Unit (UNTC) 10-Q 28 Jan 21 2020 Q3 Quarterly report Financial data

Document

Document - shares	9 Months Ended
	Sep. 30, 2020	Oct. 23, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	1-9260
Entity Registrant Name	UNIT CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	73-1283193
Entity Address, Address Line One	8200 South Unit Drive,
Entity Address, City or Town	Tulsa,
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	74132
City Area Code	(918)
Local Phone Number	493-7700
Title of 12(b) Security	N/A
Trading Symbol	N/A
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		0
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000798949

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents		$ 29,784	$ 571
Restricted cash (Note 3)		7,458
Accounts receivable, net of allowance for doubtful accounts of $3,783 and $2,332 at September 30, 2020 and December 31, 2019, respectively		52,824	82,656
Materials and supplies		0	449
Current derivative asset (Note 13)		2,367	633
Current income taxes receivable		850	1,756
Assets held for sale (Note 6)		0	5,908
Prepaid expenses and other		12,531	13,078
Total current assets		105,814	105,051
Oil and natural gas properties on the full cost method:
Proved properties		238,766	6,341,582
Unproved properties not being amortized		735	252,874
Drilling equipment		63,541	1,295,713
Gas gathering and processing equipment		250,608	824,699
Saltwater disposal systems		0	69,692
Land and building		32,635	59,080
Transportation equipment		3,291	29,723
Other		9,961	57,992
Property, plant, and equipment, gross		599,537	8,931,355
Less accumulated depreciation, depletion, amortization, and impairment		20,907	6,978,669
Net property and equipment		578,630	1,952,686
Right of use asset (Note 15)		6,488	5,673
Other assets		17,628	26,642
Total assets	[1]	708,560	2,090,052
Current liabilities:
Accounts payable		37,307	84,481
Accrued liabilities (Note 8)		28,175	46,562
Current operating lease liability (Note 15)		3,985	3,430
Current portion of long-term debt (Note 9)		400	108,200
Current derivative liabilities (Note 13)		1,114	0
Warrant liability (Note 2)		885	0
Current portion of other long-term liabilities (Note 9)		12,324	17,376
Total current liabilities		84,190	260,049
Long-term debt less debt issuance costs (Note 9)		143,600	663,216
Non-current derivative liabilities (Note 13)		1,749	27
Operating lease liability (Note 15)		2,431	2,071
Other long-term liabilities (Note 9)		43,790	95,341
Deferred income taxes		0	13,713
Commitments and contingencies (Note 16)
Shareholders' equity:
Predecessor preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued at December 31, 2019		0	0
Successor preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued at September 30, 2020		0	0
Predecessor common stock, $0.20 par value, 175,000,000 shares authorized, 55,493,393 shares issued as of December 31, 2019		120	10,591
Successor common stock, $0.01 par value, 25,000,000 shares authorized, 12,000,000 shares issued as of September 30, 2020		120	10,591
Predecessor capital in excess of par value		197,212	644,152
Successor capital in excess of par value		197,212	644,152
Retained earnings (deficit)		(8,968)	199,135
Total shareholders’ equity attributable to Unit Corporation		188,364	853,878
Non-controlling interests in consolidated subsidiaries		244,436	201,757
Total shareholders' equity		432,800	1,055,635
Total liabilities and shareholders' equity	[1]	$ 708,560	$ 2,090,052
[1]	Unit Corporation's consolidated total assets as of September 30, 2020 include total current and long-term assets of its variable interest entity (VIE) (Superior Pipeline Company, L.L.C.) of $45.9 million and $257.0 million, respectively, which can only settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of September 30, 2020 include total current and long-term liabilities of the VIE of $26.5 million and $15.6 million, respectively, for which the creditors of the VIE have no recourse to Unit Corporation. Unit Corporation's consolidated total assets as of December 31, 2019 include total current and long-term assets of the VIE of $28.8 million and $434.3 million, respectively, which can only settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of December 31, 2019 include total current and long-term liabilities of the VIE of $32.2 million and $26.0 million, respectively, for which the creditors of the VIE have no recourse to Unit Corporation. See Note 17 – Variable Interest Entity Arrangements.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 3,783	$ 2,332
Preferred stock, par value	$ 0.01	$ 1
Preferred stock, shares authorized	1,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.20
Common stock, shares authorized	25,000,000	175,000,000
Common stock, shares issued	12,000,000	55,443,393
VIE Current Assets Pledged	$ 45,900	$ 28,800
VIE Non-current Assets Pledged	257,000	434,300
VIE Current Liabilities, No Recourse	26,500	32,200
VIE Non-current Liabilities, No Recourse	$ 15,600	$ 26,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	1 Months Ended		2 Months Ended		3 Months Ended		8 Months Ended		9 Months Ended
	Sep. 30, 2020		Aug. 31, 2020		Sep. 30, 2019		Aug. 31, 2020		Sep. 30, 2019
Revenues:
Revenues	$ 32,846	[1]	$ 65,574	[1]	$ 155,439	[1]	$ 276,957	[1]	$ 510,276
Operating costs:
Operating costs	19,515		38,720		92,653		237,546		294,164
Depreciation, depletion, and amortization	7,467		17,919		70,214		115,496		198,632
Impairments (Note 4)	13,237		16,572		234,880		867,814		234,880
Loss on abandonment of assets (Note 4)	0		1,179		0		18,733		0
General and administrative	1,582		5,399		10,094		42,766		29,899
(Gain) loss on disposition of assets	(222)		(1,356)		231		(89)		1,424
Total operating expenses	41,579		78,433		408,072		1,282,266		758,999
Loss from operations	(8,733)		(12,859)		(252,633)		(1,005,309)		(248,723)
Other income (expense):
Interest, net	(826)		(1,959)		(9,534)		(22,824)		(27,067)
Write-off of debt issuance costs (Note 9)	0		0				(2,426)		0
Gain (loss) on derivatives (Note 13)	3,939		(4,250)		4,237		(10,704)		5,232
Reorganization items, net (Note 3)	(1,155)		141,002		0		133,975		0
Other, net	39		1,931		(622)		2,034		(611)
Total other income (expense)	1,997		136,724		(5,919)		100,055		(22,446)
Income (loss) before income taxes	(6,736)		123,865		(258,552)		(905,254)		(271,169)
Income tax benefit:
Current	0						(917)		0
Deferred	0		(4,750)		(50,763)		(13,713)		(53,081)
Total income taxes	0		(4,750)		(50,763)		(14,630)		(53,081)
Net income (loss)	(6,736)		128,615		(207,789)		(890,624)		(218,088)
Net income (loss) attributable to non-controlling interest	2,232		73,484		(903)		40,388		811
Net income (loss) attributable to Unit Corporation	$ (8,968)		$ 55,131		$ (206,886)		$ (931,012)		$ (218,899)
Net income (loss) attributable to Unit Corporation per common share (Note 7):
Basic	$ (0.75)		$ 1.03		$ (3.91)		$ (17.45)		$ (4.14)
Diluted			$ 1.03		$ (3.91)		$ (17.45)		$ (4.14)
Oil and natural gas
Revenues:
Revenues	$ 13,643	[1]	$ 27,961	[1]	$ 78,045	[1]	$ 103,439	[1]	$ 241,955
Operating costs:
Operating costs	6,674		15,488		35,364		117,691		104,320
Contract drilling
Revenues:
Revenues	4,414	[1]	7,685	[1]	37,596	[1]	73,519	[1]	131,788
Operating costs:
Operating costs	2,989		5,410		28,796		51,810		89,505
Gas gathering and processing
Revenues:
Revenues	14,789	[1]	29,928	[1]	39,798	[1]	99,999	[1]	136,533
Operating costs:
Operating costs	$ 9,852		$ 17,822		$ 28,493		$ 68,045		$ 100,339
[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.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	2 Months Ended	8 Months Ended
	Aug. 31, 2020	Aug. 31, 2020
Income Statement [Abstract]
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations	$ 7,000	$ 12,400

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended					8 Months Ended	9 Months Ended
	Sep. 30, 2020	Aug. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Aug. 31, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (6,736)	$ 128,615	$ (215,565)	$ (803,674)	$ (207,789)	$ (8,017)	$ (2,282)	$ (890,624)	$ (218,088)
Reclassification adjustment for write-down of securities, net of tax	0	0			487			0	481
Comprehensive income (loss)	(6,736)	128,615			(207,302)	$ (8,047)	$ (2,258)	(890,624)	(217,607)
Less: Comprehensive income (loss) attributable to non-controlling interest	2,232	73,484			(903)			40,388	811
Comprehensive income (loss) attributable to Unit Corporation	$ (8,968)	$ 55,131			$ (206,399)			$ (931,012)	$ (218,418)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	8 Months Ended	9 Months Ended
	Sep. 30, 2020	Aug. 31, 2020	Sep. 30, 2019	Aug. 31, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss) before Reclassifications, Tax	$ 0	$ 0	$ (45)	$ 0	$ (47)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($)	Total	Common Stock [Member]	Capital In Excess of Par Value [Member]	Accumulated other comprehensive income (loss) [Member]	Retained earnings (deficit) [Member]	Non-controlling interests in consolidated subsidiaries [Member]
Total shareholders' equity	$ 1,593,444,000	$ 10,414,000	$ 628,108,000	$ (481,000)	$ 752,840,000	$ 202,563,000
Net income (loss)	(2,282,000)	0	0	0	(3,504,000)	1,222,000
Unrealized loss on securities, net of tax	24,000	0	0	24,000	0	0
Total comprehensive loss	(2,258,000)
Distributions to non-controlling interest	(918,000)	0	0	0	0	(918,000)
Activity in employee compensation plans	5,417,000	164,000	5,253,000	0	0	0
Net income (loss)	(218,088,000)
Reclassification adjustment for write-down of securities, net of tax	481,000
Total comprehensive loss	(217,607,000)
Total shareholders' equity	1,595,859,000	10,578,000	633,361,000	(457,000)	749,510,000	202,867,000
Net income (loss)	(8,017,000)	0	0	0	(8,509,000)	492,000
Unrealized loss on securities, net of tax	(30,000)	0	0	(30,000)	0	0
Total comprehensive loss	(8,047,000)
Activity in employee compensation plans	5,420,000	12,000	5,408,000	0	0	0
Total shareholders' equity	1,593,232,000	10,590,000	638,769,000	(487,000)	741,001,000	203,359,000
Net income (loss)	(207,789,000)	0	0	0	(206,886,000)	(903,000)
Reclassification adjustment for write-down of securities, net of tax	487,000	0	0	487,000	0	0
Total comprehensive loss	(207,302,000)
Activity in employee compensation plans	5,303,000	0	5,273,000	0	0	30,000
Total shareholders' equity	1,391,233,000	10,590,000	644,042,000	0	534,115,000	202,486,000
Total shareholders' equity	1,055,635,000	10,591,000	644,152,000	0	199,135,000	201,757,000
Net income (loss)	(803,674,000)	0	0	0	(770,494,000)	(33,180,000)
Activity in employee compensation plans	2,525,000	103,000	2,391,000	0	0	31,000
Net income (loss)	(890,624,000)
Unrealized loss on securities, net of tax	0
Reclassification adjustment for write-down of securities, net of tax	0
Total comprehensive loss	(890,624,000)
Total shareholders' equity	254,486,000	10,694,000	646,543,000	0	(571,359,000)	168,608,000
Net income (loss)	(215,565,000)	0	0	0	(215,649,000)	84,000
Activity in employee compensation plans	1,611,000	10,000	1,585,000	0	0	16,000
Total shareholders' equity	40,532,000	10,704,000	648,128,000	0	(787,008,000)	168,708,000
Net income (loss)	128,615,000	0	0	0	55,131,000	73,484,000
Unrealized loss on securities, net of tax	0
Reclassification adjustment for write-down of securities, net of tax	0
Total comprehensive loss	128,615,000
Activity in employee compensation plans	2,033,000	0	2,025,000	0	0	8,000
Issuance of successor common stock	197,323,000	120,000	197,203,000	0	0	0
Total shareholders' equity	171,180,000	10,704,000	650,153,000	0	(731,877,000)	242,200,000
Net income (loss)	(6,736,000)	0	0	0	(8,968,000)	2,232,000
Reclassification adjustment for write-down of securities, net of tax	0
Total comprehensive loss	(6,736,000)
Activity in employee compensation plans	13,000	0	9,000	0	0	4,000
Total shareholders' equity	439,523,000	120,000	197,203,000	0	0	242,200,000
Total shareholders' equity	$ 432,800,000	$ 120,000	$ 197,212,000	$ 0	$ (8,968,000)	$ 244,436,000

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	1 Months Ended	8 Months Ended	9 Months Ended
	Sep. 30, 2020	Aug. 31, 2020	Sep. 30, 2019
OPERATING ACTIVITIES:
Net income (loss)	$ (6,736)	$ (890,624)	$ (218,088)
Adjustments to reconcile net loss to net cash provided (used) by operating activities:
Depreciation, depletion, and amortization	7,467	115,496	198,632
Impairments (Note 4)	13,237	867,814	234,880
Loss on abandonment of assets (Note 4)	0	18,733	0
Amortization of debt issuance costs and debt discount	0	1,079	1,677
(Gain) loss on derivatives (Note 13)	(3,939)	10,704	(5,232)
Cash receipts (payments) on derivatives settled (Note 13)	(1,418)	(4,244)	11,829
Loss on disposition of assets	(222)	(89)	1,424
Write-off of debt issuance costs	0	(2,426)	0
Deferred tax benefit	0	(13,713)	(53,081)
Employee stock compensation plans	13	4,786	17,027
Bad debt expense	0	3,155	0
ARO liability accretion (Note 10)	116	1,545	1,770
Contract assets and liabilities, net (Note 5)	324	2,459	(1,930)
Noncash reorganization items	1,024	(138,797)	0
Other, net	(2,623)	12,164	562
Changes in operating assets and liabilities increasing (decreasing) cash:
Accounts receivable	(2,202)	28,880	38,821
Material and supplies	0	89	(51)
Prepaid expenses and other	194	(3,849)	(1,873)
Accounts payable	2,366	(18,381)	(31,606)
Accrued liabilities	2,082	44,811	17,086
Income taxes	0	906	0
Contract advances	(9)	(394)	7,603
Net cash provided by operating activities	9,674	44,956	219,450
INVESTING ACTIVITIES:
Capital expenditures	(1,598)	(25,775)	(364,954)
Producing properties and other acquisitions	0	(382)	(3,345)
Proceeds from disposition of property and equipment	576	6,018	10,506
Net cash used in investing activities	(1,022)	(20,139)	(357,793)
FINANCING ACTIVITIES:
Borrowings under line of credit, including borrowings under DIP credit facility	0	87,400	392,200
Payments under line of credit	(4,000)	(64,100)	(254,000)
DIP financing costs	0	990	0
Exit facility financing costs	0	3,225	0
Net payments on finance leases	(350)	(2,757)	(2,984)
Employee taxes paid by withholding shares	0	(43)	(4,080)
Distributions to non-controlling interest	0	0	(918)
Bank overdrafts	0	8,733	(2,285)
Net cash provided by (used in) financing activities	(4,350)	7,552	132,503
Net increase (decrease) in cash and cash equivalents	4,302	32,369	(5,840)
Cash, restricted cash, and cash equivalents, beginning of year	32,940	571	6,452
Cash, restricted cash, and cash equivalents, end of year	$ 37,242	$ 32,940	$ 612

Condensed Consolidated Statem_7

Condensed Consolidated Statement of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	1 Months Ended	8 Months Ended	9 Months Ended
	Sep. 30, 2020	Aug. 31, 2020	Sep. 30, 2019
Cash paid during the year for:
Interest paid (net of capitalized)	$ 251	$ 6,417	$ 13,686
Income taxes	0	0	0
Reorganization items	131	4,822	0
Changes in accounts payable and accrued liabilities related to purchases of property, plant, and equipment	(128)	8,561	40,210
Non-cash reductions to oil and natural gas properties related to asset retirement obligations	(215)	29,189	1,906
Non-cash trade of property, plant, and equipment	$ 0	$ 1,403	$ 0

Basis of Preparation and Presen

Basis of Preparation and Presentation	9 Months Ended
	Sep. 30, 2020
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, (SP Investor) which qualifies as a Variable Interest Entity (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 to direct those activities that most significantly affect the economic performance of Superior as further described in Note 17 – Variable Interest Entity Arrangements. Intercompany balances and transactions have been eliminated. 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. The condensed consolidated financial statements are unaudited and under the rules and regulations of the SEC do not include all the notes in our annual financial statements. This report should be read along with the audited consolidated financial statements and notes in our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 16, 2020. In the opinion of our management, the unaudited condensed consolidated financial statements contain all normal recurring adjustments (including the elimination of all intercompany transactions) and are fairly stated. Operating results for the eight months ended August 31, 2020 (Predecessor) and one month ended September 30, 2020 (Successor), are not necessarily indicative of the results that may be expected for the period from the Effective Date to December 31, 2020 (Successor). Certain amounts in this report for prior periods have been reclassified to conform to current year presentation. The reclassification had no impact to consolidated net income (loss) or shareholders' equity. Comparability of Financial Statements to Prior Periods As discussed in further detail in Note 3 – Fresh Start Accounting, the following unaudited condensed consolidated financial statements have been prepared in accordance with Financial Accounting Standard Board (FASB) ASC Topic 852, Reorganizations . We evaluated the events between September 1, 2020 and September 3, 2020 and concluded that the use of an accounting convenience date of September 1, 2020 (Fresh Start Reporting Date) would not have a material impact to the condensed consolidated financial statements. This was reflected in our condensed consolidated balance sheet as of September 1, 2020. Accordingly, our Condensed Consolidated Financial Statements and Notes after September 1, 2020, are not comparable to the Condensed Consolidated Financial Statements and Notes before that date. To facilitate the financial statement presentations, we refer to the reorganized company in these unaudited condensed consolidated financial statements and notes as the "Successor" for periods subsequent to August 31, 2020, and "Predecessor" for periods prior to September 1, 2020. Furthermore, the unaudited condensed consolidated financial statements and notes have been presented with a "black line" division to delineate the lack of comparability between the Predecessor and Successor. We have applied the relevant guidance provided in U.S. GAAP regarding the accounting and financial statement disclosures for entities that have filed petitions with the bankruptcy court and reorganized as going concerns in preparing the condensed consolidated financial statements and notes through the period ended August 31, 2020, or Predecessor periods. That guidance requires, for periods after our bankruptcy filing on May 22, 2020, or post-petition periods, certain transactions and events that were directly related to our reorganization be distinguished from our normal business operations. Accordingly, certain expenses, realized gains, and losses and provisions that were realized or incurred in the bankruptcy proceedings have been included in "Reorganization items, net" on our condensed Consolidated Statements of Operations. In addition, certain liabilities and other obligations incurred before May 22, 2020, or pre-petition periods, have been classified as "Liabilities subject to compromise" on our Predecessor Condensed Consolidated Balance Sheet through August 31, 2020. See Note 3 – Fresh Start Accounting for further detail. Changes in Accounting Policies Upon emergence from bankruptcy, the company elected to change the accounting policies related to depreciation of fixed assets of our Contract Drilling segment and the allocation of earnings and losses between Unit and its partners in Superior. Depreciation Prior to emergence from bankruptcy, the company recorded depreciation of drilling equipment using the units-of-production method based on estimated useful lives starting at 15 years, including a minimum provision of 20% of the active rate when the equipment was idle, except when idle for greater than 48 months, then it was depreciated at the full active rate. The company also utilized the composite method of depreciation for drill pipe and collars to calculate the depreciation by footage actually drilled compared to total estimated remaining footage. As of emergence, the company elected to depreciate all drilling assets utilizing the straight-line method over the useful lives of the assets ranging from four to ten years. Earnings/Losses Allocation Historically, the company allocated earnings and losses between Unit and the partners in Superior based on the ownership percentage (50/50) of the joint venture. Upon emergence, the company elected to allocate earnings and losses using the Hypothetical Liquidation at Book Value (HLBV) method of accounting. The HLBV is a balance-sheet approach that calculates the amount we would have received if Superior were liquidated at book value at the end of each measurement period. For additional information on the allocation of earnings, see Note 17 – Variable Interest Entity Arrangements.

Emergence from Voluntary Reorga

Emergence from Voluntary Reorganization Under Chapter 11	May 22, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reorganization under Chapter 11 of US Bankruptcy Code Disclosure	EMERGENCE FROM VOLUNTARY REORGANIZATION UNDER CHAPTER 11 Voluntary Reorganization Under Chapter 11 of the Bankruptcy Code On May 22, 2020 (Petition Date), Unit together with its wholly owned subsidiaries, Unit Drilling Company (UDC); Unit Petroleum Company (UPC); 8200 Unit Drive, L.L.C. (8200 Unit); Unit Drilling Colombia, L.L.C. (Unit Drilling Colombia); and Unit Drilling USA Colombia, L.L.C. (Unit Drilling USA, together with Unit, UPC, UDC, 8200 Unit and Unit Drilling Colombia, the Debtors), filed voluntary petitions (Bankruptcy Petitions) for reorganization under Chapter 11 of Title 11 of the United States Code (Bankruptcy Code) in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (Bankruptcy Court). The Chapter 11 proceedings were jointly administered under Case No. 20-32740 (DRJ) (Chapter 11 Cases). During the pendency of the Chapter 11 Cases, the Debtors operated their business as "debtors-in-possession" under the jurisdiction of the Bankruptcy Court and under the provisions of the Bankruptcy Code and orders of the Bankruptcy Court. On August 6, 2020, the Bankruptcy Court entered the “Findings of Fact, Conclusions of Law, and Order (I) Approving the Disclosure Statement on a Final Basis and (II) Confirming the Debtors’ Amended Joint Chapter 11 Plan of Reorganization” (the Plan) [Docket No. 340] (Confirmation Order) confirming the Plan and approving the disclosure statement on a final basis. On September 3, 2020 (Effective Date) the conditions to effectiveness for the Plan were satisfied, and the Debtors emerged from Chapter 11. Following emergence, the company implemented the provisions of the Plan as follows: • Each lender under the (i) the Senior Credit Agreement dated as of September 13, 2011 (as amended, the Unit credit agreement, and the loan facility, the Unit credit facility), by and among the company, UPC and UDC, as borrowers, the lenders party thereto and BOKF, NA dba Bank of Oklahoma, as administrative agent and (ii) the $36.0 million multi-draw loan facility (DIP credit facility) under the Superpriority Senior Secured Debtor-in-Possession Credit Agreement dated May 27, 2020 (DIP credit agreement), by and among the Debtors, the RBL Lenders (in such capacity, the DIP Lenders) and BOKF, NA dba Bank of Oklahoma, as administrative agent received its pro rata share of revolving loans, term loans and letter of credit participations under the exit facility described below, in exchange for the lender’s allowed claims under the Unit credit facility or DIP credit facility; • Each lender under the Unit credit facility and the DIP credit facility received (or will receive promptly after providing the company with its brokerage account information) its pro rata share of an equity fee under the exit facility equal to 5% of the New Common Stock (subject to dilution by shares reserved for issuance under a management incentive plan and upon exercise of the warrants described below); • The company issued a total of 12.0 million common shares of the reorganized Unit (New Common Stock) at a par value of $0.01 per share to be subsequently distributed in accordance with the Plan; • Each holder of 6.625% senior subordinated notes due 2021 (Notes) received its pro rata share of New Common Stock based on equity allocations at each of Unit, UDC and UPC in exchange for the holder’s allowed Notes claim; • Each holder of an allowed general unsecured claim against Unit or UPC is entitled to receive its pro rata share of New Common Stock based on equity allocations at each of Unit and UPC, respectively; • A disputed claims reserve was established for distribution of New Common Stock on allowance of certain disputed general unsecured claims; • Each holder of an allowed general unsecured claim against UDC, 8200 Unit, Unit Drilling Colombia and Unit Drilling USA received payment or will receive in full of that claim in the ordinary course of business; and • Each retained or former employee with a claim for vested severance benefits, who opted in to a settlement, received or will receive cash payment(s) for the claim in lieu of an allocation of New Common Stock otherwise provided to holders of general unsecured claims. On December 11, 2020, approximately 10.5 million shares of New Common Stock were distributed to the holders of the Notes who were entitled to receive their pro rata share of New Common Stock based on equity allocations at each of Unit, UDC, and UPC in exchange for the holder’s allowed Notes claim. The remaining 1.5 million shares are being held for the Disputed Claims Reserve. All shares of New Common Stock are subject to the transfer restrictions in Article XIV of the company’s Amended and Restated Certificate of Incorporation (Charter). Article XIV of the Charter provides that, subject to the exceptions provided in Article XIV, any attempted transfer of the New Common Stock will be prohibited and void ab initio if (i) because of the transfer, any person becomes a Substantial Stockholder (as defined below) other than by reason of Treasury Regulations section 1.382-2T(j)(3) or (ii) the Percentage Stock Ownership (as defined in the Charter) interest of any Substantial Stockholder will be increased. A “Substantial Stockholder” means a person with a Percentage Stock Ownership of 4.75% or more. Warrants Each holder of the company’s common stock outstanding before the Effective Date (Predecessor Common Stock) that did not opt out of the release under the Plan, is entitled to receive its pro rata share of seven-year warrants (Warrants) to purchase an aggregate of 12.5% of the shares of New Common Stock, at an aggregate exercise price equal to the $650.0 million principal amount of the Notes plus interest thereon to the May 15, 2021 maturity date of the Notes. On the Effective Date, the company entered into a Warrant Agreement (Warrant Agreement) with American Stock Transfer & Trust Company, LLC. The Warrants will expire on the earliest of (i) September 3, 2027, (ii) the consummation of a Cash Sale (as defined in the Warrant Agreement) or (iii) the consummation of a liquidation, dissolutions or winding up of the company (such earliest date, the Expiration Date). Each Warrant that is not exercised on or before the Expiration Date will expire, and all rights under such Warrant and the Warrant Agreement will cease on the Expiration Date. On December 21, 2020, the company issued approximately 1.8 million Warrants to the holders of the Predecessor Common Stock that did not opt out of the releases under the Plan and owned their shares of Predecessor Common Stock in street name through the facilities of the DTC. The company expects to issue approximately 79,000 more Warrants to the holders of the Predecessor Common Stock that did not opt out of the releases under the Plan and owned their shares through direct registration with the company’s transfer agent (Direct Registration). Under the Plan, additional Warrants will be issued in book-entry form through the facilities of the DTC, and each holder owning shares of Predecessor Common Stock through Direct Registration must provide that holder’s brokerage account information to the company to receive holder’s distribution of Warrants. Any distribution not made will be deemed forfeited at the first anniversary of the Effective Date. The Warrants are currently accounted for as a derivative liability as they are not indexed to the New Common Stock until all outstanding claims have been satisfied and the strike price for the Warrants can be determined. Accordingly, the Warrants are recorded at their fair value upon emergence utilizing the Black-Scholes-Merton option model. The inputs to the model require judgement, including estimating the strike price, expected term and the associated volatility. At emergence, the Warrants have a fair value of $0.9 million and will continue to be adjusted to fair value at each reporting period until determined to be an equity instrument, at which time they will be reported as Shareholders' equity and no longer be subject to future fair value adjustment. The Warrants are considered Level 3 fair value measurements under ASC 820, Fair Value Measurement. Events of Default The commencement of the Chapter 11 Cases constituted an event of default that accelerated the company's obligations under the Unit credit agreement and the indenture governing the Notes. Additionally, other events of default, including cross-defaults, existed or occurred under these debt agreements. The amounts owed in respect of the Notes were classified as liabilities subject to compromise. Under the Bankruptcy Code, the creditors under these debt agreements were stayed from taking any action against the company. Superior and its subsidiaries were not debtors in the Chapter 11 Cases, and the Chapter 11 Cases did not result in an event of default under the Superior credit agreement. In addition, the Debtors' filing of the Bankruptcy Petitions constituted a termination event under their hedge agreements, which allowed the counterparties to those hedge agreements to terminate the outstanding hedges, and those termination events were not stayed by the Chapter 11 Cases. On the Petition Date, the Debtors entered into a Continuation Agreement (Continuation Agreement) with Superior, SPC Midstream Operating, L.L.C., and SP Investor to continue the parties' contractual relationships during the course of the Chapter 11 Cases under the governance, operational, and related agreements entered into by those parties in connection with the formation of Superior (the company’s midstream joint venture with SP Investor), which agreements contained certain provisions that otherwise would have been triggered by the filing of the Chapter 11 Cases. Liquidity, Unit Credit Facility, and Debtor-in-Possession Credit Agreement To provide liquidity to fund our operations and the Chapter 11 Cases, the Debtors entered into the DIP credit agreement. Before repayment and termination on the Effective Date, borrowings under the DIP credit facility would have matured on the earliest of (i) September 22, 2020 (subject to a two-month extension to be approved by the DIP Lenders), (ii) the sale of all or substantially all of the assets of the Debtors under Section 363 of the Bankruptcy Code or otherwise, (iii) the effective date of a plan of reorganization or liquidation in the Chapter 11 Cases, (iv) the entry of an order by the Bankruptcy Court dismissing any of the Chapter 11 Cases or converting such Chapter 11 Cases to a case under Chapter 7 of the Bankruptcy Code, and (v) the date of termination of the DIP Lenders’ commitments and the acceleration of any outstanding extensions of credit, in each case, under the DIP credit agreement and subject to the Bankruptcy Court’s orders. On the Effective Date, the DIP credit agreement was paid in full and terminated. Following the Debtors’ emergence from the Chapter 11 Cases, each holder of an allowed claim under the DIP credit facility received its pro rata share of revolving loans, term loans, and letter-of-credit participations under the exit facility (as defined below). In addition, each holder was issued its pro rata share of an equity fee under the exit facility equal to 5% of the New Common Stock (subject to dilution by shares reserved for issuance under a management incentive plan and on exercise of the Warrants). Going Concern At June 30, 2020, the significant risks and uncertainties related to the company’s liquidity and Chapter 11 Cases raised substantial doubt about the company’s ability to continue as a going concern. The company, therefore, concluded as of that date there was substantial doubt about the company’s ability to continue as a going concern. The company has since implemented changes that (i) minimize capital expenditures, (ii) aggressively manage working capital, and (iii) reduce recurring operating expenses. With the successful reorganization of our capital structure, in addition to these actions, there is no longer substantial doubt about the company's ability to continue as a going concern. Exit Credit Agreement On the Effective Date, under the terms of the Plan, the company entered into an amended and restated credit agreement (Exit credit agreement). Refer to Note 9 – Long-Term Debt and Other Long-Term Liabilities for the terms of the Exit credit agreement. Interest Expense The Debtors discontinued recording interest on liabilities subject to compromise as of the Petition Date. Contractual interest on liabilities subject to compromise not reflected in the condensed consolidated statements of operations for the two and eight months ended August 31, 2020 was approximately $7.0 million and $12.4 million, respectively, representing interest expense from the Petition Date through August 31, 2020. In addition, the Debtors did not make the required interest payment on the Notes of $21.5 million on May 15, 2020.

