Unit (UNTC) 10-Q 16 Aug 21 2021 Q2 Quarterly report Financial data

Document

Document - shares	6 Months Ended
	Jun. 30, 2021	Aug. 11, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		11,210,545
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000798949
Entity Bankruptcy Proceedings, Reporting Current	true

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents		$ 6,989	$ 12,145
Restricted cash		0	569
Accounts receivable, net of allowance for credit losses of $4,265 and $3,783 at June 30, 2021 and December 31, 2020, respectively		63,879	57,846
Current income taxes receivable		34	1,150
Prepaid expenses and other		6,212	11,212
Total current assets		77,114	82,922
Oil and natural gas properties on the full cost method:
Proved properties		233,004	238,581
Unproved properties not being amortized		487	1,591
Drilling equipment		64,056	63,687
Gas gathering and processing equipment		255,338	251,404
Land and building		32,635	32,635
Transportation equipment		3,486	3,130
Other		8,935	9,961
Property, plant, and equipment, gross		597,941	600,989
Less accumulated depreciation, depletion, amortization, and impairment		88,416	54,189
Net property and equipment		509,525	546,800
Right of use asset (Note 14)		6,406	5,592
Other assets		16,111	14,389
Total assets	[1]	609,156	649,703
Current liabilities:
Accounts payable		38,081	37,368
Accrued liabilities (Note 8)		23,748	25,204
Current operating lease liability (Note 14)		3,515	4,075
Current portion of long-term debt (Note 9)		0	600
Current derivative liabilities (Note 12)		37,960	1,047
Warrant liability (Note 13)		4,459	885
Current portion of other long-term liabilities (Note 9)		7,551	11,168
Total current liabilities		115,314	80,347
Long-term debt (Note 9)		35,000	98,400
Non-current derivative liabilities (Note 12)		23,270	4,659
Operating lease liability (Note 14)		2,856	1,445
Other long-term liabilities (Note 9)		38,871	39,259
Commitments and contingencies (Note 15)
Shareholders' equity:
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued		0	0
Common stock, $0.01 par value, 25,000,000 shares authorized; 12,000,000 shares issued and 11,400,000 outstanding at June 30, 2021 and 12,000,000 shares issued and outstanding at December 31, 2020		120	120
Treasury stock		(9,048)	0
Capital in excess of par value		197,561	197,242
Retained deficit		(33,071)	(18,140)
Total shareholders’ equity attributable to Unit Corporation		155,562	179,222
Non-controlling interests in consolidated subsidiaries		238,283	246,371
Total shareholders' equity		393,845	425,593
Total liabilities and shareholders' equity	[1]	$ 609,156	$ 649,703
[1]	Unit Corporation's consolidated total assets as of June 30, 2021 include total current and long-term assets of its variable interest entity (VIE) (Superior Pipeline Company, L.L.C.) of $37.4 million and $237.0 million, respectively, which can only settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of June 30, 2021 include total current and long-term liabilities of the VIE of $28.7 million and $3.4 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, 2020 include total current and long-term assets of the VIE of $45.8 million and $247.8 million, respectively, which can only settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of December 31, 2020 include total current and long-term liabilities of the VIE of $28.4 million and $2.6 million, respectively, for which the creditors of the VIE have no recourse to Unit Corporation. See Note 16 – Variable Interest Entity Arrangements.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accounts receivable, allowance for doubtful accounts	$ 4,265	$ 3,783
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	12,000,000	12,000,000
Common stock, shares outstanding	11,400,000	12,000,000
Total current assets	$ 77,114	$ 82,922
Total current liabilities	115,314	80,347
VIE
Total current assets	37,408	45,815
Total current liabilities	28,652	28,383
VIE | Asset Pledged as Collateral
Total current assets	37,400	45,800
Assets, Noncurrent	237,000	247,800
Total current liabilities	28,700	28,400
Liabilities, Noncurrent	$ 3,400	$ 2,600

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Revenues	$ 134,057	$ 89,007	$ 254,954	$ 211,383
Operating costs:
Operating costs	74,623	115,103	145,306	198,826
Depreciation, depletion, and amortization	16,364	35,960	33,875	97,577
Impairments (Note 3)	0	109,318	0	851,242
Loss on abandonment of assets (Note 3)	0	0	0	17,554
General and administrative	5,751	25,814	12,920	37,367
(Gain) loss on disposition of assets	(1,710)	877	(2,182)	1,267
Total operating expenses	95,028	287,072	189,919	1,203,833
Income (loss) from operations	39,029	(198,065)	65,035	(992,450)
Other income (expense):
Interest, net	(487)	(7,608)	(3,193)	(20,865)
Write-off of debt issuance costs	0	(2,426)	0	(2,426)
Loss on derivatives	(42,400)	(6,937)	(65,231)	(6,454)
Loss on change in fair value of warrants	(3,574)	0	(3,574)	0
Reorganization Items	(1,852)	(7,027)	(2,988)	(7,027)
Other, net	(831)	43	(755)	103
Total other income (expense)	(49,144)	(23,955)	(75,741)	(36,669)
Loss before income taxes	(10,115)	(222,020)	(10,706)	(1,029,119)
Income tax benefit:
Current	0	0	0	(917)
Deferred	0	(6,455)	0	(8,963)
Total income taxes	0	(6,455)	0	(9,880)
Net loss	(10,115)	(215,565)	(10,706)	(1,019,239)
Net income (loss) attributable to non-controlling interest	2,879	84	4,225	(33,096)
Net loss attributable to Unit Corporation	$ (12,994)	$ (215,649)	$ (14,931)	$ (986,143)
Net loss attributable to Unit Corporation per common share (Note 6):
Basic	$ (1.09)	$ (4.03)	$ (1.25)	$ (18.50)
Diluted	$ (1.09)	$ (4.03)	$ (1.25)	$ (18.50)
Oil and natural gas
Revenues:
Revenues	$ 41,970	$ 26,956	$ 96,994	$ 75,478
Operating costs:
Operating costs	15,487	71,540	34,636	102,203
Contract drilling
Revenues:
Revenues	18,061	29,202	33,735	65,834
Operating costs:
Operating costs	14,080	20,951	25,951	46,400
Gas gathering and processing
Revenues:
Revenues	74,026	32,849	124,225	70,071
Operating costs:
Operating costs	$ 45,056	$ 22,612	$ 84,719	$ 50,223

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock	Capital In Excess of Par Value [Member]	Retained earnings (deficit) [Member]	Non-controlling interests in consolidated subsidiaries [Member]
Stockholders' equity, beginning balance at Dec. 31, 2019	$ 1,055,635	$ 10,591		$ 644,152	$ 199,135	$ 201,757
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(1,019,239)	0		0	(986,143)	(33,096)
Activity in employee compensation plans	4,136	113		3,976	0	47
Stockholders' equity, ending balance at Jun. 30, 2020	40,532	10,704		648,128	(787,008)	168,708
Stockholders' equity, beginning balance at Mar. 31, 2020	254,486	10,694		646,543	(571,359)	168,608
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(215,565)	0		0	(215,649)	84
Activity in employee compensation plans	1,611	10		1,585	0	16
Stockholders' equity, ending balance at Jun. 30, 2020	40,532	10,704		648,128	(787,008)	168,708
Stockholders' equity, beginning balance at Dec. 31, 2020	425,593	120	$ 0	197,242	(18,140)	246,371
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(10,706)	0		0	(14,931)	4,225
Activity in employee compensation plans	350	0	0	319	0	31
Distributions to non-controlling interest	(12,344)	0	0	0	0	(12,344)
Repurchase of common stock	(9,048)	0	(9,048)	0	0	0
Stockholders' equity, ending balance at Jun. 30, 2021	393,845	120	(9,048)	197,561	(33,071)	238,283
Stockholders' equity, beginning balance at Mar. 31, 2021	425,092	120	0	197,316	(20,077)	247,733
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(10,115)	0	0	0	(12,994)	2,879
Activity in employee compensation plans	260	0	0	245	0	15
Distributions to non-controlling interest	(12,344)	0	0	0	0	(12,344)
Repurchase of common stock	(9,048)	0	(9,048)	0	0	0
Stockholders' equity, ending balance at Jun. 30, 2021	$ 393,845	$ 120	$ (9,048)	$ 197,561	$ (33,071)	$ 238,283

