income (loss) is total operating revenues less operating expenses, depreciation, depletion, and amortization and does not include general corporate expenses, gain on disposition of assets, gain on derivatives, interest, net, other income, or income taxes. Six Months Ended June 30, 2018 Oil and Natural Gas Contract Drilling Mid-stream Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 205,417 $ — $ — $ — $ — $ 205,417 Contract drilling — 103,477 — — (10,562 ) 92,915 Gas gathering and processing — — 150,056 — (39,953 ) 110,103 Total revenues 205,417 103,477 150,056 — (50,515 ) 408,435 Expenses: Operating costs: Oil and natural gas 70,834 — — — (2,454 ) 68,380 Contract drilling — 72,875 — — (9,314 ) 63,561 Gas gathering and processing — — 118,806 3,576 (41,075 ) 81,307 Total operating costs 70,834 72,875 118,806 3,576 (52,843 ) 213,248 Depreciation, depletion, and amortization 62,337 27,038 22,228 3,836 — 115,439 Total expenses 133,171 99,913 141,034 7,412 (52,843 ) 328,687 Total operating income (loss) (2) 72,246 3,564 9,022 (7,412 ) 2,328 General and administrative expense — — — (19,474 ) — (19,474 ) Gain on disposition of assets 129 84 79 30 — 322 Loss on derivatives — — — (21,223 ) — (21,223 ) Interest, net — — (453 ) (17,280 ) — (17,733 ) Other — — — 3,587 (3,576 ) 11 Income (loss) before income taxes $ 72,375 $ 3,648 $ 8,648 $ (61,772 ) $ (1,248 ) $ 21,651 _______________________ (1) The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time. (2) Operating income (loss) is total operating revenues less operating expenses, depreciation, depletion, and amortization and does not include general corporate expenses, gain on disposition of assets, loss on derivatives, interest, net, other income, or income taxes. Six Months Ended June 30, 2017 Oil and Natural Gas Contract Drilling Mid-stream Other Eliminations Total Consolidated (In thousands) Revenues: Oil and natural gas $ 170,771 $ — $ — $ — $ — $ 170,771 Contract drilling — 82,029 — — (5,589 ) 76,440 Gas gathering and processing — — 129,575 — (30,481 ) 99,094 Total revenues 170,771 82,029 129,575 — (36,070 ) 346,305 Expenses: Operating costs: Oil and natural gas 64,267 — — — (2,305 ) 61,962 Contract drilling — 61,679 — — (5,213 ) 56,466 Gas gathering and processing — — 101,922 — (28,176 ) 73,746 Total operating costs 64,267 61,679 101,922 — (35,694 ) 192,174 Depreciation, depletion, and amortization 45,084 26,616 21,667 3,645 — 97,012 Total expenses 109,351 88,295 123,589 3,645 (35,694 ) 289,186 Total operating income (loss) (1) 61,420 (6,266 ) 5,986 (3,645 ) (376 ) General and administrative expense — — — (17,667 ) — (17,667 ) Gain on disposition of assets 177 38 44 813 — 1,072 Gain on derivatives — — — 23,633 — 23,633 Interest, net — — — (18,863 ) — (18,863 ) Other — — — 9 — 9 Income (loss) before income taxes $ 61,597 $ (6,228 ) $ 6,030 $ (15,720 ) $ (376 ) $ 45,303 _______________________ (1) Operating income (loss) is total operating revenues less operating expenses, depreciation, depletion, and amortization and does not include general corporate expenses, gain on disposition of assets, gain on derivatives, interest, net, other income, or income taxes.

Supplemental Condensed Consolid

Supplemental Condensed Consolidated Financial Information	6 Months Ended
	Jun. 30, 2018
Supplemental Condensed Consolidated Financial Information [Abstract]
Condensed Consolidated Financial Statements	SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION We have no significant assets or operations other than our investments in our subsidiaries. Our wholly owned subsidiaries are the guarantors of our Notes. On April 3, 2018 , we sold 50% of the ownership interest in our mid-stream segment, Superior and that company and its subsidiaries are no longer guarantors of the Notes. Instead of providing separate financial statements for each subsidiary issuer and guarantor, we have included the accompanying unaudited condensed consolidating financial statements based on Rule 3-10 of the SEC's Regulation S-X. For purposes of the following footnote: • we are referred to as "Parent", • the direct subsidiaries are 100% owned by the Parent and the guarantee is full and unconditional and joint and several and referred to as "Combined Guarantor Subsidiaries", and • Superior and its subsidiaries and the Operator are referred to as "Non-Guarantor Subsidiaries." The following unaudited supplemental condensed consolidating financial information reflects the Parent's separate accounts, the combined accounts of the Combined Guarantor Subsidiaries', the combined accounts of the Non-Guarantor Subsidiaries', the combined consolidating adjustments and eliminations, and the Parent's consolidated amounts for the periods indicated. Condensed Consolidating Balance Sheets (Unaudited) June 30, 2018 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 97,052 $ 254 $ 7,002 $ — $ 104,308 Accounts receivable, net of allowance for doubtful accounts of $2,450 885 84,851 27,641 — 113,377 Materials and supplies — 501 — — 501 Current derivative asset 127 — — — 127 Prepaid expenses and other 2,643 3,079 3,009 — 8,731 Total current assets 100,707 88,685 37,652 — 227,044 Property and equipment: Oil and natural gas properties on the full cost method: Proved properties — 5,809,850 — — 5,809,850 Unproved properties not being amortized — 325,595 — — 325,595 Drilling equipment — 1,612,817 — — 1,612,817 Gas gathering and processing equipment — — 736,488 — 736,488 Saltwater disposal systems — 65,218 — — 65,218 Corporate land and building — 59,081 — — 59,081 Transportation equipment 9,244 17,572 3,102 — 29,918 Other 28,246 28,135 — — 56,381 37,490 7,918,268 739,590 — 8,695,348 Less accumulated depreciation, depletion, amortization, and impairment 24,335 5,896,900 342,269 — 6,263,504 Net property and equipment 13,155 2,021,368 397,321 — 2,431,844 Intercompany receivable 877,823 — — (877,823 ) — Goodwill — 62,808 — — 62,808 Investments 1,216,959 1,500 — (1,216,959 ) 1,500 Other assets 5,472 6,225 14,916 — 26,613 Total assets $ 2,214,116 $ 2,180,586 $ 449,889 $ (2,094,782 ) $ 2,749,809 June 30, 2018 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 9,669 $ 81,827 $ 22,915 $ — $ 114,411 Accrued liabilities 21,618 24,880 2,566 — 49,064 Income taxes payable 4,648 — — — 4,648 Current derivative liability 18,555 — — — 18,555 Current portion of other long-term liabilities 615 6,625 6,796 — 14,036 Total current liabilities 55,105 113,332 32,277 — 200,714 Intercompany debt — 876,277 1,546 (877,823 ) — Bonds payable less debt issuance costs 643,371 — — — 643,371 Non-current derivative liabilities 910 — — — 910 Other long-term liabilities 12,613 72,459 17,856 — 102,928 Deferred income taxes 57,802 100,430 — — 158,232 Shareholders’ equity: Preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued — — — — — Common stock, $.20 par value, 175,000,000 shares authorized, 54,089,366 shares issued 10,414 — — — 10,414 Capital in excess of par value 622,120 45,921 197,042 (242,963 ) 622,120 Accumulated other comprehensive loss — (65 ) — — (65 ) Retained earnings 811,781 972,232 1,764 (973,996 ) 811,781 Total shareholders’ equity attributable to Unit Corporation 1,444,315 1,018,088 198,806 (1,216,959 ) 1,444,250 Non-controlling interests in consolidated subsidiaries — — 199,404 — 199,404 Total shareholders' equity 1,444,315 1,018,088 398,210 (1,216,959 ) 1,643,654 Total liabilities and shareholders’ equity $ 2,214,116 $ 2,180,586 $ 449,889 $ (2,094,782 ) $ 2,749,809 December 31, 2017 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 510 $ 191 $ — $ — $ 701 Accounts receivable, net of allowance for doubtful accounts of $2,450 154 83,442 27,916 — 111,512 Materials and supplies — 505 — — 505 Current derivative asset 721 — — — 721 Prepaid expenses and other 2,986 2,370 877 — 6,233 Total current assets 4,371 86,508 28,793 — 119,672 Property and equipment: Oil and natural gas properties on the full cost method: Proved properties — 5,712,813 — — 5,712,813 Unproved properties not being amortized — 296,764 — — 296,764 Drilling equipment — 1,593,611 — — 1,593,611 Gas gathering and processing equipment — — 726,236 — 726,236 Saltwater disposal systems — 62,618 — — 62,618 Corporate land and building — 59,080 — — 59,080 Transportation equipment 9,270 17,423 2,938 — 29,631 Other 28,039 25,400 — — 53,439 37,309 7,767,709 729,174 — 8,534,192 Less accumulated depreciation, depletion, amortization, and impairment 21,268 5,807,757 322,425 — 6,151,450 Net property and equipment 16,041 1,959,952 406,749 — 2,382,742 Intercompany receivable 1,155,725 — — (1,155,725 ) — Goodwill — 62,808 — — 62,808 Investments 1,044,709 1,500 — (1,044,709 ) 1,500 Other assets 5,373 6,328 3,029 — 14,730 Total assets $ 2,226,219 $ 2,117,096 $ 438,571 $ (2,200,434 ) $ 2,581,452 December 31, 2017 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 13,124 $ 81,334 $ 18,190 $ — $ 112,648 Accrued liabilities 26,165 19,134 3,224 — 48,523 Current derivative liability 7,763 — — — 7,763 Current portion of other long-term liabilities 657 8,501 3,844 — 13,002 Total current liabilities 47,709 108,969 25,258 — 181,936 Intercompany debt — 870,582 285,143 (1,155,725 ) — Long-term debt 178,000 — — — 178,000 Bonds payable less debt issuance costs 642,276 — — — 642,276 Other long-term liabilities 11,257 77,566 11,380 — 100,203 Deferred income taxes 1,480 85,443 46,554 — 133,477 Shareholders’ equity: Preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued — — — — — Common stock, $.20 par value, 175,000,000 shares authorized, 52,880,134 shares issued 10,280 — — — 10,280 Capital in excess of par value 535,815 45,921 15,549 (61,470 ) 535,815 Accumulated other comprehensive income — 63 — — 63 Retained earnings 799,402 928,552 54,687 (983,239 ) 799,402 Total shareholders’ equity attributable to Unit Corporation 1,345,497 974,536 70,236 (1,044,709 ) 1,345,560 Non-controlling interests in consolidated subsidiaries — — — — — Total shareholders' equity 1,345,497 974,536 70,236 (1,044,709 ) 1,345,560 Total liabilities and shareholders’ equity $ 2,226,219 $ 2,117,096 $ 438,571 $ (2,200,434 ) $ 2,581,452 Condensed Consolidating Statements of Income (Unaudited) Three Months Ended June 30, 2018 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Revenues $ — $ 155,085 $ 75,406 $ (27,188 ) $ 203,303 Expenses: Operating costs — 70,603 59,786 (26,374 ) 104,015 Depreciation, depletion, and amortization 1,918 45,280 11,175 — 58,373 General and administrative — 8,655 57 — 8,712 Gain on disposition of assets — (116 ) (45 ) — (161 ) Total operating costs 1,918 124,422 70,973 (26,374 ) 170,939 Income from operations (1,918 ) 30,663 4,433 (814 ) 32,364 Interest, net (7,425 ) — (304 ) — (7,729 ) Loss on derivatives (14,461 ) — — — (14,461 ) Other, net 5 — — — 5 Income before income taxes (23,799 ) 30,663 4,129 (814 ) 10,179 Income tax expense (benefit) (6,029 ) 7,803 255 — 2,029 Equity in net earnings from investment in subsidiaries, net of taxes 23,558 — — (23,558 ) — Net income 5,788 22,860 3,874 (24,372 ) 8,150 Less: net income attributable to non-controlling interest — — 2,362 — 2,362 Net income attributable to Unit Corporation $ 5,788 $ 22,860 $ 1,512 $ (24,372 ) $ 5,788 Three Months Ended June 30, 2017 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Revenues $ — $ 128,017 $ 63,111 $ (20,547 ) $ 170,581 Expenses: Operating costs — 66,393 49,817 (20,171 ) 96,039 Depreciation, depletion, and amortization 1,904 37,327 10,849 — 50,080 General and administrative — 6,899 1,814 — 8,713 Gain on disposition of assets (5 ) (199 ) (44 ) — (248 ) Total operating costs 1,899 110,420 62,436 (20,171 ) 154,584 Income from operations (1,899 ) 17,597 675 (376 ) 15,997 Interest, net (9,290 ) — (177 ) — (9,467 ) Gain on derivatives 8,902 — — — 8,902 Other, net 6 (1 ) 1 — 6 Income (loss) before income taxes (2,281 ) 17,596 499 (376 ) 15,438 Income tax expense (benefit) (1,002 ) 7,054 327 — 6,379 Equity in net earnings from investment in subsidiaries, net of taxes 10,338 — — (10,338 ) — Net income 9,059 10,542 172 (10,714 ) 9,059 Less: net income attributable to non-controlling interest — — — — — Net income attributable to Unit Corporation $ 9,059 $ 10,542 $ 172 $ (10,714 ) $ 9,059 Six Months Ended June 30, 2018 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Revenues $ — $ 308,894 $ 150,056 $ (50,515 ) $ 408,435 Expenses: Operating costs — 143,709 118,806 (49,267 ) 213,248 Depreciation, depletion, and amortization 3,836 89,375 22,228 — 115,439 General and administrative — 16,884 2,590 — 19,474 Gain on disposition of assets (30 ) (213 ) (79 ) — (322 ) Total operating costs 3,806 249,755 143,545 (49,267 ) 347,839 Income from operations (3,806 ) 59,139 6,511 (1,248 ) 60,596 Interest, net (17,280 ) — (453 ) — (17,733 ) Loss on derivatives (21,223 ) — — — (21,223 ) Other, net 11 1 (1 ) — 11 Income (loss) before income taxes (42,298 ) 59,140 6,057 (1,248 ) 21,651 Income tax expense (benefit) (10,668 ) 15,460 844 — 5,636 Equity in net earnings from investment in subsidiaries, net of tax 45,283 — — (45,283 ) — Net income 13,653 43,680 5,213 (46,531 ) 16,015 Less: net income attributable to non-controlling interest — — 2,362 — 2,362 Net income attributable to Unit Corporation $ 13,653 $ 43,680 $ 2,851 $ (46,531 ) $ 13,653 Six Months Ended June 30, 2017 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Revenues $ — $ 252,800 $ 129,575 $ (36,070 ) $ 346,305 Expenses: Operating costs — 125,946 101,922 (35,694 ) 192,174 Depreciation, depletion, and amortization 3,645 71,700 21,667 — 97,012 General and administrative — 13,797 3,870 — 17,667 Gain on disposition of assets (813 ) (215 ) (44 ) — (1,072 ) Total operating costs 2,832 211,228 127,415 (35,694 ) 305,781 Income (loss) from operations (2,832 ) 41,572 2,160 (376 ) 40,524 Interest, net (18,500 ) — (363 ) — (18,863 ) Gain on derivatives 23,633 — — — 23,633 Other, net 9 — — — 9 Income (loss) before income taxes 2,310 41,572 1,797 (376 ) 45,303 Income tax expense (benefit) 731 18,354 1,230 — 20,315 Equity in net earnings from investment in subsidiaries, net of tax 23,409 — — (23,409 ) — Net income 24,988 23,218 567 (23,785 ) 24,988 Less: net income attributable to non-controlling interest — — — — — Net income attributable to Unit Corporation $ 24,988 $ 23,218 $ 567 $ (23,785 ) $ 24,988 Condensed Consolidating Statements of Comprehensive Income (Unaudited) Three Months Ended June 30, 2018 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Net income $ 5,788 $ 22,860 $ 3,874 $ (24,372 ) $ 8,150 Other comprehensive income, net of taxes: Unrealized gain on securities, net of tax $11 — 35 — — 35 Comprehensive income 5,788 22,895 3,874 (24,372 ) 8,185 Less: Comprehensive income attributable to non-controlling interests — — 2,362 — 2,362 Comprehensive income attributable to Unit Corporation $ 5,788 $ 22,895 $ 1,512 $ (24,372 ) $ 5,823 Three Months Ended June 30, 2017 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Net income (loss) $ 9,059 $ 10,542 $ 172 $ (10,714 ) $ 9,059 Other comprehensive income, net of taxes: Unrealized gain on securities, net of tax of $12 — 20 — — 20 Comprehensive income (loss) 9,059 10,562 172 (10,714 ) 9,079 Less: Comprehensive income attributable to non-controlling interests — — — — — Comprehensive income (loss) attributable to Unit Corporation $ 9,059 $ 10,562 $ 172 $ (10,714 ) $ 9,079 Six Months Ended June 30, 2018 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Net income $ 13,653 $ 43,680 $ 5,213 $ (46,531 ) $ 16,015 Other comprehensive income, net of taxes: Unrealized loss on securities, net of tax of ($47) — (141 ) — — (141 ) Comprehensive income 13,653 43,539 5,213 (46,531 ) 15,874 Less: Comprehensive income attributable to non-controlling interests — — 2,362 — 2,362 Comprehensive income attributable to Unit Corporation $ 13,653 $ 43,539 $ 2,851 $ (46,531 ) $ 13,512 Six Months Ended June 30, 2017 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Net income (loss) $ 24,988 $ 23,218 $ 567 $ (23,785 ) $ 24,988 Other comprehensive income, net of taxes: Unrealized gain on securities, net of tax of $12 — 20 — — 20 Comprehensive income (loss) 24,988 23,238 567 (23,785 ) 25,008 Less: Comprehensive income attributable to non-controlling interests — — — — — Comprehensive income (loss) attributable to Unit Corporation $ 24,988 $ 23,238 $ 567 $ (23,785 ) $ 25,008 Condensed Consolidating Statements of Cash Flows (Unaudited) Six Months Ended June 30, 2018 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) OPERATING ACTIVITIES: Net cash provided by (used in) operating activities (102,500 ) 145,000 (14,800 ) 126,993 154,693 INVESTING ACTIVITIES: Capital expenditures (13 ) (173,097 ) (16,806 ) — (189,916 ) Producing properties and other acquisitions — (962 ) — — (962 ) Proceeds from disposition of assets 30 23,427 71 — 23,528 Net cash provided by (used in) investing activities 17 (150,632 ) (16,735 ) — (167,350 ) FINANCING ACTIVITIES: Borrowings under credit agreement 71,200 — — — 71,200 Payments under credit agreement (249,200 ) — — — (249,200 ) Intercompany borrowings (advances), net 277,902 5,695 (156,604 ) (126,993 ) — Payments on capitalized leases — — (1,901 ) — (1,901 ) Proceeds from investments of non-controlling interest 102,958 — 197,042 — 300,000 Transaction costs associated with sale of non-controlling interest (2,254 ) — — — (2,254 ) Book overdrafts (1,581 ) — — — (1,581 ) Net cash provided by (used in) financing activities 199,025 5,695 38,537 (126,993 ) 116,264 Net increase in cash and cash equivalents 96,542 63 7,002 — 103,607 Cash and cash equivalents, beginning of period 510 191 — — 701 Cash and cash equivalents, end of period $ 97,052 $ 254 $ 7,002 $ — $ 104,308 Six Months Ended June 30, 2017 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) OPERATING ACTIVITIES: Net cash provided by (used in) operating activities (13,497 ) 106,718 23,834 — 117,055 INVESTING ACTIVITIES: Capital expenditures (3,380 ) (97,337 ) (7,216 ) — (107,933 ) Producing properties and other acquisitions — (52,956 ) — — (52,956 ) Proceeds from disposition of assets 955 18,557 44 — 19,556 Other — (1,500 ) — — (1,500 ) Net cash provided by (used in) investing activities (2,425 ) (133,236 ) (7,172 ) — (142,833 ) FINANCING ACTIVITIES: Borrowings under credit agreement 160,600 — — — 160,600 Payments under credit agreement (156,500 ) — — — (156,500 ) Intercompany borrowings (advances), net (11,708 ) 26,469 (14,761 ) — — Payments on capitalized leases — — (1,901 ) — (1,901 ) Proceeds from common stock issued, net of issue costs 18,623 — — — 18,623 Book overdrafts 4,912 — — — 4,912 Net cash provided by (used in) financing activities 15,927 26,469 (16,662 ) — 25,734 Net increase (decrease) in cash and cash equivalents 5 (49 ) — — (44 ) Cash and cash equivalents, beginning of period 517 376 — — 893 Cash and cash equivalents, end of period $ 522 $ 327 $ — $ — $ 849