Reorganizations

Reorganizations	9 Months Ended
	Sep. 30, 2020
Reorganizations [Abstract]
Fresh Start Accounting Disclosure	FRESH START ACCOUNTING On the Effective Date, the company qualified for and adopted fresh start accounting in accordance with the provisions set forth in FASB Topic ASC 852, Reorganizations , as (i) the Reorganization Value of the company’s assets immediately before the date of confirmation was less than the post-petition liabilities and allowed claims, and (ii) the holders of the existing voting shares of the Predecessor received less than 50% of the voting shares of the Successor. Refer to Note 2 – Emergence From Voluntary Reorganization Under Chapter 11 for the terms of the Plan. Reorganization Value Reorganization value, as determined in accordance with ASC 820, Fair Value Measurement , represents the fair value of the Successor's total assets before the consideration of liabilities and is intended to approximate the amount a willing buyer would pay for the assets immediately after a restructuring. The reorganization value was derived from the Successor's enterprise value, which represents the estimated fair value of an entity’s long-term debt and equity. The Successor’s enterprise value, confirmed by the Bankruptcy Court, was estimated to be within a range of $270.0 million to $380.0 million, with a midpoint of $325.0 million. Based on the various estimates and assumptions necessary for fresh start accounting, as further discussed below, the estimated enterprise value was determined to be $317.0 million before consideration of cash and cash equivalents, restricted cash and outstanding debt at the Effective Date. As a result, the reorganization value was determined to be $726.3 million at the Effective Date, as reconciled below. The company estimated the enterprise value of the Successor using three valuation methods: net asset value (NAV), comparable public company analysis, and discounted cash flow (DCF). The NAV is a looking forward methodology under which future cash flows are discounted using various discount rates depending on reserve category. Similarly, DCF projects future cash flows which are discounted at rates above and below the company’s estimated weighted average cost of capital. The comparable public company analysis is based on the enterprise values of selected public companies with operating and financial characteristics comparable to the company. Under this methodology, certain financial multiples that measure financial performance and value are calculated for each selected company and then applied to imply an estimated enterprise value of the company. The following table reconciles the enterprise value to the estimated fair value of the Successor's equity at the Effective Date (in thousands): Enterprise value $ 559,205 Less: Fair value of noncontrolling interest (242,200) Enterprise value of Unit interests 317,005 Plus: Cash and cash equivalents 25,482 Plus: Restricted cash 7,458 Less: Fair value of capital leases (4,622) Less: Fair value of debt (including the fair value of current debt) (148,000) Fair value of Successor equity $ 197,323 The following table reconciles the enterprise value to the reorganization value of the Successor’s assets as of the Effective Date (in thousands): Enterprise value $ 559,205 Plus: Cash and cash equivalents 25,482 Plus: Restricted cash 7,458 Plus: Current liabilities (excluding the fair value of capital leases and current debt) 86,897 Plus: Long-term asset retirement obligation 22,415 Plus: Other long-term liabilities (excluding long-term asset retirement obligation) 24,886 Reorganization value of Successor assets $ 726,343 Although the company believes the assumptions and estimates used to develop Enterprise Value and Reorganization Value were reasonable and appropriate, different assumptions and estimates would materially impact the analysis and resulting conclusions. The assumptions used in estimating these values are inherently uncertain and require significant judgment. Valuation Process Oil and Natural Gas Properties Our oil and natural gas properties are accounted for under the full cost accounting method. The company determined the fair value of its oil and gas properties based on the anticipated cash flows associated with proved reserves and discounted using a weighted average cost of capital rate of 13.5%. The discount rate is commonly based on empirical studies of investment rates of return of publicly traded equity securities with investment return and risk characteristics similar to the subject company, which is consistent with a market-based approach. Weighted average commodity prices utilized in the determination of the fair value of oil and natural gas properties were $48.98 per barrel of oil, $2.68 per million cubic feet of natural gas and $18.51 per barrel of oil equivalent of natural gas liquids. Base pricing was derived from an average of forward strip prices. The company’s unproved acreage was determined to have no value due to capital constraints of our debt agreement and no plans to drill in our proved reserves cash flows. The company's salt water disposal assets were included in the cash flows of the proved reserves forecast, therefore, these values are included in the total value of our proved properties. Drilling Equipment The value of drilling rigs in operations (approximately $37.0 million) was estimated using an income-based approach utilizing discounted free cash flows over the remaining useful lives of the related assets. Anticipated cash flows associated with operating drilling rigs were discounted using a weighted average cost of capital rate of 13.8% for five years with a terminal value at the conclusion of the forecast period. The fair value of rigs not in operation, and other related drilling equipment (approximately $26.5 million), was valued utilizing a market-based approach with varying ranges of economic obsolescence rates to adjust for the impact of the oil and gas downturn. Land and Building Our headquarters in Tulsa, OK was completed in September 2014 and resides on approximately 30 acres. To determine its fair value, the company utilized a market-based approach based on comparable tenant rates in our area. Gas Gathering and Processing Equipment, Transportation Equipment, and Other Property Gas gathering and processing equipment, transportation equipment and other was valued utilizing a market-based approach estimating what a market participant would pay for similar equipment in an orderly transaction. We utilized varying ranges of economic obsolescence rates depending on the underlying asset group. For pipelines and right-of-ways, we used a value per acre based on the location of the asset and estimated an average value of $129 per rod. We then applied an economic obsolescence rate of approximately 64% to determine the ultimate fair value. Condensed Consolidated Balance Sheet The adjustments included in the following condensed consolidated balance sheet reflect the effect of the transactions contemplated by the Plan (reflected in the column "Reorganization Adjustments") as well as fair value and other required accounting adjustments resulting from the adoption of fresh start accounting (reflected in the column "Fresh Start Adjustments"). The explanatory notes provide additional information with regard to the adjustments recorded, the methods used to determine the fair values and significant assumptions. As of September 1, 2020 Predecessor Reorganization Adjustments (1) Fresh Start Adjustments (11) Successor ASSETS (In thousands) Current assets: Cash and cash equivalents $ 32,280 $ (6,798) (2) $ — $ 25,482 Restricted cash — 7,458 (3) — 7,458 Accounts receivable, net 50,621 — — 50,621 Materials and supplies 64 — (64) (12) — Current income tax receivable 850 — — 850 Prepaid expenses and other 13,692 6,382 (4) (990) (13) 19,084 Total current assets 97,507 7,042 (1,054) 103,495 Property and equipment: Oil and natural gas properties, on the full cost method: Proved properties 6,539,816 — (6,301,532) (14) 238,284 Unproved properties not being amortized 30,205 — (30,205) (14) — Drilling equipment 1,285,024 — (1,221,566) (15) 63,458 Gas gathering and processing equipment 833,788 — (583,690) (15) 250,098 Saltwater disposal systems 43,541 — (43,541) (15) — Land and building 59,080 — (26,445) (15) 32,635 Transportation equipment 15,577 — (12,263) (15) 3,314 Other 57,427 — (47,469) (15) 9,958 8,864,458 — (8,266,711) 597,747 Less accumulated depreciation, depletion, amortization, and impairment 7,923,868 — (7,923,868) (14) (15) — Net property and equipment 940,590 — (342,843) 597,747 Right of use asset 7,476 — (659) (16) 6,817 Other assets 24,666 (6,382) (4) — 18,284 Total assets $ 1,070,239 $ 660 $ (344,556) $ 726,343 As of September 1, 2020 Predecessor Reorganization Adjustments (1) Fresh Start Adjustments (11) Successor LIABILITIES AND SHAREHOLDERS’ EQUITY (In thousands) Current liabilities: Accounts payable $ 27,354 $ 6,382 (4) $ — $ 33,736 Accrued liabilities 36,990 (4,115) (5) — 32,875 Current operating lease liability 4,643 — (669) (16) 3,974 Current portion of long-term debt 124,000 (123,600) (6) — 400 Current derivative liabilities 5,089 — — 5,089 Warrant liability — — 885 (17) 885 Current portion of other long-term liabilities 11,201 3,743 (7) 16 (18) 14,960 Total current liabilities 209,277 (117,590) 232 91,919 Long-term debt 16,000 131,600 (6) — 147,600 Non-current derivative liabilities 766 — — 766 Operating lease liability 2,760 — 11 (16) 2,771 Other long-term liabilities 61,393 (3,220) (4) (7) (14,409) (18) 43,764 Liabilities subject to compromise 762,215 (762,215) (8) — — Deferred income taxes 4,466 — (4,466) (19) — Commitments and contingencies Shareholders’ equity: Predecessor preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued at December 31, 2019 — — — — Predecessor common stock, $0.20 par value, 175,000,000 shares authorized, 55,443,393 shares issued as of December 31, 2019 10,704 (10,704) (9) — — Predecessor capital in excess of par value 650,153 (650,153) (9) — — Successor preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued at September 1, 2020 — — — — Successor common stock, $0.01 par value, 25,000,000 authorized, 12,000,000 issued at September 1, 2020 — 120 (8) — 120 Successor capital in excess of par value — 197,203 (8) — 197,203 Retained earnings (deficit) (818,679) 1,215,619 (10) (396,940) (20) — Total shareholders’ equity attributable to Unit Corporation (157,822) 752,085 (396,940) 197,323 Non-controlling interests in consolidated subsidiaries 171,184 — 71,016 (21) 242,200 Total shareholders' equity 13,362 752,085 (325,924) 439,523 Total liabilities and shareholders’ equity $ 1,070,239 $ 660 $ (344,556) $ 726,343 Reorganization Adjustments (1) Reflects accounts recorded as of the Effective Date, including among other items, settlement of the Predecessor's liabilities subject to compromise, cancellation of the Predecessor's equity, issuance of the New Common Stock and the Warrants, repayment of certain of Predecessor's liabilities and settlement with holders of the Notes. (2) The table below details the company’s uses of cash, under the terms of the Plan described in Note 2 – Emergence From Voluntary Reorganization Under Chapter 11 (in thousands): Funding of the professional fees escrow account $ (7,458) Proceeds from Exit credit facility 8,000 Payment of debt issuance costs on the Exit credit facility (3,225) Payment of professional fees (3,943) Payment of accrued interest payable under the Predecessor credit facility (172) Changes in cash and cash equivalents $ (6,798) (3) Represents the reserve for Professional Fee Escrow of $7.5 million. (4) Represents the reclassification of other long-term assets related to deferred compensation to prepaid expenses and other assets as the deferred compensation payout is required to be paid within 12 months from the date of emergence in accordance with the Plan. Simultaneously, the current portion of deferred compensation liability was reclassified from other long-term liabilities to accounts payable. (5) Represents the payment of the DIP Facility interest of $0.2 million and professional fees for $3.9 million. (6) Represents the transition of the DIP credit agreement and the Predecessor credit agreement of $124.0 million into the Exit Facility and the issuance of an additional $8.0 million under the Exit Facility. (7) Represents the reclassification of the short-term portion of the separation benefit liabilities from non-current to current liabilities which was offset by the increase in non-current portion of liabilities. (8) Settlement of liabilities subject to compromise and the resulting net gain were determined as follows (in thousands): Liabilities subject to compromise before the Effective Date: 6.625% senior subordinated notes due 2021 (including accrued interest as of the Petition Date) $ 672,369 Accounts payable 1,179 Employee separation benefit plan obligations 23,394 Litigation settlements 45,000 Royalty suspense accounts payable 20,273 Total liabilities subject to compromise 762,215 Separation settlement treatment (6,905) Successor Common Stock and APIC (1) issued to allowed claim holders (175,521) Successor Common Stock and APIC for disputed claims reserve (11,936) Gain on settlement of liabilities subject to compromise $ 567,853 (1) Balance excludes the Successor Common Stock and APIC of $9.9 million to the 5% Equity Facility which was not a liability subject to compromise. (9) Represents the cancellation of Predecessor Common Stock. (10) Represents the cumulative impact to Predecessor retained earnings of the reorganization adjustments described above. Fresh Start Adjustments (11) Reflects accounts recorded as of the Effective Date for the fresh start adjustments based on the methodologies noted below. (12) Represents the reclassification of materials and supplies to proved properties. (13) Represents the write off of the Predecessor's unamortized debt fees related to the DIP Facility. (14) Reflects a decrease of oil and natural gas properties, net, based on the methodology discussed above, and the elimination of accumulated depletion and amortization. The following table summarizes the components of oil and natural gas properties as of the Effective Date: Successor Predecessor Fair Value Historical Book Value (In thousands) Proved properties $ 238,284 $ 6,539,816 Unproved properties — 30,205 238,284 6,570,021 Less accumulated depletion, amortization, and impairment — (6,305,113) $ 238,284 $ 264,908 (15) Reflects a decrease in fair value of drilling equipment, gas gathering and processing equipment, saltwater disposal systems, land and building, transportation equipment and other property and equipment and the elimination of accumulated depreciation, based upon the methodologies discussed above. The following table summarizes the components of other property and equipment as of the Effective Date: Successor Predecessor Fair Value Historical Book Value (In thousands) Drilling equipment $ 63,458 $ 1,285,024 Gas gathering and processing equipment 250,098 833,788 Saltwater disposal systems — 43,541 Land and building 32,635 59,080 Transportation equipment 3,314 15,577 Other 9,958 57,427 359,463 2,294,437 Less accumulated depreciation and impairment — (1,618,754) $ 359,463 $ 675,683 (16) Reflects the valuation adjustments to the company’s ROU assets, current operating lease liability, and operating lease liability, adjusted for fair value of favorable and unfavorable lease terms, and the revised incremental borrowing rates of the Successor. (17) Represents the liability for the warrants estimated using a Black-Scholes-Merton model which utilizes various market-based inputs including: stock prices, strike price, time to maturity, risk-free rate, annual volatility rate, and annual dividend yield. (18) Represents the reclassification of the short-term portion of Asset Retirement Obligation from non-current liabilities to current as well as the fair value adjustment, which was determined using our fresh start updates to these obligations, including the application of the Successor's credit adjusted risk free rate, which now incorporates a term structure based on the estimated timing of well plugging activity, and resetting all Asset Retirement Obligations to a single layer. (19) Represents the adjustments to deferred tax liability as a result of the cumulative tax impact of the fresh start adjustments. The significant revisions to the carrying value of our assets and liabilities as a result of applying fresh start accounting has resulted in the company increasing its overall net deferred tax asset position upon emergence from bankruptcy. In addition to the changes in book value, the company has approximately $726.4 million of net operating losses (NOLs) carried forward to offset taxable income in future years as of the Effective Date of emergence. Approximately $584.2 million of this NOL will expire commencing in fiscal 2021 through 2037. The NOLs of approximately $142.2 million from years ended subsequent to December 31, 2017 have an indefinite carryforward period. The amount of these NOLs which is actually available to offset future income may be severely limited due to change-in-control tax provisions. Due to our history of operating losses and the uncertainty surrounding the realization of the deferred tax assets in future years, our management has determined that it is more likely than not that the deferred tax assets will not be realized in future periods. Accordingly, the company has recorded a 100% valuation allowance against its net deferred tax assets. Our blended effective tax rate was 1.62% for the Predecessor period ending August 31, 2020 and 0.00% for the Successor period ending September 30, 2020 compared to 19.57% for the first nine months of 2019. The rate change was primarily due to the increase in the valuation allowance against our income tax benefit. (20) Represents the cumulative impact of the fresh-start accounting adjustments discussed above. (21) The valuation of the non-controlling interest was calculated by taking an income-based approach in valuing Superior as a whole. The value of the non-controlling interest was then determined based on a market-based approach for similar type investments, given the contractual rights of the related parties. Reorganization Items. As described above in Note 1 – Basis Of Preparation And Presentation, our Condensed Consolidated Statements of Operations of the periods ended August 31, 2020 include "Reorganization items, net," which reflects gains recognized on the settlement of liabilities subject to compromise and costs and other expenses associated with the Chapter 11 proceedings, primarily professional fees, and the costs associated with the DIP facility. These post-petition costs for professional fees, as well as administrative fees charged by the U.S. trustee, have been reported in "Reorganization items, net" in our Condensed Consolidated Statement of Operations as described above. Similar costs were incurred during the pre-petition period have been reported in "General and administrative" expenses. The following table summarizes the components included in "Reorganization items, net" in our Condensed Consolidated Statements of Operations for the periods presented: Successor Predecessor One Month Two Months Ended Eight Months Ended September 30, 2020 August 31, (In thousands) Gains on settlement of liabilities subject to compromise $ — $ (567,853) $ (567,853) Fresh start accounting adjustments — 401,406 401,406 Legal and professional fees and expenses 1,155 10,923 15,745 Acceleration of Predecessor stock compensation expense — 1,431 1,431 Exit Facility fees — 3,225 3,225 5% equity facility — 9,866 9,866 Adjustment to unamortized debt issuance costs associated with the 6.625% senior subordinated notes due 2021 — — 2,205 Total reorganization items, net $ 1,155 $ (141,002) $ (133,975)

Impairments

Impairments	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Impairments	IMPAIRMENTS Successor As of September 1, 2020, we adopted fresh start accounting and adjusted our assets to fair value. Under full cost accounting rules we must review the carrying value of our oil and natural gas properties at the end of each quarter. Under those rules, the maximum amount allowed as the carrying value is called the ceiling. The ceiling is the sum of the present value (using a 10% discount rate) of the estimated future net revenues from our proved reserves (using the most recent historical 12-month average price of our oil, NGLs, and natural gas), plus the cost of properties not being amortized, plus the lower of cost or estimated fair value of unproved properties in the costs being amortized, less related income taxes. If the net book value of the oil, NGLs, and natural gas properties being amortized exceeds the full cost ceiling, the excess amount is charged to expense in the period during which the excess occurs, even if prices are depressed for only a short while. Once incurred, a write-down of oil and natural gas properties is not reversible. Although under fresh start accounting we recorded our assets at fair value on emergence, the application of the full cost accounting rules resulted in a non-cash ceiling impairment of $13.2 million pre-tax as of September 30, 2020, primarily due to the use of average 12-month historical commodity prices for the ceiling test versus forward prices for our fresh start fair value estimates. We also anticipate a non-cash ceiling write-down in the fourth quarter of 2020 of our proved reserves, again due to the use of historical 12-month average commodity prices for the ceiling test. It is hard to predict with any reasonable certainty the need for or amount of any future impairments given the many factors that go into the ceiling test calculation including, but not limited to, future pricing, operating costs, drilling and completion costs, upward or downward oil and gas reserve revisions, oil and gas reserve additions, and tax attributes. Subject to these inherent uncertainties, if we hold these same factors constant as they existed at September 30, 2020, and only adjust the 12-month average price as of December 2020, our forward looking expectation is that we would recognize an impairment in the range of $30 million to $35 million pre-tax in the fourth quarter of 2020. Given the uncertainty associated with the factors used in calculating our estimate of our future period ceiling test write-down, these estimates should not necessarily be construed as indicative of our future development plans or financial results and the actual amount of any write-down may vary significantly from this estimate depending on the final future determination. There were no other impairment triggering events identified in the one month ended September 30, 2020 for any of our other asset groups. Predecessor We review and evaluate our long-lived assets, including intangible assets, for impairment when events or changes in circumstances indicate that the related carrying amount of those assets may not be recoverable, and changes to our estimates could affect our assessment of asset recoverability. During the first quarter of 2020, global commodity prices declined due to factors that significantly impacted both demand and supply. As the COVID-19 pandemic spread, causing travel and other restrictions to be implemented globally, the demand for crude oil declined. Additionally, the supply shock late in the first quarter of 2020 from certain major oil producing nations increasing production further contributed to the sharp drop in crude oil prices. The sharp drop in crude oil prices resulted in prompt reactions from a number of domestic producers, including significantly reducing capital budgets and resultant drilling activity and shutting-in production. The above circumstances caused a triggering event that required our long-lived assets to be evaluated for impairment. At March 31, 2020, we determined that indicators of impairment existed for certain asset groups within our operating segments. For each asset group for which undiscounted future net cash flows could not recover the net book value, fair value was determined using discounted estimated cash flows to measure the impairment loss. The estimated cash flows used to assess recoverability of our long-lived assets and measure fair value of our asset groups are derived from current business plans, which are developed using near-term price and volume projections reflective of the current environment and estimated drilling rig utilization. Other key assumptions include volume projections, operating costs, timing of incurring those costs and using an appropriate discount rate. These key assumptions could change in the future and could result in additional impairment expense recorded on these asset groups. We believe our estimates and models used to determine fair value are similar to what a market participant would use and are appropriate under the circumstances. But given the rate of change impacting the energy industry, it is reasonably possible that these estimates and models may change in the near term potentially resulting in material impairment expense in the future interim periods. The fair value measurement of our long-lived assets was based, in part, on significant inputs not observable in the market (as discussed above) and thus represents a Level 3 measurement. The significant unobservable inputs used include forecasted revenues, gross margins, discount rates, and terminal value exit multiples. The weighted average discount rate and exit multiples reflect management’s best estimate of inputs a market participant would use. Due to the recording of these impairments, we adjusted the valuation allowance we had recorded as of December 31, 2019 to reflect the expected realizability of deferred tax assets. The valuation allowance, in addition to state income taxes and the impact of permanent differences between book and taxable income, results in a difference between amounts computed by applying the federal statutory rate to pre-tax loss for the two and eight months ended August 31, 2020. Oil and Natural Gas Properties During the first quarter of 2020, we determined that because of the increased uncertainty in our business our undeveloped acreage would not be fully developed and thus the carrying values of certain of our unproved oil and gas properties were not recoverable resulting in an impairment of $226.5 million. That impairment had a corresponding increase to our depletion base and contributed to our recorded full cost ceiling impairment during the first quarter of 2020. We recorded a non-cash full cost ceiling test write-down of $267.8 million pre-tax ($220.8 million, net of tax) in the first quarter of 2020 due to the reduction for the 12-month average commodity prices and the impairment of our unproved oil and gas properties described above. The 12-month average commodity prices decreased further, resulting in non-cash ceiling test write-downs of $109.3 million in the second quarter of 2020 and $16.6 million in the two months ended August 31, 2020. In the third quarter of 2019, we determined the value of certain unproved oil and gas properties were diminished (in part or in whole) based on an impairment evaluation and our anticipated future exploration plans. Those determinations resulted in $50.0 million of cost being added to the total of our capitalized costs being amortized in the third quarter of 2019. We incurred a non-cash ceiling test write-down of $169.3 million pre-tax ($127.9 million, net of tax) in the third quarter of 2019. In addition to the impairment evaluations of our proved and unproved oil and gas properties in the first quarter of 2020, we also evaluated the carrying value of our salt water disposal assets. Based on our revised forecast of the use of those assets, we determined that some of those assets were no longer expected to be used and we wrote off those salt water disposal assets that we now consider abandoned. We recorded total expense of $17.6 million related to the write-down of those salt water disposal assets for the eight months ended August 31, 2020. These amounts are reported in loss on abandonment of assets in our Unaudited Condensed Consolidated Statements of Operations. Contract Drilling At March 31, 2020, due to market conditions, we performed impairment testing on two asset groups which were comprised of our SCR diesel-electric drilling rigs and our BOSS drilling rigs. We concluded that the net book value of the SCR drilling rigs asset group was not recoverable through estimated undiscounted cash flows and recorded a non-cash impairment charge of $407.1 million in the first quarter of 2020. We also recorded an additional non-cash impairment charges of $3.0 million for other miscellaneous drilling equipment. These charges are included within impairment charge in our Unaudited Condensed Consolidated Statements of Operations. We used the income approach to determine the fair value of the SCR drilling rigs asset group. This approach uses significant assumptions including management’s best estimates of the expected future cash flows and the estimated useful life of the asset group. Fair value determination requires a considerable amount of judgement and is sensitive to changes in underlying assumptions and economic factors. As a result, there is no assurance the fair value estimates made for the impairment analysis will be accurate in the the future. We concluded that no impairment was needed on the BOSS drilling rigs asset group as the undiscounted cash flows exceeded the carrying value of the asset group. The carrying value of the asset group was approximately $242.5 million at March 31, 2020. The estimated undiscounted cash flows of the BOSS drilling rigs asset group exceeded the carrying value by a relatively minor margin, which means minor changes in certain key assumptions in future periods may result in material impairment charges in future periods. Some of the more sensitive assumptions used in evaluating the contract drilling rigs asset groups for potential impairment include forecasted utilization, gross margins, salvage values, discount rates, and terminal values. We recorded expense of $1.1 million related to the write-down of certain equipment in the third quarter of 2020 that we now consider abandoned. These amounts are reported in loss on abandonment of assets in our Unaudited Condensed Consolidated Statements of Operations. Mid-stream During the first quarter of 2020, we determined that the carrying value of certain long-lived asset groups in southern Kansas, and central Oklahoma where lower pricing is expected to impact drilling and production levels, are not recoverable and exceeded their estimated fair value. Based on the estimated fair value of the asset groups, we recorded non-cash impairment charges of $64.0 million. These charges are included within impairment charges in our Unaudited Condensed Consolidated Statement of Operations. No other impairment triggering events were identified during the two months ended August 31, 2020.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2020
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 how we disaggregate our revenue and report our segment revenue (as reflected in Note 18 – Industry Segment Information). Revenue from the oil and natural gas segment is from sales of our oil and natural gas production. Revenue from the contract drilling segment comes from contracting with upstream companies to drill an agreed-on number of wells or provide drilling rigs and services over an agreed-on period. Revenue from the mid-stream segment is derived from gathering, transporting, and processing natural gas and NGLs and selling those commodities. Oil and Natural Gas Revenues Certain costs—as either a deduction from revenue or as an expense—are 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. Contract Drilling Revenues The impact from the mobilization and de-mobilization charges due under our outstanding drilling contracts to our financial statements was immaterial. As of September 30, 2020, we had eight contract drilling contracts with terms ranging from two months to almost two years. Most of our drilling contracts have an original term of less than one year. The remaining performance obligations under the contracts with a longer duration are not material. Mid-stream Contracts Revenues Revenues are generated from fees earned for gas gathering and processing services provided to a customer. The typical revenue contracts used by this segment are gas gathering and processing agreements. These tables show the changes in our mid-stream contract asset and contract liability balances during the nine months ended September 30, 2020: Successor Predecessor September 30, December 31, Change (In thousands) Contract assets $ 7,976 $ 12,921 $ (4,945) Contract liabilities 4,899 7,061 (2,162) Contract assets (liabilities), net $ 3,077 $ 5,860 $ (2,783) The amounts above are reported in prepaid expenses and other, other assets (long-term), current portion of other long-term liabilities, and other long-term liabilities in our Unaudited Condensed Consolidated Balance Sheets. Below is the fixed revenue Superior will earn over the remaining term of the contracts, excluding all variable consideration to be earned with the associated contract. Contract Remaining Term of Contract October - December 2021 2022 2023 and beyond Total Remaining Impact to Revenue (In thousands) Demand fee contracts 2-8 years $ (992) $ (3,501) $ 1,380 $ 36 $ (3,077)

Divestitures

Divestitures	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment Impairment or Disposal [Abstract]
Divestitures	DIVESTITURES Successor For the one month ended September 30, 2020, there were no significant divestitures. Predecessor Oil and Natural Gas We sold $1.2 million of non-core oil and natural gas assets, net of related expenses, during the first eight months of 2020, compared to $2.2 million during the first nine months of 2019. These proceeds reduced the net book value of our full cost pool with no gain or loss recognized. Contract Drilling

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	EARNINGS (LOSS) PER SHARE Successor On the Effective Date, the company issued 12.0 million shares of New Common Stock to a trustee to be subsequently distributed in accordance with the Plan. Information related to the calculation of earnings (loss) per share attributable to the company is as follows: Earnings (Loss) Weighted Per-Share (In thousands except per share amounts) For the one month ended September 30, 2020 Basic loss attributable to Unit Corporation per common share $ (8,968) 12,000 $ (0.75) Predecessor Information related to the calculation of earnings (loss) per share attributable to the company is as follows: Earnings (Loss) Weighted Per-Share (In thousands except per share amounts) For the two months ended August 31, 2020 Basic earnings attributable to Unit Corporation per common share $ 55,131 53,519 $ 1.03 For the three months ended September 30, 2019 Basic loss attributable to Unit Corporation per common share $ (206,886) 52,950 $ (3.91) Effect of dilutive stock options and restricted stock — — — Diluted loss attributable to Unit Corporation per common share $ (206,886) 52,950 $ (3.91) The following table shows the number of stock options (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 September 30, 2019 Stock options 42,000 Average exercise price $ 48.56 Earnings (Loss) (Numerator) Weighted Shares (Denominator) Per-Share Amount (In thousands except per share amounts) For the eight months ended August 31, 2020 Basic loss attributable to Unit Corporation per common share $ (931,012) 53,368 $ (17.45) For the nine months ended September 30, 2019 Basic loss attributable to Unit Corporation per common share $ (218,899) 52,814 $ (4.14) Effect of dilutive stock options and restricted stock — — — Diluted loss attributable to Unit Corporation per common share $ (218,899) 52,814 $ (4.14) The following table shows the number of stock options (and their average exercise price) excluded because their option exercise prices were greater than the average market price of our common stock: Nine Months Ended September 30, 2019 Stock options 42,000 Average exercise price $ 48.56

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2020
Accrued Liabilities [Abstract]
Accrued Liabilities	ACCRUED LIABILITIES Accrued liabilities consisted of: Successor Predecessor September 30, December 31, (In thousands) Taxes $ 8,497 $ 3,450 Employee costs 6,779 17,832 Lease operating expenses 6,395 9,200 Legal settlement 2,655 — Interest payable 857 6,562 Third-party credits — 3,691 Other 2,992 5,827 Total accrued liabilities $ 28,175 $ 46,562