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
OPERATING ACTIVITIES:
Net loss	$ (10,706)	$ (1,019,239)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion, and amortization	33,875	97,577
Impairments (Note 3)	0	851,242
Loss on abandonment of assets (Note 3)	0	17,554
Amortization of debt issuance costs and debt discount	0	1,079
Loss on derivatives (Note 12)	65,231	6,454
Cash payments on derivatives settled (Note 12)	(9,707)	(691)
Loss on change in fair value of warrants (Note 13)	3,574	0
(Gain) loss on disposition of assets	(2,182)	1,267
Write-off of debt issuance costs	0	2,426
Deferred tax benefit	0	(8,963)
Stock-based compensation plans	350	4,179
Credit loss expense	482	1,923
ARO liability accretion (Note 9)	931	1,169
Contract assets and liabilities, net (Note 4)	1,584	1,790
Capitalized contract fulfillment costs, net	26	0
Noncash reorganization items	433	7,027
Other, net	(1,035)	11,493
Changes in operating assets and liabilities increasing (decreasing) cash:
Accounts receivable	(6,336)	26,587
Material and supplies	0	43
Prepaid expenses and other	2,536	(2,703)
Accounts payable	(2,279)	(22,876)
Accrued liabilities	(3,852)	48,244
Income taxes	1,116	906
Contract advances	(76)	(21)
Net cash provided by operating activities	73,965	26,467
INVESTING ACTIVITIES:
Capital expenditures	(7,673)	(23,804)
Producing properties and other acquisitions	0	(210)
Proceeds from disposition of property and equipment	15,278	4,497
Net cash provided by (used in) investing activities	7,605	(19,517)
FINANCING ACTIVITIES:
Borrowings under line of credit, including borrowings under DIP credit facility	3,900	79,400
Payments under line of credit	(67,900)	(38,100)
Payment of DIP Financing Costs	0	(990)
Net payments on finance leases	(3,216)	(2,061)
Employee taxes paid by withholding shares	0	(43)
Distributions to non-controlling interest	(12,344)	0
Repurchase of common stock	(9,048)	0
Bank overdrafts	(1,313)	8,733
Net cash provided by (used in) financing activities	(87,295)	29,473
Net increase in cash and cash equivalents	(5,725)	36,423
Cash, restricted cash, and cash equivalents, beginning of year	12,714	571
Cash, restricted cash, and cash equivalents, end of year	$ 6,989	$ 36,994

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash paid (received) during the year for:
Interest paid (net of capitalized)	$ 3,764	$ 4,795
Income taxes	(1,116)	0
Reorganization items	2,554	0
Changes in accounts payable and accrued liabilities related to purchases of property, plant, and equipment	(3,318)	5,974
Non-cash reductions to oil and natural gas properties related to asset retirement obligations	1,115	3,548
Non-cash trade of property and equipment	$ 0	$ 548

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Income Statement [Abstract]
Interest expense on senior subordinated notes subject to compromise	$ 5.4	$ 5.4

Organization and Business

Organization and Business	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	ORGANIZATION AND BUSINESS Unless the context clearly indicates otherwise, references in this report to “Unit”, “company”, “we”, “our”, “us”, or like terms refer to Unit Corporation or, as appropriate, one or more of its subsidiaries. References to our mid-stream segment refers to Superior Pipeline Company, L.L.C. (Superior) of which we own 50%. We are primarily engaged in the development, acquisition, and production of oil and natural gas properties, the land contract drilling of natural gas and oil wells, and the buying, selling, gathering, processing, and treating of natural gas. Our operations are all in the United States and are organized in the following three reporting segments: (1) Oil and Natural Gas, (2) Contract Drilling, and (3) Mid-Stream. Oil and Natural Gas. Carried out by our subsidiary, Unit Petroleum Company (UPC), we develop, acquire, and produce oil and natural gas properties for our own account. Our producing oil and natural gas properties, unproved properties, and related assets are mainly in Oklahoma and Texas, and to a lesser extent, in Arkansas, Kansas, Louisiana, Montana, North Dakota, Utah, and Wyoming. Contract Drilling. Carried out by our subsidiary, Unit Drilling Company (UDC), we drill onshore oil and natural gas wells for a wide range of other oil and natural gas companies as well as for our own account. Our drilling operations are mainly in Oklahoma, Texas, New Mexico, Wyoming, and North Dakota. Mid-Stream. Carried out by our subsidiary, Superior, we buy, sell, gather, transport, process, and treat natural gas for our own account and for third parties. Mid-stream operations are performed in Oklahoma, Texas, Kansas, Pennsylvania, and West Virginia.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These interim financial statements are unaudited and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. Certain disclosures have been condensed or omitted from these financial statements. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (GAAP) for complete consolidated financial statements, and should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2020 included in the company’s Annual Report on Form 10-K as filed with the SEC on March 31, 2021. In the opinion of management, the unaudited condensed consolidated financial statements contain all normal recurring adjustments (including the elimination of all intercompany transactions) and are fairly stated. 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 results for interim periods are not necessarily indicative of annual results. The company evaluates subsequent events through the date the financial statements are issued. In accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 852, Reorganizations, the company adopted fresh start accounting upon emergence from the Chapter 11 Cases resulting in the company becoming a new entity for financial reporting purposes. 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 unaudited condensed consolidated financial statements. This was reflected in our unaudited condensed consolidated balance sheet as of September 1, 2020. Accordingly, our unaudited condensed consolidated financial statements and notes after September 1, 2020, are not comparable to the unaudited 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 consolidate the activities of 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 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 16 – Variable Interest Entity Arrangements. During second quarter 2021, management identified errors in our inter-segment eliminations presentation between oil and natural gas revenues and gas gathering and processing revenues as well as between gas gathering and processing operating costs and general and administrative expenses. The impacts of the errors were not material to any of our prior period financial statements and the current year impacts on the three months ended March 31, 2021 were corrected with a one-time adjustment in the three months ended June 30, 2021. As a result, during the three months ended June 30, 2021, oil and natural gas revenues were decreased by $8.6 million with a corresponding increase to gas gathering and processing revenues while general and administrative expenses were increased by $0.9 million with a corresponding decrease to gas gathering and processing operating costs. Also during second quarter 2021, management identified separate errors in our prior period accrual of oil and natural gas revenues as well as oil and natural gas operating costs. The impacts of the errors were not material to any of our prior period financial statements and the errors were corrected with a one-time adjustment in the three months ended June 30, 2021. As a result, during the three months ended June 30, 2021, oil and natural gas revenues were increased by $3.9 million and oil and natural gas operating costs were decreased by $3.4 million. Certain amounts in this report for prior periods have been reclassified to conform to current year presentation. There was no impact from these reclassifications to consolidated net income/(loss) or shareholders' equity. Recent Accounting Pronouncements Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The FASB issued ASU 2020-06 which simplifies the accounting for convertible instruments by removing certain accounting models which separate the embedded conversion features from the host contract for convertible instruments. The ASU further removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and simplifies the diluted earnings per share calculation in certain areas. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the potential impact on our financial statements. 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 GAAP 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 amendments will not have a material impact on our unaudited condensed consolidated financial statements. Adopted Standards Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes. The FASB issued ASU 2019-12 to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments were effective for reporting periods beginning after December 15, 2020. This standard had no material impact on our unaudited condensed consolidated financial statements.