Revenue from Contracts with C25

Revenue from Contracts with Customers Revenues from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2018
Revenue From Contracts with Customers [Abstract]
Revenue Impact of the Adoption of ASC606	The following tables summarizes the impact of the adoption of ASC 606 on revenue and operating costs for the three months ended June 30, 2018 : Three Months Ended June 30, 2018 As Reported Adjustments due to ASC 606 Amounts without the Adoption of ASC 606 (In thousands) Oil and natural gas revenues $ 102,318 $ (3,732 ) $ 106,050 Oil and natural gas operating costs 32,418 (3,732 ) 36,150 Gross profit $ 69,900 $ — $ 69,900 The following tables summarizes the impact of the adoption of ASC 606 on revenue and operating costs for the six months ended June 30, 2018 : Six Months Ended June 30, 2018 As Reported Adjustments due to ASC 606 Amounts without the Adoption of ASC 606 (In thousands) Oil and natural gas revenues $ 205,417 $ (6,902 ) $ 212,319 Oil and natural gas operating costs 68,380 (6,902 ) 75,282 Gross profit $ 137,037 $ — $ 137,037 This adjustment related to the timing of revenue recognized on certain demand fees and had the following impact to the Unaudited Condensed Consolidated Income Statement for the three months ended June 30, 2018 : As Reported Adjustments due to ASC 606 Amounts without the Adoption of ASC 606 (In thousands) Gas gathering and processing revenues $ 54,059 $ 1,179 $ 52,880 Deferred income tax expense 2,029 289 1,740 Net income 8,150 890 7,260 This adjustment related to the timing of revenue recognized on certain demand fees and had the following impact to the Unaudited Condensed Consolidated Income Statement for the six months ended June 30, 2018 : As Reported Adjustments due to ASC 606 Amounts without the Adoption of ASC 606 (In thousands) Gas gathering and processing revenues $ 110,103 $ 2,371 $ 107,732 Deferred income tax expense 5,636 581 5,055 Net income 16,015 1,790 14,225
Balance Sheet Impact of the Adoption of ASC606	This adjustment related to the timing of revenue recognized on certain demand fees and had the following impact to the Unaudited Condensed Consolidated Balance Sheet: Balance at December 31, 2017 Adjustments due to ASC 606 Balance at January 1, 2018 (In thousands) Assets: Other assets $ 16,230 $ 10,798 $ 27,028 Liabilities and shareholders' equity: Current portion of other long-term liabilities 13,002 2,748 15,750 Other long-term liabilities 100,203 9,737 109,940 Deferred income taxes 133,477 (413 ) 133,064 Retained earnings 799,402 (1,274 ) 798,128 The impact of these demand fees to the Unaudited Condensed Consolidated Balance Sheet at June 30, 2018 was: As Reported Adjustments due to ASC 606 Amounts without the Adoption of ASC 606 (In thousands) Assets: Prepaid expenses and other $ 8,731 $ 128 $ 8,603 Other assets 28,113 11,887 16,226 Liabilities and shareholders' equity: Current portion of other long-term liabilities 14,036 2,875 11,161 Other long-term liabilities 102,928 8,456 94,472 Deferred income taxes 158,232 168 158,064 Retained earnings 811,781 516 811,265
Revenue, Remaining Performance Obligation	Included below is the additional fixed revenue we will earn over the remaining term of the contracts and excludes all variable consideration to be earned with the associated contract. Contract Remaining Term of Contract July - December 2018 2019 2020 2021 2022 Total Remaining Impact to Revenue (In thousands) Demand fee contracts 4-5 years $ 2,598 $ 2,632 $ (3,781 ) $ (3,507 ) $ 1,374 $ (684 )
Contract with Customer, Asset and Liability	June 30, January 1, Change (In thousands) Contract assets $ 12,015 $ 10,798 $ 1,217 Contract liabilities 11,331 12,485 (1,154 ) Contract liabilities, net $ 684 $ (1,687 ) $ 2,371

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	Information related to the calculation of earnings per share attributable to Unit Corporation follows: Earnings (Numerator) Weighted Shares (Denominator) Per-Share Amount (In thousands except per share amounts) For the three months ended June 30, 2018 Basic earnings attributable to Unit Corporation per common share $ 5,788 52,050 $ 0.11 Effect of dilutive stock options and restricted stock — 731 — Diluted earnings attributable to Unit Corporation per common share $ 5,788 52,781 $ 0.11 For the three months ended June 30, 2017 Basic earnings attributable to Unit Corporation per common share $ 9,059 51,366 $ 0.18 Effect of dilutive stock options, restricted stock, and stock appreciation rights (SARs) — 578 (0.01 ) Diluted earnings attributable to Unit Corporation per common share $ 9,059 51,944 $ 0.17 Earnings (Loss) Weighted Shares (Denominator) Per-Share Amount (In thousands except per share amounts) For the six months ended June 30, 2018 Basic earnings attributable to Unit Corporation per common share $ 13,653 51,891 $ 0.26 Effect of dilutive stock options and restricted stock — 651 — Diluted earnings attributable to Unit Corporation per common share $ 13,653 52,542 $ 0.26 For the six months ended June 30, 2017 Basic earnings attributable to Unit Corporation per common share $ 24,988 50,832 $ 0.49 Effect of dilutive stock options, restricted stock, and SARs — 539 — Diluted earnings attributable to Unit Corporation per common share $ 24,988 51,371 $ 0.49
Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share	The following table shows the number of stock options and SARs (and their average exercise price) excluded because their option exercise prices were greater than the average market price of our common stock: Six Months Ended June 30, 2018 2017 Stock options and SARs 66,500 178,755 Average exercise price $ 44.42 $ 47.75 The following table shows the number of stock options and SARs (and their average exercise price) excluded because their option exercise prices were greater than the average market price of our common stock: Three Months Ended June 30, 2018 2017 Stock options and SARs 66,500 178,755 Average exercise price $ 44.42 $ 47.75

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2018
Accrued Liabilities [Abstract]
Accrued Liabilities	Accrued liabilities consisted of: June 30, December 31, (In thousands) Employee costs $ 12,359 $ 19,521 Lease operating expenses 12,080 11,819 Taxes 6,997 3,404 Interest payable 6,581 6,745 Derivative settlements 2,550 — Third-party credits 2,473 2,240 Other 6,024 4,794 Total accrued liabilities $ 49,064 $ 48,523

Long-Term Debt And Other Long28

Long-Term Debt And Other Long-Term Liabilities (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Long-Term Debt	Our long-term debt as of the dates indicated consisted of the following: June 30, December 31, (In thousands) Unit credit agreement with an average interest rate of 3.4% at December 31, 2017 $ — $ 178,000 Superior credit agreement — — 6.625% senior subordinated notes due 2021 650,000 650,000 Total principal amount 650,000 828,000 Less: unamortized discount (1,933 ) (2,234 ) Less: debt issuance costs, net (4,696 ) (5,490 ) Total long-term debt $ 643,371 $ 820,276
Other Long-Term Liabilities	Other long-term liabilities consisted of the following: June 30, December 31, (In thousands) Asset retirement obligation (ARO) liability $ 62,838 $ 69,444 Capital lease obligations 13,321 15,224 Workers’ compensation 12,963 13,340 Contract liability 11,331 — Separation benefit plans 7,607 6,524 Deferred compensation plan 5,621 5,390 Gas balancing liability 3,283 3,283 116,964 113,205 Less current portion 14,036 13,002 Total other long-term liabilities $ 102,928 $ 100,203
Capital leases	Future payments required under the capital leases at June 30, 2018 are: Amount Beginning July 1, (In thousands) 2018 $ 6,168 2019 6,168 2020 6,673 2021 179 Total future payments 19,188 Less payments related to: Maintenance 4,981 Interest 886 Present value of future minimum payments $ 13,321

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Jun. 30, 2018
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Asset Retirement Obligations	The following table shows certain information about our AROs for the periods indicated: Six Months Ended June 30, 2018 2017 (In thousands) ARO liability, January 1: $ 69,444 $ 70,170 Accretion of discount 1,248 1,458 Liability incurred 211 1,018 Liability settled (3,142 ) (1,224 ) Liability sold (94 ) (1,412 ) Revision of estimates (1) (4,829 ) 39 ARO liability, June 30: 62,838 70,049 Less current portion 1,451 2,825 Total long-term ARO $ 61,387 $ 67,224 _______________________ (1) Plugging liability estimates were revised in both 2018 and 2017 for updates in the cost of services used to plug wells over the preceding year. We had various upward and downward adjustments.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Restricted Stock Awards and Stock Options	For restricted stock awards and stock options, we had: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In millions) Recognized stock compensation expense $ 4.0 $ 3.2 $ 9.5 $ 5.8 Capitalized stock compensation cost for our oil and natural gas properties 0.6 0.4 1.0 0.8 Tax benefit on stock-based compensation 1.0 1.2 2.3 2.2
Schedule of Fair Value of the Restricted Stock Awards Granted During the Periods	This table shows the fair value of restricted stock awards granted to employees and non-employee directors during the periods indicated: Three Months Ended Three Months Ended June 30, 2018 June 30, 2017 Time Vested Performance Vested Time Vested Performance Vested Shares granted: Employees 5,000 — 14,000 21,000 Non-employee directors 44,312 — 49,104 — 49,312 — 63,104 21,000 Estimated fair value (in millions): (1) Employees $ 0.1 $ — $ 0.4 $ 0.5 Non-employee directors 0.9 — 0.9 — $ 1.0 $ — $ 1.3 $ 0.5 Percentage of shares granted expected to be distributed: Employees 95 % N/A 100 % 87 % Non-employee directors 100 % N/A 100 % N/A _______________________ (1) The performance shares represent 100% of the grant date fair value. (We recognize the grant date fair value minus estimated forfeitures.) Six Months Ended Six Months Ended June 30, 2018 June 30, 2017 Time Vested Performance Vested Time Vested Performance Vested Shares granted: Employees 844,498 362,070 475,799 173,373 Non-employee directors 44,312 — 49,104 — 888,810 362,070 524,903 173,373 Estimated fair value (in millions): (1) Employees $ 16.2 $ 7.3 $ 11.8 $ 4.5 Non-employee directors 0.9 — 0.9 — $ 17.1 $ 7.3 $ 12.7 $ 4.5 Percentage of shares granted expected to be distributed: Employees 95 % 62 % 95 % 87 % Non-employee directors 100 % N/A 100 % N/A _______________________ (1) The performance shares represent 100% of the grant date fair value. (We recognize the grant date fair value minus estimated forfeitures.)