Long-Term Debt And Other Long-T

Long-Term Debt And Other Long-Term Liabilities	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Long-Term Debt And Other Long-Term Liabilities	LONG-TERM DEBT AND OTHER LONG-TERM LIABILITIES Long-Term Debt As of the date indicated, our debt consisted of the following: Successor Predecessor September 30, December 31, (In thousands) Current portion of long-term debt: Predecessor credit facility with an average interest rate of 4.0% $ — $ 108,200 Successor Exit Facility with an average interest rate of 6.6% 400 — Long-term debt: Successor Exit Facility with an average interest rate of 6.6% 131,600 — Superior credit agreement with an average interest rate of 2.1% and 3.9% at September 30, 2020 and December 31, 2019, respectively 12,000 16,500 Predecessor 6.625% senior subordinated notes due 2021 — 650,000 Total principal amount 143,600 666,500 Less: unamortized discount — (971) Less: debt issuance costs, net — (2,313) Total long-term debt $ 143,600 $ 663,216 The Debtors' filing of the Bankruptcy Petitions constituted an event of default that accelerated the Debtors' obligations under the Unit credit agreement, which are reflected as current liabilities as of December 31, 2019. Successor Exit Credit Agreement. On the Effective Date, under the terms of the Plan, the company entered into an amended and restated credit agreement (the Exit credit agreement), providing for a $140.0 million senior secured revolving credit facility (RBL Facility) and a $40.0 million senior secured term loan facility (new term loan facility and together with the new RBL facility, the Exit Facility), among (i) the company, UDC, and UPC (together, the Borrowers), (ii) the guarantors party thereto, including the company and all of its subsidiaries existing as of the Effective Date (other than Superior Pipeline Company, L.L.C. and its subsidiaries), (iii) the lenders party thereto from time to time (Lenders), and (iv) BOKF, NA dba Bank of Oklahoma as administrative agent and collateral agent (in such capacity, the Administrative Agent). The maturity date of borrowings under this Exit credit agreement is March 1, 2024. Revolving Loans and Term Loans (each as defined in the Exit credit agreement) may be Eurodollar Loans or ABR Loans (each as defined in the Exit credit agreement). Revolving Loans that are Eurodollar Loans will bear interest at a rate per annum equal to the Adjusted LIBO Rate (as defined in the Exit credit agreement) for the applicable interest period plus 525 basis points. Revolving Loans that are ABR Loans will bear interest at a rate per annum equal to the Alternate Base Rate (as defined in the Exit credit agreement) plus 425 basis points. Term Loans that are Eurodollar Loans will bear interest at a rate per annum equal to the Adjusted LIBO Rate for the applicable interest period plus 625 basis points. Term Loans that are ABR Loans will bear interest at a rate per annum equal to the Alternate Base Rate plus 525 basis points. The Exit credit agreement requires the company to comply with certain financial ratios, including a covenant that the company will not permit the Net Leverage Ratio (as defined in the Exit credit agreement) as of the last day of the fiscal quarters ending (i) December 31, 2020 and March 31, 2021, to be greater than 4.00 to 1.00, (ii) June 30, 2021, September 30, 2021, December 31, 2021, March 31, 2022, and June 30, 2022, to be greater than 3.75 to 1.00, and (iii) September 30, 2022 and any fiscal quarter thereafter, to be greater than 3.50 to 1.00. In addition, beginning with the fiscal quarter ending December 31, 2020, the company may not (a) permit the Current Ratio (as defined in the Exit credit agreement) as of the last day of any fiscal quarter to be less than 0.50 to 1.00 or (b) permit the Interest Coverage Ratio (as defined in the Exit credit agreement) as of the last day of any fiscal quarter to be less than 2.50 to 1.00. The Exit credit agreement also contains provisions, among others, that limit certain capital expenditures, restrict certain asset sales and the related use of proceeds, and require certain hedging activities. The Exit credit agreement further requires the company provide Quarterly Financial Statements within 45 days after the end of each of the first three quarters of each fiscal year and Annual Financial Statements within 90 days after the end of each fiscal year. For the quarter ended September 30, 2020, the syndicate banks allowed for an extension. The Exit credit agreement is secured by first-priority liens on substantially all of the personal and real property assets of the Borrowers and the Guarantors, including without limitation the company’s ownership interests in Superior Pipeline Company, L.L.C. On the Effective Date, the Borrowers had (i) $40.0 million in principal amount of Term Loans outstanding under the Term Loan Facility, (ii) $92.0 million in principal amount of Revolving Loans outstanding under the RBL Facility and (iii) approximately $6.7 million of outstanding letters of credit. At September 30, 2020, we had $0.4 million and $131.6 million outstanding current and long-term borrowings, respectively, under the Exit Facility. Predecessor's Credit Agreement. Before the filing of the Chapter 11 Cases, the Unit credit facility had a scheduled maturity date of October 18, 2023 that would have accelerated to November 16, 2020 if, by that date, all the Notes were not repurchased, redeemed, or refinanced with indebtedness having a maturity date at least six months following October 18, 2023 (Credit Agreement Extension Condition). The Debtors' filing of the Bankruptcy Petitions constituted an event of default that accelerated the Debtors' obligations under the Unit credit agreement and the indenture governing the Notes. Due to the Credit Agreement Extension Condition and the acceleration of debt obligations resulting from filing the Chapter 11 Cases, the company's debt associated with the Predecessor's credit agreement is reflected as a current liability in its consolidated balance sheets as of September 30, 2020 and December 31, 2019. The classification as a current liability due to the Credit Agreement Extension Condition was based on the filing of the Chapter 11 Cases and the uncertainty regarding the company's ability to repay or refinance the Notes before November 16, 2020. In addition, on May 22, 2020, the RBL Lenders' remaining commitments under the Unit credit facility were terminated. Before filing the Chapter 11 Cases, we were charged a commitment fee of 0.375% on the amount available but not borrowed. That fee varied based on the amount borrowed as a percentage of the total borrowing base. Total amendment fees of $3.3 million in origination, agency, syndication, and other related fees were being amortized over the life of the Unit credit agreement. Due to the remaining commitments under the Unit credit agreement being terminated by the RBL Lenders', the unamortized debt issuance costs of $2.4 million were written off during the second quarter of 2020. Under the Predecessor credit agreement, we pledged as collateral 80% of the proved developed producing (discounted as present worth at 8%) total value of our oil and gas properties. Under the mortgages covering those oil and gas properties, UPC also pledged certain items of its personal property. On May 2, 2018, we entered into a Pledge Agreement with BOKF, NA (dba Bank of Oklahoma), as administrative agent to benefit the secured parties, under which we granted a security interest in the limited liability membership interests and other equity interests we own in Superior as additional collateral for our obligations under the Predecessor credit agreement. Before to filing the Chapter 11 Cases, any part of the outstanding debt under the Predecessor credit agreement could be fixed at a London Interbank Offered Rate (LIBOR). LIBOR interest was computed as the LIBOR base for the term plus 1.50% to 2.50% depending on the level of debt as a percentage of the borrowing base and was payable at the end of each term, or every 90 days, whichever is less. Borrowings not under LIBOR bear interest equal to the higher of the prime rate specified in the Predecessor credit agreement and the sum of the Federal Funds Effective Rate (as defined in the Unit credit agreement) plus 0.50%, but in no event would the interest on those borrowings be less than LIBOR plus 1.00% plus a margin. The Predecessor credit agreement provided that if ICE Benchmark Administration no longer reported the LIBOR or the Administrative Agent determined in good faith that the rate so reported no longer accurately reflected the rate available in the London Interbank Market or if the index no longer existed or accurately reflects the rate available to the Administrative Agent in the London Interbank Market, Administrative Agent may select a replacement index. Interest was payable at the end of each month or at the end of each LIBOR contract and the principal may be repaid in whole or in part at any time, without a premium or penalty. Filing the Bankruptcy Petitions on May 22, 2020 constituted an event of default that accelerated the company’s obligations under the Unit credit agreement, and the lenders’ rights of enforcement regarding the Predecessor credit agreement were automatically stayed because of the Chapter 11 Cases. On the Effective Date, each lender under the Predecessor credit facility and the DIP credit facility received its pro rata share of revolving loans, term loans and letter-of-credit participations under the exit facility, in exchange for that lender’s allowed claims under the Predecessor credit facility or the DIP credit facility. Superior Credit Agreement. On May 10, 2018, Superior signed a five (iii) the Thirty-Day LIBOR Rate (as defined in the Superior credit agreement plus the applicable margin of 1.00% to 2.25%. The obligations under the Superior credit agreement are secured by mortgage liens on certain of Superior’s processing plants and gathering systems. The Superior credit agreement provides that if ICE Benchmark Administration no longer reports the LIBOR or Administrative Agent determines in good faith that the rate so reported no longer accurately reflects the rate available in the London Interbank Market or if such index no longer exists or accurately reflects the rate available to the Administrative Agent in the London Interbank Market, the Administrative Agent may select a replacement index. 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. The agreement also contains several customary covenants that restrict (subject to certain exceptions) Superior’s ability to incur additional indebtedness, create additional liens on its assets, make investments, pay distributions, sign sale and leaseback transactions, engage in certain transactions with affiliates, engage in mergers or consolidations, sign hedging arrangements, and acquire or dispose of assets. As of September 30, 2020, Superior complied with these covenants. The Superior credit agreement is used to fund capital expenditures and acquisitions and provide general working capital and letters of credit. Superior's credit agreement is not guaranteed by Unit. Superior and its subsidiaries were not Debtors in the Chapter 11 Cases. Predecessor 6.625% Senior Subordinated Notes. The Predecessor's Notes were issued under an Indenture dated as of May 18, 2011, between the company and Wilmington Trust, National Association (successor to Wilmington Trust FSB), as Trustee (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. As a result of Unit's emergence from bankruptcy, the Notes were cancelled and the Predecessor's liability thereunder was discharged as of the Effective Date, and the holders of the Notes were issued approximately 10.5 million shares of New Common Stock. Predecessor DIP Credit Agreement . As contemplated by the RSA, the company and the other Debtors entered into a Superpriority Senior Secured Debtor-in-Possession Credit Agreement dated May 27, 2020 ( DIP credit agreement), among the Debtors, the RBL Lenders (in such capacity, the DIP Lenders), and BOKF, NA dba Bank of Oklahoma, as administrative agent, under which the DIP Lenders agreed to provide the company with the $36.0 million multiple-draw loan facility (DIP credit facility). The Bankruptcy Court entered an interim order on May 26, 2020 approving the DIP credit facility, permitting the Debtors to borrow up to $18.0 million on an interim basis. On June 19, 2020, the Bankruptcy Court granted final approval of the DIP credit facility. Before its repayment and termination on the Effective Date, borrowings under the DIP credit facility matured on the earliest of (i) September 22, 2020 (subject to a two-month extension to be approved by the DIP Lenders), (ii) the sale of all or substantially all of the assets of the Debtors under Section 363 of the Bankruptcy Code or otherwise, (iii) the effective date of a plan of reorganization or liquidation in the Chapter 11 Cases, (iv) the entry of an order by the Bankruptcy Court dismissing any of the Chapter 11 Cases or converting such Chapter 11 Cases to a case under Chapter 7 of the Bankruptcy Code and (v) the date of termination of the DIP Lenders’ commitments and the acceleration of any outstanding extensions of credit, in each case, under the DIP credit facility under and subject to the DIP credit agreement and the Bankruptcy Court’s orders. On the Effective Date, the DIP credit agreement was paid in full and terminated. On the Effective Date, each holder of an allowed claim under the DIP credit facility received its pro rata share of revolving loans, term loans, and letter-of-credit participations under the exit facility. In addition, each holder was issued its pro rata share of an equity fee under the exit facility equal to 5% of the New Common Stock (subject to dilution by shares reserved for issuance under a management incentive plan and on exercise of the Warrants). For further information about the DIP credit agreement, please see Note 2 – Emergence From Voluntary Reorganization Under Chapter 11. Other Long-Term Liabilities Other long-term liabilities consisted of the following: Successor Predecessor September 30, December 31, (In thousands) Asset retirement obligation (ARO) liability $ 24,922 $ 66,627 Workers’ compensation 11,664 11,510 Contract liability 4,899 7,061 Separation benefit plans (1) 4,536 10,122 Finance lease obligations 4,272 7,379 Gas balancing liability 3,824 3,838 Deferred compensation plan — 6,180 Other long-term liability 1,997 — 56,114 112,717 Less current portion 12,324 17,376 Total other long-term liabilities $ 43,790 $ 95,341 _______________________ 1. As of the Effective Date, the Board adopted (i) the Amended and Restated Separation Benefit Plan of Unit Corporation and Participating Subsidiaries (Amended Separation Benefit Plan), (ii) the Amended and Restated Special Separation Benefit Plan of Unit Corporation and Participating Subsidiaries (Amended Special Separation Benefit Plan) and (iii) the Separation Benefit Plan of Unit Corporation and Participating Subsidiaries (New Separation Benefit Plan). In accordance with the Plan, the Amended Separation Benefit Plan and the Amended Special Separation Benefit Plan allow former employees or retained employees with vested severance benefits under either plan to receive certain cash payments in full satisfaction for their allowed separation claim under the Chapter 11 Cases. In accordance with the Plan, the New Separation Benefit Plan is a comprehensive severance plan for retained employees, including retained employees whose severance did not already vest under the Amended Separation Benefit Plan or the Amended Special Separation Benefit Plan. The New Separation Benefit Plan provides that eligible employees will be entitled to two weeks of severance pay per year of service, with a minimum of four weeks and a maximum of 13 weeks of severance pay.

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Sep. 30, 2020
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	ASSET RETIREMENT OBLIGATIONS (ARO)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 estimated AROs for the periods indicated (in thousands): ARO liability, December 31, 2019 (Predecessor) $ 66,627 Accretion of discount 1,545 Liability incurred 465 Liability settled (838) Liability sold (487) Revision of estimates (1) (28,328) ARO liability, August 31, 2020 (Predecessor) 38,984 Fresh start adjustments (14,393) ARO liability, August 31, 2020 (Successor) 24,591 Accretion of discount 116 Liability incurred 141 Liability settled (51) Liability sold — Revision of estimates 125 ARO liability, September 30, 2020 (Successor) 24,922 Less current portion 2,186 Total long-term ARO $ 22,736 _______________________ 1. Plugging liability estimates were revised in 2020 for updates in the cost of services used to plug wells over the preceding year and estimated dates to be plugged. The following table shows certain information about our estimated AROs for the periods indicated (in thousands): ARO liability, December 31, 2018 (Predecessor) $ 64,208 Accretion of discount 1,770 Liability incurred 4,325 Liability settled (2,805) Liability sold (1,721) Revision of estimates (1) (1,705) ARO liability, September 30, 2019 (Predecessor) 64,072 Less current portion 3,033 Total long-term ARO $ 61,039 _______________________

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	NEW ACCOUNTING PRONOUNCEMENTS Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The FASB issued ASU 2020-04 which provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. The amendments within this ASU will be in effect for a limited time beginning March 12, 2020, and an entity may elect to apply the amendments prospectively through December 31, 2022. The company is currently evaluating the impact this guidance may have on its consolidated financial statements. Currently, there are no accounting pronouncements that have been issued, but not yet adopted, that are expected to have a material impact on our consolidated financial statements or related disclosures. Adopted Standards Measurement of Credit Losses on Financial Instruments (Topic 326). The FASB issued ASU 2016-13 which replaces current methods for evaluating impairment of financial instruments not measured at fair value, including trade accounts receivable, and certain debt securities, with a current expected credit loss model ("CECL"). The CECL model is expected to result in more timely recognition of credit losses. The amendment was effective for reporting periods after December 15, 2019. The adoption of this guidance did not have a material impact on our consolidated financial statements or related disclosures. Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The FASB issued ASU 2018-13 to modify the disclosure requirements in Topic 820. Part of the disclosures were removed or modified, and other disclosures were added. The amendment was effective for reporting periods beginning after December 15, 2019. The adoption of this guidance did not have a material impact on our consolidated financial statements or related disclosures.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION On the Effective Date, the company's equity-based awards that were outstanding immediately before the Effective Date were cancelled. The cancellation of the awards resulted in an acceleration of unrecorded stock compensation expense during the predecessor period. Under the Plan, the company issued Warrants to holders of those equity-based awards that were outstanding immediately before the Effective Date who did not opt out of releases under the Plan. For further information, see Note 2 – Emergence From Voluntary Reorganization Under Chapter 11. Also on the Effective Date, the Board adopted the Unit Corporation Long Term Incentive Plan (LTIP) to incentivize employees, officers, directors and other service providers of the Company and its affiliates. The LTIP provides for the grant, from time to time, at the discretion of the Board or a committee thereof, of stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards, dividend equivalents, other stock-based awards, cash awards, performance awards, substitute awards or any combination of the foregoing. Subject to adjustment in the event of certain transactions or changes of capitalization in accordance with the LTIP, 903,226 shares of new common stock of the reorganized Company, par value $0.01 per share (New Common Stock) have been reserved for issuance pursuant to awards under the LTIP. New Common Stock subject to an award that expires or is canceled, forfeited, exchanged, settled in cash or otherwise terminated without delivery of shares and shares withheld to pay the exercise price of, or to satisfy the withholding obligations with respect to, an award will again be available for delivery pursuant to other awards under the LTIP. The LTIP will be administered by the Board or a committee thereof. The following table summarizes the amount recorded for stock-based compensation, which consisted of restricted stock awards and stock options, for the time periods shown: Predecessor Two Months Ended Three Months Ended Eight Months Ended Nine Months Ended August 31, September 30, August 31, September 30, 2020 2019 2020 2019 (In millions) Recognized stock compensation expense (1) $ 2.0 $ 4.5 $ 6.1 $ 13.0 Capitalized stock compensation cost for our oil and natural gas properties — 0.7 — 2.0 Tax benefit on stock-based compensation 0.5 1.1 1.5 3.2 _______________________ 1. When the company's equity-based awards were cancelled on the Effective Date, we immediately recognized the expense for the cancelled awards of $1.4 million as reorganization costs, net. Our Second Amended and Restated Unit Corporation Stock and Incentive Compensation Plan effective May 6, 2015 (the amended plan) allowed us to grant stock-based and cash-based compensation to our employees (including employees of subsidiaries) and to non-employee directors. There were 7,230,000 shares of the company's common stock authorized for issuance to eligible participants under the amended plan with 2,000,000 shares being the maximum number of shares that could be issued as "incentive stock options." This plan was terminated under the Plan. We did not grant any stock options during 2020 or 2019. We did not grant any restricted stock awards during 2020 or the three month period ending September 30, 2019. This table shows the fair value of restricted stock awards granted to employees and non-employee directors during the periods indicated: Nine Months Ended September 30, 2019 Time Performance Vested Shares granted: Employees 927,173 424,070 Non-employee directors 72,784 — 999,957 424,070 Estimated fair value (in millions): (1) Employees $ 14.6 $ 7.1 Non-employee directors 0.9 — $ 15.5 $ 7.1 Percentage of shares granted expected to be distributed: Employees 95 % 52 % Non-employee directors 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 nine months of 2019 were being recognized over a three three three

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	DERIVATIVES Commodity Derivatives We have entered into various types of derivative transactions covering some of our projected natural gas and oil production during both the predecessor and successor periods. 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 September 30, 2020, these hedges made up our derivative transactions: • 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. • 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. • 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. 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 Statements of Operations. As of September 30, 2020, these derivatives were outstanding: Term Commodity Contracted Volume Weighted Average Contracted Market Oct'20 - Dec'20 Natural gas - basis swap 30,000 MMBtu/day $(0.275) NGPL TEXOK Oct'20 - Dec'20 Natural gas - basis swap 20,000 MMBtu/day $(0.455) PEPL Jan'21 - Dec'21 Natural gas - basis swap 30,000 MMBtu/day $(0.215) NGPL TEXOK Oct'20 - Dec'20 Natural gas - swap 30,000 MMBtu/day $2.753 IF - NYMEX (HH) Jan'21 - Oct'21 Natural gas - swap 50,000 MMBtu/day $2.818 IF - NYMEX (HH) Nov'21 - Dec'21 Natural gas - swap 75,000 MMBtu/day $2.880 IF - NYMEX (HH) Jan'22 - Dec'22 Natural gas - swap 5,000 MMBtu/day $2.605 IF - NYMEX (HH) Jan'23 - Dec'23 Natural gas - swap 22,000 MMBtu/day $2.456 IF - NYMEX (HH) Oct'20 - Dec'20 Natural gas - collar 30,000 MMBtu/day $2.50 - $2.80 IF - NYMEX (HH) Jan'22 - Dec'22 Natural gas - collar 35,000 MMBtu/day $2.50 - $2.68 IF - NYMEX (HH) Oct'20 - Dec'20 Crude oil - swap 4,000 Bbl/day $43.35 WTI - NYMEX Jan'21 - Dec'21 Crude oil - swap 3,000 Bbl/day $44.65 WTI - NYMEX Jan'22 - Dec'22 Crude oil - swap 2,300 Bbl/day $42.25 WTI - NYMEX Jan'23 - Dec'23 Crude oil - swap 1,300 Bbl/day $43.60 WTI - NYMEX 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 Successor Predecessor Balance Sheet Location September 30, December 31, (In thousands) Commodity derivatives: Current Current derivative asset $ 2,367 $ 633 Long-term Non-current derivative asset — — Total derivative assets $ 2,367 $ 633 Derivative Liabilities Fair Value Successor Predecessor Balance Sheet Location September 30, December 31, (In thousands) Commodity derivatives: Current Current derivative liability $ 1,114 $ — Long-term Non-current derivative liability 1,749 27 Total derivative liabilities $ 2,863 $ 27 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 Statements of Operations for the periods indicated: Successor Predecessor One Month Ended Two Months Ended Three Months Ended September 30, August 31, September 30, (In thousands) Gain (loss) on derivatives: Gain (loss) on derivatives, included are amounts settled during the period of ($1,418), ($3,552), and $6,515, respectively $ 3,939 $ (4,250) $ 4,237 $ 3,939 $ (4,250) $ 4,237 Successor Predecessor One Month Ended Eight Months Ended Nine Months Ended September 30, August 31, September 30, (In thousands) Gain (loss) on derivatives: Gain (loss) on derivatives, included are amounts settled during the period of ($1,418), ($4,244), and $11,829, respectively $ 3,939 $ (10,704) $ 5,232 $ 3,939 $ (10,704) $ 5,232

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS 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: Successor September 30, 2020 Level 2 Level 3 Effect Net Amounts Presented (In thousands) Financial assets (liabilities): Commodity derivatives: Assets $ 3,929 $ — $ (1,562) $ 2,367 Liabilities (4,425) — 1,562 (2,863) Total commodity derivatives $ (496) $ — $ — $ (496) Predecessor December 31, 2019 Level 2 Level 3 Effect Net Amounts Presented (In thousands) Financial assets (liabilities): Commodity derivatives: Assets $ 177 $ 1,204 $ (748) $ 633 Liabilities (775) — 748 (27) Total commodity derivatives $ (598) 1,204 — 606 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 September 30, 2020. 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 2 Fair Value Measurements Commodity Derivatives . We measure the fair values of our crude oil and natural gas swaps and collars 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 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 Successor Predecessor One Month Ended Two Months Ended Three Months Ended September 30, August 31, September 30, (In thousands) Beginning of period $ — $ 843 $ 3,945 Total gains or losses (realized and unrealized): Included in earnings (1) — (405) 2,393 Settlements — (437) (3,627) End of period $ — $ — $ 2,711 Total losses for the period included in earnings attributable to the change in unrealized gain (loss) relating to assets still held at end of period $ — $ (843) $ (1,234) _______________________ 1. Commodity derivatives are reported in the Unaudited Condensed Consolidated Statements of Operations in gain (loss) on derivatives. The following table is a reconciliation of our Level 3 fair value measurements: Net Derivatives Successor Predecessor One Month Ended Eight Months Ended Nine Months Ended September 30, August 31, September 30, (In thousands) Beginning of period $ — $ 1,204 $ 10,630 Total gains or losses (realized and unrealized): Included in earnings (1) — 872 (980) Settlements — (2,075) (6,939) End of period — — $ 2,711 Total losses for the period included in earnings attributable to the change in unrealized gain (loss) relating to assets still held at end of period $ — $ (1,204) $ (7,919) _______________________ 1. Commodity derivatives are reported in the Unaudited Condensed Consolidated Statements of Operations in gain (loss) on derivatives.. Our valuation at September 30, 2020 reflected that the risk of non-performance 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 certain 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 our estimated fair value amounts. At September 30, 2020, 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. 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 December 31, 2019 were $646.7 million. On the Effective Date, our obligations with respect to the Notes were cancelled and holders of the Notes received their agreed on pro-rata share of New Common Stock. For further information, please see Note 2 – Emergence From Voluntary Reorganization Under Chapter 11. The estimated fair value of the Notes using quoted market prices at December 31, 2019 was $357.5 million. The Notes were 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 our AROs is presented in Note 10 – Asset Retirement Obligations.

Leases

Leases	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Leases of Lessee Disclosure	LEASES We lease certain office space, land and equipment, including pipeline equipment and office equipment. Our lease payments are generally straight-line and exercising lease renewal options, which vary in term, is at our sole discretion. We include renewal periods in our lease term if we are reasonably certain to exercise renewal options. Our lease agreements do not include options to purchase the leased property. Related to our oil and natural gas segment, our short-term lease costs include those that are recognized in profit or loss during the period and those that are capitalized as part of the cost of another asset under GAAP. As the costs related to our drilling and production activities are reflected at our net ownership consistent with the principals of proportional consolidation, and lease commitments are generally considered gross as the operator, the costs may not reasonably reflect the company’s short-term lease commitments. The following table shows supplemental cash flow information related to leases for the periods indicated: Successor Predecessor One Month Eight Months Ended Nine Months Ended September 30, August 31, September 30, (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 351 $ 3,849 $ 2,862 Financing cash flows for finance leases 350 2,757 2,984 Lease liabilities recognized in exchange for new operating lease right of use assets — — 5 The following table shows information about our lease assets and liabilities in our Unaudited Condensed Consolidated Balance Sheets: Successor Predecessor Classification on the Consolidated Balance Sheets September 30, December 31, (In thousands) Assets Operating right of use assets Right of use assets $ 6,488 $ 5,673 Finance right of use assets Property, plant, and equipment, net 15,985 17,396 Total right of use assets $ 22,473 $ 23,069 Liabilities Current liabilities: Operating lease liabilities Current operating lease liabilities $ 3,985 $ 3,430 Finance lease liabilities Current portion of other long-term liabilities 4,272 4,164 Non-current liabilities: Operating lease liabilities Operating lease liabilities 2,431 2,071 Finance lease liabilities Other long-term liabilities — 3,215 Total lease liabilities $ 10,688 $ 12,880 The following table shows certain information related to the lease costs for our finance and operating leases for the periods indicated: Successor Predecessor One Month Ended Two Months Ended Three Months Ended September 30, August 31, September 30, (In thousands) Components of total lease cost: Amortization of finance leased assets $ 350 $ 696 $ 1,005 Interest on finance lease liabilities 15 35 91 Operating lease cost 328 965 1,267 Short-term lease cost, included are amounts capitalized related to our oil and natural gas segment of less than $0.1 million, $0.1 million, and $7.0 million, respectively 867 1,448 10,841 Variable lease cost 29 58 93 Total lease cost $ 1,589 $ 3,202 $ 13,297 Successor Predecessor One Month Ended Eight Months Ended Nine Months Ended September 30, August 31, September 30, (In thousands) Components of total lease cost: Amortization of finance leased assets $ 350 $ 2,757 $ 2,985 Interest on finance lease liabilities 15 165 302 Operating lease cost 328 3,604 2,915 Short-term lease cost, included are amounts capitalized related to our oil and natural gas segment of less than $0.1 million, $1.5 million, and $21.7 million, respectively 867 8,190 32,857 Variable lease cost 29 223 283 Total lease cost $ 1,589 $ 14,939 $ 39,341 The following table shows certain information related to the weighted average remaining lease terms and the weighted average discount rates for our operating and finance leases: Weighted Average Remaining Lease Term Weighted Average Discount Rate (1) (In years) Operating leases 1.6 4.04% Finance leases 0.9 4.00% _______________________ 1. Our weighted average discount rates represent the rate implicit in the lease or our incremental borrowing rate for a term equal to the remaining term of the lease. The following table sets forth the maturity of our operating lease liabilities as of September 30, 2020: Amount (In thousands) Ending October 1, 2021 $ 4,184 2022 2,241 2023 157 2024 18 2025 12 2025 and beyond 66 Total future payments 6,678 Less: Interest 262 Present value of future minimum operating lease payments 6,416 Less: Current portion 3,985 Total long-term operating lease payments $ 2,431 Finance Leases In 2014, Superior entered into finance lease agreements for 20 compressors with initial terms of seven 4.00%. Total maintenance and interest remaining related to these leases are $1.0 million and $0.1 million, respectively, at September 30, 2020. Annual payments, net of maintenance and interest, average $4.7 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 following table sets forth the maturity of our finance lease liabilities as of September 30, 2020: Amount Ending October 1, (In thousands) 2021 $ 5,323 Total future payments 5,323 Less payments related to: Maintenance 978 Interest 73 Present value of future minimum finance lease payments 4,272 Less: Current portion 4,272 Total long-term finance lease payments $ —

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES On May 22, 2020, the Debtors filed the Bankruptcy Petitions seeking relief under the Bankruptcy Code. The commencement of the Chapter 11 Cases automatically stayed all of the proceedings and actions against the Debtors (other than certain regulatory enforcement matters). The Debtors emerged from the Chapter 11 Cases on the Effective Date. On the Effective Date, the automatic stay was terminated and replaced with the injunction provisions in the Confirmation Order and Plan. For further information on the Chapter 11 Cases, please see Note 2 – Emergence From Voluntary Reorganization Under Chapter 11. 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 significant environmental liability while being a contract driller since the greatest portion of that risk is borne by the operator. Any liabilities we have incurred have been small and were resolved while the drilling rig was on the location. Those costs were 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 committing us to spend $150.0 million to drill wells in the Granite Wash/Buffalo Wallow area over three years starting January 1, 2019. For each dollar of the $150.0 million we do not spend (over the three-year period), we would forgo receiving $0.58 of future distributions from our ownership interest in our consolidated mid-stream subsidiary. At September 30, 2020, if we elected not to drill or spend any additional money in the designated area before December 31, 2021, the maximum amount we could forgo from distributions would be $72.6 million. The total amount spent towards the $150.0 million as of September 30, 2020 was $24.8 million. We have firm transportation commitments to transport our natural gas from various systems for approximately $1.2 million over the next twelve months and $0.5 million for the 15 months thereafter. The company is subject to litigation and claims arising in the ordinary course of business. The company accrues for such items when a liability is both probable and the amount can be reasonably estimated. As new information becomes available or as a result of legal or administrative rulings in similar matters or a change in applicable law, the company's conclusions regarding the probability of outcomes and the amount of estimated loss, if any, may change. Although we are insured against various risks, there is no assurance that the nature and amount of that insurance will be adequate, in every case, to indemnify us against liabilities arising from future legal proceedings. In 2013, the company’s exploration and production subsidiary, Unit Petroleum Company (UPC), drilled a well in Beaver County, Oklahoma. Certain operational issues arose and one of the working interest owners in the well filed a lawsuit claiming that UPC’s actions violated its duties under the joint operating agreement and caused damages to the owners in the well. The case went to trial in January 2019 and the jury issued a verdict in favor of Williford and awarded it $2.4 million in damages, including pre and post-judgment interest. UPC appealed the verdict and it is currently pending review in in the Oklahoma Court of Civil Appeals. As of September 30, 2020, the company's total accrual for loss contingencies was $2.7 million. Below is a summary of two other lawsuits and the respective treatment of those cases in the Bankruptcy Proceedings. Cockerell Oil Properties, Ltd., v. Unit Petroleum Company , No. 16-cv-135-JHP, United States District Court for the Eastern District of Oklahoma. On March 11, 2016, a putative class action lawsuit was filed against Unit Petroleum Company styled Cockerell Oil Properties, Ltd., v. Unit Petroleum Company in LeFlore County, Oklahoma. We removed the case to federal court in the Eastern District of Oklahoma. The plaintiff alleges that Unit Petroleum wrongfully failed to pay interest with respect to late paid oil and gas proceeds under Oklahoma’s Production Revenue Standards Act. The lawsuit seeks actual and punitive damages, an accounting, disgorgement, injunctive relief, and attorney fees. Plaintiff is seeking relief on behalf of royalty and working interest owners in our Oklahoma wells. Chieftain Royalty Company v. Unit Petroleum Company , No. CJ-16-230, District Court of LeFlore County, Oklahoma. On November 3, 2016, a putative class action lawsuit was filed against Unit Petroleum Company styled Chieftain Royalty Company v. Unit Petroleum Company in LeFlore County, Oklahoma. Plaintiff alleges that Unit Petroleum breached its duty to pay royalties on natural gas used for fuel off the lease premises. The lawsuit seeks actual and punitive damages, an accounting, injunctive relief, and attorney’s fees. Plaintiff is seeking relief on behalf of Oklahoma citizens who are or were royalty owners in our Oklahoma wells. Pending Settlement In August 2020, Unit Petroleum Company reached an agreement to settle these class actions. Under the settlement, Unit Petroleum Company agreed to recognize class proof of claims in the amount of $15.75 million for Cockerell Oil Properties, Ltd. vs. Unit Petroleum Company, and $29.25 million in Chieftain Royalty Company vs. Unit Petroleum Company. This settlement is subject to certain conditions, including approval by the United States Bankruptcy Court for the Southern District of Texas, Houston Division in Case No. 20-32740 under the caption In re Unit Corporation, et al. Under the Company’s (including joint debtor Unit Petroleum Company) approved plan or reorganization, these settlements will be treated as allowed class claims of general unsecured creditors. The settlement amounts will be satisfied by distribution of the plaintiffs’ proportionate share of New Common Stock of the of the reorganized company.

Variable Interest Entity Arrang

Variable Interest Entity Arrangements	9 Months Ended
	Sep. 30, 2020
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 a Management Services Agreement (MSA). The MSA is between our affiliate, SPC Midstream Operating, L.L.C. (Operator) and Superior. The Operator is a wholly owned subsidiary of Unit. 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 gives us the power to direct the activities that most significantly affect Superior's operating performance. The MSA is a separate variable interest. Under the MSA, Unit has the power to direct Superior’s most significant activities; reciprocally the equity investors lack the power to direct the activities that most affect the entity’s economic performance. Because of this, Unit is considered the primary beneficiary. There have been no changes to the primary beneficiary during the quarter ended September 30, 2020. As the primary beneficiary of this VIE, we consolidate in our 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 our 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. With consolidation of the VIE, the assets and liabilities of Superior were subject to fair value adjustments in accordance with ASC 852, Reorganizations . Therefore, the periods presented below are not comparative as the amounts presented as of September 30, 2020 reflect the adjustments from Note 3 – Fresh Start Accounting. The Agreement specifies how future distributions are to be allocated among the Members. Future distributions may be from available cash or made in conjunction with a sale event (both as defined in the Agreement). In certain circumstances, future distributions could result in Unit receiving distributions that are disproportionately lower than its ownership percentage. Circumstances that could result in Unit receiving less than a proportionate share of future distributions include, but may not be limited to, Unit does not fulfill the drilling commitment described in Note 16 – Commitments and Contingencies or a cumulative return to SP Investor Holdings, LLC of less than the 7% Liquidation IRR Hurdle provided for SP Investor Holdings, LLC in the Agreement. Generally, 7% Liquidation IRR Hurdle calculation requires cumulative distributions to SP Investor Holdings, LLC in excess of its original $300.0 million investment sufficient to provide SP Investor Holdings, LLC a 7% IRR on its capital contributions to Superior before any liquidation distribution is made to Unit. After the fifth anniversary of the effective date of the sale, either owner may force a sale of Superior to a third-party or a liquidation of Superior's assets. We now record our share of earnings and losses from Superior using the HLBV method of accounting. The HLBV is a balance-sheet approach that calculates the amount we would have received if Superior were liquidated at book value at the end of each measurement period. The change in our allocated amount during the period is recognized in our condensed consolidated statements of operations. 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, like operations and maintenance support, accounting, legal, and human resources to Superior for a monthly service fee of $260,560. 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 is included below. The assets and liabilities of Superior are reflected at estimated fair value at September 30, 2020 as part of the company’s application of fresh start accounting as described in Note 3 - Fresh Start Accounting. The asset and liabilities at December 31, 2019 reflect historical basis prior to any fresh start accounting adjustments. September 30, December 31, (In thousands) Current assets: Cash and cash equivalents $ 15,320 $ — Accounts receivable 23,562 21,073 Prepaid expenses and other 7,034 7,686 Total current assets 45,916 28,759 Property and equipment: Gas gathering and processing equipment 250,608 824,699 Transportation equipment 1,888 3,390 252,496 828,089 Less accumulated depreciation, depletion, amortization, and impairment 2,658 407,144 Net property and equipment 249,838 420,945 Right of use asset 3,259 3,948 Other assets 3,928 9,442 Total assets $ 302,941 $ 463,094 Current liabilities: Accounts payable $ 11,894 $ 18,511 Accrued liabilities 5,849 4,198 Current operating lease liability 1,752 2,407 Current portion of other long-term liabilities 7,051 7,060 Total current liabilities 26,546 32,176 Long-term debt 12,000 16,500 Operating lease liability 1,457 1,404 Other long-term liabilities 2,119 8,126 Total liabilities $ 42,122 $ 58,206

Industry Segment Information

Industry Segment Information	9 Months Ended
	Sep. 30, 2020
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: Successor One Month Ended September 30, 2020 Oil and Natural Gas Contract Drilling Mid-stream Corporate and Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 13,644 $ — $ — $ — $ (1) $ 13,643 Contract drilling — 4,414 — — — 4,414 Gas gathering and processing — — 17,284 — (2,495) 14,789 Total revenues 13,644 4,414 17,284 — (2,496) 32,846 Expenses: Operating costs: Oil and natural gas 6,892 — — — (218) 6,674 Contract drilling — 2,989 — — — 2,989 Gas gathering and processing — — 12,130 — (2,278) 9,852 Total operating costs 6,892 2,989 12,130 — (2,496) 19,515 Depreciation, depletion, and amortization 4,199 526 2,658 84 — 7,467 Impairments 13,237 — — — — 13,237 Total expenses 24,328 3,515 14,788 84 (2,496) 40,219 General and administrative — — — 1,582 — 1,582 Gain on disposition of assets (10) (212) — — — (222) Income (loss) from operations (10,674) 1,111 2,496 (1,666) — (8,733) Gain on derivatives — — — 3,939 — 3,939 Reorganization items, net — — — (1,155) — (1,155) Interest, net — — (137) (689) — (826) Other 29 1 8 1 — 39 Income (loss) before income taxes $ (10,645) $ 1,112 $ 2,367 $ 430 $ — $ (6,736) _______________________ 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. Predecessor Two Months Ended August 31, 2020 Oil and Natural Gas Contract Drilling Mid-stream Corporate and Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 27,962 $ — $ — $ — $ (1) $ 27,961 Contract drilling — 7,685 — — — 7,685 Gas gathering and processing — — 34,132 — (4,204) 29,928 Total revenues 27,962 7,685 34,132 — (4,205) 65,574 Expenses: Operating costs: Oil and natural gas 15,895 — — — (407) 15,488 Contract drilling — 5,410 — — — 5,410 Gas gathering and processing — — 21,620 — (3,798) 17,822 Total operating costs 15,895 5,410 21,620 — (4,205) 38,720 Depreciation, depletion, and amortization 9,975 853 6,750 341 — 17,919 Impairments 16,572 — — — — 16,572 Total expenses 42,442 6,263 28,370 341 (4,205) 73,211 Loss on abandonment of assets 87 1,092 — — — 1,179 General and administrative — — — 5,399 — 5,399 Gain on disposition of assets (102) (1,251) (3) 0 — — (1,356) Income (loss) from operations (14,465) 1,581 5,765 (5,740) — (12,859) Loss on derivatives — — — (4,250) — (4,250) Reorganization items, net 15,504 (183,664) (71,016) 380,178 — 141,002 Interest, net — — (828) (1,131) — (1,959) Other 428 1,426 11 66 — 1,931 Income (loss) before income taxes $ 1,467 $ (180,657) $ (66,068) $ 369,123 $ — $ 123,865 _______________________ 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. Predecessor Three Months Ended September 30, 2019 Oil and Natural Gas Contract Drilling Mid-stream Corporate and Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 78,045 $ — $ — $ — $ — $ 78,045 Contract drilling — 38,626 — — (1,030) 37,596 Gas gathering and processing — — 48,585 — (8,787) 39,798 Total revenues 78,045 38,626 48,585 — (9,817) 155,439 Expenses: Operating costs: Oil and natural gas 36,621 — — — (1,257) 35,364 Contract drilling — 29,913 — — (1,117) 28,796 Gas gathering and processing — — 36,023 — (7,530) 28,493 Total operating costs 36,621 29,913 36,023 — (9,904) 92,653 Depreciation, depletion, and amortization 43,587 12,845 11,847 1,935 — 70,214 Impairments 169,806 62,809 2,265 — — 234,880 Total expenses 250,014 105,567 50,135 1,935 (9,904) 397,747 General and administrative — — — 10,094 — 10,094 (Gain) loss on disposition of assets (28) 288 (28) (1) — 231 Income (loss) from operations (171,941) (67,229) (1,522) (12,028) 87 (252,633) Gain on derivatives — — — 4,237 — 4,237 Interest, net — — (448) (9,086) — (9,534) Other — (627) — 5 — (622) Income (loss) before income taxes $ (171,941) $ (67,856) $ (1,970) $ (16,872) 87 $ (258,552) _______________________ 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. Predecessor Eight Months Ended August 31, 2020 Oil and Natural Gas Contract Drilling Mid-stream Corporate and Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 103,443 $ — $ — $ — $ (4) $ 103,439 Contract drilling — 73,519 — — — 73,519 Gas gathering and processing — — 114,531 — (14,532) 99,999 Total revenues 103,443 73,519 114,531 — (14,536) 276,957 Expenses: Operating costs: Oil and natural gas 119,664 — — — (1,973) 117,691 Contract drilling — 51,811 — — (1) 51,810 Gas gathering and processing — — 80,607 — (12,562) 68,045 Total operating costs 119,664 51,811 80,607 — (14,536) 237,546 Depreciation, depletion, and amortization 68,762 15,544 29,371 1,819 — 115,496 Impairments 393,726 410,126 63,962 — — 867,814 Total expenses 582,152 477,481 173,940 1,819 (14,536) 1,220,856 Loss on abandonment of assets 17,641 1,092 — — — 18,733 General and administrative — — — 42,766 — 42,766 (Gain) loss on disposition of assets (160) (1,390) (18) 1,479 — (89) Loss from operations (496,190) (403,664) (59,391) (46,064) — (1,005,309) Loss on derivatives — — — (10,704) — (10,704) Write-off of debt issuance costs — — — (2,426) — (2,426) Reorganization items, net 15,504 (183,664) (71,016) 373,151 — 133,975 Interest, net — — (1,888) (20,936) — (22,824) Other 458 1,449 50 77 — 2,034 Income (loss) before income taxes $ (480,228) $ (585,879) $ (132,245) $ 293,098 $ — $ (905,254) _______________________ ____________________ 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. Predecessor Nine Months Ended September 30, 2019 Oil and Natural Gas Contract Drilling Mid-stream Corporate and Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 241,955 $ — $ — $ — $ — $ 241,955 Contract drilling — 147,598 — — (15,810) 131,788 Gas gathering and processing — — 173,724 — (37,191) 136,533 Total revenues 241,955 147,598 173,724 — (53,001) 510,276 Expenses: Operating costs: Oil and natural gas 108,148 — — — (3,828) 104,320 Contract drilling — 103,688 — — (14,183) 89,505 Gas gathering and processing — — 133,702 — (33,363) 100,339 Total operating costs 108,148 103,688 133,702 — (51,374) 294,164 Depreciation, depletion, and amortization 118,105 39,048 35,675 5,804 — 198,632 Impairments 169,806 62,809 2,265 — — 234,880 Total expenses 396,059 205,545 171,642 5,804 (51,374) 727,676 General and administrative — — — 29,899 — 29,899 (Gain) loss on disposition of assets (166) 1,737 (136) (11) — 1,424 Income (loss) from operations (153,938) (59,684) 2,218 (35,692) (1,627) (248,723) Gain on derivatives — — — 5,232 — 5,232 Interest, net — — (1,129) (25,938) — (27,067) Other — (627) — 16 — (611) Income (loss) before income taxes $ (153,938) $ (60,311) $ 1,089 (56,382) $ (1,627) $ (271,169) _______________________ 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.