Impairments

Impairments	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Impairments	IMPAIRMENTS 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. Oil and Natural Gas Properties There were no impairments recorded during the three and six months ended June 30, 2021. During the three months ended March 31, 2020, due to the increased uncertainty in our business, we determined 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 three months ended March 31, 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 three months ended March 31, 2020 due to the reduction for the 12-month average commodity prices and the impairment of our unproved oil and gas properties described above. There were no additional triggering events identified during the three months ended June 30, 2020. In addition to the impairment evaluations of our proved and unproved oil and gas properties in the three months ended March 31, 2020, we also evaluated the carrying value of our salt water disposal assets. Based on our revised forecast, we determined that some were no longer expected to be used and wrote off the assets for total expense of $17.6 million during the three months ended March 31, 2020. These amounts are reported in loss on abandonment of assets in our unaudited condensed consolidated statements of operations. There were no additional triggering events identified during the three months ended June 30, 2020. Contract Drilling There were no impairments recorded during the three and six months ended June 30, 2021. 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 three months ended March 31, 2020. We also recorded an additional non-cash impairment charges of $3.0 million for other miscellaneous drilling equipment. These charges are included within impairments 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 future. There were no additional triggering events identified during the three months ended June 30, 2020. We concluded that no impairment was needed on the BOSS drilling rigs asset group as of March 31, 2020 as the undiscounted cash flows exceeded the $242.5 million carrying value of the asset group by a relatively minor margin. 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. There were no additional triggering events identified during the three months ended June 30, 2020. Mid-Stream There were no impairments recorded during the three and six months ended June 30, 2021. During the three months ended March 31, 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. We recorded non-cash impairment charges of $64.0 million based on the estimated fair value of the asset groups. These charges are included within impairments in our unaudited condensed consolidated statement of operations. There were no additional triggering events identified during the three months ended June 30, 2020.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Jun. 30, 2021
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 which is consistent with how we 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 Mobilization and de-mobilization charges from our drilling contracts do not relate to a distinct good or service. These revenues should be deferred and recognized ratably over the related contract term that drilling services are provided. We have continued to record these revenues as a distinct service and the impact to our financial statements was immaterial. As of June 30, 2021, we had six contract drilling contracts with remaining terms ranging from two 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 or by selling hydrocarbons to other mid-stream companies. The typical revenue contracts used by this segment are gas gathering and processing agreements as well as product sales. Contracts for gas gathering and processing services may include terms for demand fees or shortfall fees. Demand fees represent an arrangement where a customer agrees to pay a fixed fee for a contractually agreed upon pipeline capacity, which results in performance obligations for each individual period of reservation. Once the services have been completed, or the customer no longer has access to the contracted capacity, revenue is recognized. The table below shows the changes in our mid-stream contract asset and contract liability balances during periods presented associated with demand fees and the impact to gas gathering and processing revenues: Classification on the unaudited condensed consolidated balance sheets June 30, December 31, Change (In thousands) Assets Current contract assets Prepaid expenses and other $ 3,226 $ 6,084 $ (2,858) Non-current contract assets Other assets — 173 (173) Total contract assets $ 3,226 $ 6,257 $ (3,031) Liabilities Current contract liabilities Current portion of other long-term liabilities $ 2,098 $ 2,583 $ (485) Non-current contract liabilities Other long-term liabilities 626 1,589 (963) Total contract liabilities 2,724 4,172 (1,448) Contract assets (liabilities), net $ 502 $ 2,085 $ (1,583) Included below is the adjustment to demand fees from adopting ASC 606, Revenue from contracts with customers over the remaining term of the contracts as of June 30, 2021. Contract Remaining Term of Contract 2021 2022 2023 and beyond Total Remaining Impact to Revenue (In thousands) Demand fee contracts 4 - 16 months $ (1,876) $ 1,374 $ — $ (502)

Divestitures

Divestitures	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment Impairment or Disposal [Abstract]
Divestitures	DIVESTITURES Oil and Natural Gas On June 25, 2021, the company entered into a purchase and sale agreement to which we agreed to sell substantially all of our wells and the leases related thereto located near Oklahoma City, Oklahoma for $19.5 million, subject to customary closing and post-closing adjustments. The divestiture closed on August 16, 2021, with an effective date of May 1, 2021. The sale of these assets will not result in a significant alteration of the full cost pool, and therefore no gain or loss will be recognized. On March 30, 2021, the company entered into a purchase and sale agreement to which we agreed to sell substantially all of our wells and the leases related thereto located in Reno and Stafford Counties, Kansas for $7.1 million, subject to customary closing and post-closing adjustments. This divestiture closed on May 6, 2021, with an effective date of February 1, 2021. The sale of these assets did not result in a significant alteration of the full cost pool, and therefore no gain or loss was recognized. We sold $4.4 million of other non-core oil and natural gas assets, net of related expenses, during the six months ended June 30, 2021, compared to $0.9 million during the six months ended June 30, 2020. These proceeds reduced the net book value of our full cost pool with no gain or loss recognized. Contract Drilling We sold non-core contract drilling assets for proceeds of $3.9 million, net of related expenses, during the six months ended June 30, 2021, compared to proceeds of $2.8 million during the six months ended June 30, 2020. These proceeds resulted in net gains of $2.1 million during the six months ended June 30, 2021, compared to $0.1 million during the six months ended June 30, 2020. Corporate and Other

Capital Stock

Capital Stock	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Capital Stock	CAPITAL STOCK On June 16, 2021, the company repurchased an aggregate of 600,000 shares of its common stock from the Lenders (as defined in Note 9 - Long-Term Debt and Other Long-Term Liabilities) which received these shares as an exit fee during the company’s reorganization. The Lenders were paid $15.00 per share for their respective shares, for an aggregate cash purchase price of $9.0 million. The cash purchase price and direct acquisition costs are reflected as treasury stock on the condensed consolidated balance sheets as of June 30, 2021. In June 2021, the company's board of directors (the Board) authorized repurchasing up to $25.0 million of the company’s outstanding common stock. The repurchases will be made through open market purchases, privately negotiated transactions, or other available means. The company has no obligation to repurchase any shares under the repurchase program and may suspend or discontinue it at any time without prior notice. As of June 30, 2021, no repurchases have been made under the share repurchase program.

Loss Per Share

Loss Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Loss Per Share	– LOSS PER SHARE On the Effective Date, the company's shares outstanding immediately before the Effective Date were cancelled. Information related to the calculation of capital stock attributable to Unit Corporation is as follows: Earnings (Loss) Weighted Per-Share (In thousands except per share amounts) For the three months ended June 30, 2021 (Successor) Basic loss attributable to Unit Corporation per common share $ (12,994) 11,901 $ (1.09) Effect of dilutive stock options and restricted stock — — — Diluted loss attributable to Unit Corporation per common share $ (12,994) 11,901 $ (1.09) For the three months ended June 30, 2020 (Predecessor) Basic loss attributable to Unit Corporation per common share $ (215,649) 53,503 $ (4.03) Effect of dilutive stock options and restricted stock — — — Diluted loss attributable to Unit Corporation per common share $ (215,649) 53,503 $ (4.03) Because of the net loss for the three months ended June 30, 2021, approximately 77,863 weighted average shares of restricted stock were antidilutive and were excluded from the earnings per share calculation above. 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: Successor Predecessor Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Stock options — 28,000 Average exercise price $ — $ 52.24 Earnings (Loss) (Numerator) Weighted Shares (Denominator) Per-Share Amount (In thousands except per share amounts) For the six months ended June 30, 2021 (Successor) Basic loss attributable to Unit Corporation per common share $ (14,931) 11,950 $ (1.25) Effect of dilutive stock options and restricted stock — — — Diluted loss attributable to Unit Corporation per common share $ (14,931) 11,950 $ (1.25) For the six months ended June 30, 2020 (Predecessor) Basic loss attributable to Unit Corporation per common share $ (986,143) 53,317 $ (18.50) Effect of dilutive stock options and restricted stock — — — Diluted loss attributable to Unit Corporation per common share $ (986,143) 53,317 $ (18.50) Because of the net loss for the six months ended June 30, 2021, approximately 39,147 weighted average shares of restricted stock were antidilutive and were excluded from the earnings per share calculation above. 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: Successor Predecessor Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Stock options — 28,000 Average exercise price $ — $ 52.24

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2021
Accrued Liabilities [Abstract]
Accrued Liabilities	ACCRUED LIABILITIES Accrued liabilities consisted of: June 30, December 31, (In thousands) Employee costs $ 7,184 $ 8,878 Lease operating expenses 3,686 6,405 Capital expenditures 5,500 3,461 Taxes 5,352 2,324 Interest payable 303 884 Legal settlement — 2,070 Other 1,723 1,182 Total accrued liabilities $ 23,748 $ 25,204