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives outstanding	At June 30, 2018 , these derivatives were outstanding: Term Commodity Contracted Volume Weighted Average Fixed Price Contracted Market Jul'18 – Sep'18 Natural gas – swap 40,000 MMBtu/day $2.985 IF – NYMEX (HH) Oct'18 Natural gas – swap 30,000 MMBtu/day $3.005 IF – NYMEX (HH) Nov’18 – Dec'18 Natural gas – swap 20,000 MMBtu/day $3.013 IF – NYMEX (HH) Jan'19 – Dec'19 Natural gas – swap 10,000 MMBtu/day $2.810 IF – NYMEX (HH) Jul'18 – Oct'18 Natural gas – basis swap 10,000 MMBtu/day $(0.190) NGPL TEXOK Jul'18 – Dec'18 Natural gas – basis swap 10,000 MMBtu/day $(0.678) PEPL Jul'18 – Dec'18 Natural gas – basis swap 10,000 MMBtu/day $(0.568) NGPL MIDCON Nov’18 – Dec'18 Natural gas – basis swap 10,000 MMBtu/day $(0.208) IF – NYMEX (HH) Jan'19 – Dec'19 Natural gas – basis swap 10,000 MMBtu/day $(0.728) PEPL Jan'19 – Dec'19 Natural gas – basis swap 10,000 MMBtu/day $(0.625) NGL MIDCON Jan'19 – Dec'19 Natural gas – basis swap 30,000 MMBtu/day $(0.265) NGPL TEXOK Jan'20 – Dec'20 Natural gas – basis swap 30,000 MMBtu/day $(0.275) NGPL TEXOK Jul'18 – Sep'18 Natural gas – collar 30,000 MMBtu/day $2.67 - $2.97 IF – NYMEX (HH) Jul'18 – Dec'18 Natural gas – three-way collar 20,000 MMBtu/day $3.00 - $2.50 - $3.51 IF – NYMEX (HH) Jul'18 – Dec'18 Crude oil – swap 4,000 Bbl/day $53.52 WTI – NYMEX Jul'18 – Dec'18 Crude oil – price differential risk 500 Bbl/day $7.00 LLS/WTI Jul'18 – Dec'18 Crude oil – three-way collar 2,000 Bbl/day $47.50 - $37.50 - $56.08 WTI – NYMEX Jan'19 – Dec'19 Crude oil – three-way collar 2,000 Bbl/day $57.50 - $47.50 - $71.90 WTI – NYMEX Jul'18 – Sep'18 NGLs – swap (1) 1,500 Bbl/day $32.14 OPIS – Mont Belvieu _______________________ (1) Type of NGLs involved is propane.
Subsequent schedule of derivatives outstanding	After June 30, 2018, the following derivative was entered into: Term Commodity Contracted Volume Weighted Average Fixed Price Contracted Market Jan'19 – Dec'19 Natural gas – basis swap 10,000 MMBtu/day $(0.590) PEPL
Fair Value of Derivative Instruments and Locations in Balance Sheets	The following tables present the fair values and locations of the derivative transactions recorded in our Unaudited Condensed Consolidated Balance Sheets: Derivative Assets Fair Value Balance Sheet Location June 30, December 31, (In thousands) Commodity derivatives: Current Current derivative asset $ 127 $ 721 Long-term Non-current derivative asset — — Total derivative assets $ 127 $ 721 Derivative Liabilities Fair Value Balance Sheet Location June 30, December 31, (In thousands) Commodity derivatives: Current Current derivative liability $ 18,555 $ 7,763 Long-term Non-current derivative liability 910 — Total derivative liabilities $ 19,465 $ 7,763
Effect of Derivative Instruments Recognized in Income Statements, Derivative Instruments	Following is the effect of derivative instruments on the Unaudited Condensed Consolidated Income Statements for the three months ended June 30 : Derivatives Instruments Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Derivative 2018 2017 (In thousands) Commodity derivatives Gain (loss) on derivatives (1) $ (14,461 ) $ 8,902 Total $ (14,461 ) $ 8,902 _______________________ (1) Amounts settled during the 2018 and 2017 periods include net payments of $6.9 million and $0.4 million , respectively. Following is the effect of derivative instruments on the Unaudited Condensed Consolidated Income Statements for the six months ended June 30 : Derivatives Instruments Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Derivative 2018 2017 (In thousands) Commodity derivatives Gain (loss) on derivatives (1) $ (21,223 ) $ 23,633 Total $ (21,223 ) $ 23,633 _______________________ (1) Amounts settled during the 2018 and 2017 periods include payments of $8.9 million and $1.6 million , respectively.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value of Available-for-sale Securities	The following is a summary of available-for-sale securities: Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Equity Securities: June 30, 2018 $ 830 $ — $ 86 $ 744 December 31, 2017 $ 830 $ 102 $ — $ 932
Recurring Fair Value Measurements	The following tables set forth our recurring fair value measurements: June 30, 2018 Level 1 Level 2 Level 3 Effect of Netting Net Amounts Presented (In thousands) Financial assets (liabilities): Commodity derivatives: Assets $ — $ 1,196 $ 390 $ (1,459 ) $ 127 Liabilities — (14,399 ) (6,525 ) 1,459 (19,465 ) Total commodity derivatives — (13,203 ) (6,135 ) — (19,338 ) Equity securities 744 — — — 744 $ 744 $ (13,203 ) $ (6,135 ) $ — $ (18,594 ) December 31, 2017 Level 1 Level 2 Level 3 Effect of Netting Net Amounts Presented (In thousands) Financial assets (liabilities): Commodity derivatives: Assets $ — $ 2,137 $ 3,344 $ (4,760 ) $ 721 Liabilities — (8,973 ) (3,550 ) 4,760 (7,763 ) Total commodity derivatives $ — $ (6,836 ) $ (206 ) $ — $ (7,042 ) Equity securities 932 — — — 932 $ 932 $ (6,836 ) $ (206 ) $ — $ (6,110 )
Reconciliations Of Level 3 Fair Value Measurements	The following table is a reconciliation of our level 3 fair value measurements: Net Derivatives Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In thousands) Beginning of period $ (3,206 ) $ (602 ) $ (206 ) $ (7,122 ) Total gains or losses (realized and unrealized): Included in earnings (1) (4,704 ) 5,214 (8,624 ) 11,117 Settlements 1,775 (519 ) 2,695 98 End of period $ (6,135 ) $ 4,093 $ (6,135 ) $ 4,093 Total gains (losses) for the period included in earnings attributable to the change in unrealized gain relating to assets still held at end of period $ (2,929 ) $ 4,695 $ (5,929 ) $ 11,215 _______________________ (1) Commodity derivatives are reported in the Unaudited Condensed Consolidated Income Statements in gain (loss) on derivatives.
Schedule Of Quantitative Information About Unobservable Inputs	The following table provides quantitative information about our Level 3 unobservable inputs at June 30, 2018 : Commodity (1) Fair Value Valuation Technique Unobservable Input Range (In thousands) Oil three-way collars $ (6,420 ) Discounted cash flow Forward commodity price curve $0 - $18.05 Natural gas collar $ (105 ) Discounted cash flow Forward commodity price curve $0 - $0.08 Natural gas three-way collars $ 390 Discounted cash flow Forward commodity price curve $0 - $0.18 _______________________ (1) The commodity contracts detailed in this category include non-exchange-traded crude oil and natural gas collars and three-way collars that are valued based on NYMEX. The forward pricing range represents the low and high price expected to be paid or received within the settlement period.

Variable Interest Entity Arra33

Variable Interest Entity Arrangements Variable Interest Entity Arrangements (Schedule of Assets and Liabilities) (Tables)	6 Months Ended
	Jun. 30, 2018
Variable Interest Entity Arrangements [Abstract]
Schedule of Variable Interest Entities [Table Text Block]	The carrying value of Superior's assets and liabilities, after eliminations of any intercompany transactions and balances, in the consolidated balance sheets were as follows: June 30, (In thousands) Current assets: Cash and cash equivalents $ 7,002 Accounts receivable 28,378 Prepaid expenses and other 3,009 Total current assets 38,389 Property and equipment: Gas gathering and processing equipment 736,488 Transportation equipment 3,102 739,590 Less accumulated depreciation, depletion, amortization, and impairment 342,269 Net property and equipment 397,321 Other assets 14,916 Total assets $ 450,626 Current liabilities: Accounts payable $ 24,898 Accrued liabilities 2,005 Current portion of other long-term liabilities 6,796 Total current liabilities 33,699 Long-term debt less debt issuance costs — Other long-term liabilities 17,856 Total liabilities $ 51,555

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income	Components of accumulated other comprehensive income (loss) were as follows for the three months ended June 30 : 2018 2017 (In thousands) Unrealized appreciation on securities, before tax $ 46 $ 32 Tax expense (11 ) (1) (12 ) Unrealized appreciation on securities, net of tax $ 35 $ 20 _______________________ (1) Due to the implementation of ASU 2018-02, the tax rate changed from 37.75% to 24.5%. Components of accumulated other comprehensive income (loss) were as follows for the six months ended June 30: 2018 2017 (In thousands) Unrealized appreciation (loss) on securities, before tax $ (188 ) $ 32 Tax benefit (expense) 47 (1) (12 ) Unrealized appreciation (loss) on securities, net of tax $ (141 ) $ 20 _______________________ (1) Due to the implementation of ASU 2018-02, the tax rate changed from 37.75% to 24.5%.
Reclassification Out of Accumulated Other Comprehensive Income	Changes in accumulated other comprehensive income by component, net of tax, for the six months ended June 30 are as follows: Net Gains on Equity Securities 2018 2017 (In thousands) Balance at December 31, 2017 $ 63 $ — Adjustment due to ASU 2018-02 13 (1) — Balance at January 1: 76 — Unrealized appreciation (loss) before reclassifications (141 ) (1) 20 Amounts reclassified from accumulated other comprehensive income — — Net current-period other comprehensive income (loss) (141 ) 20 Balance at June 30: $ (65 ) $ 20 _______________________ (1) Due to the implementation of ASU 2018-02, the tax rate changed from 37.75% to 24.5%. Changes in accumulated other comprehensive income (loss) by component, net of tax, for the three months ended June 30 are as follows: Net Gains on Equity Securities 2018 2017 (In thousands) Balance at March 31: $ (100 ) $ — Unrealized appreciation before reclassifications 35 (1) 20 Amounts reclassified from accumulated other comprehensive income — — Net current-period other comprehensive income 35 20 Balance at June 30: $ (65 ) $ 20 _______________________ (1) Due to the implementation of ASU 2018-02, the tax rate changed from 37.75% to 24.5%.

Industry Segment Information (T

Industry Segment Information (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Industry segment information	The following tables provide certain information about the operations of each of our segments: Three Months Ended June 30, 2018 Oil and Natural Gas Contract Drilling Mid-stream Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 102,318 $ — $ — $ — $ — $ 102,318 Contract drilling — 52,767 — — (5,841 ) 46,926 Gas gathering and processing — — 75,406 — (21,347 ) 54,059 Total revenues 102,318 52,767 75,406 — (27,188 ) 203,303 Expenses: Operating costs: Oil and natural gas 33,682 — — — (1,264 ) 32,418 Contract drilling — 36,921 — — (5,027 ) 31,894 Gas gathering and processing — — 59,786 3,576 (23,659 ) 39,703 Total operating costs 33,682 36,921 59,786 3,576 (29,950 ) 104,015 Depreciation, depletion, and amortization 31,554 13,726 11,175 1,918 — 58,373 Total expenses 65,236 50,647 70,961 5,494 (29,950 ) 162,388 Total operating income (loss) (2) 37,082 2,120 4,445 (5,494 ) 2,762 General and administrative expense — — — (8,712 ) — (8,712 ) Gain on disposition of assets 59 57 45 — — 161 Loss on derivatives — — — (14,461 ) — (14,461 ) Interest, net — — (304 ) (7,425 ) — (7,729 ) Other — — — 3,581 (3,576 ) 5 Income (loss) before income taxes $ 37,141 $ 2,177 $ 4,186 $ (32,511 ) $ (814 ) $ 10,179 _______________________ (1) The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time. (2) Operating income (loss) is total operating revenues less operating expenses, depreciation, depletion, and amortization and does not include general corporate expenses, gain on disposition of assets, loss on derivatives, interest, net, other income, or income taxes. Three Months Ended June 30, 2017 Oil and Natural Gas Contract Drilling Mid-stream Other Eliminations Total Consolidated (In thousands) Revenues: Oil and natural gas $ 83,173 $ — $ — $ — $ — $ 83,173 Contract drilling — 44,844 — — (5,589 ) 39,255 Gas gathering and processing — — 63,111 — (14,958 ) 48,153 Total revenues 83,173 44,844 63,111 — (20,547 ) 170,581 Expenses: Operating costs: Oil and natural gas 33,941 — — — (1,183 ) 32,758 Contract drilling — 32,452 — — (5,213 ) 27,239 Gas gathering and processing — — 49,817 — (13,775 ) 36,042 Total operating costs 33,941 32,452 49,817 — (20,171 ) 96,039 Depreciation, depletion, and amortization 23,558 13,769 10,849 1,904 — 50,080 Total expenses 57,499 46,221 60,666 1,904 (20,171 ) 146,119 Total operating income (loss) (1) 25,674 (1,377 ) 2,445 (1,904 ) (376 ) General and administrative expense — — — (8,713 ) — (8,713 ) Gain on disposition of assets 168 31 44 5 — 248 Gain on derivatives — — — 8,902 — 8,902 Interest, net — — — (9,467 ) — (9,467 ) Other — — — 6 — 6 Income (loss) before income taxes $ 25,842 $ (1,346 ) $ 2,489 $ (11,171 ) $ (376 ) $ 15,438 _______________________ (1) Operating income (loss) is total operating revenues less operating expenses, depreciation, depletion, and amortization and does not include general corporate expenses, gain on disposition of assets, gain on derivatives, interest, net, other income, or income taxes. Six Months Ended June 30, 2018 Oil and Natural Gas Contract Drilling Mid-stream Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 205,417 $ — $ — $ — $ — $ 205,417 Contract drilling — 103,477 — — (10,562 ) 92,915 Gas gathering and processing — — 150,056 — (39,953 ) 110,103 Total revenues 205,417 103,477 150,056 — (50,515 ) 408,435 Expenses: Operating costs: Oil and natural gas 70,834 — — — (2,454 ) 68,380 Contract drilling — 72,875 — — (9,314 ) 63,561 Gas gathering and processing — — 118,806 3,576 (41,075 ) 81,307 Total operating costs 70,834 72,875 118,806 3,576 (52,843 ) 213,248 Depreciation, depletion, and amortization 62,337 27,038 22,228 3,836 — 115,439 Total expenses 133,171 99,913 141,034 7,412 (52,843 ) 328,687 Total operating income (loss) (2) 72,246 3,564 9,022 (7,412 ) 2,328 General and administrative expense — — — (19,474 ) — (19,474 ) Gain on disposition of assets 129 84 79 30 — 322 Loss on derivatives — — — (21,223 ) — (21,223 ) Interest, net — — (453 ) (17,280 ) — (17,733 ) Other — — — 3,587 (3,576 ) 11 Income (loss) before income taxes $ 72,375 $ 3,648 $ 8,648 $ (61,772 ) $ (1,248 ) $ 21,651 _______________________ (1) The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time. (2) Operating income (loss) is total operating revenues less operating expenses, depreciation, depletion, and amortization and does not include general corporate expenses, gain on disposition of assets, loss on derivatives, interest, net, other income, or income taxes. Six Months Ended June 30, 2017 Oil and Natural Gas Contract Drilling Mid-stream Other Eliminations Total Consolidated (In thousands) Revenues: Oil and natural gas $ 170,771 $ — $ — $ — $ — $ 170,771 Contract drilling — 82,029 — — (5,589 ) 76,440 Gas gathering and processing — — 129,575 — (30,481 ) 99,094 Total revenues 170,771 82,029 129,575 — (36,070 ) 346,305 Expenses: Operating costs: Oil and natural gas 64,267 — — — (2,305 ) 61,962 Contract drilling — 61,679 — — (5,213 ) 56,466 Gas gathering and processing — — 101,922 — (28,176 ) 73,746 Total operating costs 64,267 61,679 101,922 — (35,694 ) 192,174 Depreciation, depletion, and amortization 45,084 26,616 21,667 3,645 — 97,012 Total expenses 109,351 88,295 123,589 3,645 (35,694 ) 289,186 Total operating income (loss) (1) 61,420 (6,266 ) 5,986 (3,645 ) (376 ) General and administrative expense — — — (17,667 ) — (17,667 ) Gain on disposition of assets 177 38 44 813 — 1,072 Gain on derivatives — — — 23,633 — 23,633 Interest, net — — — (18,863 ) — (18,863 ) Other — — — 9 — 9 Income (loss) before income taxes $ 61,597 $ (6,228 ) $ 6,030 $ (15,720 ) $ (376 ) $ 45,303 _______________________ (1) Operating income (loss) is total operating revenues less operating expenses, depreciation, depletion, and amortization and does not include general corporate expenses, gain on disposition of assets, gain on derivatives, interest, net, other income, or income taxes.