Supplemental Condensed Consolid

Supplemental Condensed Consolidated Financial Information	9 Months Ended
	Sep. 30, 2020
Supplemental Condensed Consolidated Financial Information [Abstract]
Condensed Consolidated Financial Statements	SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION The Notes of the Predecessor company were registered securities until they were cancelled on the Effective Date. As a result, we are required to present the following condensed consolidating financial information for the Predecessor periods under to Rule 3-10 of the SEC's Regulation S-X, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered. Our Successor Exit credit agreement is not a registered security. Therefore, the presentation of condensed consolidating financial information is not required for the Successor period. For the following footnote: • we were called "Parent", • the direct subsidiaries were 100% owned by the Parent and the guarantee was full and unconditional and joint and several and called "Combined Guarantor Subsidiaries", and • Superior and its subsidiaries and the Operator were called "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. It should be noted that the financial statements for the successor period are not comparable to those of the predecessor period as a result of the fresh start accounting adjustments described in Note 3 - Fresh Start Accounting. Condensed Consolidating Balances Sheets (Unaudited) Predecessor December 31, 2019 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 503 $ 68 $ — $ — $ 571 Accounts receivable, net of allowance for doubtful accounts of $2,332 (Guarantor of $1,116 and Parent of $1,216) 2,645 64,805 24,653 (9,447) 82,656 Materials and supplies — 449 — — 449 Current derivative asset 633 — — — 633 Income tax receivable 1,756 — — — — 1,756 Assets held for sale — 5,908 — — 5,908 Prepaid expenses and other 2,019 3,373 7,686 — 13,078 Total current assets 7,556 74,603 32,339 (9,447) 105,051 Property and equipment: Oil and natural gas properties on the full cost method: Proved properties — 6,341,582 — — 6,341,582 Unproved properties not being amortized — 252,874 — — 252,874 Drilling equipment — 1,295,713 — — 1,295,713 Gas gathering and processing equipment — — 824,699 — 824,699 Saltwater disposal systems — 69,692 — — 69,692 Corporate land and building — 59,080 — — 59,080 Transportation equipment 9,712 16,621 3,390 — 29,723 Other 28,927 29,065 — — 57,992 38,639 8,064,627 828,089 — 8,931,355 Less accumulated depreciation, depletion, amortization, and impairment 33,794 6,537,731 407,144 — 6,978,669 Net property and equipment 4,845 1,526,896 420,945 — 1,952,686 Intercompany receivable 1,048,785 — — (1,048,785) — Investments 865,252 — — (865,252) — Right of use asset 46 1,733 3,948 (54) 5,673 Other assets 8,107 9,094 9,441 — 26,642 Total assets $ 1,934,591 $ 1,612,326 $ 466,673 $ (1,923,538) $ 2,090,052 Predecessor December 31, 2019 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 12,259 $ 61,002 $ 18,511 $ (7,291) $ 84,481 Accrued liabilities 28,003 14,024 6,691 (2,156) 46,562 Current operating lease liability 20 1,009 2,407 (6) 3,430 Current portion of long-term debt 108,200 — — — 108,200 Current portion of other long-term liabilities 3,003 7,313 7,060 — 17,376 Total current liabilities 151,485 83,348 34,669 (9,453) 260,049 Intercompany debt — 1,047,599 1,186 (1,048,785) — Long-term debt less debt issuance costs 646,716 — 16,500 — 663,216 Non-current derivative liability 27 — — — 27 Operating lease liability 25 690 1,404 (48) 2,071 Other long-term liabilities 12,553 74,662 8,126 — 95,341 Deferred income taxes 68,150 (54,437) — — 13,713 Total shareholders' equity 1,055,635 460,464 404,788 (865,252) 1,055,635 Total liabilities and shareholders’ equity $ 1,934,591 $ 1,612,326 $ 466,673 $ (1,923,538) $ 2,090,052 Condensed Consolidating Statements of Operations (Unaudited) Predecessor Two Months Ended August 31, 2020 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Revenues $ — $ 35,647 $ 34,132 $ (4,205) $ 65,574 Expenses: Operating costs — 21,307 21,619 (4,206) 38,720 Depreciation, depletion, and amortization 341 10,828 6,750 — 17,919 Impairments — 16,572 — — 16,572 Loss on abandonment of assets — 1,179 — — 1,179 General and administrative — 5,399 — — 5,399 Gain on disposition of assets — (1,353) (3) — (1,356) Total operating costs 341 53,932 28,366 (4,206) 78,433 Income (loss) from operations (341) (18,285) 5,766 1 (12,859) Interest, net (1,131) — (828) — (1,959) Write off of debt issuance costs — — — — — Loss on derivatives (4,250) — — — (4,250) Reorganization items 380,178 (168,160) (71,016) — 141,002 Other, net 68 1,853 10 — 1,931 Income (loss) before income taxes 374,524 (184,592) (66,068) 1 123,865 Income tax benefit (4,750) — — — (4,750) Equity in net earnings from investment in subsidiaries, net of taxes (250,659) — — 250,659 — Net income (loss) 128,615 (184,592) (66,068) 250,660 128,615 Less: net income attributable to non-controlling interest 73,484 — 73,484 (73,484) 73,484 Net income (loss) attributable to Unit Corporation $ 55,131 $ (184,592) $ (139,552) $ 324,144 $ 55,131 Predecessor Three Months Ended September 30, 2019 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Revenues $ — $ 116,671 $ 48,585 $ (9,817) $ 155,439 Expenses: Operating costs — 66,534 36,023 (9,904) 92,653 Depreciation, depletion, and amortization 1,935 56,432 11,847 — 70,214 Impairments — 232,615 2,265 — 234,880 General and administrative — 10,094 — — 10,094 (Gain) loss on disposition of assets (1) 260 (28) — 231 Total operating costs 1,934 365,935 50,107 (9,904) 408,072 Income (loss) from operations (1,934) (249,264) (1,522) 87 (252,633) Interest, net (9,086) — (448) — (9,534) Gain on derivatives 4,237 — — — 4,237 Other, net 5 (627) — — (622) Loss before income taxes (6,778) (249,891) (1,970) 87 (258,552) Income tax benefit (1,982) (48,781) — — (50,763) Equity in net earnings from investment in subsidiaries, net of taxes (202,090) — — 202,090 — Net loss (206,886) (201,110) (1,970) 202,177 (207,789) Less: net loss attributable to non-controlling interest — — (903) — (903) Net loss attributable to Unit Corporation $ (206,886) $ (201,110) $ (1,067) $ 202,177 $ (206,886) Predecessor Eight Months Ended August 31, 2020 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Revenues $ — $ 176,962 $ 114,531 $ (14,536) $ 276,957 Expenses: Operating costs — 171,476 80,607 (14,537) 237,546 Depreciation, depletion, and amortization 1,819 84,306 29,371 — 115,496 Impairments — 803,852 63,962 — 867,814 Loss on abandonment of assets — 18,733 — — 18,733 General and administrative — 42,766 — — 42,766 (Gain) loss on disposition of assets 1,479 (1,550) (18) — (89) Total operating costs 3,298 1,119,583 173,922 (14,537) 1,282,266 Income (loss) from operations (3,298) (942,621) (59,391) 1 (1,005,309) Interest, net (20,936) — (1,888) — (22,824) Write-off of debt issuance costs (2,426) — — — (2,426) Loss on derivatives (10,704) — — — (10,704) Reorganization items 373,151 (168,160) (71,016) — 133,975 Other, net 79 1,906 49 — 2,034 Income (loss) before income taxes 335,866 (1,108,875) (132,246) 1 (905,254) Income tax benefit (14,630) — — — (14,630) Equity in net earnings from investment in subsidiaries, net of taxes (1,241,120) — — 1,241,120 — Net loss (890,624) (1,108,875) (132,246) 1,241,121 (890,624) Less: net income attributable to non-controlling interest 40,388 — 40,388 (40,388) 40,388 Net loss attributable to Unit Corporation $ (931,012) $ (1,108,875) $ (172,634) $ 1,281,509 $ (931,012) Predecessor Nine Months Ended September 30, 2019 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Revenues $ — $ 389,553 $ 173,724 $ (53,001) $ 510,276 Expenses: Operating costs — 211,836 133,702 (51,374) 294,164 Depreciation, depletion, and amortization 5,804 157,153 35,675 — 198,632 Impairments — 232,615 2,265 — 234,880 General and administrative — 29,899 — — 29,899 (Gain) loss on disposition of assets (11) 1,571 (136) — 1,424 Total operating costs 5,793 633,074 171,506 (51,374) 758,999 Income (loss) from operations (5,793) (243,521) 2,218 (1,627) (248,723) Interest, net (25,938) — (1,129) — (27,067) Gain on derivatives 5,232 — — — 5,232 Other, net 16 (627) — — (611) Income (loss) before income taxes (26,483) (244,148) 1,089 (1,627) (271,169) Income tax benefit (6,529) (46,552) — — (53,081) Equity in net earnings from investment in subsidiaries, net of taxes (198,945) — — 198,945 — Net income (loss) (218,899) (197,596) 1,089 197,318 (218,088) Less: net income attributable to non-controlling interest — — 811 — 811 Net income (loss) attributable to Unit Corporation $ (218,899) $ (197,596) $ 278 $ 197,318 $ (218,899) Condensed Consolidating Statements of Comprehensive Income (Loss) (Unaudited) Predecessor Two Months ended August 31, 2020 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Net income (loss) $ 128,615 $ (184,592) $ (66,068) $ 250,660 $ 128,615 Other comprehensive income (loss), net of taxes: Unrealized gain on securities, net of tax of $0 — — — — — Comprehensive income (loss) 128,615 (184,592) (66,068) 250,660 128,615 Less: Comprehensive income attributable to non-controlling interests 73,484 — 73,484 (73,484) 73,484 Comprehensive income (loss) attributable to Unit Corporation $ 55,131 $ (184,592) $ (139,552) $ 324,144 $ 55,131 Predecessor Three Months Ended September 30, 2019 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Net loss $ (206,886) $ (201,110) $ (1,970) $ 202,177 $ (207,789) Other comprehensive loss, net of taxes: Reclassification adjustment for write-down of securities, net of tax ($45) — 487 — — 487 Comprehensive loss (206,886) (200,623) (1,970) 202,177 (207,302) Less: Comprehensive loss attributable to non-controlling interests — — (903) — (903) Comprehensive loss attributable to Unit Corporation $ (206,886) $ (200,623) $ (1,067) $ 202,177 $ (206,399) Predecessor Eight Months Ended August 31, 2020 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Net loss $ (890,624) $ (1,108,875) $ (132,246) $ 1,241,121 $ (890,624) Other comprehensive loss, net of taxes: Unrealized gain on securities, net of tax of $0 — — — — — Comprehensive loss (890,624) (1,108,875) (132,246) 1,241,121 (890,624) Less: Comprehensive income attributable to non-controlling interests 40,388 — 40,388 (40,388) 40,388 Comprehensive loss attributable to Unit Corporation $ (931,012) $ (1,108,875) $ (172,634) $ 1,281,509 $ (931,012) Predecessor Nine Months Ended September 30, 2019 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Net income (loss) $ (218,899) $ (197,596) $ 1,089 $ 197,318 $ (218,088) Other comprehensive income (loss), net of taxes: Reclassification adjustment for write-down of securities, net of tax ($45) — 481 — — 481 Comprehensive income (loss) (218,899) (197,115) 1,089 197,318 (217,607) Less: Comprehensive income attributable to non-controlling interests — — 811 — 811 Comprehensive income (loss) attributable to Unit Corporation $ (218,899) $ (197,115) $ 278 $ 197,318 $ (218,418) Condensed Consolidating Statements of Cash Flows (Unaudited) Predecessor Eight Months Ended August 31, 2020 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ (207,593) $ 82,769 $ 32,922 $ 136,858 $ 44,956 INVESTING ACTIVITIES: Capital expenditures (986) (14,585) (10,204) — (25,775) Producing properties and other acquisitions — (382) — — (382) Proceeds from disposition of assets 1,169 4,772 77 — 6,018 Net cash provided by (used in) investing activities 183 (10,195) (10,127) — (20,139) FINANCING ACTIVITIES: Borrowings under credit agreement, including borrowings under DIP credit facility 55,300 — 32,100 — 87,400 Payments under credit agreement (31,500) — (32,600) — (64,100) DIP financing costs (990) — — — (990) Exit facility financing costs (3,225) — — — (3,225) Intercompany borrowings (advances), net 210,398 (72,642) (898) (136,858) — Payments on finance leases — — (2,757) — (2,757) Employee taxes paid by withholding shares (43) — — — (43) Bank overdrafts (7,269) — (1,464) — (8,733) Net cash provided by (used in) financing activities 222,671 (72,642) (5,619) (136,858) 7,552 Net increase (decrease) in cash and cash equivalents 15,261 (68) 17,176 — 32,369 Cash and cash equivalents, beginning of period 503 68 — — 571 Cash and cash equivalents, end of period $ 15,764 $ — $ 17,176 $ — $ 32,940 Predecessor Nine Months Ended September 30, 2019 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ 11,054 $ 169,838 $ 38,592 $ (34) $ 219,450 INVESTING ACTIVITIES: Capital expenditures 168 (321,840) (43,282) — (364,954) Producing properties and other acquisitions — (3,345) — — (3,345) Proceeds from disposition of assets 11 10,376 119 — 10,506 Net cash provided by (used in) investing activities 179 (314,809) (43,163) — (357,793) FINANCING ACTIVITIES: Borrowings under credit agreement 332,300 — 59,900 — 392,200 Payments under credit agreement (198,200) — (55,800) — (254,000) Intercompany borrowings (advances), net (143,692) 144,867 (1,209) 34 — Payments on finance leases — — (2,984) — (2,984) Employee taxes paid by withholding shares (4,080) — — — (4,080) Distributions to non-controlling interest 919 — (1,837) — (918) Bank overdrafts 1,622 — 663 — 2,285 Net cash provided by (used in) financing activities (11,131) 144,867 (1,267) 34 132,503 Net increase (decrease) in cash and cash equivalents 102 (104) (5,838) — (5,840) Cash and cash equivalents, beginning of period 403 208 5,841 — 6,452 Cash and cash equivalents, end of period $ 505 $ 104 $ 3 $ — $ 612

(Policies)

(Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Depreciation, Depletion, and Amortization	Prior to emergence from bankruptcy, the company recorded depreciation of drilling equipment using the units-of-production method based on estimated useful lives starting at 15 years, including a minimum provision of 20% of the active rate when the equipment was idle, except when idle for greater than 48 months, then it was depreciated at the full active rate. The company also utilized the composite method of depreciation for drill pipe and collars to calculate the depreciation by footage actually drilled compared to total estimated remaining footage. As of emergence, the company elected to depreciate all drilling assets utilizing the straight-line method over the useful lives of the assets ranging from four to ten years.
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy	Historically, the company allocated earnings and losses between Unit and the partners in Superior based on the ownership percentage (50/50) of the joint venture. Upon emergence, the company elected to allocate earnings and losses using the Hypothetical Liquidation at Book Value (HLBV) method of accounting. The HLBV is a balance-sheet approach that calculates the amount we would have received if Superior were liquidated at book value at the end of each measurement period. For additional information on the allocation of earnings, see Note 17 – Variable Interest Entity Arrangements.

Reorganizations (Tables)

Reorganizations (Tables)	9 Months Ended
	Sep. 30, 2020
Reorganizations [Abstract]
Schedule of Reconciliation of Enterprise Value to Fair Value of Successor Equity	The following table reconciles the enterprise value to the estimated fair value of the Successor's equity at the Effective Date (in thousands): Enterprise value $ 559,205 Less: Fair value of noncontrolling interest (242,200) Enterprise value of Unit interests 317,005 Plus: Cash and cash equivalents 25,482 Plus: Restricted cash 7,458 Less: Fair value of capital leases (4,622) Less: Fair value of debt (including the fair value of current debt) (148,000) Fair value of Successor equity $ 197,323
Schedule of Reconciliation of Enterprise Value to the Reorganization Value	The following table reconciles the enterprise value to the reorganization value of the Successor’s assets as of the Effective Date (in thousands): Enterprise value $ 559,205 Plus: Cash and cash equivalents 25,482 Plus: Restricted cash 7,458 Plus: Current liabilities (excluding the fair value of capital leases and current debt) 86,897 Plus: Long-term asset retirement obligation 22,415 Plus: Other long-term liabilities (excluding long-term asset retirement obligation) 24,886 Reorganization value of Successor assets $ 726,343
Schedule of Fresh-Start Adjustments	As of September 1, 2020 Predecessor Reorganization Adjustments (1) Fresh Start Adjustments (11) Successor ASSETS (In thousands) Current assets: Cash and cash equivalents $ 32,280 $ (6,798) (2) $ — $ 25,482 Restricted cash — 7,458 (3) — 7,458 Accounts receivable, net 50,621 — — 50,621 Materials and supplies 64 — (64) (12) — Current income tax receivable 850 — — 850 Prepaid expenses and other 13,692 6,382 (4) (990) (13) 19,084 Total current assets 97,507 7,042 (1,054) 103,495 Property and equipment: Oil and natural gas properties, on the full cost method: Proved properties 6,539,816 — (6,301,532) (14) 238,284 Unproved properties not being amortized 30,205 — (30,205) (14) — Drilling equipment 1,285,024 — (1,221,566) (15) 63,458 Gas gathering and processing equipment 833,788 — (583,690) (15) 250,098 Saltwater disposal systems 43,541 — (43,541) (15) — Land and building 59,080 — (26,445) (15) 32,635 Transportation equipment 15,577 — (12,263) (15) 3,314 Other 57,427 — (47,469) (15) 9,958 8,864,458 — (8,266,711) 597,747 Less accumulated depreciation, depletion, amortization, and impairment 7,923,868 — (7,923,868) (14) (15) — Net property and equipment 940,590 — (342,843) 597,747 Right of use asset 7,476 — (659) (16) 6,817 Other assets 24,666 (6,382) (4) — 18,284 Total assets $ 1,070,239 $ 660 $ (344,556) $ 726,343 As of September 1, 2020 Predecessor Reorganization Adjustments (1) Fresh Start Adjustments (11) Successor LIABILITIES AND SHAREHOLDERS’ EQUITY (In thousands) Current liabilities: Accounts payable $ 27,354 $ 6,382 (4) $ — $ 33,736 Accrued liabilities 36,990 (4,115) (5) — 32,875 Current operating lease liability 4,643 — (669) (16) 3,974 Current portion of long-term debt 124,000 (123,600) (6) — 400 Current derivative liabilities 5,089 — — 5,089 Warrant liability — — 885 (17) 885 Current portion of other long-term liabilities 11,201 3,743 (7) 16 (18) 14,960 Total current liabilities 209,277 (117,590) 232 91,919 Long-term debt 16,000 131,600 (6) — 147,600 Non-current derivative liabilities 766 — — 766 Operating lease liability 2,760 — 11 (16) 2,771 Other long-term liabilities 61,393 (3,220) (4) (7) (14,409) (18) 43,764 Liabilities subject to compromise 762,215 (762,215) (8) — — Deferred income taxes 4,466 — (4,466) (19) — Commitments and contingencies Shareholders’ equity: Predecessor preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued at December 31, 2019 — — — — Predecessor common stock, $0.20 par value, 175,000,000 shares authorized, 55,443,393 shares issued as of December 31, 2019 10,704 (10,704) (9) — — Predecessor capital in excess of par value 650,153 (650,153) (9) — — Successor preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued at September 1, 2020 — — — — Successor common stock, $0.01 par value, 25,000,000 authorized, 12,000,000 issued at September 1, 2020 — 120 (8) — 120 Successor capital in excess of par value — 197,203 (8) — 197,203 Retained earnings (deficit) (818,679) 1,215,619 (10) (396,940) (20) — Total shareholders’ equity attributable to Unit Corporation (157,822) 752,085 (396,940) 197,323 Non-controlling interests in consolidated subsidiaries 171,184 — 71,016 (21) 242,200 Total shareholders' equity 13,362 752,085 (325,924) 439,523 Total liabilities and shareholders’ equity $ 1,070,239 $ 660 $ (344,556) $ 726,343 Reorganization Adjustments (1) Reflects accounts recorded as of the Effective Date, including among other items, settlement of the Predecessor's liabilities subject to compromise, cancellation of the Predecessor's equity, issuance of the New Common Stock and the Warrants, repayment of certain of Predecessor's liabilities and settlement with holders of the Notes. (2) The table below details the company’s uses of cash, under the terms of the Plan described in Note 2 – Emergence From Voluntary Reorganization Under Chapter 11 (in thousands): Funding of the professional fees escrow account $ (7,458) Proceeds from Exit credit facility 8,000 Payment of debt issuance costs on the Exit credit facility (3,225) Payment of professional fees (3,943) Payment of accrued interest payable under the Predecessor credit facility (172) Changes in cash and cash equivalents $ (6,798) (3) Represents the reserve for Professional Fee Escrow of $7.5 million. (4) Represents the reclassification of other long-term assets related to deferred compensation to prepaid expenses and other assets as the deferred compensation payout is required to be paid within 12 months from the date of emergence in accordance with the Plan. Simultaneously, the current portion of deferred compensation liability was reclassified from other long-term liabilities to accounts payable. (5) Represents the payment of the DIP Facility interest of $0.2 million and professional fees for $3.9 million. (6) Represents the transition of the DIP credit agreement and the Predecessor credit agreement of $124.0 million into the Exit Facility and the issuance of an additional $8.0 million under the Exit Facility. (7) Represents the reclassification of the short-term portion of the separation benefit liabilities from non-current to current liabilities which was offset by the increase in non-current portion of liabilities. (8) Settlement of liabilities subject to compromise and the resulting net gain were determined as follows (in thousands): Liabilities subject to compromise before the Effective Date: 6.625% senior subordinated notes due 2021 (including accrued interest as of the Petition Date) $ 672,369 Accounts payable 1,179 Employee separation benefit plan obligations 23,394 Litigation settlements 45,000 Royalty suspense accounts payable 20,273 Total liabilities subject to compromise 762,215 Separation settlement treatment (6,905) Successor Common Stock and APIC (1) issued to allowed claim holders (175,521) Successor Common Stock and APIC for disputed claims reserve (11,936) Gain on settlement of liabilities subject to compromise $ 567,853 (1) Balance excludes the Successor Common Stock and APIC of $9.9 million to the 5% Equity Facility which was not a liability subject to compromise. (9) Represents the cancellation of Predecessor Common Stock. (10) Represents the cumulative impact to Predecessor retained earnings of the reorganization adjustments described above. Fresh Start Adjustments (11) Reflects accounts recorded as of the Effective Date for the fresh start adjustments based on the methodologies noted below. (12) Represents the reclassification of materials and supplies to proved properties. (13) Represents the write off of the Predecessor's unamortized debt fees related to the DIP Facility. (14) Reflects a decrease of oil and natural gas properties, net, based on the methodology discussed above, and the elimination of accumulated depletion and amortization. The following table summarizes the components of oil and natural gas properties as of the Effective Date: Successor Predecessor Fair Value Historical Book Value (In thousands) Proved properties $ 238,284 $ 6,539,816 Unproved properties — 30,205 238,284 6,570,021 Less accumulated depletion, amortization, and impairment — (6,305,113) $ 238,284 $ 264,908 (15) Reflects a decrease in fair value of drilling equipment, gas gathering and processing equipment, saltwater disposal systems, land and building, transportation equipment and other property and equipment and the elimination of accumulated depreciation, based upon the methodologies discussed above. The following table summarizes the components of other property and equipment as of the Effective Date: Successor Predecessor Fair Value Historical Book Value (In thousands) Drilling equipment $ 63,458 $ 1,285,024 Gas gathering and processing equipment 250,098 833,788 Saltwater disposal systems — 43,541 Land and building 32,635 59,080 Transportation equipment 3,314 15,577 Other 9,958 57,427 359,463 2,294,437 Less accumulated depreciation and impairment — (1,618,754) $ 359,463 $ 675,683 (16) Reflects the valuation adjustments to the company’s ROU assets, current operating lease liability, and operating lease liability, adjusted for fair value of favorable and unfavorable lease terms, and the revised incremental borrowing rates of the Successor. (17) Represents the liability for the warrants estimated using a Black-Scholes-Merton model which utilizes various market-based inputs including: stock prices, strike price, time to maturity, risk-free rate, annual volatility rate, and annual dividend yield. (18) Represents the reclassification of the short-term portion of Asset Retirement Obligation from non-current liabilities to current as well as the fair value adjustment, which was determined using our fresh start updates to these obligations, including the application of the Successor's credit adjusted risk free rate, which now incorporates a term structure based on the estimated timing of well plugging activity, and resetting all Asset Retirement Obligations to a single layer. (19) Represents the adjustments to deferred tax liability as a result of the cumulative tax impact of the fresh start adjustments. The significant revisions to the carrying value of our assets and liabilities as a result of applying fresh start accounting has resulted in the company increasing its overall net deferred tax asset position upon emergence from bankruptcy. In addition to the changes in book value, the company has approximately $726.4 million of net operating losses (NOLs) carried forward to offset taxable income in future years as of the Effective Date of emergence. Approximately $584.2 million of this NOL will expire commencing in fiscal 2021 through 2037. The NOLs of approximately $142.2 million from years ended subsequent to December 31, 2017 have an indefinite carryforward period. The amount of these NOLs which is actually available to offset future income may be severely limited due to change-in-control tax provisions. Due to our history of operating losses and the uncertainty surrounding the realization of the deferred tax assets in future years, our management has determined that it is more likely than not that the deferred tax assets will not be realized in future periods. Accordingly, the company has recorded a 100% valuation allowance against its net deferred tax assets. Our blended effective tax rate was 1.62% for the Predecessor period ending August 31, 2020 and 0.00% for the Successor period ending September 30, 2020 compared to 19.57% for the first nine months of 2019. The rate change was primarily due to the increase in the valuation allowance against our income tax benefit. (20) Represents the cumulative impact of the fresh-start accounting adjustments discussed above.
Schedule of reorganization items	The following table summarizes the components included in "Reorganization items, net" in our Condensed Consolidated Statements of Operations for the periods presented: Successor Predecessor One Month Two Months Ended Eight Months Ended September 30, 2020 August 31, (In thousands) Gains on settlement of liabilities subject to compromise $ — $ (567,853) $ (567,853) Fresh start accounting adjustments — 401,406 401,406 Legal and professional fees and expenses 1,155 10,923 15,745 Acceleration of Predecessor stock compensation expense — 1,431 1,431 Exit Facility fees — 3,225 3,225 5% equity facility — 9,866 9,866 Adjustment to unamortized debt issuance costs associated with the 6.625% senior subordinated notes due 2021 — — 2,205 Total reorganization items, net $ 1,155 $ (141,002) $ (133,975)

Revenues from Contracts with Cu

Revenues from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue From Contracts with Customers [Abstract]
Contract with Customer, Asset and Liability	These tables show the changes in our mid-stream contract asset and contract liability balances during the nine months ended September 30, 2020: Successor Predecessor September 30, December 31, Change (In thousands) Contract assets $ 7,976 $ 12,921 $ (4,945) Contract liabilities 4,899 7,061 (2,162) Contract assets (liabilities), net $ 3,077 $ 5,860 $ (2,783)
Revenue, Remaining Performance Obligation	Below is the fixed revenue Superior will earn over the remaining term of the contracts, excluding all variable consideration to be earned with the associated contract. Contract Remaining Term of Contract October - December 2021 2022 2023 and beyond Total Remaining Impact to Revenue (In thousands) Demand fee contracts 2-8 years $ (992) $ (3,501) $ 1,380 $ 36 $ (3,077)

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share	Information related to the calculation of earnings (loss) per share attributable to the company is as follows: Earnings (Loss) Weighted Per-Share (In thousands except per share amounts) For the one month ended September 30, 2020 Basic loss attributable to Unit Corporation per common share $ (8,968) 12,000 $ (0.75) Predecessor Information related to the calculation of earnings (loss) per share attributable to the company is as follows: Earnings (Loss) Weighted Per-Share (In thousands except per share amounts) For the two months ended August 31, 2020 Basic earnings attributable to Unit Corporation per common share $ 55,131 53,519 $ 1.03 For the three months ended September 30, 2019 Basic loss attributable to Unit Corporation per common share $ (206,886) 52,950 $ (3.91) Effect of dilutive stock options and restricted stock — — — Diluted loss attributable to Unit Corporation per common share $ (206,886) 52,950 $ (3.91)
Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share	The following table shows the number of stock options (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 September 30, 2019 Stock options 42,000 Average exercise price $ 48.56
Schedule of Earnings Per Share, Basic and Diluted 1	Earnings (Loss) (Numerator) Weighted Shares (Denominator) Per-Share Amount (In thousands except per share amounts) For the eight months ended August 31, 2020 Basic loss attributable to Unit Corporation per common share $ (931,012) 53,368 $ (17.45) For the nine months ended September 30, 2019 Basic loss attributable to Unit Corporation per common share $ (218,899) 52,814 $ (4.14) Effect of dilutive stock options and restricted stock — — — Diluted loss attributable to Unit Corporation per common share $ (218,899) 52,814 $ (4.14)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share 1	The following table shows the number of stock options (and their average exercise price) excluded because their option exercise prices were greater than the average market price of our common stock: Nine Months Ended September 30, 2019 Stock options 42,000 Average exercise price $ 48.56

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2020
Accrued Liabilities [Abstract]
Accrued Liabilities [Table Text Block]	Accrued liabilities consisted of: Successor Predecessor September 30, December 31, (In thousands) Taxes $ 8,497 $ 3,450 Employee costs 6,779 17,832 Lease operating expenses 6,395 9,200 Legal settlement 2,655 — Interest payable 857 6,562 Third-party credits — 3,691 Other 2,992 5,827 Total accrued liabilities $ 28,175 $ 46,562

Long-Term Debt And Other Long_2

Long-Term Debt And Other Long-Term Liabilities (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Long-Term Debt	As of the date indicated, our debt consisted of the following: Successor Predecessor September 30, December 31, (In thousands) Current portion of long-term debt: Predecessor credit facility with an average interest rate of 4.0% $ — $ 108,200 Successor Exit Facility with an average interest rate of 6.6% 400 — Long-term debt: Successor Exit Facility with an average interest rate of 6.6% 131,600 — Superior credit agreement with an average interest rate of 2.1% and 3.9% at September 30, 2020 and December 31, 2019, respectively 12,000 16,500 Predecessor 6.625% senior subordinated notes due 2021 — 650,000 Total principal amount 143,600 666,500 Less: unamortized discount — (971) Less: debt issuance costs, net — (2,313) Total long-term debt $ 143,600 $ 663,216
Other Long-Term Liabilities	Other long-term liabilities consisted of the following: Successor Predecessor September 30, December 31, (In thousands) Asset retirement obligation (ARO) liability $ 24,922 $ 66,627 Workers’ compensation 11,664 11,510 Contract liability 4,899 7,061 Separation benefit plans (1) 4,536 10,122 Finance lease obligations 4,272 7,379 Gas balancing liability 3,824 3,838 Deferred compensation plan — 6,180 Other long-term liability 1,997 — 56,114 112,717 Less current portion 12,324 17,376 Total other long-term liabilities $ 43,790 $ 95,341 _______________________ 1. As of the Effective Date, the Board adopted (i) the Amended and Restated Separation Benefit Plan of Unit Corporation and Participating Subsidiaries (Amended Separation Benefit Plan), (ii) the Amended and Restated Special Separation Benefit Plan of Unit Corporation and Participating Subsidiaries (Amended Special Separation Benefit Plan) and (iii) the Separation Benefit Plan of Unit Corporation and Participating Subsidiaries (New Separation Benefit Plan). In accordance with the Plan, the Amended Separation Benefit Plan and the Amended Special Separation Benefit Plan allow former employees or retained employees with vested severance benefits under either plan to receive certain cash payments in full satisfaction for their allowed separation claim under the Chapter 11 Cases. In accordance with the Plan, the New Separation Benefit Plan is a comprehensive severance plan for retained employees, including retained employees whose severance did not already vest under the Amended Separation Benefit Plan or the Amended Special Separation Benefit Plan. The New Separation Benefit Plan provides that eligible employees will be entitled to two weeks of severance pay per year of service, with a minimum of four weeks and a maximum of 13 weeks of severance pay.