Long-Term Debt And Other Long-T

Long-Term Debt And Other Long-Term Liabilities	6 Months Ended
	Jun. 30, 2021
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 long-term debt consisted of the following: June 30, December 31, (In thousands) Current portion of long-term debt: Exit credit agreement with an average interest rate of 6.7% and 6.6% at June 30, 2021 and December 31, 2020, respectively $ — $ 600 Long-term debt: Exit credit agreement with an average interest rate of 6.7% and 6.6% at June 30, 2021 and December 31, 2020, respectively $ 35,000 $ 98,400 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, 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. On April 6, 2021, the company finalized the first amendment to the Exit credit agreement. Under the first amendment, the company reaffirmed its borrowing base of $140.0 million of the RBL, amended certain financial covenants, and received less restrictive terms, among others, as it relates to the disposition of assets and the use of proceeds from those dispositions. On July 27, 2021, the company finalized the second amendment to the Exit credit agreement. Under the second amendment, the company obtained confirmation that the Term Loan had been paid in full prior to the amendment date and received one-time waivers related to the disposition of assets. 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 ended (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 ended 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 1.00 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, 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. As of June 30, 2021, Unit was in compliance with these covenants. 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 the company’s ownership interests in Superior. At June 30, 2021, we had $35.0 million of long-term borrowings and $2.8 million of letters of credit outstanding under the Exit credit agreement. Superior Credit Agreement. On May 10, 2018, Superior signed a five-year, $200.0 million senior secured revolving credit facility with an option to increase the credit amount up to $250.0 million, subject to certain conditions (Superior credit agreement). The maturity date of borrowings under the Superior credit agreement is March 10, 2023. The amounts borrowed under the Superior credit agreement bear annual interest at a rate, at Superior’s option, equal to (a) LIBOR plus the applicable margin of 2.00% to 3.25% or (b) the alternate base rate (greater of (i) the federal funds rate plus 0.5%, (ii) the prime rate, and (iii) 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. 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 June 30, 2021, Superior was in compliance with these covenants. The Superior credit agreement is used to fund capital expenditures and acquisitions and provide general working capital and letters of credit. As of June 30, 2021, we had no borrowings and $1.4 million of letters of credit outstanding under the Superior credit agreement. Unit is not a party to and does not guarantee Superior's credit agreement. Other Long-Term Liabilities Other long-term liabilities consisted of the following: June 30, December 31, (In thousands) Asset retirement obligation (ARO) liability $ 23,172 $ 23,356 Workers’ compensation 11,730 10,164 Finance lease obligations — 3,216 Contract liability 2,724 4,172 Separation benefit plans 3,237 4,201 Gas balancing liability 4,238 3,997 Other long-term liability 1,321 1,321 46,422 50,427 Less current portion 7,551 11,168 Total other long-term liabilities $ 38,871 $ 39,259

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Jun. 30, 2021
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	ASSET RETIREMENT OBLIGATIONSWe 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: Successor Predecessor Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 (In thousands) ARO liability, January 1: $ 23,356 $ 66,627 Accretion of discount 931 1,169 Liability incurred 1 460 Liability settled (302) (435) Liability sold (721) (463) Revision of estimates (1) (93) (3,110) ARO liability, June 30: 23,172 64,248 Less: current portion 2,132 1,104 Total long-term ARO $ 21,040 $ 63,144 _______________________

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION 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 (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. No stock options or restricted stock units were granted during the three or six months ended June 30, 2020, or during the three months ended March 31, 2021. On April 27, 2021, 109,008 aggregate restricted stock units were granted to the members of the Board pursuant to the LTIP with a weighted-average grant date fair value of $12.90 per unit. The fair value of these grants is measured based on the closing stock price on grant date and compensation expense is being recognized over a thirteen month vesting period in general and administrative on the unaudited condensed consolidated statements of operations. Also on the Effective Date, the company's equity-based awards 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 restricted stock awards and stock options, we had: Successor Predecessor Successor Predecessor Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 (In thousands) Recognized stock compensation expense $ 216 $ 1,567 $ 216 $ 4,055 Tax benefit on stock-based compensation $ 53 $ 392 $ 53 $ 1,014

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2021
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, NGLs, and oil production. These transactions are intended to reduce our exposure to market price volatility by setting the price(s) we will receive for that production. Our decisions on the price(s), type, and quantity of our production subject to a derivative contract are based, in part, on our view of current and future market conditions as well as certain requirements stipulated in the Exit credit agreement. For further details, see Note 9 – Long-Term Debt and Other Long-Term Liabilities. As of June 30, 2021, our derivative transactions consisted of the following types of hedges: • 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 do not engage in derivative transactions for speculative purposes. All derivatives are recognized on the unaudited condensed consolidated balance sheets and measured at fair value. Any changes in our derivatives' fair value occurring before their maturity (i.e., temporary fluctuations in value) are reported in loss on derivatives in our unaudited condensed consolidated statements of operations. As of June 30, 2021, these derivatives were outstanding: Term Commodity Contracted Volume Weighted Average Contracted Market Jul'21 - Dec'21 Natural gas - basis swap 30,000 MMBtu/day $(0.215) NGPL TEXOK Jul'21 - Oct'21 Natural gas - swap 50,000 MMBtu/day $2.818 IF - NYMEX (HH) Nov'21 - Dec'21 Natural gas - swap 45,000 MMBtu/day $2.900 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) Jan'22 - Dec'22 Natural gas - collar 35,000 MMBtu/day $2.50 - $2.68 IF - NYMEX (HH) Jul'21 - Dec'21 Crude oil - swap 3,373 Bbl/day $45.57 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 on our unaudited condensed consolidated balance sheets: Derivative Liabilities Fair Value Classification on the unaudited condensed consolidated balance sheets June 30, December 31, (In thousands) Commodity derivatives: Current Current derivative liability $ 37,960 $ 1,047 Long-term Non-current derivative liability 23,270 4,659 Total derivative liabilities $ 61,230 $ 5,706 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 Successor Predecessor Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 (In thousands) Loss on derivatives: Loss on derivatives, included are amounts settled during the period of $(6,403), $(1,243), $(9,707), and $(691), respectively $ (42,400) $ (6,937) $ (65,231) $ (6,454) $ (42,400) $ (6,937) $ (65,231) $ (6,454)