Supplemental Condensed Consol36

Supplemental Condensed Consolidating Financial Information (Tables)	6 Months Ended
	Jun. 30, 2018
Supplemental Condensed Consolidated Financial Information [Abstract]
Condensed Consolidating Balance Sheets (Unaudited)	Condensed Consolidating Balance Sheets (Unaudited) June 30, 2018 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 97,052 $ 254 $ 7,002 $ — $ 104,308 Accounts receivable, net of allowance for doubtful accounts of $2,450 885 84,851 27,641 — 113,377 Materials and supplies — 501 — — 501 Current derivative asset 127 — — — 127 Prepaid expenses and other 2,643 3,079 3,009 — 8,731 Total current assets 100,707 88,685 37,652 — 227,044 Property and equipment: Oil and natural gas properties on the full cost method: Proved properties — 5,809,850 — — 5,809,850 Unproved properties not being amortized — 325,595 — — 325,595 Drilling equipment — 1,612,817 — — 1,612,817 Gas gathering and processing equipment — — 736,488 — 736,488 Saltwater disposal systems — 65,218 — — 65,218 Corporate land and building — 59,081 — — 59,081 Transportation equipment 9,244 17,572 3,102 — 29,918 Other 28,246 28,135 — — 56,381 37,490 7,918,268 739,590 — 8,695,348 Less accumulated depreciation, depletion, amortization, and impairment 24,335 5,896,900 342,269 — 6,263,504 Net property and equipment 13,155 2,021,368 397,321 — 2,431,844 Intercompany receivable 877,823 — — (877,823 ) — Goodwill — 62,808 — — 62,808 Investments 1,216,959 1,500 — (1,216,959 ) 1,500 Other assets 5,472 6,225 14,916 — 26,613 Total assets $ 2,214,116 $ 2,180,586 $ 449,889 $ (2,094,782 ) $ 2,749,809 June 30, 2018 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 9,669 $ 81,827 $ 22,915 $ — $ 114,411 Accrued liabilities 21,618 24,880 2,566 — 49,064 Income taxes payable 4,648 — — — 4,648 Current derivative liability 18,555 — — — 18,555 Current portion of other long-term liabilities 615 6,625 6,796 — 14,036 Total current liabilities 55,105 113,332 32,277 — 200,714 Intercompany debt — 876,277 1,546 (877,823 ) — Bonds payable less debt issuance costs 643,371 — — — 643,371 Non-current derivative liabilities 910 — — — 910 Other long-term liabilities 12,613 72,459 17,856 — 102,928 Deferred income taxes 57,802 100,430 — — 158,232 Shareholders’ equity: Preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued — — — — — Common stock, $.20 par value, 175,000,000 shares authorized, 54,089,366 shares issued 10,414 — — — 10,414 Capital in excess of par value 622,120 45,921 197,042 (242,963 ) 622,120 Accumulated other comprehensive loss — (65 ) — — (65 ) Retained earnings 811,781 972,232 1,764 (973,996 ) 811,781 Total shareholders’ equity attributable to Unit Corporation 1,444,315 1,018,088 198,806 (1,216,959 ) 1,444,250 Non-controlling interests in consolidated subsidiaries — — 199,404 — 199,404 Total shareholders' equity 1,444,315 1,018,088 398,210 (1,216,959 ) 1,643,654 Total liabilities and shareholders’ equity $ 2,214,116 $ 2,180,586 $ 449,889 $ (2,094,782 ) $ 2,749,809 December 31, 2017 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 510 $ 191 $ — $ — $ 701 Accounts receivable, net of allowance for doubtful accounts of $2,450 154 83,442 27,916 — 111,512 Materials and supplies — 505 — — 505 Current derivative asset 721 — — — 721 Prepaid expenses and other 2,986 2,370 877 — 6,233 Total current assets 4,371 86,508 28,793 — 119,672 Property and equipment: Oil and natural gas properties on the full cost method: Proved properties — 5,712,813 — — 5,712,813 Unproved properties not being amortized — 296,764 — — 296,764 Drilling equipment — 1,593,611 — — 1,593,611 Gas gathering and processing equipment — — 726,236 — 726,236 Saltwater disposal systems — 62,618 — — 62,618 Corporate land and building — 59,080 — — 59,080 Transportation equipment 9,270 17,423 2,938 — 29,631 Other 28,039 25,400 — — 53,439 37,309 7,767,709 729,174 — 8,534,192 Less accumulated depreciation, depletion, amortization, and impairment 21,268 5,807,757 322,425 — 6,151,450 Net property and equipment 16,041 1,959,952 406,749 — 2,382,742 Intercompany receivable 1,155,725 — — (1,155,725 ) — Goodwill — 62,808 — — 62,808 Investments 1,044,709 1,500 — (1,044,709 ) 1,500 Other assets 5,373 6,328 3,029 — 14,730 Total assets $ 2,226,219 $ 2,117,096 $ 438,571 $ (2,200,434 ) $ 2,581,452 December 31, 2017 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 13,124 $ 81,334 $ 18,190 $ — $ 112,648 Accrued liabilities 26,165 19,134 3,224 — 48,523 Current derivative liability 7,763 — — — 7,763 Current portion of other long-term liabilities 657 8,501 3,844 — 13,002 Total current liabilities 47,709 108,969 25,258 — 181,936 Intercompany debt — 870,582 285,143 (1,155,725 ) — Long-term debt 178,000 — — — 178,000 Bonds payable less debt issuance costs 642,276 — — — 642,276 Other long-term liabilities 11,257 77,566 11,380 — 100,203 Deferred income taxes 1,480 85,443 46,554 — 133,477 Shareholders’ equity: Preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued — — — — — Common stock, $.20 par value, 175,000,000 shares authorized, 52,880,134 shares issued 10,280 — — — 10,280 Capital in excess of par value 535,815 45,921 15,549 (61,470 ) 535,815 Accumulated other comprehensive income — 63 — — 63 Retained earnings 799,402 928,552 54,687 (983,239 ) 799,402 Total shareholders’ equity attributable to Unit Corporation 1,345,497 974,536 70,236 (1,044,709 ) 1,345,560 Non-controlling interests in consolidated subsidiaries — — — — — Total shareholders' equity 1,345,497 974,536 70,236 (1,044,709 ) 1,345,560 Total liabilities and shareholders’ equity $ 2,226,219 $ 2,117,096 $ 438,571 $ (2,200,434 ) $ 2,581,452
Condensed Consolidating Statements of Income (Unaudited)	Condensed Consolidating Statements of Income (Unaudited) Three Months Ended June 30, 2018 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Revenues $ — $ 155,085 $ 75,406 $ (27,188 ) $ 203,303 Expenses: Operating costs — 70,603 59,786 (26,374 ) 104,015 Depreciation, depletion, and amortization 1,918 45,280 11,175 — 58,373 General and administrative — 8,655 57 — 8,712 Gain on disposition of assets — (116 ) (45 ) — (161 ) Total operating costs 1,918 124,422 70,973 (26,374 ) 170,939 Income from operations (1,918 ) 30,663 4,433 (814 ) 32,364 Interest, net (7,425 ) — (304 ) — (7,729 ) Loss on derivatives (14,461 ) — — — (14,461 ) Other, net 5 — — — 5 Income before income taxes (23,799 ) 30,663 4,129 (814 ) 10,179 Income tax expense (benefit) (6,029 ) 7,803 255 — 2,029 Equity in net earnings from investment in subsidiaries, net of taxes 23,558 — — (23,558 ) — Net income 5,788 22,860 3,874 (24,372 ) 8,150 Less: net income attributable to non-controlling interest — — 2,362 — 2,362 Net income attributable to Unit Corporation $ 5,788 $ 22,860 $ 1,512 $ (24,372 ) $ 5,788 Three Months Ended June 30, 2017 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Revenues $ — $ 128,017 $ 63,111 $ (20,547 ) $ 170,581 Expenses: Operating costs — 66,393 49,817 (20,171 ) 96,039 Depreciation, depletion, and amortization 1,904 37,327 10,849 — 50,080 General and administrative — 6,899 1,814 — 8,713 Gain on disposition of assets (5 ) (199 ) (44 ) — (248 ) Total operating costs 1,899 110,420 62,436 (20,171 ) 154,584 Income from operations (1,899 ) 17,597 675 (376 ) 15,997 Interest, net (9,290 ) — (177 ) — (9,467 ) Gain on derivatives 8,902 — — — 8,902 Other, net 6 (1 ) 1 — 6 Income (loss) before income taxes (2,281 ) 17,596 499 (376 ) 15,438 Income tax expense (benefit) (1,002 ) 7,054 327 — 6,379 Equity in net earnings from investment in subsidiaries, net of taxes 10,338 — — (10,338 ) — Net income 9,059 10,542 172 (10,714 ) 9,059 Less: net income attributable to non-controlling interest — — — — — Net income attributable to Unit Corporation $ 9,059 $ 10,542 $ 172 $ (10,714 ) $ 9,059 Six Months Ended June 30, 2018 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Revenues $ — $ 308,894 $ 150,056 $ (50,515 ) $ 408,435 Expenses: Operating costs — 143,709 118,806 (49,267 ) 213,248 Depreciation, depletion, and amortization 3,836 89,375 22,228 — 115,439 General and administrative — 16,884 2,590 — 19,474 Gain on disposition of assets (30 ) (213 ) (79 ) — (322 ) Total operating costs 3,806 249,755 143,545 (49,267 ) 347,839 Income from operations (3,806 ) 59,139 6,511 (1,248 ) 60,596 Interest, net (17,280 ) — (453 ) — (17,733 ) Loss on derivatives (21,223 ) — — — (21,223 ) Other, net 11 1 (1 ) — 11 Income (loss) before income taxes (42,298 ) 59,140 6,057 (1,248 ) 21,651 Income tax expense (benefit) (10,668 ) 15,460 844 — 5,636 Equity in net earnings from investment in subsidiaries, net of tax 45,283 — — (45,283 ) — Net income 13,653 43,680 5,213 (46,531 ) 16,015 Less: net income attributable to non-controlling interest — — 2,362 — 2,362 Net income attributable to Unit Corporation $ 13,653 $ 43,680 $ 2,851 $ (46,531 ) $ 13,653 Six Months Ended June 30, 2017 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Revenues $ — $ 252,800 $ 129,575 $ (36,070 ) $ 346,305 Expenses: Operating costs — 125,946 101,922 (35,694 ) 192,174 Depreciation, depletion, and amortization 3,645 71,700 21,667 — 97,012 General and administrative — 13,797 3,870 — 17,667 Gain on disposition of assets (813 ) (215 ) (44 ) — (1,072 ) Total operating costs 2,832 211,228 127,415 (35,694 ) 305,781 Income (loss) from operations (2,832 ) 41,572 2,160 (376 ) 40,524 Interest, net (18,500 ) — (363 ) — (18,863 ) Gain on derivatives 23,633 — — — 23,633 Other, net 9 — — — 9 Income (loss) before income taxes 2,310 41,572 1,797 (376 ) 45,303 Income tax expense (benefit) 731 18,354 1,230 — 20,315 Equity in net earnings from investment in subsidiaries, net of tax 23,409 — — (23,409 ) — Net income 24,988 23,218 567 (23,785 ) 24,988 Less: net income attributable to non-controlling interest — — — — — Net income attributable to Unit Corporation $ 24,988 $ 23,218 $ 567 $ (23,785 ) $ 24,988
Condensed Consolidating Statements of Comprehensive Income (Unaudited)	Condensed Consolidating Statements of Comprehensive Income (Unaudited) Three Months Ended June 30, 2018 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Net income $ 5,788 $ 22,860 $ 3,874 $ (24,372 ) $ 8,150 Other comprehensive income, net of taxes: Unrealized gain on securities, net of tax $11 — 35 — — 35 Comprehensive income 5,788 22,895 3,874 (24,372 ) 8,185 Less: Comprehensive income attributable to non-controlling interests — — 2,362 — 2,362 Comprehensive income attributable to Unit Corporation $ 5,788 $ 22,895 $ 1,512 $ (24,372 ) $ 5,823 Three Months Ended June 30, 2017 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Net income (loss) $ 9,059 $ 10,542 $ 172 $ (10,714 ) $ 9,059 Other comprehensive income, net of taxes: Unrealized gain on securities, net of tax of $12 — 20 — — 20 Comprehensive income (loss) 9,059 10,562 172 (10,714 ) 9,079 Less: Comprehensive income attributable to non-controlling interests — — — — — Comprehensive income (loss) attributable to Unit Corporation $ 9,059 $ 10,562 $ 172 $ (10,714 ) $ 9,079 Six Months Ended June 30, 2018 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Net income $ 13,653 $ 43,680 $ 5,213 $ (46,531 ) $ 16,015 Other comprehensive income, net of taxes: Unrealized loss on securities, net of tax of ($47) — (141 ) — — (141 ) Comprehensive income 13,653 43,539 5,213 (46,531 ) 15,874 Less: Comprehensive income attributable to non-controlling interests — — 2,362 — 2,362 Comprehensive income attributable to Unit Corporation $ 13,653 $ 43,539 $ 2,851 $ (46,531 ) $ 13,512 Six Months Ended June 30, 2017 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Net income (loss) $ 24,988 $ 23,218 $ 567 $ (23,785 ) $ 24,988 Other comprehensive income, net of taxes: Unrealized gain on securities, net of tax of $12 — 20 — — 20 Comprehensive income (loss) 24,988 23,238 567 (23,785 ) 25,008 Less: Comprehensive income attributable to non-controlling interests — — — — — Comprehensive income (loss) attributable to Unit Corporation $ 24,988 $ 23,238 $ 567 $ (23,785 ) $ 25,008
Condensed Consolidating Statements of Cash Flows (Unaudited)	Condensed Consolidating Statements of Cash Flows (Unaudited) Six Months Ended June 30, 2018 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) OPERATING ACTIVITIES: Net cash provided by (used in) operating activities (102,500 ) 145,000 (14,800 ) 126,993 154,693 INVESTING ACTIVITIES: Capital expenditures (13 ) (173,097 ) (16,806 ) — (189,916 ) Producing properties and other acquisitions — (962 ) — — (962 ) Proceeds from disposition of assets 30 23,427 71 — 23,528 Net cash provided by (used in) investing activities 17 (150,632 ) (16,735 ) — (167,350 ) FINANCING ACTIVITIES: Borrowings under credit agreement 71,200 — — — 71,200 Payments under credit agreement (249,200 ) — — — (249,200 ) Intercompany borrowings (advances), net 277,902 5,695 (156,604 ) (126,993 ) — Payments on capitalized leases — — (1,901 ) — (1,901 ) Proceeds from investments of non-controlling interest 102,958 — 197,042 — 300,000 Transaction costs associated with sale of non-controlling interest (2,254 ) — — — (2,254 ) Book overdrafts (1,581 ) — — — (1,581 ) Net cash provided by (used in) financing activities 199,025 5,695 38,537 (126,993 ) 116,264 Net increase in cash and cash equivalents 96,542 63 7,002 — 103,607 Cash and cash equivalents, beginning of period 510 191 — — 701 Cash and cash equivalents, end of period $ 97,052 $ 254 $ 7,002 $ — $ 104,308 Six Months Ended June 30, 2017 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) OPERATING ACTIVITIES: Net cash provided by (used in) operating activities (13,497 ) 106,718 23,834 — 117,055 INVESTING ACTIVITIES: Capital expenditures (3,380 ) (97,337 ) (7,216 ) — (107,933 ) Producing properties and other acquisitions — (52,956 ) — — (52,956 ) Proceeds from disposition of assets 955 18,557 44 — 19,556 Other — (1,500 ) — — (1,500 ) Net cash provided by (used in) investing activities (2,425 ) (133,236 ) (7,172 ) — (142,833 ) FINANCING ACTIVITIES: Borrowings under credit agreement 160,600 — — — 160,600 Payments under credit agreement (156,500 ) — — — (156,500 ) Intercompany borrowings (advances), net (11,708 ) 26,469 (14,761 ) — — Payments on capitalized leases — — (1,901 ) — (1,901 ) Proceeds from common stock issued, net of issue costs 18,623 — — — 18,623 Book overdrafts 4,912 — — — 4,912 Net cash provided by (used in) financing activities 15,927 26,469 (16,662 ) — 25,734 Net increase (decrease) in cash and cash equivalents 5 (49 ) — — (44 ) Cash and cash equivalents, beginning of period 517 376 — — 893 Cash and cash equivalents, end of period $ 522 $ 327 $ — $ — $ 849

Basis of Preparation and Pres37

Basis of Preparation and Presentation (Narrative) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Basis of Preparation and Presentation [Abstract]
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	We consolidate the activities of Superior Pipeline Company, L.L.C. (Superior), a 50/50 joint venture between Unit Corporation and SP Investor Holdings, LLC, which qualifies as a VIE under generally accepted accounting principles in the United States (GAAP). We have concluded that we are the primary beneficiary of the VIE, as defined in the accounting standards, since we have the power, through our 50% ownership, to direct those activities that most significantly impact the economic performance of Superior as further described in Note 13 – Variable Interest Entity Arrangements.
Federal Statutory Income Tax Rate, Percent	24.50%	37.75%

Revenue from Contracts with C38

Revenue from Contracts with Customers Revenue from Contracts with Customers (Revenue Impact of the Adoption of ASC606) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Adoption of ASC606 [Line Items]
Oil and natural gas revenues	$ 102,318	$ 83,173	$ 205,417	$ 170,771
Oil and natural gas operating costs	32,418	32,758	68,380	61,962
Oil and natural gas gross profit	69,900		137,037
Gas gathering and processing revenues	54,059	48,153	110,103	99,094
Deferred tax expense	2,029	6,379	5,636	20,315
Net income	8,150	$ 9,059	16,015	$ 24,988
Adjustments due to ASC606 [Member]
Adoption of ASC606 [Line Items]
Oil and natural gas revenues	(3,732)		(6,902)
Oil and natural gas operating costs	(3,732)		(6,902)
Oil and natural gas gross profit	0		0
Gas gathering and processing revenues	1,179		2,371
Deferred tax expense	289		581
Net income	890		1,790
Amounts without the Adoption of ASC606 [Member]
Adoption of ASC606 [Line Items]
Oil and natural gas revenues	106,050		212,319
Oil and natural gas operating costs	36,150		75,282
Oil and natural gas gross profit	69,900		137,037
Gas gathering and processing revenues	52,880		107,732
Deferred tax expense	1,740		5,055
Net income	$ 7,260		$ 14,225

Revenue from Contracts with C39

Revenue from Contracts with Customers Revenue from Contracts with Customers (Balance Sheet Impact of the Adoption of ASC606) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
ASSETS
Prepaid expenses and other	$ 8,731		$ 6,233
Other assets	28,113	$ 27,028	16,230
LIABILITIES AND SHAREHOLDERS' EQUITY
Current portion of other long-term liabilities	14,036	15,750	13,002
Other long-term liabilities	102,928	109,940	100,203
Deferred income taxes	158,232	133,064	133,477
Retained earnings	811,781	798,128	$ 799,402
Mid-Stream [Member] | Adjustments due to ASC606 [Member]
ASSETS
Prepaid expenses and other	128
Other assets	11,887	10,798
LIABILITIES AND SHAREHOLDERS' EQUITY
Current portion of other long-term liabilities	2,875	2,748
Other long-term liabilities	8,456	9,737
Deferred income taxes	168	(413)
Retained earnings	516
Impact of Restatement on Opening Retained Earnings, Net of Tax		$ (1,274)
Mid-Stream [Member] | Amounts without the Adoption of ASC606 [Member]
ASSETS
Prepaid expenses and other	8,603
Other assets	16,226
LIABILITIES AND SHAREHOLDERS' EQUITY
Current portion of other long-term liabilities	11,161
Other long-term liabilities	94,472
Deferred income taxes	158,064
Retained earnings	$ 811,265

Revenue from Contracts with C40

Revenue from Contracts with Customers Revenue from Contracts with Customers (Revenue, Remaining Performance Obligation) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Net income	$ 8,150	$ 9,059	$ 16,015	$ 24,988
Minimum [Member] | Mid-Stream [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining Term of Contract			4 years
Maximum [Member] | Mid-Stream [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining Term of Contract			5 years
Demand fee contracts [Member] | Mid-Stream [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining Impact to Revenue	(684)		$ (684)
Demand fee contracts [Member] | Mid-Stream [Member] | July - December 2018
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining Impact to Revenue	2,598		2,598
Demand fee contracts [Member] | Mid-Stream [Member] | 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining Impact to Revenue	2,632		2,632
Demand fee contracts [Member] | Mid-Stream [Member] | 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining Impact to Revenue	(3,781)		(3,781)
Demand fee contracts [Member] | Mid-Stream [Member] | 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining Impact to Revenue	(3,507)		(3,507)
Demand fee contracts [Member] | Mid-Stream [Member] | 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining Impact to Revenue	$ 1,374		$ 1,374