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 2020
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Asset Retirement Obligations	The following table shows certain information about our estimated AROs for the periods indicated (in thousands): ARO liability, December 31, 2019 (Predecessor) $ 66,627 Accretion of discount 1,545 Liability incurred 465 Liability settled (838) Liability sold (487) Revision of estimates (1) (28,328) ARO liability, August 31, 2020 (Predecessor) 38,984 Fresh start adjustments (14,393) ARO liability, August 31, 2020 (Successor) 24,591 Accretion of discount 116 Liability incurred 141 Liability settled (51) Liability sold — Revision of estimates 125 ARO liability, September 30, 2020 (Successor) 24,922 Less current portion 2,186 Total long-term ARO $ 22,736 _______________________ 1. Plugging liability estimates were revised in 2020 for updates in the cost of services used to plug wells over the preceding year and estimated dates to be plugged. The following table shows certain information about our estimated AROs for the periods indicated (in thousands): ARO liability, December 31, 2018 (Predecessor) $ 64,208 Accretion of discount 1,770 Liability incurred 4,325 Liability settled (2,805) Liability sold (1,721) Revision of estimates (1) (1,705) ARO liability, September 30, 2019 (Predecessor) 64,072 Less current portion 3,033 Total long-term ARO $ 61,039 _______________________

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Restricted Stock Awards and Stock Options	The following table summarizes the amount recorded for stock-based compensation, which consisted of restricted stock awards and stock options, for the time periods shown: Predecessor Two Months Ended Three Months Ended Eight Months Ended Nine Months Ended August 31, September 30, August 31, September 30, 2020 2019 2020 2019 (In millions) Recognized stock compensation expense (1) $ 2.0 $ 4.5 $ 6.1 $ 13.0 Capitalized stock compensation cost for our oil and natural gas properties — 0.7 — 2.0 Tax benefit on stock-based compensation 0.5 1.1 1.5 3.2 _______________________
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: Nine Months Ended September 30, 2019 Time Performance Vested Shares granted: Employees 927,173 424,070 Non-employee directors 72,784 — 999,957 424,070 Estimated fair value (in millions): (1) Employees $ 14.6 $ 7.1 Non-employee directors 0.9 — $ 15.5 $ 7.1 Percentage of shares granted expected to be distributed: Employees 95 % 52 % Non-employee directors 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)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives outstanding	As of September 30, 2020, these derivatives were outstanding: Term Commodity Contracted Volume Weighted Average Contracted Market Oct'20 - Dec'20 Natural gas - basis swap 30,000 MMBtu/day $(0.275) NGPL TEXOK Oct'20 - Dec'20 Natural gas - basis swap 20,000 MMBtu/day $(0.455) PEPL Jan'21 - Dec'21 Natural gas - basis swap 30,000 MMBtu/day $(0.215) NGPL TEXOK Oct'20 - Dec'20 Natural gas - swap 30,000 MMBtu/day $2.753 IF - NYMEX (HH) Jan'21 - Oct'21 Natural gas - swap 50,000 MMBtu/day $2.818 IF - NYMEX (HH) Nov'21 - Dec'21 Natural gas - swap 75,000 MMBtu/day $2.880 IF - NYMEX (HH) Jan'22 - Dec'22 Natural gas - swap 5,000 MMBtu/day $2.605 IF - NYMEX (HH) Jan'23 - Dec'23 Natural gas - swap 22,000 MMBtu/day $2.456 IF - NYMEX (HH) Oct'20 - Dec'20 Natural gas - collar 30,000 MMBtu/day $2.50 - $2.80 IF - NYMEX (HH) Jan'22 - Dec'22 Natural gas - collar 35,000 MMBtu/day $2.50 - $2.68 IF - NYMEX (HH) Oct'20 - Dec'20 Crude oil - swap 4,000 Bbl/day $43.35 WTI - NYMEX Jan'21 - Dec'21 Crude oil - swap 3,000 Bbl/day $44.65 WTI - NYMEX Jan'22 - Dec'22 Crude oil - swap 2,300 Bbl/day $42.25 WTI - NYMEX Jan'23 - Dec'23 Crude oil - swap 1,300 Bbl/day $43.60 WTI - NYMEX
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 Successor Predecessor Balance Sheet Location September 30, December 31, (In thousands) Commodity derivatives: Current Current derivative asset $ 2,367 $ 633 Long-term Non-current derivative asset — — Total derivative assets $ 2,367 $ 633 Derivative Liabilities Fair Value Successor Predecessor Balance Sheet Location September 30, December 31, (In thousands) Commodity derivatives: Current Current derivative liability $ 1,114 $ — Long-term Non-current derivative liability 1,749 27 Total derivative liabilities $ 2,863 $ 27
Effect of Derivative Instruments Recognized in Income Statements, Derivative Instruments	Following is the effect of derivative instruments on the Unaudited Condensed Consolidated Statements of Operations for the periods indicated: Successor Predecessor One Month Ended Two Months Ended Three Months Ended September 30, August 31, September 30, (In thousands) Gain (loss) on derivatives: Gain (loss) on derivatives, included are amounts settled during the period of ($1,418), ($3,552), and $6,515, respectively $ 3,939 $ (4,250) $ 4,237 $ 3,939 $ (4,250) $ 4,237 Successor Predecessor One Month Ended Eight Months Ended Nine Months Ended September 30, August 31, September 30, (In thousands) Gain (loss) on derivatives: Gain (loss) on derivatives, included are amounts settled during the period of ($1,418), ($4,244), and $11,829, respectively $ 3,939 $ (10,704) $ 5,232 $ 3,939 $ (10,704) $ 5,232

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Recurring Fair Value Measurements	The following tables set forth our recurring fair value measurements: Successor September 30, 2020 Level 2 Level 3 Effect Net Amounts Presented (In thousands) Financial assets (liabilities): Commodity derivatives: Assets $ 3,929 $ — $ (1,562) $ 2,367 Liabilities (4,425) — 1,562 (2,863) Total commodity derivatives $ (496) $ — $ — $ (496) Predecessor December 31, 2019 Level 2 Level 3 Effect Net Amounts Presented (In thousands) Financial assets (liabilities): Commodity derivatives: Assets $ 177 $ 1,204 $ (748) $ 633 Liabilities (775) — 748 (27) Total commodity derivatives $ (598) 1,204 — 606
Reconciliations Of Level 3 Fair Value Measurements	The following table is a reconciliation of our Level 3 fair value measurements: Net Derivatives Successor Predecessor One Month Ended Two Months Ended Three Months Ended September 30, August 31, September 30, (In thousands) Beginning of period $ — $ 843 $ 3,945 Total gains or losses (realized and unrealized): Included in earnings (1) — (405) 2,393 Settlements — (437) (3,627) End of period $ — $ — $ 2,711 Total losses for the period included in earnings attributable to the change in unrealized gain (loss) relating to assets still held at end of period $ — $ (843) $ (1,234) _______________________ 1. Commodity derivatives are reported in the Unaudited Condensed Consolidated Statements of Operations in gain (loss) on derivatives. The following table is a reconciliation of our Level 3 fair value measurements: Net Derivatives Successor Predecessor One Month Ended Eight Months Ended Nine Months Ended September 30, August 31, September 30, (In thousands) Beginning of period $ — $ 1,204 $ 10,630 Total gains or losses (realized and unrealized): Included in earnings (1) — 872 (980) Settlements — (2,075) (6,939) End of period — — $ 2,711 Total losses for the period included in earnings attributable to the change in unrealized gain (loss) relating to assets still held at end of period $ — $ (1,204) $ (7,919) _______________________ 1. Commodity derivatives are reported in the Unaudited Condensed Consolidated Statements of Operations in gain (loss) on derivatives..

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Supplemental cash flow information related to leases	The following table shows supplemental cash flow information related to leases for the periods indicated: Successor Predecessor One Month Eight Months Ended Nine Months Ended September 30, August 31, September 30, (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 351 $ 3,849 $ 2,862 Financing cash flows for finance leases 350 2,757 2,984 Lease liabilities recognized in exchange for new operating lease right of use assets — — 5
Schedule of lease assets and liabilities	The following table shows information about our lease assets and liabilities in our Unaudited Condensed Consolidated Balance Sheets: Successor Predecessor Classification on the Consolidated Balance Sheets September 30, December 31, (In thousands) Assets Operating right of use assets Right of use assets $ 6,488 $ 5,673 Finance right of use assets Property, plant, and equipment, net 15,985 17,396 Total right of use assets $ 22,473 $ 23,069 Liabilities Current liabilities: Operating lease liabilities Current operating lease liabilities $ 3,985 $ 3,430 Finance lease liabilities Current portion of other long-term liabilities 4,272 4,164 Non-current liabilities: Operating lease liabilities Operating lease liabilities 2,431 2,071 Finance lease liabilities Other long-term liabilities — 3,215 Total lease liabilities $ 10,688 $ 12,880
Schedule of lease costs	The following table shows certain information related to the lease costs for our finance and operating leases for the periods indicated: Successor Predecessor One Month Ended Two Months Ended Three Months Ended September 30, August 31, September 30, (In thousands) Components of total lease cost: Amortization of finance leased assets $ 350 $ 696 $ 1,005 Interest on finance lease liabilities 15 35 91 Operating lease cost 328 965 1,267 Short-term lease cost, included are amounts capitalized related to our oil and natural gas segment of less than $0.1 million, $0.1 million, and $7.0 million, respectively 867 1,448 10,841 Variable lease cost 29 58 93 Total lease cost $ 1,589 $ 3,202 $ 13,297 Successor Predecessor One Month Ended Eight Months Ended Nine Months Ended September 30, August 31, September 30, (In thousands) Components of total lease cost: Amortization of finance leased assets $ 350 $ 2,757 $ 2,985 Interest on finance lease liabilities 15 165 302 Operating lease cost 328 3,604 2,915 Short-term lease cost, included are amounts capitalized related to our oil and natural gas segment of less than $0.1 million, $1.5 million, and $21.7 million, respectively 867 8,190 32,857 Variable lease cost 29 223 283 Total lease cost $ 1,589 $ 14,939 $ 39,341
Schedule of weighted average discount rate for leases	The following table shows certain information related to the weighted average remaining lease terms and the weighted average discount rates for our operating and finance leases: Weighted Average Remaining Lease Term Weighted Average Discount Rate (1) (In years) Operating leases 1.6 4.04% Finance leases 0.9 4.00% _______________________ 1. Our weighted average discount rates represent the rate implicit in the lease or our incremental borrowing rate for a term equal to the remaining term of the lease.
Operating leases	The following table sets forth the maturity of our operating lease liabilities as of September 30, 2020: Amount (In thousands) Ending October 1, 2021 $ 4,184 2022 2,241 2023 157 2024 18 2025 12 2025 and beyond 66 Total future payments 6,678 Less: Interest 262 Present value of future minimum operating lease payments 6,416 Less: Current portion 3,985 Total long-term operating lease payments $ 2,431
Finance leases	The following table sets forth the maturity of our finance lease liabilities as of September 30, 2020: Amount Ending October 1, (In thousands) 2021 $ 5,323 Total future payments 5,323 Less payments related to: Maintenance 978 Interest 73 Present value of future minimum finance lease payments 4,272 Less: Current portion 4,272 Total long-term finance lease payments $ —

Variable Interest Entity Arra_2

Variable Interest Entity Arrangements (Tables)	9 Months Ended
	Sep. 30, 2020
Variable Interest Entity Arrangements [Abstract]
Schedule of Assets and Liabilities	The carrying value of Superior's assets and liabilities, after eliminations of any intercompany transactions and balances, in the consolidated balance sheets is included below. The assets and liabilities of Superior are reflected at estimated fair value at September 30, 2020 as part of the company’s application of fresh start accounting as described in Note 3 - Fresh Start Accounting. The asset and liabilities at December 31, 2019 reflect historical basis prior to any fresh start accounting adjustments. September 30, December 31, (In thousands) Current assets: Cash and cash equivalents $ 15,320 $ — Accounts receivable 23,562 21,073 Prepaid expenses and other 7,034 7,686 Total current assets 45,916 28,759 Property and equipment: Gas gathering and processing equipment 250,608 824,699 Transportation equipment 1,888 3,390 252,496 828,089 Less accumulated depreciation, depletion, amortization, and impairment 2,658 407,144 Net property and equipment 249,838 420,945 Right of use asset 3,259 3,948 Other assets 3,928 9,442 Total assets $ 302,941 $ 463,094 Current liabilities: Accounts payable $ 11,894 $ 18,511 Accrued liabilities 5,849 4,198 Current operating lease liability 1,752 2,407 Current portion of other long-term liabilities 7,051 7,060 Total current liabilities 26,546 32,176 Long-term debt 12,000 16,500 Operating lease liability 1,457 1,404 Other long-term liabilities 2,119 8,126 Total liabilities $ 42,122 $ 58,206

Industry Segment Information (T

Industry Segment Information (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Industry segment information	The following tables provide certain information about the operations of each of our segments: Successor One Month Ended September 30, 2020 Oil and Natural Gas Contract Drilling Mid-stream Corporate and Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 13,644 $ — $ — $ — $ (1) $ 13,643 Contract drilling — 4,414 — — — 4,414 Gas gathering and processing — — 17,284 — (2,495) 14,789 Total revenues 13,644 4,414 17,284 — (2,496) 32,846 Expenses: Operating costs: Oil and natural gas 6,892 — — — (218) 6,674 Contract drilling — 2,989 — — — 2,989 Gas gathering and processing — — 12,130 — (2,278) 9,852 Total operating costs 6,892 2,989 12,130 — (2,496) 19,515 Depreciation, depletion, and amortization 4,199 526 2,658 84 — 7,467 Impairments 13,237 — — — — 13,237 Total expenses 24,328 3,515 14,788 84 (2,496) 40,219 General and administrative — — — 1,582 — 1,582 Gain on disposition of assets (10) (212) — — — (222) Income (loss) from operations (10,674) 1,111 2,496 (1,666) — (8,733) Gain on derivatives — — — 3,939 — 3,939 Reorganization items, net — — — (1,155) — (1,155) Interest, net — — (137) (689) — (826) Other 29 1 8 1 — 39 Income (loss) before income taxes $ (10,645) $ 1,112 $ 2,367 $ 430 $ — $ (6,736) _______________________ 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. Predecessor Two Months Ended August 31, 2020 Oil and Natural Gas Contract Drilling Mid-stream Corporate and Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 27,962 $ — $ — $ — $ (1) $ 27,961 Contract drilling — 7,685 — — — 7,685 Gas gathering and processing — — 34,132 — (4,204) 29,928 Total revenues 27,962 7,685 34,132 — (4,205) 65,574 Expenses: Operating costs: Oil and natural gas 15,895 — — — (407) 15,488 Contract drilling — 5,410 — — — 5,410 Gas gathering and processing — — 21,620 — (3,798) 17,822 Total operating costs 15,895 5,410 21,620 — (4,205) 38,720 Depreciation, depletion, and amortization 9,975 853 6,750 341 — 17,919 Impairments 16,572 — — — — 16,572 Total expenses 42,442 6,263 28,370 341 (4,205) 73,211 Loss on abandonment of assets 87 1,092 — — — 1,179 General and administrative — — — 5,399 — 5,399 Gain on disposition of assets (102) (1,251) (3) 0 — — (1,356) Income (loss) from operations (14,465) 1,581 5,765 (5,740) — (12,859) Loss on derivatives — — — (4,250) — (4,250) Reorganization items, net 15,504 (183,664) (71,016) 380,178 — 141,002 Interest, net — — (828) (1,131) — (1,959) Other 428 1,426 11 66 — 1,931 Income (loss) before income taxes $ 1,467 $ (180,657) $ (66,068) $ 369,123 $ — $ 123,865 _______________________ 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. Predecessor Three Months Ended September 30, 2019 Oil and Natural Gas Contract Drilling Mid-stream Corporate and Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 78,045 $ — $ — $ — $ — $ 78,045 Contract drilling — 38,626 — — (1,030) 37,596 Gas gathering and processing — — 48,585 — (8,787) 39,798 Total revenues 78,045 38,626 48,585 — (9,817) 155,439 Expenses: Operating costs: Oil and natural gas 36,621 — — — (1,257) 35,364 Contract drilling — 29,913 — — (1,117) 28,796 Gas gathering and processing — — 36,023 — (7,530) 28,493 Total operating costs 36,621 29,913 36,023 — (9,904) 92,653 Depreciation, depletion, and amortization 43,587 12,845 11,847 1,935 — 70,214 Impairments 169,806 62,809 2,265 — — 234,880 Total expenses 250,014 105,567 50,135 1,935 (9,904) 397,747 General and administrative — — — 10,094 — 10,094 (Gain) loss on disposition of assets (28) 288 (28) (1) — 231 Income (loss) from operations (171,941) (67,229) (1,522) (12,028) 87 (252,633) Gain on derivatives — — — 4,237 — 4,237 Interest, net — — (448) (9,086) — (9,534) Other — (627) — 5 — (622) Income (loss) before income taxes $ (171,941) $ (67,856) $ (1,970) $ (16,872) 87 $ (258,552) _______________________ 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. Predecessor Eight Months Ended August 31, 2020 Oil and Natural Gas Contract Drilling Mid-stream Corporate and Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 103,443 $ — $ — $ — $ (4) $ 103,439 Contract drilling — 73,519 — — — 73,519 Gas gathering and processing — — 114,531 — (14,532) 99,999 Total revenues 103,443 73,519 114,531 — (14,536) 276,957 Expenses: Operating costs: Oil and natural gas 119,664 — — — (1,973) 117,691 Contract drilling — 51,811 — — (1) 51,810 Gas gathering and processing — — 80,607 — (12,562) 68,045 Total operating costs 119,664 51,811 80,607 — (14,536) 237,546 Depreciation, depletion, and amortization 68,762 15,544 29,371 1,819 — 115,496 Impairments 393,726 410,126 63,962 — — 867,814 Total expenses 582,152 477,481 173,940 1,819 (14,536) 1,220,856 Loss on abandonment of assets 17,641 1,092 — — — 18,733 General and administrative — — — 42,766 — 42,766 (Gain) loss on disposition of assets (160) (1,390) (18) 1,479 — (89) Loss from operations (496,190) (403,664) (59,391) (46,064) — (1,005,309) Loss on derivatives — — — (10,704) — (10,704) Write-off of debt issuance costs — — — (2,426) — (2,426) Reorganization items, net 15,504 (183,664) (71,016) 373,151 — 133,975 Interest, net — — (1,888) (20,936) — (22,824) Other 458 1,449 50 77 — 2,034 Income (loss) before income taxes $ (480,228) $ (585,879) $ (132,245) $ 293,098 $ — $ (905,254) _______________________ ____________________ 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. Predecessor Nine Months Ended September 30, 2019 Oil and Natural Gas Contract Drilling Mid-stream Corporate and Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 241,955 $ — $ — $ — $ — $ 241,955 Contract drilling — 147,598 — — (15,810) 131,788 Gas gathering and processing — — 173,724 — (37,191) 136,533 Total revenues 241,955 147,598 173,724 — (53,001) 510,276 Expenses: Operating costs: Oil and natural gas 108,148 — — — (3,828) 104,320 Contract drilling — 103,688 — — (14,183) 89,505 Gas gathering and processing — — 133,702 — (33,363) 100,339 Total operating costs 108,148 103,688 133,702 — (51,374) 294,164 Depreciation, depletion, and amortization 118,105 39,048 35,675 5,804 — 198,632 Impairments 169,806 62,809 2,265 — — 234,880 Total expenses 396,059 205,545 171,642 5,804 (51,374) 727,676 General and administrative — — — 29,899 — 29,899 (Gain) loss on disposition of assets (166) 1,737 (136) (11) — 1,424 Income (loss) from operations (153,938) (59,684) 2,218 (35,692) (1,627) (248,723) Gain on derivatives — — — 5,232 — 5,232 Interest, net — — (1,129) (25,938) — (27,067) Other — (627) — 16 — (611) Income (loss) before income taxes $ (153,938) $ (60,311) $ 1,089 (56,382) $ (1,627) $ (271,169) _______________________ 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.

Supplemental Condensed Consol_2

Supplemental Condensed Consolidating Financial Information (Tables)	9 Months Ended
	Sep. 30, 2020
Supplemental Condensed Consolidated Financial Information [Abstract]
Condensed Consolidating Balance Sheets (Unaudited)	Condensed Consolidating Balances Sheets (Unaudited) Predecessor December 31, 2019 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 503 $ 68 $ — $ — $ 571 Accounts receivable, net of allowance for doubtful accounts of $2,332 (Guarantor of $1,116 and Parent of $1,216) 2,645 64,805 24,653 (9,447) 82,656 Materials and supplies — 449 — — 449 Current derivative asset 633 — — — 633 Income tax receivable 1,756 — — — — 1,756 Assets held for sale — 5,908 — — 5,908 Prepaid expenses and other 2,019 3,373 7,686 — 13,078 Total current assets 7,556 74,603 32,339 (9,447) 105,051 Property and equipment: Oil and natural gas properties on the full cost method: Proved properties — 6,341,582 — — 6,341,582 Unproved properties not being amortized — 252,874 — — 252,874 Drilling equipment — 1,295,713 — — 1,295,713 Gas gathering and processing equipment — — 824,699 — 824,699 Saltwater disposal systems — 69,692 — — 69,692 Corporate land and building — 59,080 — — 59,080 Transportation equipment 9,712 16,621 3,390 — 29,723 Other 28,927 29,065 — — 57,992 38,639 8,064,627 828,089 — 8,931,355 Less accumulated depreciation, depletion, amortization, and impairment 33,794 6,537,731 407,144 — 6,978,669 Net property and equipment 4,845 1,526,896 420,945 — 1,952,686 Intercompany receivable 1,048,785 — — (1,048,785) — Investments 865,252 — — (865,252) — Right of use asset 46 1,733 3,948 (54) 5,673 Other assets 8,107 9,094 9,441 — 26,642 Total assets $ 1,934,591 $ 1,612,326 $ 466,673 $ (1,923,538) $ 2,090,052 Predecessor December 31, 2019 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 12,259 $ 61,002 $ 18,511 $ (7,291) $ 84,481 Accrued liabilities 28,003 14,024 6,691 (2,156) 46,562 Current operating lease liability 20 1,009 2,407 (6) 3,430 Current portion of long-term debt 108,200 — — — 108,200 Current portion of other long-term liabilities 3,003 7,313 7,060 — 17,376 Total current liabilities 151,485 83,348 34,669 (9,453) 260,049 Intercompany debt — 1,047,599 1,186 (1,048,785) — Long-term debt less debt issuance costs 646,716 — 16,500 — 663,216 Non-current derivative liability 27 — — — 27 Operating lease liability 25 690 1,404 (48) 2,071 Other long-term liabilities 12,553 74,662 8,126 — 95,341 Deferred income taxes 68,150 (54,437) — — 13,713 Total shareholders' equity 1,055,635 460,464 404,788 (865,252) 1,055,635 Total liabilities and shareholders’ equity $ 1,934,591 $ 1,612,326 $ 466,673 $ (1,923,538) $ 2,090,052
Condensed Consolidating Statements of Operations (Unaudited)	Condensed Consolidating Statements of Operations (Unaudited) Predecessor Two Months Ended August 31, 2020 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Revenues $ — $ 35,647 $ 34,132 $ (4,205) $ 65,574 Expenses: Operating costs — 21,307 21,619 (4,206) 38,720 Depreciation, depletion, and amortization 341 10,828 6,750 — 17,919 Impairments — 16,572 — — 16,572 Loss on abandonment of assets — 1,179 — — 1,179 General and administrative — 5,399 — — 5,399 Gain on disposition of assets — (1,353) (3) — (1,356) Total operating costs 341 53,932 28,366 (4,206) 78,433 Income (loss) from operations (341) (18,285) 5,766 1 (12,859) Interest, net (1,131) — (828) — (1,959) Write off of debt issuance costs — — — — — Loss on derivatives (4,250) — — — (4,250) Reorganization items 380,178 (168,160) (71,016) — 141,002 Other, net 68 1,853 10 — 1,931 Income (loss) before income taxes 374,524 (184,592) (66,068) 1 123,865 Income tax benefit (4,750) — — — (4,750) Equity in net earnings from investment in subsidiaries, net of taxes (250,659) — — 250,659 — Net income (loss) 128,615 (184,592) (66,068) 250,660 128,615 Less: net income attributable to non-controlling interest 73,484 — 73,484 (73,484) 73,484 Net income (loss) attributable to Unit Corporation $ 55,131 $ (184,592) $ (139,552) $ 324,144 $ 55,131 Predecessor Three Months Ended September 30, 2019 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Revenues $ — $ 116,671 $ 48,585 $ (9,817) $ 155,439 Expenses: Operating costs — 66,534 36,023 (9,904) 92,653 Depreciation, depletion, and amortization 1,935 56,432 11,847 — 70,214 Impairments — 232,615 2,265 — 234,880 General and administrative — 10,094 — — 10,094 (Gain) loss on disposition of assets (1) 260 (28) — 231 Total operating costs 1,934 365,935 50,107 (9,904) 408,072 Income (loss) from operations (1,934) (249,264) (1,522) 87 (252,633) Interest, net (9,086) — (448) — (9,534) Gain on derivatives 4,237 — — — 4,237 Other, net 5 (627) — — (622) Loss before income taxes (6,778) (249,891) (1,970) 87 (258,552) Income tax benefit (1,982) (48,781) — — (50,763) Equity in net earnings from investment in subsidiaries, net of taxes (202,090) — — 202,090 — Net loss (206,886) (201,110) (1,970) 202,177 (207,789) Less: net loss attributable to non-controlling interest — — (903) — (903) Net loss attributable to Unit Corporation $ (206,886) $ (201,110) $ (1,067) $ 202,177 $ (206,886) Predecessor Eight Months Ended August 31, 2020 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Revenues $ — $ 176,962 $ 114,531 $ (14,536) $ 276,957 Expenses: Operating costs — 171,476 80,607 (14,537) 237,546 Depreciation, depletion, and amortization 1,819 84,306 29,371 — 115,496 Impairments — 803,852 63,962 — 867,814 Loss on abandonment of assets — 18,733 — — 18,733 General and administrative — 42,766 — — 42,766 (Gain) loss on disposition of assets 1,479 (1,550) (18) — (89) Total operating costs 3,298 1,119,583 173,922 (14,537) 1,282,266 Income (loss) from operations (3,298) (942,621) (59,391) 1 (1,005,309) Interest, net (20,936) — (1,888) — (22,824) Write-off of debt issuance costs (2,426) — — — (2,426) Loss on derivatives (10,704) — — — (10,704) Reorganization items 373,151 (168,160) (71,016) — 133,975 Other, net 79 1,906 49 — 2,034 Income (loss) before income taxes 335,866 (1,108,875) (132,246) 1 (905,254) Income tax benefit (14,630) — — — (14,630) Equity in net earnings from investment in subsidiaries, net of taxes (1,241,120) — — 1,241,120 — Net loss (890,624) (1,108,875) (132,246) 1,241,121 (890,624) Less: net income attributable to non-controlling interest 40,388 — 40,388 (40,388) 40,388 Net loss attributable to Unit Corporation $ (931,012) $ (1,108,875) $ (172,634) $ 1,281,509 $ (931,012) Predecessor Nine Months Ended September 30, 2019 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Revenues $ — $ 389,553 $ 173,724 $ (53,001) $ 510,276 Expenses: Operating costs — 211,836 133,702 (51,374) 294,164 Depreciation, depletion, and amortization 5,804 157,153 35,675 — 198,632 Impairments — 232,615 2,265 — 234,880 General and administrative — 29,899 — — 29,899 (Gain) loss on disposition of assets (11) 1,571 (136) — 1,424 Total operating costs 5,793 633,074 171,506 (51,374) 758,999 Income (loss) from operations (5,793) (243,521) 2,218 (1,627) (248,723) Interest, net (25,938) — (1,129) — (27,067) Gain on derivatives 5,232 — — — 5,232 Other, net 16 (627) — — (611) Income (loss) before income taxes (26,483) (244,148) 1,089 (1,627) (271,169) Income tax benefit (6,529) (46,552) — — (53,081) Equity in net earnings from investment in subsidiaries, net of taxes (198,945) — — 198,945 — Net income (loss) (218,899) (197,596) 1,089 197,318 (218,088) Less: net income attributable to non-controlling interest — — 811 — 811 Net income (loss) attributable to Unit Corporation $ (218,899) $ (197,596) $ 278 $ 197,318 $ (218,899)
Condensed Consolidating Statements of Comprehensive Income (Loss) (Unaudited)	Condensed Consolidating Statements of Comprehensive Income (Loss) (Unaudited) Predecessor Two Months ended August 31, 2020 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Net income (loss) $ 128,615 $ (184,592) $ (66,068) $ 250,660 $ 128,615 Other comprehensive income (loss), net of taxes: Unrealized gain on securities, net of tax of $0 — — — — — Comprehensive income (loss) 128,615 (184,592) (66,068) 250,660 128,615 Less: Comprehensive income attributable to non-controlling interests 73,484 — 73,484 (73,484) 73,484 Comprehensive income (loss) attributable to Unit Corporation $ 55,131 $ (184,592) $ (139,552) $ 324,144 $ 55,131 Predecessor Three Months Ended September 30, 2019 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Net loss $ (206,886) $ (201,110) $ (1,970) $ 202,177 $ (207,789) Other comprehensive loss, net of taxes: Reclassification adjustment for write-down of securities, net of tax ($45) — 487 — — 487 Comprehensive loss (206,886) (200,623) (1,970) 202,177 (207,302) Less: Comprehensive loss attributable to non-controlling interests — — (903) — (903) Comprehensive loss attributable to Unit Corporation $ (206,886) $ (200,623) $ (1,067) $ 202,177 $ (206,399) Predecessor Eight Months Ended August 31, 2020 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Net loss $ (890,624) $ (1,108,875) $ (132,246) $ 1,241,121 $ (890,624) Other comprehensive loss, net of taxes: Unrealized gain on securities, net of tax of $0 — — — — — Comprehensive loss (890,624) (1,108,875) (132,246) 1,241,121 (890,624) Less: Comprehensive income attributable to non-controlling interests 40,388 — 40,388 (40,388) 40,388 Comprehensive loss attributable to Unit Corporation $ (931,012) $ (1,108,875) $ (172,634) $ 1,281,509 $ (931,012) Predecessor Nine Months Ended September 30, 2019 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Net income (loss) $ (218,899) $ (197,596) $ 1,089 $ 197,318 $ (218,088) Other comprehensive income (loss), net of taxes: Reclassification adjustment for write-down of securities, net of tax ($45) — 481 — — 481 Comprehensive income (loss) (218,899) (197,115) 1,089 197,318 (217,607) Less: Comprehensive income attributable to non-controlling interests — — 811 — 811 Comprehensive income (loss) attributable to Unit Corporation $ (218,899) $ (197,115) $ 278 $ 197,318 $ (218,418)
Condensed Consolidating Statements of Cash Flows (Unaudited)	Condensed Consolidating Statements of Cash Flows (Unaudited) Predecessor Eight Months Ended August 31, 2020 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ (207,593) $ 82,769 $ 32,922 $ 136,858 $ 44,956 INVESTING ACTIVITIES: Capital expenditures (986) (14,585) (10,204) — (25,775) Producing properties and other acquisitions — (382) — — (382) Proceeds from disposition of assets 1,169 4,772 77 — 6,018 Net cash provided by (used in) investing activities 183 (10,195) (10,127) — (20,139) FINANCING ACTIVITIES: Borrowings under credit agreement, including borrowings under DIP credit facility 55,300 — 32,100 — 87,400 Payments under credit agreement (31,500) — (32,600) — (64,100) DIP financing costs (990) — — — (990) Exit facility financing costs (3,225) — — — (3,225) Intercompany borrowings (advances), net 210,398 (72,642) (898) (136,858) — Payments on finance leases — — (2,757) — (2,757) Employee taxes paid by withholding shares (43) — — — (43) Bank overdrafts (7,269) — (1,464) — (8,733) Net cash provided by (used in) financing activities 222,671 (72,642) (5,619) (136,858) 7,552 Net increase (decrease) in cash and cash equivalents 15,261 (68) 17,176 — 32,369 Cash and cash equivalents, beginning of period 503 68 — — 571 Cash and cash equivalents, end of period $ 15,764 $ — $ 17,176 $ — $ 32,940 Predecessor Nine Months Ended September 30, 2019 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ 11,054 $ 169,838 $ 38,592 $ (34) $ 219,450 INVESTING ACTIVITIES: Capital expenditures 168 (321,840) (43,282) — (364,954) Producing properties and other acquisitions — (3,345) — — (3,345) Proceeds from disposition of assets 11 10,376 119 — 10,506 Net cash provided by (used in) investing activities 179 (314,809) (43,163) — (357,793) FINANCING ACTIVITIES: Borrowings under credit agreement 332,300 — 59,900 — 392,200 Payments under credit agreement (198,200) — (55,800) — (254,000) Intercompany borrowings (advances), net (143,692) 144,867 (1,209) 34 — Payments on finance leases — — (2,984) — (2,984) Employee taxes paid by withholding shares (4,080) — — — (4,080) Distributions to non-controlling interest 919 — (1,837) — (918) Bank overdrafts 1,622 — 663 — 2,285 Net cash provided by (used in) financing activities (11,131) 144,867 (1,267) 34 132,503 Net increase (decrease) in cash and cash equivalents 102 (104) (5,838) — (5,840) Cash and cash equivalents, beginning of period 403 208 5,841 — 6,452 Cash and cash equivalents, end of period $ 505 $ 104 $ 3 $ — $ 612