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS 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. Fair value is defined as the amount that would be received from the sale of an asset or paid for transferring a liability in an orderly transaction between market participants (in either case, an exit price). To estimate an exit price, a three-level hierarchy is used prioritizing the valuation techniques used to measure fair value into three levels with the highest priority given to Level 1 and the lowest priority given to Level 3. The levels are summarized as follows: • Level 1—unadjusted quoted prices in active markets for identical assets and liabilities. • Level 2—significant observable pricing inputs other than quoted prices included within Level 1 either directly or indirectly observable as of the reporting date. Essentially, inputs (variables used in the pricing models) that are derived principally from or corroborated by observable market data. • Level 3—generally unobservable inputs developed based on the best information available and may include our own internal data. The inputs available to us determine the valuation technique we use to measure the fair values of our financial instruments. The following tables set forth our recurring fair value measurements: June 30, 2021 Level 2 Level 3 Effect Net Amounts Presented (In thousands) Financial assets (liabilities): Commodity derivatives: Assets $ — $ — $ — $ — Liabilities (61,230) — — (61,230) Total commodity derivatives $ (61,230) $ — $ — $ (61,230) December 31, 2020 Level 2 Level 3 Effect Net Amounts Presented (In thousands) Financial assets (liabilities): Commodity derivatives: Assets $ 3,436 $ — $ (3,436) $ — Liabilities (9,142) — 3,436 (5,706) Total commodity derivatives $ (5,706) — — (5,706) All our counterparties are subject to master netting arrangements. If a legal right of set-off exists, we net the value of the derivative transactions we have with the same counterparty. We are not required to post cash collateral with our counterparties and no collateral has been posted as of June 30, 2021. 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 commodity derivatives Level 3 fair value measurements: Net Derivatives Successor Predecessor Successor Predecessor Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 (In thousands) Beginning of period $ — $ 948 $ — $ 1,204 Total gains or losses (realized and unrealized): Included in earnings (1) — 714 — 1,277 Settlements — (819) — (1,638) End of period $ — $ 843 $ — $ 843 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 $ — $ (105) $ — $ (361) _______________________ 1. Commodity derivative activity is reported in the unaudited condensed consolidated statements of operations in gain (loss) on derivatives. Our valuation at June 30, 2021 reflected that the risk of non-performance was immaterial. Warrants . Warrants are recorded at their fair value utilizing the Black-Scholes-Merton option model. The inputs to the model require judgment, including estimating the strike price, expected term, and the associated volatility. The Warrants had fair values of $4.5 million and $0.9 million as of June 30, 2021 and December 31, 2020, respectively, with the change reflected as Loss on change in fair value of warrants in the unaudited condensed consolidated statements of operations. The Warrants will continue to be adjusted to fair value at each reporting period until the Warrants meet the definition of an equity instrument, at which time they will be reported as shareholders' equity and no longer subject to future fair value adjustments. Fair Value of Other Financial Instruments At June 30, 2021, the carrying values on the unaudited condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable, other current assets, and current liabilities approximate their fair value because of their short-term nature. 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	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	LEASES Lease Agreements. We lease certain office space, land, and equipment, including pipeline equipment and office equipment. Our lease payments are generally straight-line and the exercise of 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 available renewal options. Our operating lease agreements do not include options to purchase the leased property. The following table sets forth the maturity of our operating lease liabilities as of June 30, 2021: Amount (In thousands) Ending June 30, 2022 $ 3,686 2023 1,528 2024 1,271 2025 86 2026 12 2027 and beyond 57 Total future payments 6,640 Less: Interest 269 Present value of future minimum operating lease payments 6,371 Less: Current portion 3,515 Total long-term operating lease payments $ 2,856 Finance Leases under ASC 842 In 2014, Superior entered into finance lease agreements for 20 compressors with initial terms of seven years and an option to purchase the assets at 10% of their then fair market value at the end of the term. These finance leases were discounted using annual rates of 4.00% and the underlying assets were included in gas gathering and processing equipment. In May 2021, Superior purchased the leased assets for $3.0 million. The following table shows information about our lease assets and liabilities on our unaudited condensed consolidated balance sheets: Classification on the unaudited condensed consolidated balance sheets June 30, December 31, (In thousands) Assets Operating right of use assets Right of use assets $ 6,406 $ 5,592 Finance right of use assets Property, plant, and equipment, net — 7,281 Total right of use assets $ 6,406 $ 12,873 Liabilities Current liabilities: Operating lease liabilities Current operating lease liabilities $ 3,515 $ 4,075 Finance lease liabilities Current portion of other long-term liabilities — 3,216 Non-current liabilities: Operating lease liabilities Operating lease liabilities 2,856 1,445 Finance lease liabilities Other long-term liabilities — — Total lease liabilities $ 6,371 $ 8,736 The following table shows certain information related to the lease costs for our finance and operating leases for the periods indicated: Successor Predecessor Successor Predecessor Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 (In thousands) Components of total lease cost: Amortization of finance leased assets $ 181 $ 1,036 $ 1,248 $ 2,061 Interest on finance lease liabilities 4 60 33 130 Operating lease cost 984 1,395 2,011 2,640 Short-term lease cost (1) 3,179 2,751 5,771 6,742 Variable lease cost — 83 — 165 Total lease cost $ 4,348 $ 5,325 $ 9,063 $ 11,737 _______________________ 1. Short-term lease cost includes amounts capitalized related to our oil and natural gas segment of $0.1 million, $0.4 million, $0.2 million, and $1.4 million for the three and six months ended June 30, 2021 and June 30, 2020, respectively. The following table shows supplemental cash flow information related to leases for the periods indicated: Successor Predecessor Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 (In thousands) Cash paid for amounts in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,063 $ 2,827 Financing cash flows for finance leases $ 3,216 $ 2,061 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 2.4 3.81% _______________________ 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.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Commitments We have firm transportation commitments to transport our natural gas from various systems for approximately $1.0 million over the next twelve months and $0.2 million for the six months thereafter. During the second quarter of 2018, as part of the Superior transaction (see description in Note 16 – Variable Interest Entity Arrangements), 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 Superior. At June 30, 2021, 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 June 30, 2021 was $24.8 million. We do not anticipate meeting the contractual obligation over the remaining commitment period. Environmental 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. Litigation The company is subject to litigation and claims arising in the ordinary course of business which may include environmental, health and safety matters, or more routine employment related claims. 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 because 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. On May 22, 2020, the Debtors filed petitions for relief under Chapter 11 of the Bankruptcy Code. The commencement of the Chapter 11 Cases automatically stayed all 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 the Plan. In 2013, the company’s exploration and production subsidiary, 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 the working interest owner, awarding $2.4 million in damages, including pre- and post-judgment interest. UPC appealed the verdict, and while it was pending review in the Oklahoma Court of Civil Appeals, UPC finalized a settlement agreement with the working interest owner for $2.1 million in February 2021. The commencement of the Chapter 11 Cases also automatically stayed all proceedings and actions against the Predecessor company (other than certain regulatory enforcement matters). Effective at emergence from the Chapter 11 Cases, the automatic stay was terminated and replaced with the injunction provisions in the Confirmation Order and the Plan. Below is a summary of two lawsuits and the respective treatment of those cases in the Chapter 11 Cases. 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 UPC styled Cockerell Oil Properties, Ltd., v. Unit Petroleum Compan y in LeFlore County, Oklahoma. We removed the case to federal court in the Eastern District of Oklahoma. The plaintiff alleges that UPC 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 UPC styled Chieftain Royalty Company v. Unit Petroleum Company in LeFlore County, Oklahoma. The plaintiff alleges that UPC 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, UPC reached an agreement to settle these class actions. Under the settlement, UPC 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 Plan, these settlements will be treated as allowed general unsecured claims against UPC. And, in accordance with the Plan, the settlement amounts will be satisfied by distribution of the plaintiffs’ proportionate share of New Common Stock.

Variable Interest Entity Arrang

Variable Interest Entity Arrangements	6 Months Ended
	Jun. 30, 2021
Variable Interest Entity Arrangements [Abstract]
Variable Interest Entity Arrangements	VARIABLE INTEREST ENTITY ARRANGEMENTSOn April 3, 2018 we sold 50% of the ownership interest in Superior. The 50% interest in Superior we sold was acquired by SP Investor, a holding company jointly owned by OPTrust and funds managed and/or advised by Partners Group, a global private markets investment manager. Superior is governed and managed under the Amended and Restated Limited Liability Company Agreement (Agreement) and a Management Services Agreement (MSA). The MSA is between our wholly-owned subsidiary, SPC Midstream Operating, L.L.C. (the Operator) and Superior. As the Operator, we provide services, like operations and maintenance support, accounting, legal, and human resources to Superior for a monthly service fee of $263,280. Superior's creditors have no recourse to our general credit. Unit is not a party to and does not guarantee Superior's credit agreement. 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 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 not fulfilling the drilling commitment described in Note 15 – Commitments and Contingencies or a cumulative return to SP Investor of less than the 7% Liquidation IRR Hurdle provided for SP Investor in the Agreement. Generally, the 7% Liquidation IRR Hurdle calculation requires cumulative distributions to SP Investor in excess of its original $300.0 million investment sufficient to provide SP Investor 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. Effective at emergence from the Chapter 11 Cases, we record our share of earnings and losses from Superior using the hypothetical liquidation at book value (HLBV) method of accounting which 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 unaudited 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. 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 June 30, 2021. 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. All intercompany balances and transactions between us and the VIE are eliminated in our unaudited condensed 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. Superior paid cash distributions totaling $24.7 million in April 2021 related to cumulative available cash as of March 31, 2021 and $7.7 million in July 2021 related to available cash generated during the three months ended June 30, 2021. Unit and SP Investor each received 50% of these distributions. See Note 15 – Commitments and Contingencies for discussion of the Granite Wash/Buffalo Wallow drilling commitment and the potential impact on future distributions. The amounts below reflect the eliminations of intercompany transactions and balances consistent with the presentation in the unaudited condensed consolidated balance sheets. June 30, December 31, (In thousands) Current assets: Cash and cash equivalents $ 6,484 $ 11,642 Accounts receivable 27,034 27,427 Prepaid expenses and other 3,890 6,746 Total current assets 37,408 45,815 Property and equipment: Gas gathering and processing equipment 255,338 251,403 Transportation equipment 1,965 1,748 257,303 253,151 Less accumulated depreciation, depletion, amortization, and impairment 26,736 10,466 Net property and equipment 230,567 242,685 Right of use asset 4,419 2,823 Other assets 1,973 2,309 Total assets $ 274,367 $ 293,632 Current liabilities: Accounts payable $ 20,349 $ 17,045 Accrued liabilities 4,541 3,777 Current operating lease liability 1,646 1,762 Current portion of other long-term liabilities 2,116 5,799 Total current liabilities 28,652 28,383 Operating lease liability 626 1,013 Other long-term liabilities 2,773 1,589 Total liabilities $ 32,051 $ 30,985