Revenue from Contracts with C41

Revenue from Contracts with Customers Revenue from Contracts with Customers (Contract with Customer, Asset and Liability) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jan. 01, 2018	Dec. 31, 2017
Adoption of ASC606 [Line Items]
Contract liability	$ 11,331			$ 0
Contract with Customer, Liability, Revenue Recognized	(2,371)	$ 0
Mid-Stream [Member]
Adoption of ASC606 [Line Items]
Contract assets	12,015		$ 10,798
Change in contract assets	1,217
Contract liability	11,331		12,485
Contract with Customer, Liability, Revenue Recognized	1,154
Contract liabilities, net	684		$ (1,687)
Change in contract liabilities, net	$ 2,371

Revenue from Contracts with C42

Revenue from Contracts with Customers Revenue from Contracts with Customer (Narrative) (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2018USD ($)		Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)contract		Jun. 30, 2017USD ($)	Jan. 01, 2018USD ($)	Dec. 31, 2017USD ($)
Segment Reporting Information [Line Items]
Retained earnings	$ 811,781			$ 811,781			$ 798,128	$ 799,402
Cumulative effect adjustment for adoption of ASUs								$ (1,261)
Gas gathering and processing revenues	54,059		$ 48,153	110,103		$ 99,094
Net income	8,150		9,059	16,015		24,988
Income from operations	32,364		15,997	$ 60,596		40,524
Oil and Natural Gas [Member]
Segment Reporting Information [Line Items]
Revenue Satisfied at Point in Time, Transfer of Control				Revenues from sales we make are recognized when our customer obtains control of the sold product. For sales to other mid-stream and downstream oil and gas companies, this would occur at a point in time, typically on delivery to the customer.
Gas gathering and processing revenues	0	[1]	0	$ 0	[2]	0
Drilling [Member]
Segment Reporting Information [Line Items]
Revenue Satisfied over Time, Method Used				At inception, the total transaction price will be estimated to include any applicable fixed consideration, unconstrained variable consideration (estimated day rate mobilization and demobilization revenue, estimated operating day rate revenue to be earned over the contract term, expected bonuses (if material and can be reasonably estimated without significant reversal), and penalties (if material and can be reasonably estimated without significant reversal)). Allocation rules under this new standard allow us to recognize revenues associated with our drilling contacts in materially the same manner as under the previous revenue accounting standard. A contract liability will be recorded for consideration received before the corresponding transfer of services. Those liabilities will generally only arise in relation to upfront mobilization fees which are paid in advance and are allocated/recognized over the entire performance obligation. Such balances will be amortized over the recognition period based on the same method of measure used for revenue.
Number of Contracts, Daywork | contract				36
Revenue, Practical Expedient, Initial Application and Transition, Qualitative Assessment				The majority of our drilling contracts have an original term of less than one year; however, the remaining performance obligations under the contracts that do have a longer duration are not material.
Gas gathering and processing revenues	0	[1]	0	$ 0	[2]	0
Mid-Stream [Member]
Segment Reporting Information [Line Items]
Revenue Satisfied over Time, Method Used				Contract terms range from a single month to terms spanning a decade or more, some include evergreen provisions. Fees for mid-stream services (gathering, transportation, processing) are performance obligations and meet the criteria of over time recognition which could be considered a series of distinct performance obligations that represents one overall performance obligation of gas gathering and processing services.
Revenue, Practical Expedient, Initial Application and Transition, Qualitative Assessment				As stated previously, the contract term for mid-stream services is typically longer than one year. However, based on the guidance at 606-10-32-40, we determined some of the variable payment in mid-stream service agreements specifically relates to the entity’s efforts to satisfy the performance obligation and that “allocating the variable amount entirely to the distinct good or service is consistent with the allocation objective in paragraph 606-10-32-28.” Therefore, the practical expedient relates to this variable consideration: the commodity fee and the gathering fee.
Gas gathering and processing revenues	75,406	[1]	$ 63,111	$ 150,056	[2]	$ 129,575
Minimum [Member] | Drilling [Member]
Segment Reporting Information [Line Items]
Contract Duration				6 months
Number of Days for Drilling of Wells				10 days
Minimum [Member] | Mid-Stream [Member]
Segment Reporting Information [Line Items]
Contract Duration				5 years
Remaining Term of Contract				4 years
Maximum [Member] | Drilling [Member]
Segment Reporting Information [Line Items]
Contract Duration				2 years
Number of Days for Drilling of Wells				90 days
Maximum [Member] | Mid-Stream [Member]
Segment Reporting Information [Line Items]
Contract Duration				10 years
Remaining Term of Contract				5 years
Short-term Contract with Customer [Member] | Drilling [Member]
Segment Reporting Information [Line Items]
Contract Duration				2 months
Long-term Contract with Customer [Member]
Segment Reporting Information [Line Items]
Number of Contracts, Daywork | contract				12
Long-term Contract with Customer [Member] | Drilling [Member]
Segment Reporting Information [Line Items]
Contract Duration				3 years
Adjustments due to ASC606 [Member]
Segment Reporting Information [Line Items]
Gas gathering and processing revenues	1,179			$ 2,371
Net income	890			1,790
Adjustments due to ASC606 [Member] | Oil and Natural Gas [Member]
Segment Reporting Information [Line Items]
Retained earnings							0
Net income	0			0
Income from operations	0			0
Adjustments due to ASC606 [Member] | Drilling [Member]
Segment Reporting Information [Line Items]
Retained earnings							0
Adjustments due to ASC606 [Member] | Mid-Stream [Member]
Segment Reporting Information [Line Items]
Retained earnings	$ 516			$ 516
Adjustment to opening retained earnings, before tax							(1,687)
Adjustment to opening retained earnings, after tax							$ (1,274)
Gathering service contracts [Member] | Minimum [Member] | Mid-Stream [Member]
Segment Reporting Information [Line Items]
Remaining Term of Contract				1 year
Gathering service contracts [Member] | Maximum [Member] | Mid-Stream [Member]
Segment Reporting Information [Line Items]
Remaining Term of Contract				15 years
[1]	The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time.
[2]	The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time.

Divestitures (Narrative) (Detai

Divestitures (Narrative) (Details) - USD ($) $ in Millions	Apr. 03, 2018	Jun. 30, 2018	Jun. 30, 2017
Noncontrolling Interest [Line Items]
Proceeds from non-core oil and natural gas asset sales, net of related expenses		$ 22.4	$ 17.8
Ownership interest in Superior Pipeline Company, L.L.C. [Member]
Noncontrolling Interest [Line Items]
Ownership interest sold	50.00%
Proceeds from sale of non-controlling interest	$ 300

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings of basic earnings attributable to Unit Corporation per common share	$ 5,788	$ 9,059	$ 13,653	$ 24,988
Income of effect of dilutive stock options, restricted stock, and stock appreciation rights (SARs)	0	0	0	0
Earnings of diluted income attributable to Unit Corporation per common share	$ 5,788	$ 9,059	$ 13,653	$ 24,988
Weighted shares of basic earnings attributable to Unit Corporation per common share	52,050	51,366	51,891	50,832
Weighted shares of effect of dilutive stock options, restricted stock, and stock appreciation rights (SARs)	731	578	651	539
Weighted shares of diluted earnings attributable to Unit Corporation per common share	52,781	51,944	52,542	51,371
Per-Share amount of basic earnings attributable to Unit Corporation per common share	$ 0.11	$ 0.18	$ 0.26	$ 0.49
Per-Share amount of effect of dilutive stock options, restricted stock, and stock appreciation rights (SARs)	0	(0.01)	0	0
Per-Share amount of diluted earnings attributable to Unit Corporation per common share	$ 0.11	$ 0.17	$ 0.26	$ 0.49

Earnings Per Share (Schedule 45

Earnings Per Share (Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share) (Details) - Stock options and SARs - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	66,500	178,755	66,500	178,755
Average exercise price	$ 44.42	$ 47.75	$ 44.42	$ 47.75

Accrued Liabilities (Accrued Li

Accrued Liabilities (Accrued Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Accrued Liabilities [Abstract]
Employee costs	$ 12,359	$ 19,521
Lease operating expenses	12,080	11,819
Taxes	6,997	3,404
Interest payable	6,581	6,745
Derivative settlements	2,550	0
Third-party credits	2,473	2,240
Other	6,024	4,794
Total accrued liabilities	$ 49,064	$ 48,523

Long-Term Debt And Other Long47

Long-Term Debt And Other Long-Term Liabilities (Long-Term Debt) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
6.625% senior subordinated notes due 2021	$ 650,000	$ 650,000
Total principal amount	650,000	828,000
Less: unamortized discount	(1,933)	(2,234)
Less: debt issuance costs, net	(4,696)	(5,490)
Total long-term debt	$ 643,371	820,276
Interest percentage of senior subordinated notes	6.625%
Debt instrument maturity date	May 15, 2021
6.625% Senior Subordinated Notes Due 2021 [Member]
Debt Instrument [Line Items]
6.625% senior subordinated notes due 2021	$ 650,000
Unit Credit Agreement [Member]
Debt Instrument [Line Items]
Credit agreement	$ 0	$ 178,000
Revolving credit facility interest rate	0.00%	3.40%
Superior Credit Agreement [Member]
Debt Instrument [Line Items]
Credit agreement	$ 0	$ 0
Revolving credit facility interest rate	0.00%	0.00%

Long-Term Debt And Other Long48

Long-Term Debt And Other Long-Term Liabilities (Other Long-Term Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Asset retirement obligation (ARO) liability	$ 62,838		$ 69,444	$ 70,049	$ 70,170
Capital lease obligations	13,321		15,224
Workers' compensation	12,963		13,340
Contract liability	11,331		0
Separation benefit plans	7,607		6,524
Deferred compensation plan	5,621		5,390
Gas balancing liability	3,283		3,283
Other liabilities	116,964		113,205
Current portion of other long-term liabilities	14,036	$ 15,750	13,002
Other long-term liabilities	$ 102,928	$ 109,940	$ 100,203

Long-Term Debt And Other Long49

Long-Term Debt And Other Long-Term Liabilities Long-Term Debt And Other Long-Term Liabilities (Capital Leases) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Beginning July 1,
2,018	$ 6,168
2,019	6,168
2,020	6,673
2,021	179
Total future payments	19,188
Less payments related to:
Maintenance	4,981
Interest	886
Present value of future minimum payments	$ 13,321	$ 15,224

Long-Term Debt And Other Long50

Long-Term Debt And Other Long-Term Liabilities (Narrative) (Details) - USD ($) $ in Thousands	May 02, 2018	Apr. 03, 2018	Jun. 30, 2018	Apr. 02, 2018	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Variable Interest Entity, Qualitative or Quantitative Information, Date Involvement Began		Apr. 3, 2018
Aggregate principal amount			$ 650,000			$ 650,000
Interest percentage of senior subordinated notes			6.625%
Debt instrument maturity date			May 15, 2021
Original debt issuance fees			$ 14,700
Senior notes repurchase price in percentage			101.00%
Estimated principal payments in year 1			$ 14,000
Estimated principal payments in year 2			43,800
Estimated principal payments in year 3			660,600
Estimated principal payments in year 4			5,000
Estimated principal payments in year 5			$ 2,700
Number of compressors under capital lease agreement			20
Capital lease term			7 years
Capital Lease Obligations, Current			$ 3,900
Capital Lease Obligations, Noncurrent			$ 9,400
Discount rate capital leases			4.00%
Maintenance			$ 4,981
Interest			886
Capital leases, future minimum payments, average annual payment			$ 4,200
Capital lease fair market value percentage for purchase			10.00%
6.625% Senior Subordinated Notes Due 2021 [Member]
Debt Instrument [Line Items]
Aggregate principal amount			$ 650,000
Unit Credit Agreement [Member]
Debt Instrument [Line Items]
Credit facility maturity date			April 10, 2020
Credit facility maximum credit amount					$ 875,000
Commitment fee percentage under credit facility			0.50%
Origination, agency and syndication and other related fees with the credit agreement			$ 1,000
Payable assessment term for LIBOR			90 days
Line of credit facility, amount outstanding			$ 0			178,000
LIBOR interest rate plus one percent			LIBOR plus 1.00% plus a margin
Unit Credit Agreement, Dividend Restrictions			the payment of dividends (other than stock dividends) during any fiscal year over 30% of our consolidated net income for the preceding fiscal year;
Unit Credit Agreement, Asset Restrictions			investments in Unrestricted Subsidiaries (as defined in the Unit credit agreement) in excess of $200.0 million
Current ratio of credit facility			1 to 1
Unit Credit Agreement, Covenant Compliance			As of June 30, 2018, we were in compliance with the Unit credit agreement covenants.
Unit Credit Agreement [Member] | Minimum [Member]
Debt Instrument [Line Items]
LIBOR plus interest rate			2.00%
Unit Credit Agreement [Member] | Maximum [Member]
Debt Instrument [Line Items]
LIBOR plus interest rate			3.00%
Unit Credit Agreement [Member] | Line Of Credit Facility Lender Determined Amount [Member]
Debt Instrument [Line Items]
Credit facility current credit amount					475,000
Unit Credit Agreement [Member] | Line Of Credit Facility Commitment Amount [Member]
Debt Instrument [Line Items]
Credit facility current credit amount					$ 475,000
Unit Credit Agreement [Member] | Proved developed producing total value of our oil and gas properties [Member]
Debt Instrument [Line Items]
Percentage of collateral pledged			85.00%
Present worth discounted			8.00%
Unit Credit Agreement [Member] | Apr 8, 2016 to Mar 31, 2019 [Member]
Debt Instrument [Line Items]
Senior indebtedness ratio			2.75 to 1
Unit Credit Agreement [Member] | Apr 1, 2019 to Apr 10, 2020 [Member]
Debt Instrument [Line Items]
Leverage ratio of funded debt			4 to 1
Superior Credit Agreement [Member]
Debt Instrument [Line Items]
Credit facility maximum credit amount			$ 250,000
Credit facility current credit amount			$ 200,000
Commitment fee percentage under credit facility			0.375%
Origination, agency and syndication and other related fees with the credit agreement			$ 1,700
Line of credit facility, amount outstanding			$ 0			$ 0
Unit Credit Agreement, Covenant Compliance			As of June 30, 2018, we were in compliance with the Superior credit agreement covenants.
Superior Credit Agreement, Initiation Date			May 10, 2018
Superior Credit Agreement, Term			5 years
Superior Credit Agreement, Interest Rate Description			annual interest at a rate, at Superior’s option, equal to (a) LIBOR plus the applicable margin of 2.00% to 3.25% or (b) the alternate base rate (greater of (i) the federal funds rate plus 0.5%, (ii) the prime rate, and (iii) third day LIBOR plus 1.00%) plus the applicable margin of 1.00% to 2.25%.
Superior Credit Agreement [Member] | Minimum [Member]
Debt Instrument [Line Items]
Consolidated EBITDA to interest expense ratio			2.50 to 1.00
Superior Credit Agreement [Member] | Maximum [Member]
Debt Instrument [Line Items]
Funded debt to consolidated EBITDA ratio			4.00 to 1.00
Fourth Amendment to Credit Agreement [Member] | Unit Credit Agreement [Member]
Debt Instrument [Line Items]
Credit facility maximum credit amount				$ 425,000
Line of Credit Facility, Collateral	we granted a security interest in the limited liability membership interests and other equity interests we own in Superior (which as of the date of this report is 50% of the aggregate outstanding equity interests of Superior
Origination, agency and syndication and other related fees with the credit agreement				0
Fourth Amendment to Credit Agreement [Member] | Unit Credit Agreement [Member] | Line Of Credit Facility Lender Determined Amount [Member]
Debt Instrument [Line Items]
Credit facility current credit amount				425,000
Fourth Amendment to Credit Agreement [Member] | Unit Credit Agreement [Member] | Line Of Credit Facility Commitment Amount [Member]
Debt Instrument [Line Items]
Credit facility current credit amount				$ 425,000

Asset Retirement Obligations (S

Asset Retirement Obligations (Schedule Of Asset Retirement Obligations) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017
Asset Retirement Obligation Disclosure [Abstract]
ARO liability, January 1:		$ 69,444	$ 70,170
Accretion of discount		1,248	1,458
Liability incurred		211	1,018
Liability settled		(3,142)	(1,224)
Liability sold		(94)	(1,412)
Revision of estimates	[1]	(4,829)	39
ARO liability, June 30:		62,838	70,049
Less current portion		1,451	2,825
Total long-term ARO		$ 61,387	$ 67,224
[1]	Plugging liability estimates were revised in both 2018 and 2017 for updates in the cost of services used to plug wells over the preceding year. We had various upward and downward adjustments.