Liquidity and Ability to Contin

Liquidity and Ability to Continue as a Going Concern (Details) $ in Thousands	Dec. 21, 2020USD ($)shares	Sep. 03, 2020	Aug. 06, 2020	May 22, 2020USD ($)	May 15, 2020USD ($)	Aug. 31, 2020USD ($)	Aug. 31, 2020USD ($)	Oct. 23, 2020shares	Sep. 01, 2020	May 26, 2020USD ($)
Petition date				May 22, 2020
Bankruptcy Proceedings, Court Where Petition Was Filed				United States Bankruptcy Court for the Southern District of Texas, Houston Division
Confirmation Date			Aug. 6, 2020
Effective Date		Sep. 3, 2020
Plan of Reorganization, Terms of Plan		Following emergence, the company implemented the provisions of the Plan as follows:•Each lender under the (i) the Senior Credit Agreement dated as of September 13, 2011 (as amended, the Unit credit agreement, and the loan facility, the Unit credit facility), by and among the company, UPC and UDC, as borrowers, the lenders party thereto and BOKF, NA dba Bank of Oklahoma, as administrative agent and (ii) the $36.0 million multi-draw loan facility (DIP credit facility) under the Superpriority Senior Secured Debtor-in-Possession Credit Agreement dated May 27, 2020 (DIP credit agreement), by and among the Debtors, the RBL Lenders (in such capacity, the DIP Lenders) and BOKF, NA dba Bank of Oklahoma, as administrative agent received its pro rata share of revolving loans, term loans and letter of credit participations under the exit facility described below, in exchange for the lender’s allowed claims under the Unit credit facility or DIP credit facility; •Each lender under the Unit credit facility and the DIP credit facility received (or will receive promptly after providing the company with its brokerage account information) its pro rata share of an equity fee under the exit facility equal to 5% of the New Common Stock (subject to dilution by shares reserved for issuance under a management incentive plan and upon exercise of the warrants described below); •The company issued a total of 12.0 million common shares of the reorganized Unit (New Common Stock) at a par value of $0.01 per share to be subsequently distributed in accordance with the Plan; •Each holder of 6.625% senior subordinated notes due 2021 (Notes) received its pro rata share of New Common Stock based on equity allocations at each of Unit, UDC and UPC in exchange for the holder’s allowed Notes claim;•Each holder of an allowed general unsecured claim against Unit or UPC is entitled to receive its pro rata share of New Common Stock based on equity allocations at each of Unit and UPC, respectively; •A disputed claims reserve was established for distribution of New Common Stock on allowance of certain disputed general unsecured claims;•Each holder of an allowed general unsecured claim against UDC, 8200 Unit, Unit Drilling Colombia and Unit Drilling USA received payment or will receive in full of that claim in the ordinary course of business; and•Each retained or former employee with a claim for vested severance benefits, who opted in to a settlement, received or will receive cash payment(s) for the claim in lieu of an allocation of New Common Stock otherwise provided to holders of general unsecured claims.
Warrants and Rights Outstanding, Maturity Date		Sep. 3, 2027
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations						$ 7,000	$ 12,400
Debt Instrument, Periodic Payment, Interest					$ 21,500
Minimum [Member]
Substantial Stockholder Percentage									0.0475
Subsequent Event [Member]
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants	$ 1,800
Class of Warrant or Right, Unissued | shares	79,000
Notes Holders [Member] | Subsequent Event [Member]
Common Stock, Shares, Outstanding | shares								10,500,000
Disputed Claims Reserve [Member] | Subsequent Event [Member]
Common Stock, Shares, Outstanding | shares								1,500,000
Common Stock [Member]
Percentage of New Common Shares of the Reorganized Company				12.50%
DIP credit facility [Member]
Debtor-in-Possession Financing, Amount Arranged				$ 36,000						$ 18,000
Percentage of Equity Allocated to Holders of Debtors				5.00%

Fresh Start Accounting (Schedul

Fresh Start Accounting (Schedule of Reconciliation of Enterprise Value to Fair Value of Successor Equity) (Details) $ in Thousands	Sep. 01, 2020USD ($)
Reorganizations [Abstract]
Enterprise value	$ 559,205
Less: Fair value of noncontrolling interest	(242,200)
Enterprise value of Unit interests	317,005
Plus: Cash and cash equivalents	25,482
Plus: Restricted cash	7,458
Postconfirmation, Fair value of capital leases	(4,622)
Less: Fair value of debt	(148,000)
Successor, Total shareholders' equity attributable to Unit Corporation	$ 197,323

Fresh Start Accounting (Sched_2

Fresh Start Accounting (Schedule of Reconciliation of Enterprise Value to the Reorganization Value (Details) $ in Thousands	Sep. 01, 2020USD ($)
Reorganizations [Abstract]
Enterprise value	$ 559,205
Plus: Cash and cash equivalents	25,482
Plus: Restricted cash	7,458
Plus: Current liabilities	86,897
Plus: Long-term asset retirement obligation	22,415
Plus: Other long-term liabilities (excluding long-term asset retirement obligation)	24,886
Reorganization value of Successor assets	$ 726,343

Fresh Start Accounting (Sched_3

Fresh Start Accounting (Schedule of Fresh-Start Adjustments) (Details) - USD ($) $ in Thousands		1 Months Ended	8 Months Ended	9 Months Ended
		Sep. 30, 2020	Aug. 31, 2020	Sep. 30, 2019	Sep. 01, 2020
Fresh-Start Adjustment [Line Items]
Predecessor, Cash and cash equivalents			$ 32,280
Predecessor, Restricted cash			0
Predecessor, Accounts receivable, net			50,621
Predecessor, Materials and supplies			64
Predecessor, Current income tax receivable			850
Predecessor, Prepaid expenses and other			13,692
Predecessor, Total current assets			97,507
Predecessor, Proved properties			6,539,816
Predecessor, Unproved properties not being amortized			30,205
Predecessor, Drilling equipment			1,285,024
Predecessor, Gas gathering and processing equipment			833,788
Predecessor, Saltwater disposal systems			43,541
Predecessor, Land and building			59,080
Predecessor, Transportation equipment			15,577
Predecessor, Other			57,427
Predecessor, Property, plant and equipment, gross			8,864,458
Predecessor, Less accumulated depreciation, depletion, amortization, and impairment			7,923,868
Predecessor, Net property and equipment			940,590
Predecessor, Right of use asset			7,476
Predecessor, Other assets			24,666
Predecessor, Total assets			1,070,239
Predecessor, Accounts Payable			27,354
Predecessor, Accrued Liabilities			36,990
Predecessor, Current operating lease liability			4,643
Predecessor, Current portion of long-term debt			124,000
Predecessor Current derivative liabilities			5,089
Predecessor Warrant liability			0
Predecessor, Current portion of other long-term liabilities			11,201
Predecessor, Total current liabilities			209,277
Predecessor, Long-term Debt			16,000
Predecessor, Non-current derivative liabilities			766
Predecessor, Operating lease liability			2,760
Predecessor, Other long-term liabilities			61,393
Predecessor, Liabilities Subject to Compromise			762,215
Predecessor, Deferred income taxes			4,466
Predecessor, Preferred Stock			0
Predecessor, Common Stock			10,704
Predecessor, capital in excess of par value			650,153
Predecessor, Retained Earnings (Deficit)			(818,679)
Predecessor, Total shareholders' equity attributable to Unit Corporation			(157,822)
Predecessor, Non-controlling interests in consolidated subsidiaries			171,184
Predecessor, Total shareholders' equity			13,362
Predecessor, Total liabilities and shareholders' equity			$ 1,070,239
Successor, Cash and cash equivalents					$ 25,482
Successor, Restricted cash					7,458
Successor, Accounts receivables, net					50,621
Successor, Materials and supplies					0
Successor, Current income tax receivable					850
Successor, Prepaid expenses and other					19,084
Successor, Total current assets					103,495
Successor, Proved properties					238,284
Successor, Unproved Properties					0
Successor, Drilling equipment					63,458
Successor, Gas gathering and processing equipment					250,098
Successor, Saltwater disposal systems					0
Successor, Land and building					32,635
Successor, Transportation equipment					3,314
Successor, Other					9,958
Successor, Property, plant, and equipment, gross					597,747
Successor, Less accumulated depreciation, depletion, amortization, and impairment					0
Successor, Net Property and Equipment					597,747
Successor, Right-of-use asset					6,817
Successor, Other Assets					18,284
Successor, Total assets					726,343
Successor, Accounts Payable					33,736
Successor, Accrued Liabilities					32,875
Successor, Current operating lease liability					3,974
Successor, current portion of long-term debt					400
Successor, Current derivative liabilities					5,089
Successor, Warrant liability					885
Successor, Current portion of other long-term liabilities					14,960
Successor, Total current liabilities					91,919
Successor, Long-term debt					147,600
Successor, Non-current derivative liability					766
Successor, Operating lease liability					2,771
Successor, Other long-term liabilities					43,764
Successor, Liabilities Subject to Compromise					0
Successor, Deferred income taxes					0
Successor, Preferred Stock					0
Successor, Common Stock					120
Successor capital in excess of par value					197,203
Successor, Retained Earnings (Deficit)					0
Successor, Total shareholders' equity attributable to Unit Corporation					197,323
Successor, Non-controlling interests in consolidated subsidiaries					242,200
Successor, Total shareholders' equity					439,523
Successor, Total liabilities and shareholders' equity					726,343
Operating Loss Carryforwards					726,400
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration					584,200
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration					142,200
Effective Income Tax Rate Reconciliation, Percent		0.00%	1.62%	19.57%
Reorganization Adjustments [Member]
Fresh-Start Adjustment [Line Items]
Predecessor, Preferred Stock					0
Predecessor, Common Stock	[1]				(10,704)
Predecessor, capital in excess of par value	[1]				(650,153)
Increase (Decrease), Cash and cash equivalents	[2]				(6,798)
Increase (Decrease), Restricted Cash	[3]				7,458
Increase (Decrease), Accounts receivable, net					0
Increase (Decrease), Materials and supplies					0
Increase (Decrease), Current income tax receivable					0
Increase (Decrease), Prepaid expenses and other	[4]				6,382
Increase (Decrease), Total current assets					7,042
Increase (Decrease), Proved properties					0
Increase (Decrease) Unproved Properties					0
Increase (Decrease) Drilling equipment					0
Increase (Decrease) Gas gathering and processing equipment					0
Increase (Decrease) Saltwater disposal systems					0
Increase (Decrease), Land and building					0
Increase (Decrease), Transportation equipment					0
Increase (Decrease), Other					0
Increase (Decrease) Property, plant, and equipment, gross					0
Increase (Decrease), Accumulated depreciation, depletion, amortization, and impairment					0
Increase (Decrease), Net Property and equipment					0
Increase (Decrease) Right of use asset					0
Increase (Decrease), Other Assets	[4]				(6,382)
Increase (Decrease), Total assets					660
Increase (Decrease), Accounts Payable	[4]				6,382
Increase (Decrease), Accrued Liabilities	[5]				(4,115)
Increase/(Decrease), Current operating lease liability					0
Increase (Decrease), Current portion of long-term debt	[6]				(123,600)
Increase (Decrease), Current derivative liability					0
Increase (Decrease) Warrant liability					0
Increase (Decrease), Current portion of other long-term liabilities	[7]				3,743
Increase (Decrease), Total current liabilities					(117,590)
Increase (Decrease), Long-term debt	[6]				131,600
Increase (Decrease), Non-current derivative liabilities					0
Increase (Decrease) Operating lease liability					0
Increase (Decrease), Other long-term liabilities	[4],[7]				(3,220)
Increase (Decrease), Liabilities Subject to Compromise	[8]				(762,215)
Increase (Decrease), Deferred income taxes					0
Increase (Decrease), Preferred Stock					0
Increase (Decrease), Common Stock	[8]				120
Increase (Decrease), Capital in excess of par value	[8]				197,203
Increase (Decrease), Retained Earnings (Deficit)	[9]				1,215,619
Increase (Decrease) Total shareholders' equity attributable to Unit Corporation					752,085
Increase (Decrease)Non-Controlling interests in consolidated subsidiaries					0
Increase (Decrease), Total shareholders' equity					752,085
Increase (Decrease), Total Liabilities and Shareholders' Equity					660
Fresh start adjustments [Member]
Fresh-Start Adjustment [Line Items]
Predecessor, Preferred Stock					0
Predecessor, Common Stock					0
Predecessor, capital in excess of par value					0
Increase (Decrease), Cash and cash equivalents					0
Increase (Decrease), Restricted Cash					0
Increase (Decrease), Accounts receivable, net					0
Increase (Decrease), Materials and supplies	[10]				(64)
Increase (Decrease), Current income tax receivable					0
Increase (Decrease), Prepaid expenses and other	[11]				(990)
Increase (Decrease), Total current assets					(1,054)
Increase (Decrease), Proved properties	[12]				(6,301,532)
Increase (Decrease) Unproved Properties	[12]				(30,205)
Increase (Decrease) Drilling equipment	[13]				(1,221,566)
Increase (Decrease) Gas gathering and processing equipment	[13]				(583,690)
Increase (Decrease) Saltwater disposal systems	[13]				(43,541)
Increase (Decrease), Land and building	[13]				(26,445)
Increase (Decrease), Transportation equipment	[13]				(12,263)
Increase (Decrease), Other	[13]				(47,469)
Increase (Decrease) Property, plant, and equipment, gross					(8,266,711)
Increase (Decrease), Accumulated depreciation, depletion, amortization, and impairment	[12],[13]				(7,923,868)
Increase (Decrease), Net Property and equipment					(342,843)
Increase (Decrease) Right of use asset	[14]				(659)
Increase (Decrease), Other Assets					0
Increase (Decrease), Total assets					(344,556)
Increase (Decrease), Accounts Payable					0
Increase (Decrease), Accrued Liabilities					0
Increase/(Decrease), Current operating lease liability	[14]				(669)
Increase (Decrease), Current portion of long-term debt					0
Increase (Decrease), Current derivative liability					0
Increase (Decrease) Warrant liability	[15]				885
Increase (Decrease), Current portion of other long-term liabilities	[16]				16
Increase (Decrease), Total current liabilities					232
Increase (Decrease), Long-term debt					0
Increase (Decrease), Non-current derivative liabilities					0
Increase (Decrease) Operating lease liability	[14]				11
Increase (Decrease), Other long-term liabilities	[16]				(14,409)
Increase (Decrease), Liabilities Subject to Compromise					0
Increase (Decrease), Deferred income taxes	[17]				(4,466)
Increase (Decrease), Preferred Stock					0
Increase (Decrease), Common Stock					0
Increase (Decrease), Capital in excess of par value	[18]				0
Increase (Decrease), Retained Earnings (Deficit)	[18]				(396,940)
Increase (Decrease) Total shareholders' equity attributable to Unit Corporation					(396,940)
Increase (Decrease)Non-Controlling interests in consolidated subsidiaries	[19]				71,016
Increase (Decrease), Total shareholders' equity					(325,924)
Increase (Decrease), Total Liabilities and Shareholders' Equity					$ (344,556)
[1]	Represents the cancellation of Predecessor Common Stock.
[2]	The table below details the company’s uses of cash, under the terms of the Plan described in Note 2 – Emergence From Voluntary Reorganization Under Chapter 11 (in thousands): Funding of the professional fees escrow account $ (7,458) Proceeds from Exit credit facility 8,000 Payment of debt issuance costs on the Exit credit facility (3,225) Payment of professional fees (3,943) Payment of accrued interest payable under the Predecessor credit facility (172) Changes in cash and cash equivalents $ (6,798)
[3]	Represents the reserve for Professional Fee Escrow of $7.5 million.
[4]	Represents the reclassification of other long-term assets related to deferred compensation to prepaid expenses and other assets as the deferred compensation payout is required to be paid within 12 months from the date of emergence in accordance with the Plan. Simultaneously, the current portion of deferred compensation liability was reclassified from other long-term liabilities to accounts payable.
[5]	Represents the payment of the DIP Facility interest of $0.2 million and professional fees for $3.9 million.
[6]	Represents the transition of the DIP credit agreement and the Predecessor credit agreement of $124.0 million into the Exit Facility and the issuance of an additional $8.0 million under the Exit Facility.
[7]	Represents the reclassification of the short-term portion of the separation benefit liabilities from non-current to current liabilities which was offset by the increase in non-current portion of liabilities.
[8]	Settlement of liabilities subject to compromise and the resulting net gain were determined as follows (in thousands): Liabilities subject to compromise before the Effective Date: 6.625% senior subordinated notes due 2021 (including accrued interest as of the Petition Date) $ 672,369 Accounts payable 1,179 Employee separation benefit plan obligations 23,394 Litigation settlements 45,000 Royalty suspense accounts payable 20,273 Total liabilities subject to compromise 762,215 Separation settlement treatment (6,905) Successor Common Stock and APIC (1) issued to allowed claim holders (175,521) Successor Common Stock and APIC for disputed claims reserve (11,936) Gain on settlement of liabilities subject to compromise $ 567,853 (1) Balance excludes the Successor Common Stock and APIC of $9.9 million to the 5% Equity Facility which was not a liability subject to compromise.
[9]	Represents the cumulative impact to Predecessor retained earnings of the reorganization adjustments described above.
[10]	Represents the reclassification of materials and supplies to proved properties.
[11]	Represents the write off of the Predecessor's unamortized debt fees related to the DIP Facility.
[12]	Reflects a decrease of oil and natural gas properties, net, based on the methodology discussed above, and the elimination of accumulated depletion and amortization. The following table summarizes the components of oil and natural gas properties as of the Effective Date: Successor Predecessor Fair Value Historical Book Value (In thousands) Proved properties $ 238,284 $ 6,539,816 Unproved properties — 30,205 238,284 6,570,021 Less accumulated depletion, amortization, and impairment — (6,305,113) $ 238,284 $ 264,908
[13]	Reflects a decrease in fair value of drilling equipment, gas gathering and processing equipment, saltwater disposal systems, land and building, transportation equipment and other property and equipment and the elimination of accumulated depreciation, based upon the methodologies discussed above. The following table summarizes the components of other property and equipment as of the Effective Date: Successor Predecessor Fair Value Historical Book Value (In thousands) Drilling equipment $ 63,458 $ 1,285,024 Gas gathering and processing equipment 250,098 833,788 Saltwater disposal systems — 43,541 Land and building 32,635 59,080 Transportation equipment 3,314 15,577 Other 9,958 57,427 359,463 2,294,437 Less accumulated depreciation and impairment — (1,618,754) $ 359,463 $ 675,683
[14]	Reflects the valuation adjustments to the company’s ROU assets, current operating lease liability, and operating lease liability, adjusted for fair value of favorable and unfavorable lease terms, and the revised incremental borrowing rates of the Successor. (17) Represents the liability for the warrants estimated using a Black-Scholes-Merton model which utilizes various market-based inputs including: stock prices, strike price, time to maturity, risk-free rate, annual volatility rate, and annual dividend yield.
[15]	Represents the liability for the warrants estimated using a Black-Scholes-Merton model which utilizes various market-based inputs including: stock prices, strike price, time to maturity, risk-free rate, annual volatility rate, and annual dividend yield.
[16]	Represents the reclassification of the short-term portion of Asset Retirement Obligation from non-current liabilities to current as well as the fair value adjustment, which was determined using our fresh start updates to these obligations, including the application of the Successor's credit adjusted risk free rate, which now incorporates a term structure based on the estimated timing of well plugging activity, and resetting all Asset Retirement Obligations to a single layer.
[17]	Represents the adjustments to deferred tax liability as a result of the cumulative tax impact of the fresh start adjustments. The significant revisions to the carrying value of our assets and liabilities as a result of applying fresh start accounting has resulted in the company increasing its overall net deferred tax asset position upon emergence from bankruptcy. In addition to the changes in book value, the company has approximately $726.4 million of net operating losses (NOLs) carried forward to offset taxable income in future years as of the Effective Date of emergence. Approximately $584.2 million of this NOL will expire commencing in fiscal 2021 through 2037. The NOLs of approximately $142.2 million from years ended subsequent to December 31, 2017 have an indefinite carryforward period. The amount of these NOLs which is actually available to offset future income may be severely limited due to change-in-control tax provisions. Due to our history of operating losses and the uncertainty surrounding the realization of the deferred tax assets in future years, our management has determined that it is more likely than not that the deferred tax assets will not be realized in future periods. Accordingly, the company has recorded a 100% valuation allowance against its net deferred tax assets. Our blended effective tax rate was 1.62% for the Predecessor period ending August 31, 2020 and 0.00% for the Successor period ending September 30, 2020 compared to 19.57% for the first nine months of 2019. The rate change was primarily due to the increase in the valuation allowance against our income tax benefit.
[18]	Represents the cumulative impact of the fresh-start accounting adjustments discussed above.
[19]	The valuation of the non-controlling interest was calculated by taking an income-based approach in valuing Superior as a whole. The value of the non-controlling interest was then determined based on a market-based approach for similar type investments, given the contractual rights of the related parties.

Fresh Start Accounting (Sources

Fresh Start Accounting (Sources and Uses of Cash) (Details) - Reorganization Adjustments [Member] $ in Thousands	Sep. 01, 2020USD ($)
Fresh-Start Adjustment [Line Items]
Funding of the Professional Fees Escrow Account	$ (7,458)
Proceeds from Exit credit facility	8,000
Payment of debt issuance costs on the Exit credit facility	(3,225)
Payment of professional fees	(3,943)
Payment of accrued interest payable under the Predecessor credit facility	(172)
Changes in cash and cash equivalents	$ (6,798)	[1]
[1]	The table below details the company’s uses of cash, under the terms of the Plan described in Note 2 – Emergence From Voluntary Reorganization Under Chapter 11 (in thousands): Funding of the professional fees escrow account $ (7,458) Proceeds from Exit credit facility 8,000 Payment of debt issuance costs on the Exit credit facility (3,225) Payment of professional fees (3,943) Payment of accrued interest payable under the Predecessor credit facility (172) Changes in cash and cash equivalents $ (6,798)

Fresh Start Accounting (Gain on

Fresh Start Accounting (Gain on Settlement of Liabilities Subject to Compromise) (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	8 Months Ended
	Sep. 30, 2020	Aug. 31, 2020	Aug. 31, 2020	Sep. 01, 2020	Dec. 31, 2019
Fresh-Start Adjustment [Line Items]
6.625% senior subordinated notes due 2021 (including accrued interest as of the Petition Date)				$ 672,369
Accounts payable				1,179
Employee separation benefit plan obligations				23,394
Litigation settlements	$ 2,655			45,000	$ 0
Royalty suspense accounts payable				20,273
Total liabilities subject to compromise				762,215
Separation settlement treatment				(6,905)
Successor common stock, $0.01 par value, 25,000,000 shares authorized, 12,000,000 shares issued as of September 30, 2020	120				$ 10,591
Gains on settlement of liabilities subject to compromise	0	$ 567,853	$ 567,853
5% equity facility	$ 0	$ 9,866	$ 9,866
Allowed claim holders [Member]
Fresh-Start Adjustment [Line Items]
Successor common stock, $0.01 par value, 25,000,000 shares authorized, 12,000,000 shares issued as of September 30, 2020				175,521
Disputed Claims Reserve [Member]
Fresh-Start Adjustment [Line Items]
Successor common stock, $0.01 par value, 25,000,000 shares authorized, 12,000,000 shares issued as of September 30, 2020				$ 11,936

Fresh Start Accounting (Oil and

Fresh Start Accounting (Oil and Gas Properties Schedule) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 01, 2020	Aug. 31, 2020	Dec. 31, 2019
Proved properties	$ 238,766	$ 238,284	$ 6,539,816	$ 6,341,582
Unproved properties not being amortized	735	0	30,205	252,874
Property, plant, and equipment, gross	599,537			8,931,355
Less accumulated depreciation, depletion, amortization, and impairment	(20,907)			(6,978,669)
Net property and equipment	$ 578,630			$ 1,952,686
Oil and Natural Gas [Member]
Property, plant, and equipment, gross		238,284	6,570,021
Less accumulated depreciation, depletion, amortization, and impairment		0	(6,305,113)
Net property and equipment		$ 238,284	$ 264,908

Fresh Start Accounting (Other P

Fresh Start Accounting (Other Property Schedule) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 01, 2020	Aug. 31, 2020	Dec. 31, 2019
Drilling equipment	$ 63,541	$ 63,458	$ 1,285,024	$ 1,295,713
Gas gathering and processing equipment	250,608	250,098	833,788	824,699
Saltwater disposal systems	0	0	43,541	69,692
Land and building	32,635	32,635	59,080	59,080
Transportation equipment	3,291	3,314	15,577	29,723
Other	9,961	9,958	57,427	57,992
Property, plant, and equipment, gross	599,537			8,931,355
Less accumulated depreciation, depletion, amortization, and impairment	(20,907)			(6,978,669)
Net property and equipment	$ 578,630			$ 1,952,686
Non Oil and Natural Gas [Member]
Property, plant, and equipment, gross		359,463	2,294,437
Less accumulated depreciation, depletion, amortization, and impairment		0	(1,618,754)
Net property and equipment		$ 359,463	$ 675,683

Fresh Start Accounting (Sched_4

Fresh Start Accounting (Schedule of Reorganization Items) (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Sep. 30, 2020	Aug. 31, 2020	Sep. 30, 2019	Aug. 31, 2020	Sep. 30, 2019
Reorganizations [Abstract]
Gains on settlement of liabilities subject to compromise		$ 0	$ (567,853)		$ (567,853)
Fresh start accounting adjustments		0	401,406		401,406
Legal and professional fees and expenses		1,155	10,923		15,745
Acceleration of Predecessor stock compensation expense	$ 1,400	0	1,431		1,431
Exit Facility fees		0	3,225		3,225
5% equity facility		0	9,866		9,866
Adjustment to unamortized debt issuance costs associated with the 6.625% senior subordinated notes due 2021		0	0		2,205
Total reorganization items, net		$ 1,155	$ (141,002)	$ 0	$ (133,975)	$ 0

Fresh Start Accounting (Details

Fresh Start Accounting (Details) - USD ($) $ in Thousands	Sep. 03, 2020	Sep. 30, 2020	Aug. 31, 2020	Aug. 31, 2020	Sep. 01, 2020
Fresh-Start Adjustment [Line Items]
Enterprise value					$ 559,205
Enterprise value of Unit interests					317,005
Reorganization value of Successor assets					726,343
Successor, Drilling equipment					63,458
Predecessor, Current portion of long-term debt			$ 124,000	$ 124,000
5% equity facility		$ 0	$ 9,866	$ 9,866
Oil and Natural Gas [Member]
Fresh-Start Adjustment [Line Items]
Reorganization Value, Methodology and Assumptions	Our oil and natural gas properties are accounted for under the full cost accounting method. The company determined the fair value of its oil and gas properties based on the anticipated cash flows associated with proved reserves and discounted using a weighted average cost of capital rate of 13.5%. The discount rate is commonly based on empirical studies of investment rates of return of publicly traded equity securities with investment return and risk characteristics similar to the subject company, which is consistent with a market-based approach. Weighted average commodity prices utilized in the determination of the fair value of oil and natural gas properties were $48.98 per barrel of oil, $2.68 per million cubic feet of natural gas and $18.51 per barrel of oil equivalent of natural gas liquids. Base pricing was derived from an average of forward strip prices. The company’s unproved acreage was determined to have no value due to capital constraints of our debt agreement and no plans to drill in our proved reserves cash flows. The company's salt water disposal assets were included in the cash flows of the proved reserves forecast, therefore, these values are included in the total value of our proved properties.
Drilling Equipment [Member]
Fresh-Start Adjustment [Line Items]
Reorganization Value, Methodology and Assumptions	The value of drilling rigs in operations (approximately $37.0 million) was estimated using an income-based approach utilizing discounted free cash flows over the remaining useful lives of the related assets. Anticipated cash flows associated with operating drilling rigs were discounted using a weighted average cost of capital rate of 13.8% for five years with a terminal value at the conclusion of the forecast period. The fair value of rigs not in operation, and other related drilling equipment (approximately $26.5 million), was valued utilizing a market-based approach with varying ranges of economic obsolescence rates to adjust for the impact of the oil and gas downturn.
Land and Building [Member]
Fresh-Start Adjustment [Line Items]
Reorganization Value, Methodology and Assumptions	Our headquarters in Tulsa, OK was completed in September 2014 and resides on approximately 30 acres. To determine its fair value, the company utilized a market-based approach based on comparable tenant rates in our area.
Other Property [Member]
Fresh-Start Adjustment [Line Items]
Reorganization Value, Methodology and Assumptions	Gas gathering and processing equipment, transportation equipment and other was valued utilizing a market-based approach estimating what a market participant would pay for similar equipment in an orderly transaction. We utilized varying ranges of economic obsolescence rates depending on the underlying asset group. For pipelines and right-of-ways, we used a value per acre based on the location of the asset and estimated an average value of $129 per rod. We then applied an economic obsolescence rate of approximately 64% to determine the ultimate fair value.
Equipment in operation [Member]
Fresh-Start Adjustment [Line Items]
Successor, Drilling equipment					37,000
Equipment not in operations [Member]
Fresh-Start Adjustment [Line Items]
Successor, Drilling equipment					26,500
Reorganization Adjustments [Member]
Fresh-Start Adjustment [Line Items]
Funding of the Professional Fees Escrow Account					(7,458)
Payment of accrued interest payable under the Predecessor credit facility					(172)
Payment of professional fees					(3,943)
Proceeds from Exit credit facility					8,000
Minimum [Member]
Fresh-Start Adjustment [Line Items]
Enterprise value					270,000
Median [Member]
Fresh-Start Adjustment [Line Items]
Enterprise value					325,000
Maximum [Member]
Fresh-Start Adjustment [Line Items]
Enterprise value					$ 380,000