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES For the three and six months ended June 30, 2021, the company’s effective income tax rate was 0% compared to 2.9% and 0.96% for the three and six months ended June 30, 2020. The decrease was due to the continued need of a full valuation allowance against our net deferred tax asset coming out of bankruptcy and as a result of fresh start accounting. These rates differ from the statutory rate of 21% mostly due to changes in our valuation allowance, our non-controlling interests in consolidated subsidiaries, and state income taxes. Deferred Tax Asset Valuation Allowance The company has concluded that it is more likely than not that the net deferred tax asset will not be realized and has recorded a full valuation allowance, reducing the net deferred tax asset as of June 30, 2021, to zero. The company will continue to evaluate whether the valuation allowance is needed in future reporting periods and it will remain until the company can conclude that the net deferred tax assets are more likely than not to be realized. Future events or new evidence which may lead the company to conclude that it is more likely than not its net deferred tax assets will be realized include, but are not limited to, cumulative historical pre-tax earnings, significant improvements in commodity prices, significant increase in rig utilization, a material and sizable asset acquisition, and taxable events that could result from one or more future potential transactions. The valuation allowance does not prohibit the company from utilizing the tax attributes if the company recognizes taxable income. As long as the company continues to conclude that the valuation allowance against its net deferred tax assets is necessary, the company will not have significant deferred income tax expense or benefit.

Industry Segment Information

Industry Segment Information	6 Months Ended
	Jun. 30, 2021
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 Three Months Ended June 30, 2021 Oil and Natural Gas (2) Contract Drilling Mid-Stream Corporate and Other Eliminations (3) Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 59,776 $ — $ — $ — $ (17,806) $ 41,970 Contract drilling — 18,061 — — — 18,061 Gas gathering and processing — — 66,323 — 7,703 74,026 Total revenues 59,776 18,061 66,323 — (10,103) 134,057 Expenses: Operating costs: Oil and natural gas 16,350 — — — (863) 15,487 Contract drilling — 14,080 — — — 14,080 Gas gathering and processing — — 55,176 — (10,120) 45,056 Total operating costs 16,350 14,080 55,176 — (10,983) 74,623 Depreciation, depletion, and amortization 6,476 1,570 8,064 254 — 16,364 Total expenses 22,826 15,650 63,240 254 (10,983) 90,987 General and administrative — — — 4,871 880 5,751 Gain on disposition of assets (67) (1,618) — (25) — (1,710) Income (loss) from operations 37,017 4,029 3,083 (5,100) — 39,029 Loss on derivatives — — — (42,400) — (42,400) Loss on change in fair value of warrants — — — (3,574) — (3,574) Reorganization items, net — — — (1,852) — (1,852) Interest, net — — 641 (1,128) — (487) Other 34 11 (850) (26) — (831) Income (loss) before income taxes $ 37,051 $ 4,040 $ 2,874 $ (54,080) $ — $ (10,115) _______________________ 1. The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time. 2. Reflects one-time adjustments to correct errors discovered in our prior period accrual of oil and natural gas revenues as well as oil and natural gas operating costs, as described in Note 2 - Summary Of Significant Accounting Policies. 3. Reflects one-time adjustments to correct errors discovered in our inter-segment eliminations presentation, as described in Note 2 - Summary Of Significant Accounting Policies. Predecessor Three Months Ended June 30, 2020 Oil and Natural Gas Contract Drilling Mid-Stream Corporate and Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 26,957 $ — $ — $ — $ (1) $ 26,956 Contract drilling — 29,202 — — — 29,202 Gas gathering and processing — — 37,719 — (4,870) 32,849 Total revenues 26,957 29,202 37,719 — (4,871) 89,007 Expenses: Operating costs: Oil and natural gas 72,354 — — — (814) 71,540 Contract drilling — 20,951 — — — 20,951 Gas gathering and processing — — 26,669 — (4,057) 22,612 Total operating costs 72,354 20,951 26,669 — (4,871) 115,103 Depreciation, depletion, and amortization 22,059 2,946 10,348 607 — 35,960 Impairments 109,318 — — — — 109,318 Total expenses 203,731 23,897 37,017 607 (4,871) 260,381 General and administrative — — — 25,814 — 25,814 (Gain) loss on disposition of assets (45) (548) (9) 1,479 — 877 Income (loss) from operations (176,729) 5,853 711 (27,900) — (198,065) Loss on derivatives — — — (6,937) — (6,937) Write-off of debt issuance costs — — — (2,426) — (2,426) Reorganization items, net — — — (7,027) — (7,027) Interest, net — — (542) (7,066) — (7,608) Other 9 6 22 6 — 43 Income (loss) before income taxes $ (176,720) $ 5,859 $ 191 $ (51,350) — $ (222,020) _______________________ 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. Successor Six Months Ended June 30, 2021 Oil and Natural Gas (2) Contract Drilling Mid-Stream Corporate and Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 114,801 $ — $ — $ — $ (17,807) $ 96,994 Contract drilling — 33,735 — — — 33,735 Gas gathering and processing — — 125,932 — (1,707) 124,225 Total revenues 114,801 33,735 125,932 — (19,514) 254,954 Expenses: Operating costs: Oil and natural gas 36,343 — — — (1,707) 34,636 Contract drilling — 25,951 — — — 25,951 Gas gathering and processing — — 104,286 — (19,567) 84,719 Total operating costs 36,343 25,951 104,286 — (21,274) 145,306 Depreciation, depletion, and amortization 14,131 3,145 16,096 503 — 33,875 Total expenses 50,474 29,096 120,382 503 (21,274) 179,181 General and administrative — — — 11,160 1,760 12,920 (Gain) loss on disposition of assets (87) (2,146) 75 (24) — (2,182) Income (loss) from operations 64,414 6,785 5,475 (11,639) — 65,035 Loss on derivatives — — — (65,231) — (65,231) Loss on change in fair value of warrants — — — (3,574) — (3,574) Reorganization items, net — — — (2,988) — (2,988) Interest, net — — (416) (2,777) — (3,193) Other 90 16 (839) (22) — (755) Income (loss) before income taxes $ 64,504 $ 6,801 $ 4,220 $ (86,231) $ — $ (10,706) _______________________ ____________________ 1. The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time. 2. Reflects a one-time adjustment to correct an error discovered in our prior period accrual of oil and natural gas operating costs, as described in Note 2 - Summary Of Significant Accounting Policies. . Predecessor Six Months Ended June 30, 2020 Oil and Natural Gas Contract Drilling Mid-Stream Corporate and Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 75,481 $ — $ — $ — $ (3) $ 75,478 Contract drilling — 65,834 — — — 65,834 Gas gathering and processing — — 80,399 — (10,328) 70,071 Total revenues 75,481 65,834 80,399 — (10,331) 211,383 Expenses: Operating costs: Oil and natural gas 103,769 — — — (1,566) 102,203 Contract drilling — 46,400 — — — 46,400 Gas gathering and processing — — 58,988 — (8,765) 50,223 Total operating costs 103,769 46,400 58,988 — (10,331) 198,826 Depreciation, depletion, and amortization 58,787 14,691 22,621 1,478 — 97,577 Impairments 377,154 410,126 63,962 — — 851,242 Total expenses 539,710 471,217 145,571 1,478 (10,331) 1,147,645 Loss on abandonment of assets 17,554 #N/A — #N/A — #N/A — #N/A — #N/A 17,554 General and administrative — — — 37,367 — 37,367 (Gain) loss on disposition of assets (58) (139) (15) 1,479 — 1,267 Loss from operations (481,725) (405,244) (65,157) (40,324) — (992,450) Loss on derivatives — — — (6,454) — (6,454) Write-off of debt issuance costs — — — (2,426) — (2,426) Reorganization items, net — — — (7,027) — (7,027) Interest, net — — (1,060) (19,805) — (20,865) Other 30 23 39 11 — 103 Loss before income taxes $ (481,695) $ (405,221) $ (66,178) (76,025) $ — $ (1,029,119) _______________________ 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	6 Months Ended
	Jun. 30, 2021
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 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. Condensed Consolidating Statements of Operations (Unaudited) Predecessor Three Months Ended June 30, 2020 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Revenues $ — $ 56,159 $ 37,719 $ (4,871) $ 89,007 Expenses: Operating costs — 93,305 26,671 (4,873) 115,103 Depreciation, depletion, and amortization 607 25,005 10,348 — 35,960 Impairments — 109,318 — — 109,318 General and administrative — 25,814 — — 25,814 (Gain) loss on disposition of assets 1,479 (593) (9) — 877 Total operating costs 2,086 252,849 37,010 (4,873) 287,072 Income (loss) from operations (2,086) (196,690) 709 2 (198,065) Interest, net (7,066) — (542) — (7,608) Write-off of debt issuance costs (2,426) — — — (2,426) Loss on derivatives (6,937) — — — (6,937) Reorganization items, net (2,205) (4,822) — — (7,027) Other, net 4 18 21 — 43 Income (loss) before income taxes (20,716) (201,494) 188 2 (222,020) Income tax benefit (6,455) — — — (6,455) Equity in net earnings from investment in subsidiaries, net of taxes (201,304) — — 201,304 — Net income (loss) (215,565) (201,494) 188 201,306 (215,565) Less: net income attributable to non-controlling interest 84 — 84 (84) 84 Net income (loss) attributable to Unit Corporation $ (215,649) $ (201,494) $ 104 $ 201,390 $ (215,649) Predecessor Six Months Ended June 30, 2020 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Revenues $ — $ 141,315 $ 80,399 $ (10,331) $ 211,383 Expenses: Operating costs — 150,169 58,988 (10,331) 198,826 Depreciation, depletion, and amortization 1,478 73,478 22,621 — 97,577 Impairments — 787,280 63,962 — 851,242 Loss on abandonment of assets — 17,554 — — 17,554 General and administrative — 37,367 — — 37,367 (Gain) loss on disposition of assets 1,479 (197) (15) — 1,267 Total operating costs 2,957 1,065,651 145,556 (10,331) 1,203,833 Loss from operations (2,957) (924,336) (65,157) — (992,450) Interest, net (19,805) — (1,060) — (20,865) Write-off of debt issuance costs (2,426) — — — (2,426) Loss on derivatives (6,454) — — — (6,454) Reorganization items, net (2,205) (4,822) — — (7,027) Other, net 11 53 39 — 103 Loss before income taxes (33,836) (929,105) (66,178) — (1,029,119) Income tax benefit (9,880) — — — (9,880) Equity in net earnings from investment in subsidiaries, net of taxes (995,283) — — 995,283 — Net loss (1,019,239) (929,105) (66,178) 995,283 (1,019,239) Less: net loss attributable to non-controlling interest (33,096) — (33,096) 33,096 (33,096) Net loss attributable to Unit Corporation $ (986,143) $ (929,105) $ (33,082) $ 962,187 $ (986,143) Condensed Consolidating Statements of Cash Flows (Unaudited) Predecessor Six Months Ended June 30, 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 $ (201,699) $ 59,486 $ 20,117 $ 148,563 $ 26,467 INVESTING ACTIVITIES: Capital expenditures (760) (13,428) (9,616) — (23,804) Producing properties and other acquisitions — (210) — — (210) Proceeds from disposition of assets 1,169 3,253 75 — 4,497 Net cash provided by (used in) investing activities 409 (10,385) (9,541) — (19,517) FINANCING ACTIVITIES: Borrowings under credit agreement, including borrowings under DIP credit facility 47,300 — 32,100 — 79,400 Payments under credit agreement (23,500) — (14,600) — (38,100) DIP financing costs (990) — — — (990) Intercompany borrowings (advances), net 198,503 (49,169) (771) (148,563) — Payments on finance leases — — (2,061) — (2,061) Employee taxes paid by withholding shares (43) — — — (43) Bank overdrafts (7,269) — (1,464) — (8,733) Net cash provided by (used in) financing activities 214,001 (49,169) 13,204 (148,563) 29,473 Net increase (decrease) in cash and cash equivalents 12,711 (68) 23,780 — 36,423 Cash and cash equivalents, beginning of period 503 68 — — 571 Cash and cash equivalents, end of period $ 13,214 $ — $ 23,780 $ — $ 36,994