Stock-Based Compensation Stock-

Stock-Based Compensation Stock-Based Compensation (Schedule of Restricted Stock Awards and Stock Options) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Abstract]
Recognized stock compensation expense	$ 4	$ 3.2	$ 9.5	$ 5.8
Capitalized stock compensation cost for our oil and natural gas properties	0.6	0.4	1	0.8
Tax benefit on stock based compensation	$ 1	$ 1.2	$ 2.3	$ 2.2

Stock-Based Compensation (Sched

Stock-Based Compensation (Schedule of Fair Value of the Restricted Stock Awards Granted During the Periods) (Details) - Restricted Stock [Member] - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2018		Jun. 30, 2017		Jun. 30, 2018		Jun. 30, 2017
Time Vested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	49,312		63,104		888,810		524,903
Estimated fair value (in millions)	$ 1	[1]	$ 1.3	[1]	$ 17.1	[2]	$ 12.7	[2]
Time Vested [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	5,000		14,000		844,498		475,799
Estimated fair value (in millions)	$ 0.1	[1]	$ 0.4	[1]	$ 16.2	[2]	$ 11.8	[2]
Percentage of shares granted expected to be distributed	95.00%		100.00%		95.00%		95.00%
Time Vested [Member] | Non-employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	44,312		49,104		44,312		49,104
Estimated fair value (in millions)	$ 0.9	[1]	$ 0.9	[1]	$ 0.9	[2]	$ 0.9	[2]
Percentage of shares granted expected to be distributed	100.00%		100.00%		100.00%		100.00%
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	0		21,000		362,070		173,373
Estimated fair value (in millions)	$ 0	[1]	$ 0.5	[1]	$ 7.3	[2]	$ 4.5	[2]
Performance Shares [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	0		21,000		362,070		173,373
Estimated fair value (in millions)	$ 0	[1]	$ 0.5	[1]	$ 7.3	[2]	$ 4.5	[2]
Percentage of shares granted expected to be distributed			87.00%		62.00%		87.00%
Performance Shares [Member] | Non-employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	0		0		0		0
Estimated fair value (in millions)	$ 0	[1]	$ 0	[1]	$ 0	[2]	$ 0	[2]
[1]	The performance shares represent 100% of the grant date fair value. (We recognize the grant date fair value minus estimated forfeitures.)
[2]	The performance shares represent 100% of the grant date fair value. (We recognize the grant date fair value minus estimated forfeitures.)

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	May 06, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested awards	$ 23.7		$ 23.7
Unrecognized compensation cost, expected to be capitalized	$ 3		$ 3
Weighted average years over which this cost will be recognized			1 year
Increase in stock compensation expense due to the restricted stock awards granted			$ 4.3
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	0	0	0	0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized					7,230,000
Incentive Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized					2,000,000
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted	0	0	0	0
Stock Performance Measures [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance percentage criteria			0.00%
Stock Performance Measures [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance percentage criteria			200.00%
Cash flow to total assets performance [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance percentage criteria			0.00%
Cash flow to total assets performance [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance percentage criteria			200.00%
Cash flow to total assets performance [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance percentage criteria			100.00%
Time Vested [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years
Shares granted	49,312	63,104	888,810	524,903
Performance Shares [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	0	21,000	362,070	173,373
Performance Shares [Member] | Cash flow to total assets performance [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years
Cliff vest [Member] | Performance Shares [Member] | Stock Performance Measures [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years
2018 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance percentage criteria			25.00%
2017 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance percentage criteria			91.00%
2016 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance percentage criteria			167.00%

Derivatives (Schedule of Deriva

Derivatives (Schedule of Derivatives Outstanding) (Details)	6 Months Ended
	Jun. 30, 2018$ / UnitMMBTUbbl
Swap [Member] | Jul'18 - Sep'18 [Member] | Natural Gas [Member] | IF - NYMEX (HH) [Member]
Derivative [Line Items]
Weighted average price	2.985
Hedged volume (MMBtu/day) | MMBTU	40,000
Swap [Member] | Jul'18 - Sep'18 [Member] | Natural Gas Liquids [Member] | OPIS - Mont Belvieu [Member]
Derivative [Line Items]
Weighted average price	32.14	[1]
Hedged NGLs volume (Bbl/day) | bbl	1,500	[1]
Swap [Member] | Oct'18 [Member] | Natural Gas [Member] | IF - NYMEX (HH) [Member]
Derivative [Line Items]
Weighted average price	3.005
Hedged volume (MMBtu/day) | MMBTU	30,000
Swap [Member] | Nov'18 - Dec'18 [Member] | Natural Gas [Member] | IF - NYMEX (HH) [Member]
Derivative [Line Items]
Weighted average price	3.013
Hedged volume (MMBtu/day) | MMBTU	20,000
Swap [Member] | Jul'18 - Dec'18 [Member] | Crude Oil [Member] | WTI - NYMEX [Member]
Derivative [Line Items]
Weighted average price	53.52
Hedged volume (Bbl/day) | bbl	4,000
Swap [Member] | Jan'19 - Dec'19 [Member] | Natural Gas [Member] | IF - NYMEX (HH) [Member]
Derivative [Line Items]
Weighted average price	2.810
Hedged volume (MMBtu/day) | MMBTU	10,000
Price Risk Derivative [Member] | Jul'18 - Dec'18 [Member] | Crude Oil [Member] | LLS/WTI [Member]
Derivative [Line Items]
Weighted average price	7
Hedged volume (Bbl/day) | bbl	500
Basis swap [Member] | Nov'18 - Dec'18 [Member] | Natural Gas [Member] | IF - NYMEX (HH) [Member]
Derivative [Line Items]
Weighted average price	(0.208)
Hedged volume (MMBtu/day) | MMBTU	10,000
Basis swap [Member] | Jul'18 - Oct'18 [Member] | Natural Gas [Member] | NGPL Texok [Member]
Derivative [Line Items]
Weighted average price	(0.190)
Hedged volume (MMBtu/day) | MMBTU	10,000
Basis swap [Member] | Jul'18 - Dec'18 [Member] | Natural Gas [Member] | NGPL Midcon [Member]
Derivative [Line Items]
Weighted average price	(0.568)
Hedged volume (MMBtu/day) | MMBTU	10,000
Basis swap [Member] | Jul'18 - Dec'18 [Member] | Natural Gas [Member] | PEPL [Member]
Derivative [Line Items]
Weighted average price	(0.678)
Hedged volume (MMBtu/day) | MMBTU	10,000
Basis swap [Member] | Jan'19 - Dec'19 [Member] | Natural Gas [Member] | NGPL Midcon [Member]
Derivative [Line Items]
Weighted average price	(0.625)
Hedged volume (MMBtu/day) | MMBTU	10,000
Basis swap [Member] | Jan'19 - Dec'19 [Member] | Natural Gas [Member] | NGPL Texok [Member]
Derivative [Line Items]
Weighted average price	(0.265)
Hedged volume (MMBtu/day) | MMBTU	30,000
Basis swap [Member] | Jan'19 - Dec'19 [Member] | Natural Gas [Member] | PEPL [Member]
Derivative [Line Items]
Weighted average price	(0.728)
Hedged volume (MMBtu/day) | MMBTU	10,000
Basis swap [Member] | Jan'20 - Dec'20 [Member] | Natural Gas [Member] | NGPL Texok [Member]
Derivative [Line Items]
Weighted average price	(0.275)
Hedged volume (MMBtu/day) | MMBTU	30,000
Collar [Member] | Jul'18 - Sep'18 [Member] | Natural Gas [Member] | IF - NYMEX (HH) [Member]
Derivative [Line Items]
Hedged volume (MMBtu/day) | MMBTU	30,000
Cap Price	2.97
Floor Price	2.67
Three-way collar [Member] | Jul'18 - Dec'18 [Member] | Crude Oil [Member] | WTI - NYMEX [Member]
Derivative [Line Items]
Hedged volume (Bbl/day) | bbl	2,000
Cap Price	56.08
Subfloor price	37.50
Floor Price	47.50
Three-way collar [Member] | Jul'18 - Dec'18 [Member] | Natural Gas [Member] | IF - NYMEX (HH) [Member]
Derivative [Line Items]
Hedged volume (MMBtu/day) | MMBTU	20,000
Cap Price	3.51
Subfloor price	2.50
Floor Price	3
Three-way collar [Member] | Jan'19 - Dec'19 [Member] | Crude Oil [Member] | WTI - NYMEX [Member]
Derivative [Line Items]
Hedged volume (Bbl/day) | bbl	2,000
Cap Price	71.90
Subfloor price	47.50
Floor Price	57.50
[1]	Type of NGLs involved is propane.

Derivatives Derivatives (Subseq

Derivatives Derivatives (Subsequent Schedule of Derivatives Outstanding) (Details) - Basis swap [Member] - Natural Gas [Member] - PEPL [Member] - Jan'19 - Dec'19 [Member]	1 Months Ended	6 Months Ended
	Aug. 07, 2018$ / UnitMMBTU	Jun. 30, 2018$ / UnitMMBTU
Derivative [Line Items]
Weighted average price | $ / Unit		(0.728)
Hedged volume (MMBtu/day) | MMBTU		10,000
Subsequent Event [Member]
Derivative [Line Items]
Weighted average price | $ / Unit	(0.590)
Hedged volume (MMBtu/day) | MMBTU	10,000

Derivatives (Fair Value of Deri

Derivatives (Fair Value of Derivative Instruments and Locations in Balance Sheets) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Current derivative asset	$ 127	$ 721
Non-current derivative asset	0	0
Total derivatives assets	127	721
Current derivative liability	(18,555)	(7,763)
Non-current derivative liability	(910)	0
Total derivative liabilities	$ (19,465)	$ (7,763)

Derivatives (Effect of Derivati

Derivatives (Effect of Derivative Instruments Recognized in Income Statements, Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2018		Jun. 30, 2017		Jun. 30, 2018		Jun. 30, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives	$ (14,461)		$ 8,902		$ (21,223)		$ 23,633
Commodity Derivatives [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives	(14,461)		8,902		(21,223)		23,633
Amount of loss settled during the period	(6,900)		(400)		(8,900)		(1,600)
Gain (loss) on derivatives [Member] | Commodity Derivatives [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives	$ (14,461)	[1]	$ 8,902	[1]	$ (21,223)	[2]	$ 23,633	[2]
[1]	Amounts settled during the 2018 and 2017 periods include net payments of $6.9 million and $0.4 million, respectively.
[2]	Amounts settled during the 2018 and 2017 periods include payments of $8.9 million and $1.6 million, respectively.

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value of Available-for-sale Securities) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Cost	$ 830	$ 830
Gross unrealized gains	0	102
Gross unrealized losses	86	0
Available-for-sale Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated fair value	744	932
Available-for-sale Securities [Member] | Level 1 [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated fair value	$ 744	$ 932

Fair Value Measurements (Recurr

Fair Value Measurements (Recurring Fair Value Measurements) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	$ 127	$ 721
Derivative Liability	(19,465)	(7,763)
Financial assets (liabilities)	(18,594)	(6,110)
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets (liabilities)	744	932
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets (liabilities)	(13,203)	(6,836)
Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets (liabilities)	(6,135)	(206)
Effect of Netting [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial assets (liabilities)	0	0
Commodity Derivatives [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	127	721
Derivative Liability	(19,465)	(7,763)
Total commodity derivatives	(19,338)	(7,042)
Commodity Derivatives [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross Assets	0	0
Gross Liabilities	0	0
Total commodity derivatives	0	0
Commodity Derivatives [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross Assets	1,196	2,137
Gross Liabilities	(14,399)	(8,973)
Total commodity derivatives	(13,203)	(6,836)
Commodity Derivatives [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross Assets	390	3,344
Gross Liabilities	(6,525)	(3,550)
Total commodity derivatives	(6,135)	(206)
Commodity Derivatives [Member] | Effect of Netting [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effect of netting on assets	(1,459)	(4,760)
Effect of netting on liabilities	1,459	4,760
Total commodity derivatives	0	0
Available-for-sale Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	744	932
Available-for-sale Securities [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	744	932
Available-for-sale Securities [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	0	0
Available-for-sale Securities [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	0	0
Available-for-sale Securities [Member] | Effect of Netting [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	$ 0	$ 0

Fair Value Measurements (Reconc

Fair Value Measurements (Reconciliations Of Level 3 Fair Value Measurements) (Details) - Level 3 [Member] - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Beginning of period		$ (3,206)	$ (602)	$ (206)	$ (7,122)
Included in earnings	[1]	(4,704)	5,214	(8,624)	11,117
Settlements		1,775	(519)	2,695	98
End of period		(6,135)	4,093	(6,135)	4,093
Total gains (losses) for the period included in earnings attributable to the change in unrealized gain relating to assets still held at end of period		$ (2,929)	$ 4,695	$ (5,929)	$ 11,215
[1]	Commodity derivatives are reported in the Unaudited Condensed Consolidated Income Statements in gain (loss) on derivatives.

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Quantitative Information About Unobservable Inputs) (Details) - Level 3 [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)$ / Unit	[1]
Oil [Member] | Three-way collar [Member]
Derivative fair value | $	$ (6,420)
Derivatives Valuation Technique(s)	Discounted cash flow
Unobservable Input	Forward commodity price curve
Oil [Member] | Three-way collar [Member] | Minimum [Member]
Forward commodity price curve	0
Oil [Member] | Three-way collar [Member] | Maximum [Member]
Forward commodity price curve	18.05
Natural Gas [Member] | Collar [Member]
Derivative fair value | $	$ (105)
Derivatives Valuation Technique(s)	Discounted cash flow
Unobservable Input	Forward commodity price curve
Natural Gas [Member] | Collar [Member] | Minimum [Member]
Forward commodity price curve	0
Natural Gas [Member] | Collar [Member] | Maximum [Member]
Forward commodity price curve	0.08
Natural Gas [Member] | Three-way collar [Member]
Derivative fair value | $	$ 390
Derivatives Valuation Technique(s)	Discounted cash flow
Unobservable Input	Forward commodity price curve
Natural Gas [Member] | Three-way collar [Member] | Minimum [Member]
Forward commodity price curve	0
Natural Gas [Member] | Three-way collar [Member] | Maximum [Member]
Forward commodity price curve	0.18
[1]	The commodity contracts detailed in this category include non-exchange-traded crude oil and natural gas collars and three-way collars that are valued based on NYMEX. The forward pricing range represents the low and high price expected to be paid or received within the settlement period.

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral posted	$ 0
6.625% senior subordinated notes due 2021	643,400	$ 642,300
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of long-term debt	651,100	649,700
Unit Credit Agreement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Line of credit facility, amount outstanding	$ 0	$ 178,000

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Long-term Purchase Commitment [Line Items]
Operating Leases, Future Minimum Payments Due, Next Twelve Months	$ 4,900,000
Operating Leases, Future Minimum Payments, Due in Two Years	1,400,000
Operating Leases, Future Minimum Payments, Due in Three Years	300,000
Operating Leases, Future Minimum Payments, Due in Four Years	100,000
Operating Leases, Rent Expense, Net	$ 4,600,000	$ 4,200,000
Number of compressors under capital lease agreement	20
Capital lease term	7 years
Capital Leases, Future Minimum Payments Due, Next Twelve Months	$ 6,168,000
Capital Leases, Future Minimum Payments Due in Two Years	6,168,000
Capital Leases, Future Minimum Payments Due in Three Years	6,673,000
Capital Leases, Future Minimum Payments Due in Four Years	179,000
Maintenance	4,981,000
Interest	886,000
Capital leases, future minimum payments, average annual payment	$ 4,200,000
Capital lease fair market value percentage for purchase	10.00%
Percentage of repurchase of limited units outstanding	20.00%
Repurchase Of Limited Units Outstanding Amount	$ 0	$ 0
Drilling Equipment [Member]
Long-term Purchase Commitment [Line Items]
Other Commitment, Due in Next Twelve Months	$ 13,992,000
Capital Addition Purchase Commitments [Member] | Oil and Natural Gas [Member]
Long-term Purchase Commitment [Line Items]
Long-term Purchase Commitment, Description	as part of the Superior transaction, we entered into a contractual obligation that commits us to spend $150.0 million to drill wells in the Granite Wash/Buffalo Wallow area over three years starting January 1, 2019. This amount is already included in our drilling plan. For each dollar of the $150.0 million that we do not spend (over the three year period), we would forgo receiving $0.58 of future distributions from our 50% ownership interest in our consolidated mid-stream subsidiary. If we elected not to drill or spend any money in the designated area over the three year period, the maximum amount we could forgo from distributions would be $87.0 million.
Long-term Purchase Commitment, Amount	$ 150,000,000
Long-term Purchase Commitment, Period	3 years

Variable Interest Entity Arra65

Variable Interest Entity Arrangements Variable Interest Entity Arrangements (Schedule of Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2018		Jan. 01, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 104,308			$ 701	$ 849	$ 893
Accounts receivable, net of allowance for doubtful accounts	113,377			111,512
Prepaid expenses and other	8,731			6,233
Total current assets	227,044			119,672
Gas gathering and processing equipment	736,488			726,236
Transportation equipment	29,918			29,631
Property, plant, and equipment, gross	8,695,348			8,534,192
Less accumulated depreciation, depletion, amortization, and impairment	6,263,504			6,151,450
Net property and equipment	2,431,844			2,382,742
Other assets	28,113		$ 27,028	16,230
Total assets	2,749,809	[1]		2,581,452
Accounts payable	114,411			112,648
Accrued liabilities	49,064			48,523
Current portion of other long-term liabilities	14,036		15,750	13,002
Total current liabilities	200,714			181,936
Long-term debt less debt issuance costs	643,371			820,276
Other long-term liabilities	102,928		$ 109,940	$ 100,203
VIE [Member]
Variable Interest Entity [Line Items]
Cash and cash equivalents	7,002
Accounts receivable, net of allowance for doubtful accounts	28,378
Prepaid expenses and other	3,009
Total current assets	38,389
Gas gathering and processing equipment	736,488
Transportation equipment	3,102
Property, plant, and equipment, gross	739,590
Less accumulated depreciation, depletion, amortization, and impairment	342,269
Net property and equipment	397,321
Other assets	14,916
Total assets	450,626
Accounts payable	24,898
Accrued liabilities	2,005
Current portion of other long-term liabilities	6,796
Total current liabilities	33,699
Long-term debt less debt issuance costs	0
Other long-term liabilities	17,856
Total liabilities	$ 51,555
[1]	Unit Corporation's consolidated total assets as of June 30, 2018 include total current and long-term assets of the variable interest entity (VIE) of $38.4 million and $412.2 million, respectively, which can only be used to settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of June 30, 2018 include total current and long-term liabilities of the VIE of $33.7 million and $17.9 million, respectively,