Property, Plant, and Equipment

Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended			8 Months Ended	9 Months Ended
	Sep. 30, 2020	Aug. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Aug. 31, 2020	Sep. 30, 2020	Sep. 30, 2019
Property, Plant and Equipment [Line Items]
Future discounted net cash flows discounted							10.00%
Capitalized costs of unproved properties included in amortization, cumulative				$ 226,500	$ 50,000			$ 50,000
Non-cash Ceiling Test Write-Down Net of Tax				220,800	127,900
Loss on abandonment of assets	$ 0	$ 1,179			0	$ 18,733		$ 0
Oil and Natural Gas [Member]
Property, Plant and Equipment [Line Items]
Impairment of Oil and Gas Properties	$ 13,200	16,600	$ 109,300	267,800	$ 169,300
Loss on abandonment of assets				17,600
Drilling Equipment [Member]
Property, Plant and Equipment [Line Items]
Loss on abandonment of assets		$ 1,100
Mid-Stream [Member]
Property, Plant and Equipment [Line Items]
Impairment of Long-Lived Assets Held-for-use				64,000
BOSS drilling rigs [Member] | Drilling Equipment [Member]
Property, Plant and Equipment [Line Items]
Carrying value of asset group				242,500
SCR drilling rigs [Member] | Drilling Equipment [Member]
Property, Plant and Equipment [Line Items]
Impairment of Long-Lived Assets Held-for-use				407,100
Other drilling equipment [Member] | Drilling Equipment [Member]
Property, Plant and Equipment [Line Items]
Impairment of Long-Lived Assets Held-for-use				$ 3,000

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Contract with Customer, Asset and Liability) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Contract liability	$ 4,899	$ 7,061
Mid-Stream [Member]
Disaggregation of Revenue [Line Items]
Contract assets	7,976	12,921
Change in contract assets	(4,945)
Contract liability	4,899	7,061
Change in contract liabilities	(2,162)
Contract asset (liabilities), net	3,077	$ 5,860
Change in contract assets (liabilities)	$ (2,783)

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Revenue, Remaining Performance Obligation) (Details) $ in Thousands	Sep. 30, 2020USD ($)
Minimum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining Term of Contract	2 years
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining Term of Contract	8 years
Demand fee contracts [Member] | Mid-Stream [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining Impact to Revenue	$ (3,077)
Demand fee contracts [Member] | Mid-Stream [Member] | October - December 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining Impact to Revenue	(992)
Demand fee contracts [Member] | Mid-Stream [Member] | 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining Impact to Revenue	(3,501)
Demand fee contracts [Member] | Mid-Stream [Member] | 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining Impact to Revenue	1,380
Demand fee contracts [Member] | Mid-Stream [Member] | 2023 and beyond
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining Impact to Revenue	$ 36

Revenue from Contracts with C_4

Revenue from Contracts with Customer (Narrative) (Details) - Drilling [Member]	9 Months Ended
	Sep. 30, 2020contract
Segment Reporting Information [Line Items]
Number of Contracts, Daywork	8
Short-term Contract with Customer [Member]
Segment Reporting Information [Line Items]
Contract Duration	2 months
Long-term Contract with Customer [Member]
Segment Reporting Information [Line Items]
Contract Duration	2 years

Divestitures (Narrative) (Detai

Divestitures (Narrative) (Details) $ in Thousands	1 Months Ended	8 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)	Aug. 31, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)rig
Segment Reporting Information [Line Items]
Assets held for sale	$ 0			$ 5,908
Oil and Natural Gas [Member]
Segment Reporting Information [Line Items]
Proceeds from non-core oil and natural gas asset sales, net of related expenses	$ 0	$ 1,200	$ 2,200
Drilling [Member]
Segment Reporting Information [Line Items]
Number of drilling rigs in assets held for sale | rig				7

Earnings (Loss) Per Share (Sche

Earnings (Loss) Per Share (Schedule of Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	8 Months Ended	9 Months Ended
	Sep. 30, 2020	Aug. 31, 2020	Sep. 30, 2019	Aug. 31, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings (loss) of basic income (loss) attributable to Unit Corporation per common share	$ (8,968)	$ 55,131	$ (206,886)	$ (931,012)	$ (218,899)
Income of effect of dilutive stock options and restricted stock			0		0
Earnings (loss) of diluted income (loss) attributable to Unit Corporation per common share			$ (206,886)		$ (218,899)
Weighted shares of basic earnings (loss) attributable to Unit Corporation per common share	12,000	53,519	52,950	53,368	52,814
Weighted shares of effect of dilutive stock options and restricted stock			0		0
Weighted shares of diluted earnings (loss) attributable to Unit Corporation per common share			52,950		52,814
Per-Share amount of basic earnings (loss) attributable to Unit Corporation per common share	$ (0.75)	$ 1.03	$ (3.91)	$ (17.45)	$ (4.14)
Per-Share amount of effect of dilutive stock options and restricted stock			0		0
Per-Share amount of diluted earnings (loss) attributable to Unit Corporation per common share		$ 1.03	$ (3.91)	$ (17.45)	$ (4.14)

Earnings (Loss) Per Share (Sc_2

Earnings (Loss) Per Share (Schedule of Antidilutive Securities Excluded From Computation of Earnings (Loss) Per Share) (Details) - Stock options [Member] - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (loss) per share	42,000	42,000
Average exercise price	$ 48.56	$ 48.56

Accrued Liabilities (Accrued Li

Accrued Liabilities (Accrued Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 01, 2020	Dec. 31, 2019
Accrued Liabilities [Abstract]
Taxes	$ 8,497		$ 3,450
Employee costs	6,779		17,832
Lease operating expenses	6,395		9,200
Legal settlement	2,655	$ 45,000	0
Interest payable	857		6,562
Third-party credits	0		3,691
Other	2,992		5,827
Total accrued liabilities	$ 28,175		$ 46,562

Long-Term Debt And Other Long_3

Long-Term Debt And Other Long-Term Liabilities (Long-Term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Long-term debt:
Long-term debt	$ 143,600	$ 663,216
Long-term Debt
Long-term debt:
Total principal amount	143,600	666,500
Less: unamortized discount	0	(971)
Less: debt issuance costs, net	0	(2,313)
Long-term debt	143,600	663,216
Senior Subordinated Notes | Long-term Debt
Long-term debt:
Predecessor 6.625% senior subordinated notes due 2021	0	$ 650,000
Interest percentage of senior subordinated notes		6.625%
Predecessor Credit Agreement [Member] | Current portion of long-term debt
Current portion of long-term debt:
Line of Credit, Current	$ 0	$ 108,200
Long-term debt:
Revolving credit facility interest rate		4.00%
Successor Exit Facility
Long-term debt:
Revolving credit facility interest rate	6.60%
Successor Exit Facility | Current portion of long-term debt
Current portion of long-term debt:
Line of Credit, Current	$ 400	$ 0
Successor Exit Facility | Long-term Debt
Long-term debt:
Long-term Line of Credit	131,600	0
Superior Credit Agreement [Member] | Long-term Debt
Long-term debt:
Long-term Line of Credit	$ 12,000	$ 16,500
Revolving credit facility interest rate	2.10%	3.90%

Long-Term Debt And Other Long_4

Long-Term Debt And Other Long-Term Liabilities (Other Long-Term Liabilities) (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Sep. 01, 2020	Aug. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Asset retirement obligation (ARO) liability		$ 24,922	$ 24,591	$ 38,984	$ 66,627	$ 64,072	$ 64,208
Workers' compensation		11,664			11,510
Contract liability		4,899			7,061
Separation benefit plans	[1]	4,536			10,122
Finance lease obligations		4,272			7,379
Gas balancing liability		3,824			3,838
Deferred compensation plan		0			6,180
Other long-term liability		1,997			0
Other liabilities		56,114			112,717
Current portion of other long-term liabilities		12,324			17,376
Total other long-term liabilities		$ 43,790			$ 95,341
[1]	As of the Effective Date, the Board adopted (i) the Amended and Restated Separation Benefit Plan of Unit Corporation and Participating Subsidiaries (Amended Separation Benefit Plan), (ii) the Amended and Restated Special Separation Benefit Plan of Unit Corporation and Participating Subsidiaries (Amended Special Separation Benefit Plan) and (iii) the Separation Benefit Plan of Unit Corporation and Participating Subsidiaries (New Separation Benefit Plan). In accordance with the Plan, the Amended Separation Benefit Plan and the Amended Special Separation Benefit Plan allow former employees or retained employees with vested severance benefits under either plan to receive certain cash payments in full satisfaction for their allowed separation claim under the Chapter 11 Cases. In accordance with the Plan, the New Separation Benefit Plan is a comprehensive severance plan for retained employees, including retained employees whose severance did not already vest under the Amended Separation Benefit Plan or the Amended Special Separation Benefit Plan. The New Separation Benefit Plan provides that eligible employees will be entitled to two weeks of severance pay per year of service, with a minimum of four weeks and a maximum of 13 weeks of severance pay.

Long-Term Debt And Other Long_5

Long-Term Debt And Other Long-Term Liabilities (Narrative) (Details) - USD ($) $ in Thousands	Sep. 03, 2020	May 15, 2020	May 02, 2018	Sep. 30, 2020	Aug. 31, 2020	Aug. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	May 26, 2020	May 22, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Write off of debt issuance cost				$ 0	$ 0	$ (2,426)		$ 0
Present worth discounted							10.00%
Debt Instrument, Periodic Payment, Interest		$ 21,500
6.625% Senior Subordinated Notes Due 2021 [Member]
Debt Instrument [Line Items]
Debt instrument maturity date							May 15, 2021
Predecessor Credit Agreement [Member]
Debt Instrument [Line Items]
Commitment fee percentage under credit facility							0.375%
Origination, agency and syndication and other related fees with the credit agreement				$ 3,300			$ 3,300
Write off of debt issuance cost							$ (2,400)
Payable assessment term for LIBOR							90 days
LIBOR interest rate plus one percent							LIBOR plus 1.00% plus a margin
Predecessor Credit Agreement [Member] | Minimum [Member]
Debt Instrument [Line Items]
LIBOR plus interest rate							1.50%
Predecessor Credit Agreement [Member] | Maximum [Member]
Debt Instrument [Line Items]
LIBOR plus interest rate							2.50%
Predecessor Credit Agreement [Member] | Proved developed producing total value of our oil and gas properties [Member]
Debt Instrument [Line Items]
Percentage of collateral pledged				80.00%			80.00%
Present worth discounted							8.00%
Superior Credit Agreement [Member]
Debt Instrument [Line Items]
Credit facility maximum credit amount				$ 250,000			$ 250,000
Commitment fee percentage under credit facility							0.375%
Origination, agency and syndication and other related fees with the credit agreement				1,700			$ 1,700
Superior Credit Agreement, Term							5 years
Credit facility current credit amount				200,000			$ 200,000
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) the Thirty-Day LIBOR Rate (as defined in the Superior credit agreement plus the applicable margin of 1.00% to 2.25%.
Superior Credit Agreement [Member] | Long-term Debt
Debt Instrument [Line Items]
Long-term Line of Credit				12,000			$ 12,000				$ 16,500
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
DIP credit facility [Member]
Debt Instrument [Line Items]
Debtor-in-Possession Financing, Amount Arranged									$ 18,000	$ 36,000
Percentage of New Common Stock received as an equity fee	500.00%
Exit Credit Agreement [Member] | Secured Debt [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility maximum credit amount	$ 140,000
Successor Exit Facility
Debt Instrument [Line Items]
Current ratio of credit facility	0.50
Interest Coverage Ratio	2.50
Successor Exit Facility | Long-term Debt
Debt Instrument [Line Items]
Long-term Line of Credit				$ 131,600			$ 131,600				$ 0
Successor Exit Facility | September 1, 2020 to March 31, 2021 [Member]
Debt Instrument [Line Items]
Net leverage ratio	4
Successor Exit Facility | April 1, 2021 to June 30, 2022 [Member]
Debt Instrument [Line Items]
Net leverage ratio	3.75
Successor Exit Facility | July 1, 2022 to September 30, 2022 [Member]
Debt Instrument [Line Items]
Net leverage ratio	3.50
Successor Exit Facility | Revolving Credit Facility [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	5.25%
Successor Exit Facility | Revolving Credit Facility [Member] | Alternate Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	4.25%
Successor Exit Facility | Term loan [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	6.25%
Successor Exit Facility | Term loan [Member] | Alternate Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	5.25%
Successor Exit Facility | Letter of Credit [Member]
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount	$ 6,700
Successor Exit Facility | Secured Debt [Member]
Debt Instrument [Line Items]
Debt instrument maturity date	Mar. 1, 2024
Successor Exit Facility | Secured Debt [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Line of Credit	$ 92,000
Successor Exit Facility | Secured Debt [Member] | Term loan [Member]
Debt Instrument [Line Items]
Credit facility maximum credit amount	40,000
Long-term Line of Credit	$ 40,000
Pledge agreement [Member] | Predecessor Credit Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Collateral			we granted a security interest in the limited liability membership interests and other equity interests we own in Superior

Asset Retirement Obligations (S

Asset Retirement Obligations (Schedule Of Asset Retirement Obligations) (Details) - USD ($) $ in Thousands	Sep. 01, 2020	Sep. 30, 2020	Aug. 31, 2020		Sep. 30, 2019
ARO liability, Beginning Balance:	$ 38,984	$ 38,984	$ 66,627		$ 64,208
Accretion of discount		(116)	(1,545)		(1,770)
Liability incurred		141	465		4,325
Liability settled		(51)	(838)		(2,805)
Liability sold		0	(487)		(1,721)
Revision of estimates		125	(28,328)	[1]	(1,705)	[2]
ARO, Ending Balance:	24,591	24,922	$ 38,984		64,072
Fresh-Start adjustments	$ (14,393)
Less: current portion		2,186			3,033
Total long-term ARO		$ 22,736			$ 61,039
[1]	Plugging liability estimates were revised in 2020 for updates in the cost of services used to plug wells over the preceding year and estimated dates to be plugged.
[2]	Plugging liability estimates were revised in 2019 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 (Sched

Stock-Based Compensation (Schedule of Restricted Stock Awards and Stock Options) (Details) - USD ($) $ in Thousands		Aug. 31, 2020	Sep. 30, 2020	Aug. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Aug. 31, 2020	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Abstract]
Recognized stock compensation expense	[1]				$ 2,000	$ 4,500		$ 6,100	$ 13,000
Capitalized stock compensation cost for our oil and natural gas properties					0	700		0	2,000
Tax benefit on stock based compensation					$ 500	$ 1,100		$ 1,500	$ 3,200
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Acceleration of Predecessor stock compensation expense		$ 1,400	$ 0	$ 1,431			$ 1,431
[1]	When the company's equity-based awards were cancelled on the Effective Date, we immediately recognized the expense for the cancelled awards of $1.4 million as reorganization costs, net.

Stock-Based Compensation (Sch_2

Stock-Based Compensation (Schedule of Fair Value of the Restricted Stock Awards Granted During the Periods) (Details) - Restricted Stock [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)shares
Time Vested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted | shares	999,957
Estimated fair value (in millions) | $	$ 15,500	[1]
Time Vested [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted | shares	927,173
Estimated fair value (in millions) | $	$ 14,600	[1]
Percentage of shares granted expected to be distributed	95.00%
Time Vested [Member] | Non-employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted | shares	72,784
Estimated fair value (in millions) | $	$ 900	[1]
Percentage of shares granted expected to be distributed	100.00%
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted | shares	424,070
Estimated fair value (in millions) | $	$ 7,100	[1]
Performance Shares [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted | shares	424,070
Estimated fair value (in millions) | $	$ 7,100	[1]
Percentage of shares granted expected to be distributed	52.00%
Performance Shares [Member] | Non-employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted | shares	0
Estimated fair value (in millions) | $	$ 0	[1]
[1]	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 Thousands	Aug. 31, 2020	Sep. 30, 2020	Aug. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Aug. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 03, 2020	May 06, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Acceleration of Predecessor stock compensation expense	$ 1,400	$ 0	$ 1,431			$ 1,431
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized									903,226	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
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other Postretirement Benefits Expense (Reversal of Expense), Noncash						$ (2,200)
Share-based Payment Arrangement, 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%
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								999,957
Performance Shares [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted								424,070
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

Derivatives (Schedule of Deriva

Derivatives (Schedule of Derivatives Outstanding) (Details)	9 Months Ended
	Sep. 30, 2020$ / UnitMMBTUbbl
Natural Gas [Member] | Basis swap [Member] | Oct'20 - Dec'20 [Member] | PEPL [Member]
Derivative [Line Items]
Weighted average price	(0.455)
Hedged volume (MMBtu/day) | MMBTU	20,000
Natural Gas [Member] | Basis swap [Member] | Oct'20 - Dec'20 [Member] | NGPL Texok [Member]
Derivative [Line Items]
Weighted average price	(0.275)
Hedged volume (MMBtu/day) | MMBTU	30,000
Natural Gas [Member] | Basis swap [Member] | Jan'21 - Dec'21 [Member] | NGPL Texok [Member]
Derivative [Line Items]
Weighted average price	(0.215)
Hedged volume (MMBtu/day) | MMBTU	30,000
Natural Gas [Member] | Collar [Member] | Oct'20 - Dec'20 [Member] | IF - NYMEX (HH) [Member]
Derivative [Line Items]
Hedged volume (MMBtu/day) | MMBTU	30,000
Cap Price	2.80
Floor Price	2.5
Natural Gas [Member] | Collar [Member] | Jan'22 - Dec'22 [Member] | IF - NYMEX (HH) [Member]
Derivative [Line Items]
Hedged volume (MMBtu/day) | MMBTU	35,000
Cap Price	2.68
Floor Price	2.5
Natural Gas [Member] | Swap [Member] | Oct'20 - Dec'20 [Member] | IF - NYMEX (HH) [Member]
Derivative [Line Items]
Weighted average price	2.753
Hedged volume (MMBtu/day) | MMBTU	30,000
Natural Gas [Member] | Swap [Member] | Jan'21 - Oct'21 [Member] | IF - NYMEX (HH) [Member]
Derivative [Line Items]
Weighted average price	2.818
Hedged volume (MMBtu/day) | MMBTU	50,000
Natural Gas [Member] | Swap [Member] | Nov'21 - Dec'21 [Member] | IF - NYMEX (HH) [Member]
Derivative [Line Items]
Weighted average price	2.880
Hedged volume (MMBtu/day) | MMBTU	75,000
Natural Gas [Member] | Swap [Member] | Jan'22 - Dec'22 [Member] | IF - NYMEX (HH) [Member]
Derivative [Line Items]
Weighted average price	2.605
Hedged volume (MMBtu/day) | MMBTU	5,000
Natural Gas [Member] | Swap [Member] | Jan'23 - Dec'23 [Member] | IF - NYMEX (HH) [Member]
Derivative [Line Items]
Weighted average price	2.456
Hedged volume (MMBtu/day) | MMBTU	22,000
Crude Oil [Member] | Swap [Member] | Oct'20 - Dec'20 [Member] | Wti Nymex [Member]
Derivative [Line Items]
Weighted average price	43.35
Hedged Volume (Bbl/day) | bbl	4,000
Crude Oil [Member] | Swap [Member] | Jan'21 - Dec'21 [Member] | Wti Nymex [Member]
Derivative [Line Items]
Weighted average price	44.65
Hedged Volume (Bbl/day) | bbl	3,000
Crude Oil [Member] | Swap [Member] | Jan'22 - Dec'22 [Member] | Wti Nymex [Member]
Derivative [Line Items]
Weighted average price	42.250
Hedged Volume (Bbl/day) | bbl	2,300
Crude Oil [Member] | Swap [Member] | Jan'23 - Dec'23 [Member] | Wti Nymex [Member]
Derivative [Line Items]
Weighted average price	43.60
Hedged Volume (Bbl/day) | bbl	1,300

Derivatives (Fair Value of Deri

Derivatives (Fair Value of Derivative Instruments and Locations in Balance Sheets) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Current derivative asset	$ 2,367	$ 633
Non-current derivative asset	0	0
Total derivatives assets	2,367	633
Current derivative liability	1,114	0
Non-current derivative liability	1,749	27
Derivative Liability, Total	$ 2,863	$ 27

Derivatives (Effect of Derivati

Derivatives (Effect of Derivative Instruments Recognized in Income Statements, Derivative Instruments) (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	8 Months Ended	9 Months Ended
	Sep. 30, 2020	Aug. 31, 2020	Sep. 30, 2019	Aug. 31, 2020	Sep. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives	$ 3,939	$ (4,250)	$ 4,237	$ (10,704)	$ 5,232
Cash receipts on derivatives settled	(1,418)	(3,552)	6,515	(4,244)	11,829
Gain (loss) on derivatives [Member] | Commodity Derivatives [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives	$ 3,939	$ (4,250)	$ 4,237	$ (10,704)	$ 5,232

Fair Value Measurements (Recurr

Fair Value Measurements (Recurring Fair Value Measurements) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	$ 2,367	$ 633
Derivative Liability	(2,863)	(27)
Commodity Derivatives [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	2,367	633
Derivative Liability	(2,863)	(27)
Financial assets (liabilities)	(496)	606
Commodity Derivatives [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross Assets	3,929	177
Gross Liabilities	(4,425)	(775)
Financial assets (liabilities)	(496)	(598)
Commodity Derivatives [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross Assets	0	1,204
Gross Liabilities	0	0
Financial assets (liabilities)	0	1,204
Commodity Derivatives [Member] | Effect of Netting [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effect of netting on assets	(1,562)	(748)
Effect of netting on liabilities	1,562	748
Financial assets (liabilities)	$ 0	$ 0

Fair Value Measurements (Reconc

Fair Value Measurements (Reconciliations Of Level 3 Fair Value Measurements) (Details) - Level 3 [Member] - USD ($) $ in Thousands	1 Months Ended		2 Months Ended		3 Months Ended		8 Months Ended		9 Months Ended
	Sep. 30, 2020		Aug. 31, 2020		Sep. 30, 2019		Aug. 31, 2020		Sep. 30, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Beginning of period	$ 0		$ 843		$ 3,945		$ 1,204		$ 10,630
Included in earnings	0	[1],[2]	(405)	[1]	2,393	[1]	872	[2]	(980)	[2]
Settlements	0		(437)		(3,627)		(2,075)		(6,939)
End of period	0		0		2,711		0		2,711
Total earnings (losses) for the period included in earnings attributable to the change in unrealized gain (loss) relating to assets still held at end of period	$ 0		$ (843)		$ (1,234)		$ (1,204)		$ (7,919)
[1]	Commodity derivatives are reported in the Unaudited Condensed Consolidated Statements of Operations in gain (loss) on derivatives.
[2]	Commodity derivatives are reported in the Unaudited Condensed Consolidated Statements of Operations in gain (loss) on derivatives..

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral posted	$ 0
6.625% senior subordinated notes due 2021		$ 646,700
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of long-term debt		$ 357,500

Leases (Supplemental cash flow

Leases (Supplemental cash flow information related to leases) (Details) - USD ($) $ in Thousands	1 Months Ended	8 Months Ended	9 Months Ended
	Sep. 30, 2020	Aug. 31, 2020	Sep. 30, 2019
Leases [Abstract]
Operating cash flows for operating leases	$ 351	$ 3,849	$ 2,862
Financing cash flows for finance leases	350	2,757	2,984
Lease liabilities recognized in exchange for new operating lease right of use assets	$ 0	$ 0	$ 5

Leases (Schedule of lease asset

Leases (Schedule of lease assets and liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Operating right of use asset	$ 6,488	$ 5,673
Finance right of use assets	15,985	17,396
Total right of use assets	22,473	23,069
Current operating lease liability	3,985	3,430
Current finance lease liability	4,272	4,164
Operating lease liability	2,431	2,071
Finance lease liability	0	3,215
Total lease liability	$ 10,688	$ 12,880

Leases (Schedule of lease costs

Leases (Schedule of lease costs) (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	8 Months Ended	9 Months Ended
	Sep. 30, 2020	Aug. 31, 2020	Sep. 30, 2019	Aug. 31, 2020	Sep. 30, 2019
Leases [Abstract]
Amortization of finance leased assets	$ 350	$ 696	$ 1,005	$ 2,757	$ 2,985
Interest on finance lease liabilities	15	35	91	165	302
Operating lease cost	328	965	1,267	3,604	2,915
Short-term lease cost	867	1,448	10,841	8,190	32,857
Variable lease cost	29	58	93	223	283
Total lease cost	$ 1,589	3,202	13,297	14,939	39,341
Capitalized costs included in short-term lease costs		$ 100	$ 7,000	$ 1,500	$ 21,700

Leases (Schedule of weighted av

Leases (Schedule of weighted average discount rate for leases) (Details)	Sep. 30, 2020
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	1 year 7 months 6 days
Operating Lease, Weighted Average Discount Rate, Percent	4.04%
Finance Lease, Weighted Average Remaining Lease Term	10 months 24 days
Finance Lease, Weighted Average Discount Rate, Percent	4.00%

Leases (Operating leases) (Deta

Leases (Operating leases) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Ending with October 1,
2021	$ 4,184
2022	2,241
2023	157
2024	18
2025	12
2026 and beyond	66
Total future payments	6,678
Less: Interest	262
Present value of future minimum operating lease payments	6,416
Less: current portion	(3,985)	$ (3,430)
Operating lease liability	$ 2,431	$ 2,071

Leases (Finance leases) (Detail

Leases (Finance leases) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Ending October 1,
2021	$ 5,323
Total future payments	5,323
Less payments related to:
Maintenance	978
Interest	73
Present value of future minimum finance lease payments	4,272	$ 7,379
Less: Current portion	(4,272)	(4,164)
Total long-term finance lease payments	$ 0	$ 3,215

Leases (Narrative) (Details)

Leases (Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)rig
Leases [Abstract]
Number of compressors under finance lease agreement | rig	20
Finance lease term	7 years
Finance Lease Obligations, Current	$ 4,300
Discount rate finance leases	4.00%
Maintenance	$ 978
Interest	73
Finance leases, future minimum payments, average annual payment	$ 4,700
Finance lease fair market value percentage for purchase	10.00%

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Sep. 30, 2020	Sep. 01, 2020	Aug. 21, 2020	Dec. 31, 2019
Long-term Purchase Commitment [Line Items]
Legal settlement		$ 2,655	$ 45,000		$ 0
Litigation Settlement, Amount Awarded to Other Party	$ 2,400
Cockerell Oil Properties, Ltd., v. Unit Petroleum Company [Member]
Long-term Purchase Commitment [Line Items]
Legal settlement				$ 15,750
Chieftan Royalty Company v. Unit Petroleum Company [Member]
Long-term Purchase Commitment [Line Items]
Legal settlement				$ 29,250
Mid-Stream [Member]
Long-term Purchase Commitment [Line Items]
Other Commitment, Due in Next Twelve Months		1,200
Other Commitment, Due in Second and Third Year		$ 500
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 committing us to spend $150.0 million to drill wells in the Granite Wash/Buffalo Wallow area over three years starting January 1, 2019. For each dollar of the $150.0 million we do not spend (over the three-year period), we would forgo receiving $0.58 of future distributions from our ownership interest in our consolidated mid-stream subsidiary. At September 30, 2020, if we elected not to drill or spend any additional money in the designated area before December 31, 2021, the maximum amount we could forgo from distributions would be $72.6 million.
Long-term purchase commitment, purchases made		$ 24,800

Variable Interest Entity Arra_3

Variable Interest Entity Arrangements (Schedule of Assets and Liabilities) (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Sep. 01, 2020	Aug. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents		$ 29,784		$ 32,940	$ 571	$ 612	$ 6,452
Accounts receivable, net of allowance for doubtful accounts		52,824			82,656
Prepaid expenses and other		12,531			13,078
Total current assets		105,814			105,051
Property and equipment:
Gas gathering and processing equipment		250,608	$ 250,098	833,788	824,699
Transportation equipment		3,291	$ 3,314	$ 15,577	29,723
Property, plant, and equipment, gross		599,537			8,931,355
Less accumulated depreciation, depletion, amortization, and impairment		20,907			6,978,669
Net property and equipment		578,630			1,952,686
Operating right of use asset		6,488			5,673
Other assets		17,628			26,642
Total assets	[1]	708,560			2,090,052
Current liabilities:
Accounts payable		37,307			84,481
Accrued liabilities		28,175			46,562
Current operating lease liability		3,985			3,430
Current portion of other long-term liabilities		12,324			17,376
Total current liabilities		84,190			260,049
Long-term debt		143,600			663,216
Operating lease liability		2,431			2,071
VIE [Member]
Current assets:
Cash and cash equivalents		15,320			0
Accounts receivable, net of allowance for doubtful accounts		23,562			21,073
Prepaid expenses and other		7,034			7,686
Total current assets		45,916			28,759
Property and equipment:
Gas gathering and processing equipment		250,608			824,699
Transportation equipment		1,888			3,390
Property, plant, and equipment, gross		252,496			828,089
Less accumulated depreciation, depletion, amortization, and impairment		2,658			407,144
Net property and equipment		249,838			420,945
Operating right of use asset		3,259			3,948
Other assets		3,928			9,442
Total assets		302,941			463,094
Current liabilities:
Accounts payable		11,894			18,511
Accrued liabilities		5,849			4,198
Current operating lease liability		1,752			2,407
Current portion of other long-term liabilities		7,051			7,060
Total current liabilities		26,546			32,176
Long-term debt		12,000			16,500
Operating lease liability		1,457			1,404
Other long-term liabilities		2,119			8,126
Total liabilities		$ 42,122			$ 58,206
[1]	Unit Corporation's consolidated total assets as of September 30, 2020 include total current and long-term assets of its variable interest entity (VIE) (Superior Pipeline Company, L.L.C.) of $45.9 million and $257.0 million, respectively, which can only settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of September 30, 2020 include total current and long-term liabilities of the VIE of $26.5 million and $15.6 million, respectively, for which the creditors of the VIE have no recourse to Unit Corporation. Unit Corporation's consolidated total assets as of December 31, 2019 include total current and long-term assets of the VIE of $28.8 million and $434.3 million, respectively, which can only settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of December 31, 2019 include total current and long-term liabilities of the VIE of $32.2 million and $26.0 million, respectively, for which the creditors of the VIE have no recourse to Unit Corporation. See Note 17 – Variable Interest Entity Arrangements.