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These interim financial statements are unaudited and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. Certain disclosures have been condensed or omitted from these financial statements. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (GAAP) for complete consolidated financial statements, and should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2020 included in the company’s Annual Report on Form 10-K as filed with the SEC on March 31, 2021. In the opinion of management, the unaudited condensed consolidated financial statements contain all normal recurring adjustments (including the elimination of all intercompany transactions) and are fairly stated. 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 results for interim periods are not necessarily indicative of annual results. The company evaluates subsequent events through the date the financial statements are issued. In accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 852, Reorganizations, the company adopted fresh start accounting upon emergence from the Chapter 11 Cases resulting in the company becoming a new entity for financial reporting purposes. 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 unaudited condensed consolidated financial statements. This was reflected in our unaudited condensed consolidated balance sheet as of September 1, 2020. Accordingly, our unaudited condensed consolidated financial statements and notes after September 1, 2020, are not comparable to the unaudited 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 consolidate the activities of 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 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 16 – Variable Interest Entity Arrangements. During second quarter 2021, management identified errors in our inter-segment eliminations presentation between oil and natural gas revenues and gas gathering and processing revenues as well as between gas gathering and processing operating costs and general and administrative expenses. The impacts of the errors were not material to any of our prior period financial statements and the current year impacts on the three months ended March 31, 2021 were corrected with a one-time adjustment in the three months ended June 30, 2021. As a result, during the three months ended June 30, 2021, oil and natural gas revenues were decreased by $8.6 million with a corresponding increase to gas gathering and processing revenues while general and administrative expenses were increased by $0.9 million with a corresponding decrease to gas gathering and processing operating costs. Also during second quarter 2021, management identified separate errors in our prior period accrual of oil and natural gas revenues as well as oil and natural gas operating costs. The impacts of the errors were not material to any of our prior period financial statements and the errors were corrected with a one-time adjustment in the three months ended June 30, 2021. As a result, during the three months ended June 30, 2021, oil and natural gas revenues were increased by $3.9 million and oil and natural gas operating costs were decreased by $3.4 million. Certain amounts in this report for prior periods have been reclassified to conform to current year presentation. There was no impact from these reclassifications to consolidated net income/(loss) or shareholders' equity.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The FASB issued ASU 2020-06 which simplifies the accounting for convertible instruments by removing certain accounting models which separate the embedded conversion features from the host contract for convertible instruments. The ASU further removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and simplifies the diluted earnings per share calculation in certain areas. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the potential impact on our financial statements. 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 GAAP 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 amendments will not have a material impact on our unaudited condensed consolidated financial statements. Adopted Standards Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes. The FASB issued ASU 2019-12 to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments were effective for reporting periods beginning after December 15, 2020. This standard had no material impact on our unaudited condensed consolidated financial statements.