Variable Interest Entity Arra66

Variable Interest Entity Arrangements (Details) - USD ($)	Apr. 03, 2018	Jun. 30, 2018
Variable Interest Entity [Line Items]
Date Involvement Began	Apr. 3, 2018
Superior Pipeline Company, L.L.C. [Member]
Variable Interest Entity [Line Items]
Date Involvement Began		Apr. 3, 2018
Methodology for Determining Whether Entity is Primary Beneficiary		The two variable interests applicable to Unit include the 50% equity investment in Superior and the MSA. The MSA houses the power to direct the activities that most significantly impact Superior's operating performance. The MSA is a separate variable interest. Unit through the MSA has the power to direct Superior’s most significant activities; reciprocally the equity investors lack the power to direct the activities that most significantly impact the entity’s economic performance. Because of this, Unit is considered the primary beneficiary.
Lack of Recourse		Superior's creditors have no recourse to our general credit.
SP Investor Holdings, LLC [Member] | Superior Pipeline Company, L.L.C. [Member]
Variable Interest Entity [Line Items]
Ownership Percentage		50.00%
SPC Midstream Operating, L.L.C. [Member] | Superior Pipeline Company, L.L.C. [Member]
Variable Interest Entity [Line Items]
Monthly service fee		$ 250,000

Equity (Schedule of Accumulated

Equity (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2018		Jun. 30, 2017	Jun. 30, 2018		Jun. 30, 2017
Schedule of Accumulated Other Comprehensive Income (Loss) [Abstract]
Unrealized appreciation (loss) on securities, before tax	$ 46		$ 32	$ (188)		$ 32
Tax expense	(11)	[1]	(12)	47	[2]	(12)
Unrealized appreciation (loss) on securities, net of tax	$ 35		$ 20	$ (141)		$ 20
[1]	Due to the implementation of ASU 2018-02, the tax rate changed from 37.75% to 24.5%.
[2]	Due to the implementation of ASU 2018-02, the tax rate changed from 37.75% to 24.5%.

Equity (Reclassification out of

Equity (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2018		Jun. 30, 2017	Jun. 30, 2018		Jun. 30, 2017	Jan. 01, 2018		Dec. 31, 2016
New Accounting Pronouncement, Early Adoption [Line Items]
Beginning Balance	$ (100)		$ 0	$ 63		$ 0
Accumulated other comprehensive income (loss)	(100)		0	63		0	$ 63		$ 0
Unrealized appreciation (loss) before reclassifications	35	[1]	20	(141)	[2]	20
Amounts reclassified from accumulated other comprehensive income	0		0	0		0
Net current-period other comprehensive income (loss)	35		20	(141)		20
Ending Balance	$ (65)		$ 20	$ (65)		$ 20
ASU 2018-02 effect
New Accounting Pronouncement, Early Adoption [Line Items]
Adjustment due to ASU 2018-02							13	[2]	$ 0
ASU 2018-02 end balance
New Accounting Pronouncement, Early Adoption [Line Items]
Accumulated other comprehensive income (loss)							$ 76
[1]	Due to the implementation of ASU 2018-02, the tax rate changed from 37.75% to 24.5%.
[2]	Due to the implementation of ASU 2018-02, the tax rate changed from 37.75% to 24.5%.

Equity (Narrative) (Details)

Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		13 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	May 02, 2018	Dec. 31, 2017	Apr. 04, 2017
Class of Stock [Line Items]
Common stock, par value	$ 0.20			$ 0.20
Common stock, shares issued	54,089,366			52,880,134
Proceeds from issuance of common stock, net of issuance costs	$ 0	$ 18,623
Terminated May 2, 2018 [Member] | At-the-Market Common Stock Program [Member]
Class of Stock [Line Items]
Common stock, par value					$ 0.20
Aggregate Offering Price					$ 100,000
Proceeds from issuance of common stock, net of issuance costs			$ 18,623
Commission of the gross sales price by share paid percentage					2.00%
ATM Distribution Agreement [Member] | Terminated May 2, 2018 [Member] | At-the-Market Common Stock Program [Member]
Class of Stock [Line Items]
Common stock, shares issued			787,547

Industry Segment Information (I

Industry Segment Information (Industry Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2018		Jun. 30, 2017		Jun. 30, 2018		Jun. 30, 2017
Revenues:
Oil and natural gas	$ 102,318		$ 83,173		$ 205,417		$ 170,771
Contract drilling	46,926		39,255		92,915		76,440
Gas gathering and processing	54,059		48,153		110,103		99,094
Total revenues	203,303		170,581		408,435		346,305
Operating costs:
Oil and natural gas	32,418		32,758		68,380		61,962
Contract drilling	31,894		27,239		63,561		56,466
Gas gathering and processing	39,703		36,042		81,307		73,746
Total operating costs	104,015		96,039		213,248		192,174
Depreciation, depletion, and amortization	58,373		50,080		115,439		97,012
Total expenses	162,388		146,119		328,687		289,186
General and administrative expense	(8,712)		(8,713)		(19,474)		(17,667)
Gain on disposition of assets	161		248		322		1,072
Gain (loss) on derivatives	(14,461)		8,902		(21,223)		23,633
Interest, net	(7,729)		(9,467)		(17,733)		(18,863)
Other	5		6		11		9
Income (loss) before income taxes	10,179		15,438		21,651		45,303
Oil and Natural Gas [Member]
Revenues:
Oil and natural gas	102,318	[1]	83,173		205,417	[2]	170,771
Contract drilling	0	[1]	0		0	[2]	0
Gas gathering and processing	0	[1]	0		0	[2]	0
Total revenues	102,318	[1]	83,173		205,417	[2]	170,771
Operating costs:
Oil and natural gas	33,682		33,941		70,834		64,267
Contract drilling	0		0		0		0
Gas gathering and processing	0		0		0		0
Total operating costs	33,682		33,941		70,834		64,267
Depreciation, depletion, and amortization	31,554		23,558		62,337		45,084
Total expenses	65,236		57,499		133,171		109,351
Total operating income (loss)	37,082	[3]	25,674	[4]	72,246	[5]	61,420	[6]
General and administrative expense	0		0		0		0
Gain on disposition of assets	59		168		129		177
Gain (loss) on derivatives	0		0		0		0
Interest, net	0		0		0		0
Other	0		0		0		0
Income (loss) before income taxes	37,141		25,842		72,375		61,597
Drilling [Member]
Revenues:
Oil and natural gas	0	[1]	0		0	[2]	0
Contract drilling	52,767	[1]	44,844		103,477	[2]	82,029
Gas gathering and processing	0	[1]	0		0	[2]	0
Total revenues	52,767	[1]	44,844		103,477	[2]	82,029
Operating costs:
Oil and natural gas	0		0		0		0
Contract drilling	36,921		32,452		72,875		61,679
Gas gathering and processing	0		0		0		0
Total operating costs	36,921		32,452		72,875		61,679
Depreciation, depletion, and amortization	13,726		13,769		27,038		26,616
Total expenses	50,647		46,221		99,913		88,295
Total operating income (loss)	2,120	[3]	(1,377)	[4]	3,564	[5]	(6,266)	[6]
General and administrative expense	0		0		0		0
Gain on disposition of assets	57		31		84		38
Gain (loss) on derivatives	0		0		0		0
Interest, net	0		0		0		0
Other	0		0		0		0
Income (loss) before income taxes	2,177		(1,346)		3,648		(6,228)
Mid-Stream [Member]
Revenues:
Oil and natural gas	0	[1]	0		0	[2]	0
Contract drilling	0	[1]	0		0	[2]	0
Gas gathering and processing	75,406	[1]	63,111		150,056	[2]	129,575
Total revenues	75,406	[1]	63,111		150,056	[2]	129,575
Operating costs:
Oil and natural gas	0		0		0		0
Contract drilling	0		0		0		0
Gas gathering and processing	59,786		49,817		118,806		101,922
Total operating costs	59,786		49,817		118,806		101,922
Depreciation, depletion, and amortization	11,175		10,849		22,228		21,667
Total expenses	70,961		60,666		141,034		123,589
Total operating income (loss)	4,445	[3]	2,445	[4]	9,022	[5]	5,986	[6]
General and administrative expense	0		0		0		0
Gain on disposition of assets	45		44		79		44
Gain (loss) on derivatives	0		0		0		0
Interest, net	(304)		0		(453)		0
Other	0		0		0		0
Income (loss) before income taxes	4,186		2,489		8,648		6,030
Other Segments [Member]
Revenues:
Oil and natural gas	0	[1]	0		0	[2]	0
Contract drilling	0	[1]	0		0	[2]	0
Gas gathering and processing	0	[1]	0		0	[2]	0
Total revenues	0	[1]	0		0	[2]	0
Operating costs:
Oil and natural gas	0		0		0		0
Contract drilling	0		0		0		0
Gas gathering and processing	3,576		0		3,576		0
Total operating costs	3,576		0		3,576		0
Depreciation, depletion, and amortization	1,918		1,904		3,836		3,645
Total expenses	5,494		1,904		7,412		3,645
Total operating income (loss)	(5,494)	[3]	(1,904)	[4]	(7,412)	[5]	(3,645)	[6]
General and administrative expense	(8,712)		(8,713)		(19,474)		(17,667)
Gain on disposition of assets	0		5		30		813
Gain (loss) on derivatives	(14,461)		8,902		(21,223)		23,633
Interest, net	(7,425)		(9,467)		(17,280)		(18,863)
Other	3,581		6		3,587		9
Income (loss) before income taxes	(32,511)		(11,171)		(61,772)		(15,720)
Eliminations [Member]
Revenues:
Oil and natural gas	0		0		0		0
Contract drilling	(5,841)		(5,589)		(10,562)		(5,589)
Gas gathering and processing	(21,347)		(14,958)		(39,953)		(30,481)
Total revenues	(27,188)		(20,547)		(50,515)		(36,070)
Operating costs:
Oil and natural gas	(1,264)		(1,183)		(2,454)		(2,305)
Contract drilling	(5,027)		(5,213)		(9,314)		(5,213)
Gas gathering and processing	(23,659)		(13,775)		(41,075)		(28,176)
Total operating costs	(29,950)		(20,171)		(52,843)		(35,694)
Depreciation, depletion, and amortization	0		0		0		0
Total expenses	(29,950)		(20,171)		(52,843)		(35,694)
Total operating income (loss)	2,762	[3]	(376)	[4]	2,328	[5]	(376)	[6]
General and administrative expense	0		0		0		0
Gain on disposition of assets	0		0		0		0
Gain (loss) on derivatives	0		0		0		0
Interest, net	0		0		0		0
Other	(3,576)		0		(3,576)		0
Income (loss) before income taxes	$ (814)		$ (376)		$ (1,248)		$ (376)
[1]	The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time.
[2]	The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time.
[3]	Operating income (loss) is total operating revenues less operating expenses, depreciation, depletion, and amortization and does not include general corporate expenses, gain on disposition of assets, loss on derivatives, interest, net, other income, or income taxes.
[4]	Operating income (loss) is total operating revenues less operating expenses, depreciation, depletion, and amortization and does not include general corporate expenses, gain on disposition of assets, gain on derivatives, interest, net, other income, or income taxes.
[5]	Operating income (loss) is total operating revenues less operating expenses, depreciation, depletion, and amortization and does not include general corporate expenses, gain on disposition of assets, loss on derivatives, interest, net, other income, or income taxes.
[6]	Operating income (loss) is total operating revenues less operating expenses, depreciation, depletion, and amortization and does not include general corporate expenses, gain on disposition of assets, gain on derivatives, interest, net, other income, or income taxes.