Variable Interest Entity Arra_4

Variable Interest Entity Arrangements (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Apr. 03, 2018
Variable Interest Entity [Line Items]
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 gives us the power to direct the activities that most significantly affect Superior's operating performance. The MSA is a separate variable interest. Under the MSA, Unit has the power to direct Superior’s most significant activities; reciprocally the equity investors lack the power to direct the activities that most affect the entity’s economic performance. Because of this, Unit is considered the primary beneficiary.
Liquidation IRR Hurdle	7.00%
Variable Interest Investment		$ 300,000,000
Superior Pipeline Company, L.L.C. [Member]
Variable Interest Entity [Line Items]
Date Involvement Began	Apr. 3, 2018
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	$ 260,560

Industry Segment Information (I

Industry Segment Information (Industry Segment Information) (Details) $ in Thousands	1 Months Ended		2 Months Ended		3 Months Ended		8 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)		Aug. 31, 2020USD ($)		Sep. 30, 2019USD ($)		Aug. 31, 2020USD ($)		Sep. 30, 2020segment	Sep. 30, 2019USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment									3
Revenues:
Revenues	$ 32,846	[1]	$ 65,574	[1]	$ 155,439	[1]	$ 276,957	[1]		$ 510,276
Operating costs:
Operating costs	19,515		38,720		92,653		237,546			294,164
Depreciation, depletion, and amortization	7,467		17,919		70,214		115,496			198,632
Impairments	13,237		16,572		234,880		867,814			234,880
Total expenses	40,219		73,211		397,747		1,220,856			727,676
Loss on abandonment of assets	0		1,179		0		18,733			0
General and administrative	1,582		5,399		10,094		42,766			29,899
(Gain) loss on disposition of assets	(222)		(1,356)		231		(89)			1,424
Income (loss) from operations	(8,733)		(12,859)		(252,633)		(1,005,309)			(248,723)
Gain (loss) on derivatives	3,939		(4,250)		4,237		(10,704)			5,232
Write off of debt issuance cost	0		0				(2,426)			0
Reorganization Items	(1,155)		141,002		0		133,975			0
Interest, net	(826)		(1,959)		(9,534)		(22,824)			(27,067)
Other	39		1,931		(622)		2,034			(611)
Income (loss) before income taxes	(6,736)		123,865		(258,552)		(905,254)			(271,169)
Oil and Natural Gas [Member]
Revenues:
Revenues	13,644	[1]	27,962	[1]	78,045	[1]	103,443	[1]		241,955
Operating costs:
Operating costs	6,892		15,895		36,621		119,664			108,148
Depreciation, depletion, and amortization	4,199		9,975		43,587		68,762			118,105
Impairments	13,237		16,572		169,806		393,726			169,806
Total expenses	24,328		42,442		250,014		582,152			396,059
Loss on abandonment of assets			87				17,641
General and administrative	0		0		0		0			0
(Gain) loss on disposition of assets	(10)		(102)		(28)		(160)			(166)
Income (loss) from operations	(10,674)		(14,465)		(171,941)		(496,190)			(153,938)
Gain (loss) on derivatives	0		0		0		0			0
Write off of debt issuance cost							0
Reorganization Items	0		15,504				15,504
Interest, net	0		0		0		0			0
Other	29		428		0		458			0
Income (loss) before income taxes	(10,645)		1,467		(171,941)		(480,228)			(153,938)
Contract drilling [Member]
Revenues:
Revenues	4,414	[1]	7,685	[1]	38,626	[1]	73,519	[1]		147,598
Operating costs:
Operating costs	2,989		5,410		29,913		51,811			103,688
Depreciation, depletion, and amortization	526		853		12,845		15,544			39,048
Impairments	0		0		62,809		410,126			62,809
Total expenses	3,515		6,263		105,567		477,481			205,545
Loss on abandonment of assets			1,092				1,092
General and administrative	0		0		0		0			0
(Gain) loss on disposition of assets	(212)		(1,251)		288		(1,390)			1,737
Income (loss) from operations	1,111		1,581		(67,229)		(403,664)			(59,684)
Gain (loss) on derivatives	0		0		0		0			0
Write off of debt issuance cost							0
Reorganization Items	0		(183,664)				(183,664)
Interest, net	0		0		0		0			0
Other	1		1,426		(627)		1,449			(627)
Income (loss) before income taxes	1,112		(180,657)		(67,856)		(585,879)			(60,311)
Mid-Stream [Member]
Revenues:
Revenues	17,284	[1]	34,132	[1]	48,585	[1]	114,531	[1]		173,724
Operating costs:
Operating costs	12,130		21,620		36,023		80,607			133,702
Depreciation, depletion, and amortization	2,658		6,750		11,847		29,371			35,675
Impairments	0		0		2,265		63,962			2,265
Total expenses	14,788		28,370		50,135		173,940			171,642
Loss on abandonment of assets			0				0
General and administrative	0		0		0		0			0
(Gain) loss on disposition of assets	0		(3)		(28)		(18)			(136)
Income (loss) from operations	2,496		5,765		(1,522)		(59,391)			2,218
Gain (loss) on derivatives	0		0		0		0			0
Write off of debt issuance cost							0
Reorganization Items	0		(71,016)				(71,016)
Interest, net	(137)		(828)		(448)		(1,888)			(1,129)
Other	8		11		0		50			0
Income (loss) before income taxes	2,367		(66,068)		(1,970)		(132,245)			1,089
Corporate and Other
Revenues:
Revenues	0	[1]	0	[1]	0	[1]	0	[1]		0
Operating costs:
Operating costs	0		0		0		0			0
Depreciation, depletion, and amortization	84		341		1,935		1,819			5,804
Impairments	0		0		0		0			0
Total expenses	84		341		1,935		1,819			5,804
Loss on abandonment of assets			0				0
General and administrative	1,582		5,399		10,094		42,766			29,899
(Gain) loss on disposition of assets	0		0		(1)		1,479			(11)
Income (loss) from operations	(1,666)		(5,740)		(12,028)		(46,064)			(35,692)
Gain (loss) on derivatives	3,939		(4,250)		4,237		(10,704)			5,232
Write off of debt issuance cost							(2,426)
Reorganization Items	(1,155)		380,178				373,151
Interest, net	(689)		(1,131)		(9,086)		(20,936)			(25,938)
Other	1		66		5		77			16
Income (loss) before income taxes	430		369,123		(16,872)		293,098			(56,382)
Intersegment Eliminations
Revenues:
Revenues	(2,496)	[1]	(4,205)	[1]	(9,817)	[1]	(14,536)	[1]		(53,001)
Operating costs:
Operating costs	(2,496)		(4,205)		(9,904)		(14,536)			(51,374)
Depreciation, depletion, and amortization	0		0		0		0			0
Impairments	0		0		0		0			0
Total expenses	(2,496)		(4,205)		(9,904)		(14,536)			(51,374)
Loss on abandonment of assets			0				0
General and administrative	0		0		0		0			0
(Gain) loss on disposition of assets	0		0		0		0			0
Income (loss) from operations	0		0		87		0			(1,627)
Gain (loss) on derivatives	0		0		0		0			0
Write off of debt issuance cost							0
Reorganization Items	0		0				0
Interest, net	0		0		0		0			0
Other	0		0		0		0			0
Income (loss) before income taxes	0		0		87		0			(1,627)
Oil and natural gas
Revenues:
Revenues	13,643	[1]	27,961	[1]	78,045	[1]	103,439	[1]		241,955
Operating costs:
Operating costs	6,674		15,488		35,364		117,691			104,320
Oil and natural gas | Oil and Natural Gas [Member]
Revenues:
Revenues	13,644	[1]	27,962	[1]	78,045	[1]	103,443	[1]		241,955
Operating costs:
Operating costs	6,892		15,895		36,621		119,664			108,148
Oil and natural gas | Contract drilling [Member]
Revenues:
Revenues	0	[1]	0	[1]	0	[1]	0	[1]		0
Operating costs:
Operating costs	0		0		0		0			0
Oil and natural gas | Mid-Stream [Member]
Revenues:
Revenues	0	[1]	0	[1]	0	[1]	0	[1]		0
Operating costs:
Operating costs	0		0		0		0			0
Oil and natural gas | Corporate and Other
Revenues:
Revenues	0	[1]	0	[1]	0	[1]	0	[1]		0
Operating costs:
Operating costs	0		0		0		0			0
Oil and natural gas | Intersegment Eliminations
Revenues:
Revenues	(1)	[1]	(1)	[1]	0	[1]	(4)	[1]		0
Operating costs:
Operating costs	(218)		(407)		(1,257)		(1,973)			(3,828)
Contract drilling
Revenues:
Revenues	4,414	[1]	7,685	[1]	37,596	[1]	73,519	[1]		131,788
Operating costs:
Operating costs	2,989		5,410		28,796		51,810			89,505
Contract drilling | Oil and Natural Gas [Member]
Revenues:
Revenues	0	[1]	0	[1]	0	[1]	0	[1]		0
Operating costs:
Operating costs	0		0		0		0			0
Contract drilling | Contract drilling [Member]
Revenues:
Revenues	4,414	[1]	7,685	[1]	38,626	[1]	73,519	[1]		147,598
Operating costs:
Operating costs	2,989		5,410		29,913		51,811			103,688
Contract drilling | Mid-Stream [Member]
Revenues:
Revenues	0	[1]	0	[1]	0	[1]	0	[1]		0
Operating costs:
Operating costs	0		0		0		0			0
Contract drilling | Corporate and Other
Revenues:
Revenues	0	[1]	0	[1]	0	[1]	0	[1]		0
Operating costs:
Operating costs	0		0		0		0			0
Contract drilling | Intersegment Eliminations
Revenues:
Revenues	0	[1]	0	[1]	(1,030)	[1]	0	[1]		(15,810)
Operating costs:
Operating costs	0		0		(1,117)		(1)			(14,183)
Gas gathering and processing
Revenues:
Revenues	14,789	[1]	29,928	[1]	39,798	[1]	99,999	[1]		136,533
Operating costs:
Operating costs	9,852		17,822		28,493		68,045			100,339
Gas gathering and processing | Oil and Natural Gas [Member]
Revenues:
Revenues	0	[1]	0	[1]	0	[1]	0	[1]		0
Operating costs:
Operating costs	0		0		0		0			0
Gas gathering and processing | Contract drilling [Member]
Revenues:
Revenues	0	[1]	0	[1]	0	[1]	0	[1]		0
Operating costs:
Operating costs	0		0		0		0			0
Gas gathering and processing | Mid-Stream [Member]
Revenues:
Revenues	17,284	[1]	34,132	[1]	48,585	[1]	114,531	[1]		173,724
Operating costs:
Operating costs	12,130		21,620		36,023		80,607			133,702
Gas gathering and processing | Corporate and Other
Revenues:
Revenues	0	[1]	0	[1]	0	[1]	0	[1]		0
Operating costs:
Operating costs	0		0		0		0			0
Gas gathering and processing | Intersegment Eliminations
Revenues:
Revenues	(2,495)	[1]	(4,204)	[1]	(8,787)	[1]	(14,532)	[1]		(37,191)
Operating costs:
Operating costs	$ (2,278)		$ (3,798)		$ (7,530)		$ (12,562)			$ (33,363)
[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.

Supplemental Condensed Consol_3

Supplemental Condensed Consolidated Financial Information (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Sep. 01, 2020	Aug. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents		$ 29,784		$ 32,940			$ 571	$ 612			$ 6,452
Accounts receivable, net of allowance for doubtful accounts		52,824					82,656
Materials and supplies		0					449
Current derivative asset		2,367					633
Current income taxes receivable		850					1,756
Assets held for sale		0					5,908
Prepaid expenses and other		12,531					13,078
Total current assets		105,814					105,051
Oil and natural gas properties on the full cost method:
Proved properties		238,766	$ 238,284	6,539,816			6,341,582
Unproved properties not being amortized		735	0	30,205			252,874
Drilling equipment		63,541	63,458	1,285,024			1,295,713
Gas gathering and processing equipment		250,608	250,098	833,788			824,699
Saltwater disposal systems		0	0	43,541			69,692
Land and building		32,635	32,635	59,080			59,080
Transportation equipment		3,291	3,314	15,577			29,723
Other		9,961	9,958	57,427			57,992
Property, plant, and equipment, gross		599,537					8,931,355
Less accumulated depreciation, depletion, amortization, and impairment		20,907					6,978,669
Net property and equipment		578,630					1,952,686
Intercompany receivable							0
Investments							0
Operating right of use asset		6,488					5,673
Other assets		17,628					26,642
Total assets	[1]	708,560					2,090,052
Current liabilities:
Accounts payable		37,307					84,481
Accrued liabilities		28,175					46,562
Current operating lease liability		3,985					3,430
Current portion of long-term debt		400					108,200
Current derivative liability		1,114					0
Current portion of other long-term liabilities		12,324					17,376
Total current liabilities		84,190					260,049
Intercompany debt							0
Long-term debt		143,600					663,216
Non-current derivative liability		1,749					27
Operating lease liability		2,431					2,071
Liabilities subject to compromise			762,215
Deferred income taxes		0					13,713
Total shareholders' equity		432,800	$ 439,523	171,180	$ 40,532	$ 254,486	1,055,635	1,391,233	$ 1,593,232	$ 1,595,859	1,593,444
Total liabilities and shareholders' equity	[1]	708,560					2,090,052
Total other long-term liabilities		$ 43,790					95,341
Consolidating Adjustments [Member]
Current assets:
Cash and cash equivalents				0			0	0			0
Accounts receivable, net of allowance for doubtful accounts							(9,447)
Materials and supplies							0
Current derivative asset							0
Current income taxes receivable							0
Assets held for sale							0
Prepaid expenses and other							0
Total current assets							(9,447)
Oil and natural gas properties on the full cost method:
Proved properties							0
Unproved properties not being amortized							0
Drilling equipment							0
Gas gathering and processing equipment							0
Saltwater disposal systems							0
Land and building							0
Transportation equipment							0
Other							0
Property, plant, and equipment, gross							0
Less accumulated depreciation, depletion, amortization, and impairment							0
Net property and equipment							0
Intercompany receivable							(1,048,785)
Investments							(865,252)
Operating right of use asset							(54)
Other assets							0
Total assets							(1,923,538)
Current liabilities:
Accounts payable							(7,291)
Accrued liabilities							(2,156)
Current operating lease liability							(6)
Current portion of long-term debt							0
Current portion of other long-term liabilities							0
Total current liabilities							(9,453)
Intercompany debt							(1,048,785)
Long-term debt							0
Non-current derivative liability							0
Operating lease liability							(48)
Deferred income taxes							0
Total shareholders' equity							(865,252)
Total liabilities and shareholders' equity							(1,923,538)
Total other long-term liabilities							0
Parent [Member]
Current assets:
Cash and cash equivalents				15,764			503	505			403
Accounts receivable, net of allowance for doubtful accounts							2,645
Materials and supplies							0
Current derivative asset							633
Current income taxes receivable							1,756
Assets held for sale							0
Prepaid expenses and other							2,019
Total current assets							7,556
Oil and natural gas properties on the full cost method:
Proved properties							0
Unproved properties not being amortized							0
Drilling equipment							0
Gas gathering and processing equipment							0
Saltwater disposal systems							0
Land and building							0
Transportation equipment							9,712
Other							28,927
Property, plant, and equipment, gross							38,639
Less accumulated depreciation, depletion, amortization, and impairment							33,794
Net property and equipment							4,845
Intercompany receivable							1,048,785
Investments							865,252
Operating right of use asset							46
Other assets							8,107
Total assets							1,934,591
Current liabilities:
Accounts payable							12,259
Accrued liabilities							28,003
Current operating lease liability							20
Current portion of long-term debt							108,200
Current portion of other long-term liabilities							3,003
Total current liabilities							151,485
Intercompany debt							0
Long-term debt							646,716
Non-current derivative liability							27
Operating lease liability							25
Deferred income taxes							68,150
Total shareholders' equity							1,055,635
Total liabilities and shareholders' equity							1,934,591
Total other long-term liabilities							12,553
Combined Guarantor Subsidiaries [Member]
Current assets:
Cash and cash equivalents				0			68	104			208
Accounts receivable, net of allowance for doubtful accounts							64,805
Materials and supplies							449
Current derivative asset							0
Current income taxes receivable							0
Assets held for sale							5,908
Prepaid expenses and other							3,373
Total current assets							74,603
Oil and natural gas properties on the full cost method:
Proved properties							6,341,582
Unproved properties not being amortized							252,874
Drilling equipment							1,295,713
Gas gathering and processing equipment							0
Saltwater disposal systems							69,692
Land and building							59,080
Transportation equipment							16,621
Other							29,065
Property, plant, and equipment, gross							8,064,627
Less accumulated depreciation, depletion, amortization, and impairment							6,537,731
Net property and equipment							1,526,896
Intercompany receivable							0
Investments							0
Operating right of use asset							1,733
Other assets							9,094
Total assets							1,612,326
Current liabilities:
Accounts payable							61,002
Accrued liabilities							14,024
Current operating lease liability							1,009
Current portion of long-term debt							0
Current portion of other long-term liabilities							7,313
Total current liabilities							83,348
Intercompany debt							1,047,599
Long-term debt							0
Non-current derivative liability							0
Operating lease liability							690
Deferred income taxes							(54,437)
Total shareholders' equity							460,464
Total liabilities and shareholders' equity							1,612,326
Total other long-term liabilities							74,662
Combined Non-Guarantor Subsidiaries [Member]
Current assets:
Cash and cash equivalents				$ 17,176			0	$ 3			$ 5,841
Accounts receivable, net of allowance for doubtful accounts							24,653
Materials and supplies							0
Current derivative asset							0
Current income taxes receivable							0
Assets held for sale							0
Prepaid expenses and other							7,686
Total current assets							32,339
Oil and natural gas properties on the full cost method:
Proved properties							0
Unproved properties not being amortized							0
Drilling equipment							0
Gas gathering and processing equipment							824,699
Saltwater disposal systems							0
Land and building							0
Transportation equipment							3,390
Other							0
Property, plant, and equipment, gross							828,089
Less accumulated depreciation, depletion, amortization, and impairment							407,144
Net property and equipment							420,945
Intercompany receivable							0
Investments							0
Operating right of use asset							3,948
Other assets							9,441
Total assets							466,673
Current liabilities:
Accounts payable							18,511
Accrued liabilities							6,691
Current operating lease liability							2,407
Current portion of long-term debt							0
Current portion of other long-term liabilities							7,060
Total current liabilities							34,669
Intercompany debt							1,186
Long-term debt							16,500
Non-current derivative liability							0
Operating lease liability							1,404
Deferred income taxes							0
Total shareholders' equity							404,788
Total liabilities and shareholders' equity							466,673
Total other long-term liabilities							$ 8,126
[1]	Unit Corporation's consolidated total assets as of September 30, 2020 include total current and long-term assets of its variable interest entity (VIE) (Superior Pipeline Company, L.L.C.) of $45.9 million and $257.0 million, respectively, which can only settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of September 30, 2020 include total current and long-term liabilities of the VIE of $26.5 million and $15.6 million, respectively, for which the creditors of the VIE have no recourse to Unit Corporation. Unit Corporation's consolidated total assets as of December 31, 2019 include total current and long-term assets of the VIE of $28.8 million and $434.3 million, respectively, which can only settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of December 31, 2019 include total current and long-term liabilities of the VIE of $32.2 million and $26.0 million, respectively, for which the creditors of the VIE have no recourse to Unit Corporation. See Note 17 – Variable Interest Entity Arrangements.

Supplemental Condensed Consol_4

Supplemental Condensed Consolidated Financial Information (Condensed Consolidating Balance Sheets - Parenthetical) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Condensed Financial Statements, Captions [Line Items]
Accounts receivable, allowance for doubtful accounts	$ 3,783	$ 2,332
Common stock, shares issued	12,000,000	55,443,393
Consolidating Adjustments [Member]
Condensed Financial Statements, Captions [Line Items]
Accounts receivable, allowance for doubtful accounts	$ 0	$ 0
Common stock, shares issued	0	0
Parent [Member]
Condensed Financial Statements, Captions [Line Items]
Accounts receivable, allowance for doubtful accounts	$ 0	$ 1,216
Common stock, shares issued	12,000,000	55,443,393
Combined Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Accounts receivable, allowance for doubtful accounts	$ 3,783	$ 1,116
Common stock, shares issued	0	0
Combined Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Accounts receivable, allowance for doubtful accounts	$ 0	$ 0
Common stock, shares issued	0	0

Supplemental Condensed Consol_5

Supplemental Condensed Consolidated Financial Information (Condensed Consolidating Statements of Income) (Details) - USD ($) $ in Thousands	1 Months Ended		2 Months Ended		3 Months Ended						8 Months Ended		9 Months Ended
	Sep. 30, 2020		Aug. 31, 2020		Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019		Jun. 30, 2019	Mar. 31, 2019	Aug. 31, 2020		Sep. 30, 2019
Condensed Financial Statements, Captions [Line Items]
Revenues	$ 32,846	[1]	$ 65,574	[1]			$ 155,439	[1]			$ 276,957	[1]	$ 510,276
Expenses:
Operating costs	19,515		38,720				92,653				237,546		294,164
Depreciation, depletion, and amortization	7,467		17,919				70,214				115,496		198,632
Impairments	13,237		16,572				234,880				867,814		234,880
Loss on abandonment of assets	0		1,179				0				18,733		0
General and administrative	1,582		5,399				10,094				42,766		29,899
Loss on disposition of assets	(222)		(1,356)				231				(89)		1,424
Total operating costs	41,579		78,433				408,072				1,282,266		758,999
Income (loss) from operations	(8,733)		(12,859)				(252,633)				(1,005,309)		(248,723)
Interest, net	(826)		(1,959)				(9,534)				(22,824)		(27,067)
Write off of debt issuance cost	0		0								(2,426)		0
Gain (loss) on derivatives	3,939		(4,250)				4,237				(10,704)		5,232
Reorganization Items	(1,155)		141,002				0				133,975		0
Other, net	39		1,931				(622)				2,034		(611)
Income (loss) before income taxes	(6,736)		123,865				(258,552)				(905,254)		(271,169)
Income tax expense (benefit)	0		(4,750)				(50,763)				(14,630)		(53,081)
Equity in net earnings from investment in subsidiaries, net of taxes			0				0				0		0
Net Income (loss)	(6,736)		128,615		$ (215,565)	$ (803,674)	(207,789)		$ (8,017)	$ (2,282)	(890,624)		(218,088)
Less: net income (loss) attributable to non-controlling interest	2,232		73,484				(903)				40,388		811
Net loss attributable to Unit Corporation	$ (8,968)		55,131				(206,886)				(931,012)		(218,899)
Consolidating Adjustments [Member]
Condensed Financial Statements, Captions [Line Items]
Revenues			(4,205)				(9,817)				(14,536)		(53,001)
Expenses:
Operating costs			(4,206)				(9,904)				(14,537)		(51,374)
Depreciation, depletion, and amortization			0				0				0		0
Impairments			0				0				0		0
Loss on abandonment of assets			0								0
General and administrative			0				0				0		0
Loss on disposition of assets			0				0				0		0
Total operating costs			(4,206)				(9,904)				(14,537)		(51,374)
Income (loss) from operations			1				87				1		(1,627)
Interest, net			0				0				0		0
Write off of debt issuance cost			0								0
Gain (loss) on derivatives			0				0				0		0
Reorganization Items			0								0
Other, net			0				0				0		0
Income (loss) before income taxes			1				87				1		(1,627)
Income tax expense (benefit)			0				0				0		0
Equity in net earnings from investment in subsidiaries, net of taxes			250,659				202,090				1,241,120		198,945
Net Income (loss)			250,660				202,177				1,241,121		197,318
Less: net income (loss) attributable to non-controlling interest			(73,484)				0				(40,388)		0
Net loss attributable to Unit Corporation			324,144				202,177				1,281,509		197,318
Parent [Member]
Condensed Financial Statements, Captions [Line Items]
Revenues			0				0				0		0
Expenses:
Operating costs			0				0				0		0
Depreciation, depletion, and amortization			341				1,935				1,819		5,804
Impairments			0				0				0		0
Loss on abandonment of assets			0								0
General and administrative			0				0				0		0
Loss on disposition of assets			0				(1)				1,479		(11)
Total operating costs			341				1,934				3,298		5,793
Income (loss) from operations			(341)				(1,934)				(3,298)		(5,793)
Interest, net			(1,131)				(9,086)				(20,936)		(25,938)
Write off of debt issuance cost			0								(2,426)
Gain (loss) on derivatives			(4,250)				4,237				(10,704)		5,232
Reorganization Items			380,178								373,151
Other, net			68				5				79		16
Income (loss) before income taxes			374,524				(6,778)				335,866		(26,483)
Income tax expense (benefit)			(4,750)				(1,982)				(14,630)		(6,529)
Equity in net earnings from investment in subsidiaries, net of taxes			(250,659)				(202,090)				(1,241,120)		(198,945)
Net Income (loss)			128,615				(206,886)				(890,624)		(218,899)
Less: net income (loss) attributable to non-controlling interest			73,484				0				40,388		0
Net loss attributable to Unit Corporation			55,131				(206,886)				(931,012)		(218,899)
Combined Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Revenues			35,647				116,671				176,962		389,553
Expenses:
Operating costs			21,307				66,534				171,476		211,836
Depreciation, depletion, and amortization			10,828				56,432				84,306		157,153
Impairments			16,572				232,615				803,852		232,615
Loss on abandonment of assets			1,179								18,733
General and administrative			5,399				10,094				42,766		29,899
Loss on disposition of assets			(1,353)				260				(1,550)		1,571
Total operating costs			53,932				365,935				1,119,583		633,074
Income (loss) from operations			(18,285)				(249,264)				(942,621)		(243,521)
Interest, net			0				0				0		0
Write off of debt issuance cost			0								0
Gain (loss) on derivatives			0				0				0		0
Reorganization Items			(168,160)								(168,160)
Other, net			1,853				(627)				1,906		(627)
Income (loss) before income taxes			(184,592)				(249,891)				(1,108,875)		(244,148)
Income tax expense (benefit)			0				(48,781)				0		(46,552)
Equity in net earnings from investment in subsidiaries, net of taxes			0				0				0		0
Net Income (loss)			(184,592)				(201,110)				(1,108,875)		(197,596)
Less: net income (loss) attributable to non-controlling interest			0				0				0		0
Net loss attributable to Unit Corporation			(184,592)				(201,110)				(1,108,875)		(197,596)
Combined Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Revenues			34,132				48,585				114,531		173,724
Expenses:
Operating costs			21,619				36,023				80,607		133,702
Depreciation, depletion, and amortization			6,750				11,847				29,371		35,675
Impairments			0				2,265				63,962		2,265
Loss on abandonment of assets			0								0
General and administrative			0				0				0		0
Loss on disposition of assets			(3)				(28)				(18)		(136)
Total operating costs			28,366				50,107				173,922		171,506
Income (loss) from operations			5,766				(1,522)				(59,391)		2,218
Interest, net			(828)				(448)				(1,888)		(1,129)
Write off of debt issuance cost			0								0
Gain (loss) on derivatives			0				0				0		0
Reorganization Items			(71,016)								(71,016)
Other, net			10				0				49		0
Income (loss) before income taxes			(66,068)				(1,970)				(132,246)		1,089
Income tax expense (benefit)			0				0				0		0
Equity in net earnings from investment in subsidiaries, net of taxes			0				0				0		0
Net Income (loss)			(66,068)				(1,970)				(132,246)		1,089
Less: net income (loss) attributable to non-controlling interest			73,484				(903)				40,388		811
Net loss attributable to Unit Corporation			$ (139,552)				$ (1,067)				$ (172,634)		$ 278
[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.

Supplemental Condensed Consol_6

Supplemental Condensed Consolidated Financial Information (Condensed Consolidating Statements of Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended					8 Months Ended	9 Months Ended
	Sep. 30, 2020	Aug. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Aug. 31, 2020	Sep. 30, 2019
Condensed Financial Statements, Captions [Line Items]
Net Income (loss)	$ (6,736)	$ 128,615	$ (215,565)	$ (803,674)	$ (207,789)	$ (8,017)	$ (2,282)	$ (890,624)	$ (218,088)
Other comprehensive income (loss)	0	0			487			0	481
Comprehensive income (loss)	(6,736)	128,615			(207,302)	(8,047)	(2,258)	(890,624)	(217,607)
Less: Comprehensive income (loss) attributable to non-controlling interest	2,232	73,484			(903)			40,388	811
Comprehensive income (loss) attributable to Unit Corporation	$ (8,968)	55,131			(206,399)			(931,012)	(218,418)
Unrealized income (loss) on securities, tax					(45)				(47)
Unrealized loss on securities, net of tax		0				$ (30)	$ 24	0
Consolidating Adjustments [Member]
Condensed Financial Statements, Captions [Line Items]
Net Income (loss)		250,660			202,177			1,241,121	197,318
Other comprehensive income (loss)					0				0
Comprehensive income (loss)		250,660			202,177			1,241,121	197,318
Less: Comprehensive income (loss) attributable to non-controlling interest		(73,484)			0			(40,388)	0
Comprehensive income (loss) attributable to Unit Corporation		324,144			202,177			1,281,509	197,318
Unrealized income (loss) on securities, tax					0				0
Unrealized loss on securities, net of tax		0						0
Parent [Member]
Condensed Financial Statements, Captions [Line Items]
Net Income (loss)		128,615			(206,886)			(890,624)	(218,899)
Other comprehensive income (loss)					0				0
Comprehensive income (loss)		128,615			(206,886)			(890,624)	(218,899)
Less: Comprehensive income (loss) attributable to non-controlling interest		73,484			0			40,388	0
Comprehensive income (loss) attributable to Unit Corporation		55,131			(206,886)			(931,012)	(218,899)
Unrealized income (loss) on securities, tax					0				0
Unrealized loss on securities, net of tax		0						0
Combined Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net Income (loss)		(184,592)			(201,110)			(1,108,875)	(197,596)
Other comprehensive income (loss)					487				481
Comprehensive income (loss)		(184,592)			(200,623)			(1,108,875)	(197,115)
Less: Comprehensive income (loss) attributable to non-controlling interest		0			0			0	0
Comprehensive income (loss) attributable to Unit Corporation		(184,592)			(200,623)			(1,108,875)	(197,115)
Unrealized income (loss) on securities, tax					(45)				(47)
Unrealized loss on securities, net of tax		0						0
Combined Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net Income (loss)		(66,068)			(1,970)			(132,246)	1,089
Other comprehensive income (loss)					0				0
Comprehensive income (loss)		(66,068)			(1,970)			(132,246)	1,089
Less: Comprehensive income (loss) attributable to non-controlling interest		73,484			(903)			40,388	811
Comprehensive income (loss) attributable to Unit Corporation		(139,552)			(1,067)			(172,634)	278
Unrealized income (loss) on securities, tax					$ 0				$ 0
Unrealized loss on securities, net of tax		$ 0						$ 0

Supplemental Condensed Consol_7

Supplemental Condensed Consolidated Financial Information (Condensed Consolidating Statements of Cash Flows (Unaudited)) (Details) - USD ($) $ in Thousands	1 Months Ended	8 Months Ended	9 Months Ended
	Sep. 30, 2020	Aug. 31, 2020	Sep. 30, 2019
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	$ 9,674	$ 44,956	$ 219,450
INVESTING ACTIVITIES:
Capital expenditures	(1,598)	(25,775)	(364,954)
Producing properties and other acquisitions	0	(382)	(3,345)
Proceeds from disposition of property and equipment	576	6,018	10,506
Net cash provided by (used in) investing activities	(1,022)	(20,139)	(357,793)
FINANCING ACTIVITIES:
Borrowings under line of credit, including borrowings under DIP credit facility	0	87,400	392,200
Payments under line of credit	(4,000)	(64,100)	(254,000)
DIP financing costs	0	(3,225)	0
Intercompany borrowings (advances), net		0	0
DIP financing costs	0	990	0
Net payments on finance leases	(350)	(2,757)	(2,984)
Employee taxes paid by withholding shares	0	(43)	(4,080)
Distributions to non-controlling interest	0	0	(918)
Bank overdrafts	0	(8,733)	2,285
Net cash provided by (used in) financing activities	(4,350)	7,552	132,503
Net increase (decrease) in cash and cash equivalents	4,302	32,369	(5,840)
Cash, restricted cash, and cash equivalents, beginning of year	32,940	571	6,452
Cash, restricted cash, and cash equivalents, end of year	29,784	32,940	612
Consolidating Adjustments [Member]
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities		136,858	(34)
INVESTING ACTIVITIES:
Capital expenditures		0	0
Producing properties and other acquisitions		0	0
Proceeds from disposition of property and equipment		0	0
Net cash provided by (used in) investing activities		0	0
FINANCING ACTIVITIES:
Borrowings under line of credit, including borrowings under DIP credit facility		0	0
Payments under line of credit		0	0
DIP financing costs		0
Intercompany borrowings (advances), net		(136,858)	34
DIP financing costs		0
Net payments on finance leases		0	0
Employee taxes paid by withholding shares		0	0
Distributions to non-controlling interest			0
Bank overdrafts		0	0
Net cash provided by (used in) financing activities		(136,858)	34
Net increase (decrease) in cash and cash equivalents		0	0
Cash, restricted cash, and cash equivalents, beginning of year	0	0	0
Cash, restricted cash, and cash equivalents, end of year		0	0
Parent [Member]
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities		(207,593)	11,054
INVESTING ACTIVITIES:
Capital expenditures		(986)	168
Producing properties and other acquisitions		0	0
Proceeds from disposition of property and equipment		1,169	11
Net cash provided by (used in) investing activities		183	179
FINANCING ACTIVITIES:
Borrowings under line of credit, including borrowings under DIP credit facility		55,300	332,300
Payments under line of credit		(31,500)	(198,200)
DIP financing costs		(3,225)
Intercompany borrowings (advances), net		210,398	(143,692)
DIP financing costs		990
Net payments on finance leases		0	0
Employee taxes paid by withholding shares		(43)	(4,080)
Distributions to non-controlling interest			919
Bank overdrafts		(7,269)	1,622
Net cash provided by (used in) financing activities		222,671	(11,131)
Net increase (decrease) in cash and cash equivalents		15,261	102
Cash, restricted cash, and cash equivalents, beginning of year	15,764	503	403
Cash, restricted cash, and cash equivalents, end of year		15,764	505
Combined Guarantor Subsidiaries [Member]
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities		82,769	169,838
INVESTING ACTIVITIES:
Capital expenditures		(14,585)	(321,840)
Producing properties and other acquisitions		(382)	(3,345)
Proceeds from disposition of property and equipment		4,772	10,376
Net cash provided by (used in) investing activities		(10,195)	(314,809)
FINANCING ACTIVITIES:
Borrowings under line of credit, including borrowings under DIP credit facility		0	0
Payments under line of credit		0	0
DIP financing costs		0
Intercompany borrowings (advances), net		(72,642)	144,867
DIP financing costs		0
Net payments on finance leases		0	0
Employee taxes paid by withholding shares		0	0
Distributions to non-controlling interest			0
Bank overdrafts		0	0
Net cash provided by (used in) financing activities		(72,642)	144,867
Net increase (decrease) in cash and cash equivalents		(68)	(104)
Cash, restricted cash, and cash equivalents, beginning of year	0	68	208
Cash, restricted cash, and cash equivalents, end of year		0	104
Combined Non-Guarantor Subsidiaries [Member]
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities		32,922	38,592
INVESTING ACTIVITIES:
Capital expenditures		(10,204)	(43,282)
Producing properties and other acquisitions		0	0
Proceeds from disposition of property and equipment		77	119
Net cash provided by (used in) investing activities		(10,127)	(43,163)
FINANCING ACTIVITIES:
Borrowings under line of credit, including borrowings under DIP credit facility		32,100	59,900
Payments under line of credit		(32,600)	(55,800)
DIP financing costs		0
Intercompany borrowings (advances), net		(898)	(1,209)
DIP financing costs		0
Net payments on finance leases		(2,757)	(2,984)
Employee taxes paid by withholding shares		0	0
Distributions to non-controlling interest			(1,837)
Bank overdrafts		(1,464)	663
Net cash provided by (used in) financing activities		(5,619)	(1,267)
Net increase (decrease) in cash and cash equivalents		17,176	(5,838)
Cash, restricted cash, and cash equivalents, beginning of year	$ 17,176	0	5,841
Cash, restricted cash, and cash equivalents, end of year		$ 17,176	$ 3

Uncategorized Items - unt-20200

Label	Element	Value
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1	$ 174,000
Temporary Equity, Elimination as Part of Reorganization	us-gaap_TemporaryEquityEliminationAsPartofReorganization	71,020,000
Common Stock [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1	0
Temporary Equity, Elimination as Part of Reorganization	us-gaap_TemporaryEquityEliminationAsPartofReorganization	(10,704,000)
Retained Earnings [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1	174,000
Temporary Equity, Elimination as Part of Reorganization	us-gaap_TemporaryEquityEliminationAsPartofReorganization	731,877,000
Noncontrolling Interest [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1	0
Temporary Equity, Elimination as Part of Reorganization	us-gaap_TemporaryEquityEliminationAsPartofReorganization	0
Additional Paid-in Capital [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1	0
Temporary Equity, Elimination as Part of Reorganization	us-gaap_TemporaryEquityEliminationAsPartofReorganization	(650,153,000)
AOCI Attributable to Parent [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1	0
Temporary Equity, Elimination as Part of Reorganization	us-gaap_TemporaryEquityEliminationAsPartofReorganization	$ 0