Supplemental Condensed Consol71

Supplemental Condensed Consolidated Financial Information (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands	Jun. 30, 2018		Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 104,308				$ 701	$ 849		$ 893
Accounts receivable, net of allowance for doubtful accounts	113,377				111,512
Materials and supplies	501				505
Current derivative asset	127				721
Prepaid expenses and other	8,731				6,233
Total current assets	227,044				119,672
Oil and natural gas properties on the full cost method:
Proved properties	5,809,850				5,712,813
Unproved properties not being amortized	325,595				296,764
Drilling equipment	1,612,817				1,593,611
Gas gathering and processing equipment	736,488				726,236
Saltwater disposal systems	65,218				62,618
Corporate land and building	59,081				59,080
Transportation equipment	29,918				29,631
Other	56,381				53,439
Property, plant, and equipment, gross	8,695,348				8,534,192
Less accumulated depreciation, depletion, amortization, and impairment	6,263,504				6,151,450
Net property and equipment	2,431,844				2,382,742
Intercompany receivable	0				0
Goodwill	62,808				62,808
Investments	1,500				1,500
Other assets	26,613				14,730
Total assets	2,749,809	[1]			2,581,452
Current liabilities:
Accounts payable	114,411				112,648
Accrued liabilities	49,064				48,523
Income taxes payable	4,648				0
Current derivative liability	18,555				7,763
Current portion of other long-term liabilities	14,036			$ 15,750	13,002
Total current liabilities	200,714				181,936
Intercompany debt	0				0
Long-term debt					178,000
Bonds payable less debt issuance costs	643,371				642,276
Non-current derivative liability	910				0
Other long-term liabilities	102,928			109,940	100,203
Deferred income taxes	158,232			133,064	133,477
Shareholders' equity:
Preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued	0				0
Common stock, $.20 par value, 175,000,000 shares authorized, 54,089,366 shares issued	10,414				10,280
Capital in excess of par value	622,120				535,815
Accumulated other comprehensive income (loss)	(65)		$ (100)	63	63	20	$ 0	0
Retained earnings	811,781			$ 798,128	799,402
Total Unit Corporation shareholders’ equity	1,444,250				1,345,560
Non-controlling interests in consolidated subsidiaries	199,404				0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	1,643,654				1,345,560	1,244,463		1,194,070
Total liabilities and shareholders' equity	2,749,809	[1]			2,581,452
Consolidating Adjustments [Member]
Current assets:
Cash and cash equivalents	0				0	0		0
Accounts receivable, net of allowance for doubtful accounts	0				0
Materials and supplies	0				0
Current derivative asset	0				0
Prepaid expenses and other	0				0
Total current assets	0				0
Oil and natural gas properties on the full cost method:
Proved properties	0				0
Unproved properties not being amortized	0				0
Drilling equipment	0				0
Gas gathering and processing equipment	0				0
Saltwater disposal systems	0				0
Corporate land and building	0				0
Transportation equipment	0				0
Other	0				0
Property, plant, and equipment, gross	0				0
Less accumulated depreciation, depletion, amortization, and impairment	0				0
Net property and equipment	0				0
Intercompany receivable	(877,823)				(1,155,725)
Goodwill	0				0
Investments	(1,216,959)				(1,044,709)
Other assets	0				0
Total assets	(2,094,782)				(2,200,434)
Current liabilities:
Accounts payable	0				0
Accrued liabilities	0				0
Income taxes payable	0
Current derivative liability	0				0
Current portion of other long-term liabilities	0				0
Total current liabilities	0				0
Intercompany debt	(877,823)				(1,155,725)
Long-term debt					0
Bonds payable less debt issuance costs	0				0
Non-current derivative liability	0
Other long-term liabilities	0				0
Deferred income taxes	0				0
Shareholders' equity:
Preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued	0				0
Common stock, $.20 par value, 175,000,000 shares authorized, 54,089,366 shares issued	0				0
Capital in excess of par value	(242,963)				(61,470)
Accumulated other comprehensive income (loss)	0				0
Retained earnings	(973,996)				(983,239)
Total Unit Corporation shareholders’ equity	(1,216,959)				(1,044,709)
Non-controlling interests in consolidated subsidiaries	0				0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(1,216,959)				(1,044,709)
Total liabilities and shareholders' equity	(2,094,782)				(2,200,434)
Parent [Member]
Current assets:
Cash and cash equivalents	97,052				510	522		517
Accounts receivable, net of allowance for doubtful accounts	885				154
Materials and supplies	0				0
Current derivative asset	127				721
Prepaid expenses and other	2,643				2,986
Total current assets	100,707				4,371
Oil and natural gas properties on the full cost method:
Proved properties	0				0
Unproved properties not being amortized	0				0
Drilling equipment	0				0
Gas gathering and processing equipment	0				0
Saltwater disposal systems	0				0
Corporate land and building	0				0
Transportation equipment	9,244				9,270
Other	28,246				28,039
Property, plant, and equipment, gross	37,490				37,309
Less accumulated depreciation, depletion, amortization, and impairment	24,335				21,268
Net property and equipment	13,155				16,041
Intercompany receivable	877,823				1,155,725
Goodwill	0				0
Investments	1,216,959				1,044,709
Other assets	5,472				5,373
Total assets	2,214,116				2,226,219
Current liabilities:
Accounts payable	9,669				13,124
Accrued liabilities	21,618				26,165
Income taxes payable	4,648
Current derivative liability	18,555				7,763
Current portion of other long-term liabilities	615				657
Total current liabilities	55,105				47,709
Intercompany debt	0				0
Long-term debt					178,000
Bonds payable less debt issuance costs	643,371				642,276
Non-current derivative liability	910
Other long-term liabilities	12,613				11,257
Deferred income taxes	57,802				1,480
Shareholders' equity:
Preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued	0				0
Common stock, $.20 par value, 175,000,000 shares authorized, 54,089,366 shares issued	10,414				10,280
Capital in excess of par value	622,120				535,815
Accumulated other comprehensive income (loss)	0				0
Retained earnings	811,781				799,402
Total Unit Corporation shareholders’ equity	1,444,315				1,345,497
Non-controlling interests in consolidated subsidiaries	0				0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	1,444,315				1,345,497
Total liabilities and shareholders' equity	2,214,116				2,226,219
Combined Guarantor Subsidiaries [Member]
Current assets:
Cash and cash equivalents	254				191	327		376
Accounts receivable, net of allowance for doubtful accounts	84,851				83,442
Materials and supplies	501				505
Current derivative asset	0				0
Prepaid expenses and other	3,079				2,370
Total current assets	88,685				86,508
Oil and natural gas properties on the full cost method:
Proved properties	5,809,850				5,712,813
Unproved properties not being amortized	325,595				296,764
Drilling equipment	1,612,817				1,593,611
Gas gathering and processing equipment	0				0
Saltwater disposal systems	65,218				62,618
Corporate land and building	59,081				59,080
Transportation equipment	17,572				17,423
Other	28,135				25,400
Property, plant, and equipment, gross	7,918,268				7,767,709
Less accumulated depreciation, depletion, amortization, and impairment	5,896,900				5,807,757
Net property and equipment	2,021,368				1,959,952
Intercompany receivable	0				0
Goodwill	62,808				62,808
Investments	1,500				1,500
Other assets	6,225				6,328
Total assets	2,180,586				2,117,096
Current liabilities:
Accounts payable	81,827				81,334
Accrued liabilities	24,880				19,134
Income taxes payable	0
Current derivative liability	0				0
Current portion of other long-term liabilities	6,625				8,501
Total current liabilities	113,332				108,969
Intercompany debt	876,277				870,582
Long-term debt					0
Bonds payable less debt issuance costs	0				0
Non-current derivative liability	0
Other long-term liabilities	72,459				77,566
Deferred income taxes	100,430				85,443
Shareholders' equity:
Preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued	0				0
Common stock, $.20 par value, 175,000,000 shares authorized, 54,089,366 shares issued	0				0
Capital in excess of par value	45,921				45,921
Accumulated other comprehensive income (loss)	(65)				63
Retained earnings	972,232				928,552
Total Unit Corporation shareholders’ equity	1,018,088				974,536
Non-controlling interests in consolidated subsidiaries	0				0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	1,018,088				974,536
Total liabilities and shareholders' equity	2,180,586				2,117,096
Combined Non-Guarantor Subsidiaries [Member]
Current assets:
Cash and cash equivalents	7,002				0	$ 0		$ 0
Accounts receivable, net of allowance for doubtful accounts	27,641				27,916
Materials and supplies	0				0
Current derivative asset	0				0
Prepaid expenses and other	3,009				877
Total current assets	37,652				28,793
Oil and natural gas properties on the full cost method:
Proved properties	0				0
Unproved properties not being amortized	0				0
Drilling equipment	0				0
Gas gathering and processing equipment	736,488				726,236
Saltwater disposal systems	0				0
Corporate land and building	0				0
Transportation equipment	3,102				2,938
Other	0				0
Property, plant, and equipment, gross	739,590				729,174
Less accumulated depreciation, depletion, amortization, and impairment	342,269				322,425
Net property and equipment	397,321				406,749
Intercompany receivable	0				0
Goodwill	0				0
Investments	0				0
Other assets	14,916				3,029
Total assets	449,889				438,571
Current liabilities:
Accounts payable	22,915				18,190
Accrued liabilities	2,566				3,224
Income taxes payable	0
Current derivative liability	0				0
Current portion of other long-term liabilities	6,796				3,844
Total current liabilities	32,277				25,258
Intercompany debt	1,546				285,143
Long-term debt					0
Bonds payable less debt issuance costs	0				0
Non-current derivative liability	0
Other long-term liabilities	17,856				11,380
Deferred income taxes	0				46,554
Shareholders' equity:
Preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued	0				0
Common stock, $.20 par value, 175,000,000 shares authorized, 54,089,366 shares issued	0				0
Capital in excess of par value	197,042				15,549
Accumulated other comprehensive income (loss)	0				0
Retained earnings	1,764				54,687
Total Unit Corporation shareholders’ equity	198,806				70,236
Non-controlling interests in consolidated subsidiaries	199,404				0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	398,210				70,236
Total liabilities and shareholders' equity	$ 449,889				$ 438,571
[1]	Unit Corporation's consolidated total assets as of June 30, 2018 include total current and long-term assets of the variable interest entity (VIE) of $38.4 million and $412.2 million, respectively, which can only be used to settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of June 30, 2018 include total current and long-term liabilities of the VIE of $33.7 million and $17.9 million, respectively,

Supplemental Condensed Consol72

Supplemental Condensed Consolidated Financial Information (Condensed Consolidating Statements of Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Condensed Financial Statements, Captions [Line Items]
Revenues	$ 203,303	$ 170,581	$ 408,435	$ 346,305
Expenses:
Operating costs	104,015	96,039	213,248	192,174
Depreciation, depletion, and amortization	58,373	50,080	115,439	97,012
General and administrative	8,712	8,713	19,474	17,667
Gain on disposition of assets	(161)	(248)	(322)	(1,072)
Total operating expenses	170,939	154,584	347,839	305,781
Income from operations	32,364	15,997	60,596	40,524
Interest, net	(7,729)	(9,467)	(17,733)	(18,863)
Gain (loss) on derivatives	(14,461)	8,902	(21,223)	23,633
Other, net	5	6	11	9
Income (loss) before income taxes	10,179	15,438	21,651	45,303
Income tax expense (benefit)	2,029	6,379	5,636	20,315
Equity in net earnings from investment in subsidiaries, net of tax	0	0	0	0
Net income	8,150	9,059	16,015	24,988
Less: net income attributable to non-controlling interest	2,362	0	2,362	0
Net income attributable to Unit Corporation	5,788	9,059	13,653	24,988
Consolidating Adjustments [Member]
Condensed Financial Statements, Captions [Line Items]
Revenues	(27,188)	(20,547)	(50,515)	(36,070)
Expenses:
Operating costs	(26,374)	(20,171)	(49,267)	(35,694)
Depreciation, depletion, and amortization	0	0	0	0
General and administrative	0	0	0	0
Gain on disposition of assets	0	0	0	0
Total operating expenses	(26,374)	(20,171)	(49,267)	(35,694)
Income from operations	(814)	(376)	(1,248)	(376)
Interest, net	0	0	0	0
Gain (loss) on derivatives	0	0	0	0
Other, net	0	0	0	0
Income (loss) before income taxes	(814)	(376)	(1,248)	(376)
Income tax expense (benefit)	0	0	0	0
Equity in net earnings from investment in subsidiaries, net of tax	(23,558)	(10,338)	(45,283)	(23,409)
Net income	(24,372)	(10,714)	(46,531)	(23,785)
Less: net income attributable to non-controlling interest	0	0	0	0
Net income attributable to Unit Corporation	(24,372)	(10,714)	(46,531)	(23,785)
Parent [Member]
Condensed Financial Statements, Captions [Line Items]
Revenues	0	0	0	0
Expenses:
Operating costs	0	0	0	0
Depreciation, depletion, and amortization	1,918	1,904	3,836	3,645
General and administrative	0	0	0	0
Gain on disposition of assets	0	(5)	(30)	(813)
Total operating expenses	1,918	1,899	3,806	2,832
Income from operations	(1,918)	(1,899)	(3,806)	(2,832)
Interest, net	(7,425)	(9,290)	(17,280)	(18,500)
Gain (loss) on derivatives	(14,461)	8,902	(21,223)	23,633
Other, net	5	6	11	9
Income (loss) before income taxes	(23,799)	(2,281)	(42,298)	2,310
Income tax expense (benefit)	(6,029)	(1,002)	(10,668)	731
Equity in net earnings from investment in subsidiaries, net of tax	23,558	10,338	45,283	23,409
Net income	5,788	9,059	13,653	24,988
Less: net income attributable to non-controlling interest	0	0	0	0
Net income attributable to Unit Corporation	5,788	9,059	13,653	24,988
Combined Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Revenues	155,085	128,017	308,894	252,800
Expenses:
Operating costs	70,603	66,393	143,709	125,946
Depreciation, depletion, and amortization	45,280	37,327	89,375	71,700
General and administrative	8,655	6,899	16,884	13,797
Gain on disposition of assets	(116)	(199)	(213)	(215)
Total operating expenses	124,422	110,420	249,755	211,228
Income from operations	30,663	17,597	59,139	41,572
Interest, net	0	0	0	0
Gain (loss) on derivatives	0	0	0	0
Other, net	0	(1)	1	0
Income (loss) before income taxes	30,663	17,596	59,140	41,572
Income tax expense (benefit)	7,803	7,054	15,460	18,354
Equity in net earnings from investment in subsidiaries, net of tax	0	0	0	0
Net income	22,860	10,542	43,680	23,218
Less: net income attributable to non-controlling interest	0	0	0	0
Net income attributable to Unit Corporation	22,860	10,542	43,680	23,218
Combined Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Revenues	75,406	63,111	150,056	129,575
Expenses:
Operating costs	59,786	49,817	118,806	101,922
Depreciation, depletion, and amortization	11,175	10,849	22,228	21,667
General and administrative	57	1,814	2,590	3,870
Gain on disposition of assets	(45)	(44)	(79)	(44)
Total operating expenses	70,973	62,436	143,545	127,415
Income from operations	4,433	675	6,511	2,160
Interest, net	(304)	(177)	(453)	(363)
Gain (loss) on derivatives	0	0	0	0
Other, net	0	1	(1)	0
Income (loss) before income taxes	4,129	499	6,057	1,797
Income tax expense (benefit)	255	327	844	1,230
Equity in net earnings from investment in subsidiaries, net of tax	0	0	0	0
Net income	3,874	172	5,213	567
Less: net income attributable to non-controlling interest	2,362	0	2,362	0
Net income attributable to Unit Corporation	$ 1,512	$ 172	$ 2,851	$ 567

Supplemental Condensed Consol73

Supplemental Condensed Consolidated Financial Information (Condensed Consolidating Statements of Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Condensed Financial Statements, Captions [Line Items]
Net income	$ 8,150	$ 9,059	$ 16,015	$ 24,988
Other comprehensive income (loss)	35	20	(141)	20
Comprehensive income	8,185	9,079	15,874	25,008
Less: Comprehensive income attributable to non-controlling interest	2,362	0	2,362	0
Comprehensive income attributable to Unit Corporation	5,823	9,079	13,512	25,008
Consolidating Adjustments [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	(24,372)	(10,714)	(46,531)	(23,785)
Other comprehensive income (loss)	0	0	0	0
Comprehensive income	(24,372)	(10,714)	(46,531)	(23,785)
Less: Comprehensive income attributable to non-controlling interest	0	0	0	0
Comprehensive income attributable to Unit Corporation	(24,372)	(10,714)	(46,531)	(23,785)
Parent [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	5,788	9,059	13,653	24,988
Other comprehensive income (loss)	0	0	0	0
Comprehensive income	5,788	9,059	13,653	24,988
Less: Comprehensive income attributable to non-controlling interest	0	0	0	0
Comprehensive income attributable to Unit Corporation	5,788	9,059	13,653	24,988
Combined Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	22,860	10,542	43,680	23,218
Other comprehensive income (loss)	35	20	(141)	20
Comprehensive income	22,895	10,562	43,539	23,238
Less: Comprehensive income attributable to non-controlling interest	0	0	0	0
Comprehensive income attributable to Unit Corporation	22,895	10,562	43,539	23,238
Combined Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	3,874	172	5,213	567
Other comprehensive income (loss)	0	0	0	0
Comprehensive income	3,874	172	5,213	567
Less: Comprehensive income attributable to non-controlling interest	2,362	0	2,362	0
Comprehensive income attributable to Unit Corporation	$ 1,512	$ 172	$ 2,851	$ 567

Supplemental Condensed Consol74

Supplemental Condensed Consolidated Financial Information (Condensed Consolidating Statements of Cash Flows (Unaudited)) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	$ 154,693	$ 117,055
INVESTING ACTIVITIES:
Capital expenditures	(189,916)	(107,933)
Producing properties and other acquisitions	(962)	(52,956)
Proceeds from disposition of assets	23,528	19,556
Other	0	(1,500)
Net cash used in investing activities	(167,350)	(142,833)
FINANCING ACTIVITIES:
Borrowings under credit agreement	71,200	160,600
Payments under credit agreement	(249,200)	(156,500)
Intercompany borrowings (advances), net	0	0
Payments on capitalized leases	(1,901)	(1,901)
Proceeds from investments of non-controlling interests	300,000	0
Transaction costs associated with non-controlling interests	(2,254)	0
Proceeds from issuance of common stock, net of issuance costs	0	18,623
Book overdrafts	(1,581)	4,912
Net cash provided in financing activities	116,264	25,734
Net increase (decrease) in cash and cash equivalents	103,607	(44)
Cash and cash equivalents, beginning of period	701	893
Cash and cash equivalents, end of period	104,308	849
Consolidating Adjustments [Member]
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	126,993	0
INVESTING ACTIVITIES:
Capital expenditures	0	0
Producing properties and other acquisitions	0	0
Proceeds from disposition of assets	0	0
Other		0
Net cash used in investing activities	0	0
FINANCING ACTIVITIES:
Borrowings under credit agreement	0	0
Payments under credit agreement	0	0
Intercompany borrowings (advances), net	(126,993)	0
Payments on capitalized leases	0	0
Proceeds from investments of non-controlling interests	0
Transaction costs associated with non-controlling interests	0
Proceeds from issuance of common stock, net of issuance costs		0
Book overdrafts	0	0
Net cash provided in financing activities	(126,993)	0
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	0	0
Parent [Member]
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	(102,500)	(13,497)
INVESTING ACTIVITIES:
Capital expenditures	(13)	(3,380)
Producing properties and other acquisitions	0	0
Proceeds from disposition of assets	30	955
Other		0
Net cash used in investing activities	17	(2,425)
FINANCING ACTIVITIES:
Borrowings under credit agreement	71,200	160,600
Payments under credit agreement	(249,200)	(156,500)
Intercompany borrowings (advances), net	277,902	(11,708)
Payments on capitalized leases	0	0
Proceeds from investments of non-controlling interests	102,958
Transaction costs associated with non-controlling interests	(2,254)
Proceeds from issuance of common stock, net of issuance costs		18,623
Book overdrafts	(1,581)	4,912
Net cash provided in financing activities	199,025	15,927
Net increase (decrease) in cash and cash equivalents	96,542	5
Cash and cash equivalents, beginning of period	510	517
Cash and cash equivalents, end of period	97,052	522
Combined Guarantor Subsidiaries [Member]
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	145,000	106,718
INVESTING ACTIVITIES:
Capital expenditures	(173,097)	(97,337)
Producing properties and other acquisitions	(962)	(52,956)
Proceeds from disposition of assets	23,427	18,557
Other		(1,500)
Net cash used in investing activities	(150,632)	(133,236)
FINANCING ACTIVITIES:
Borrowings under credit agreement	0	0
Payments under credit agreement	0	0
Intercompany borrowings (advances), net	5,695	26,469
Payments on capitalized leases	0	0
Proceeds from investments of non-controlling interests	0
Transaction costs associated with non-controlling interests	0
Proceeds from issuance of common stock, net of issuance costs		0
Book overdrafts	0	0
Net cash provided in financing activities	5,695	26,469
Net increase (decrease) in cash and cash equivalents	63	(49)
Cash and cash equivalents, beginning of period	191	376
Cash and cash equivalents, end of period	254	327
Combined Non-Guarantor Subsidiaries [Member]
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	(14,800)	23,834
INVESTING ACTIVITIES:
Capital expenditures	(16,806)	(7,216)
Producing properties and other acquisitions	0	0
Proceeds from disposition of assets	71	44
Other		0
Net cash used in investing activities	(16,735)	(7,172)
FINANCING ACTIVITIES:
Borrowings under credit agreement	0	0
Payments under credit agreement	0	0
Intercompany borrowings (advances), net	(156,604)	(14,761)
Payments on capitalized leases	(1,901)	(1,901)
Proceeds from investments of non-controlling interests	197,042
Transaction costs associated with non-controlling interests	0
Proceeds from issuance of common stock, net of issuance costs		0
Book overdrafts	0	0
Net cash provided in financing activities	38,537	(16,662)
Net increase (decrease) in cash and cash equivalents	7,002	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	$ 7,002	$ 0