Revenues from Contracts with Cu

Revenues from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset and Liability	The table below shows the changes in our mid-stream contract asset and contract liability balances during periods presented associated with demand fees and the impact to gas gathering and processing revenues: Classification on the unaudited condensed consolidated balance sheets June 30, December 31, Change (In thousands) Assets Current contract assets Prepaid expenses and other $ 3,226 $ 6,084 $ (2,858) Non-current contract assets Other assets — 173 (173) Total contract assets $ 3,226 $ 6,257 $ (3,031) Liabilities Current contract liabilities Current portion of other long-term liabilities $ 2,098 $ 2,583 $ (485) Non-current contract liabilities Other long-term liabilities 626 1,589 (963) Total contract liabilities 2,724 4,172 (1,448) Contract assets (liabilities), net $ 502 $ 2,085 $ (1,583)
Revenue, Remaining Performance Obligation	Included below is the adjustment to demand fees from adopting ASC 606, Revenue from contracts with customers over the remaining term of the contracts as of June 30, 2021. Contract Remaining Term of Contract 2021 2022 2023 and beyond Total Remaining Impact to Revenue (In thousands) Demand fee contracts 4 - 16 months $ (1,876) $ 1,374 $ — $ (502)

Loss Per Share (Tables)

Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share	Information related to the calculation of capital stock attributable to Unit Corporation is as follows: Earnings (Loss) Weighted Per-Share (In thousands except per share amounts) For the three months ended June 30, 2021 (Successor) Basic loss attributable to Unit Corporation per common share $ (12,994) 11,901 $ (1.09) Effect of dilutive stock options and restricted stock — — — Diluted loss attributable to Unit Corporation per common share $ (12,994) 11,901 $ (1.09) For the three months ended June 30, 2020 (Predecessor) Basic loss attributable to Unit Corporation per common share $ (215,649) 53,503 $ (4.03) Effect of dilutive stock options and restricted stock — — — Diluted loss attributable to Unit Corporation per common share $ (215,649) 53,503 $ (4.03) Earnings (Loss) (Numerator) Weighted Shares (Denominator) Per-Share Amount (In thousands except per share amounts) For the six months ended June 30, 2021 (Successor) Basic loss attributable to Unit Corporation per common share $ (14,931) 11,950 $ (1.25) Effect of dilutive stock options and restricted stock — — — Diluted loss attributable to Unit Corporation per common share $ (14,931) 11,950 $ (1.25) For the six months ended June 30, 2020 (Predecessor) Basic loss attributable to Unit Corporation per common share $ (986,143) 53,317 $ (18.50) Effect of dilutive stock options and restricted stock — — — Diluted loss attributable to Unit Corporation per common share $ (986,143) 53,317 $ (18.50)
Schedule of Stock Options 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: Successor Predecessor Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Stock options — 28,000 Average exercise price $ — $ 52.24 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: Successor Predecessor Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Stock options — 28,000 Average exercise price $ — $ 52.24

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Accrued Liabilities [Abstract]
Accrued Liabilities	Accrued liabilities consisted of: June 30, December 31, (In thousands) Employee costs $ 7,184 $ 8,878 Lease operating expenses 3,686 6,405 Capital expenditures 5,500 3,461 Taxes 5,352 2,324 Interest payable 303 884 Legal settlement — 2,070 Other 1,723 1,182 Total accrued liabilities $ 23,748 $ 25,204

Long-Term Debt And Other Long_2

Long-Term Debt And Other Long-Term Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Long-Term Debt	As of the date indicated, our long-term debt consisted of the following: June 30, December 31, (In thousands) Current portion of long-term debt: Exit credit agreement with an average interest rate of 6.7% and 6.6% at June 30, 2021 and December 31, 2020, respectively $ — $ 600 Long-term debt: Exit credit agreement with an average interest rate of 6.7% and 6.6% at June 30, 2021 and December 31, 2020, respectively $ 35,000 $ 98,400
Other Long-Term Liabilities	Other long-term liabilities consisted of the following: June 30, December 31, (In thousands) Asset retirement obligation (ARO) liability $ 23,172 $ 23,356 Workers’ compensation 11,730 10,164 Finance lease obligations — 3,216 Contract liability 2,724 4,172 Separation benefit plans 3,237 4,201 Gas balancing liability 4,238 3,997 Other long-term liability 1,321 1,321 46,422 50,427 Less current portion 7,551 11,168 Total other long-term liabilities $ 38,871 $ 39,259

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Jun. 30, 2021
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Asset Retirement Obligations	The following table shows certain information about our estimated AROs for the periods indicated: Successor Predecessor Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 (In thousands) ARO liability, January 1: $ 23,356 $ 66,627 Accretion of discount 931 1,169 Liability incurred 1 460 Liability settled (302) (435) Liability sold (721) (463) Revision of estimates (1) (93) (3,110) ARO liability, June 30: 23,172 64,248 Less: current portion 2,132 1,104 Total long-term ARO $ 21,040 $ 63,144

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Restricted Stock Awards and Stock Options	For restricted stock awards and stock options, we had: Successor Predecessor Successor Predecessor Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 (In thousands) Recognized stock compensation expense $ 216 $ 1,567 $ 216 $ 4,055 Tax benefit on stock-based compensation $ 53 $ 392 $ 53 $ 1,014

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives outstanding	As of June 30, 2021, these derivatives were outstanding: Term Commodity Contracted Volume Weighted Average Contracted Market Jul'21 - Dec'21 Natural gas - basis swap 30,000 MMBtu/day $(0.215) NGPL TEXOK Jul'21 - Oct'21 Natural gas - swap 50,000 MMBtu/day $2.818 IF - NYMEX (HH) Nov'21 - Dec'21 Natural gas - swap 45,000 MMBtu/day $2.900 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) Jan'22 - Dec'22 Natural gas - collar 35,000 MMBtu/day $2.50 - $2.68 IF - NYMEX (HH) Jul'21 - Dec'21 Crude oil - swap 3,373 Bbl/day $45.57 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 on our unaudited condensed consolidated balance sheets: Derivative Liabilities Fair Value Classification on the unaudited condensed consolidated balance sheets June 30, December 31, (In thousands) Commodity derivatives: Current Current derivative liability $ 37,960 $ 1,047 Long-term Non-current derivative liability 23,270 4,659 Total derivative liabilities $ 61,230 $ 5,706
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 Successor Predecessor Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 (In thousands) Loss on derivatives: Loss on derivatives, included are amounts settled during the period of $(6,403), $(1,243), $(9,707), and $(691), respectively $ (42,400) $ (6,937) $ (65,231) $ (6,454) $ (42,400) $ (6,937) $ (65,231) $ (6,454)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Recurring Fair Value Measurements	The following tables set forth our recurring fair value measurements: June 30, 2021 Level 2 Level 3 Effect Net Amounts Presented (In thousands) Financial assets (liabilities): Commodity derivatives: Assets $ — $ — $ — $ — Liabilities (61,230) — — (61,230) Total commodity derivatives $ (61,230) $ — $ — $ (61,230) December 31, 2020 Level 2 Level 3 Effect Net Amounts Presented (In thousands) Financial assets (liabilities): Commodity derivatives: Assets $ 3,436 $ — $ (3,436) $ — Liabilities (9,142) — 3,436 (5,706) Total commodity derivatives $ (5,706) — — (5,706)
Reconciliations Of Level 3 Fair Value Measurements	The following table is a reconciliation of our commodity derivatives Level 3 fair value measurements: Net Derivatives Successor Predecessor Successor Predecessor Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 (In thousands) Beginning of period $ — $ 948 $ — $ 1,204 Total gains or losses (realized and unrealized): Included in earnings (1) — 714 — 1,277 Settlements — (819) — (1,638) End of period $ — $ 843 $ — $ 843 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 $ — $ (105) $ — $ (361) _______________________ 1. Commodity derivative activity is reported in the unaudited condensed consolidated statements of operations in gain (loss) on derivatives.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Operating leases	The following table sets forth the maturity of our operating lease liabilities as of June 30, 2021: Amount (In thousands) Ending June 30, 2022 $ 3,686 2023 1,528 2024 1,271 2025 86 2026 12 2027 and beyond 57 Total future payments 6,640 Less: Interest 269 Present value of future minimum operating lease payments 6,371 Less: Current portion 3,515 Total long-term operating lease payments $ 2,856
Schedule of lease assets and liabilities	The following table shows information about our lease assets and liabilities on our unaudited condensed consolidated balance sheets: Classification on the unaudited condensed consolidated balance sheets June 30, December 31, (In thousands) Assets Operating right of use assets Right of use assets $ 6,406 $ 5,592 Finance right of use assets Property, plant, and equipment, net — 7,281 Total right of use assets $ 6,406 $ 12,873 Liabilities Current liabilities: Operating lease liabilities Current operating lease liabilities $ 3,515 $ 4,075 Finance lease liabilities Current portion of other long-term liabilities — 3,216 Non-current liabilities: Operating lease liabilities Operating lease liabilities 2,856 1,445 Finance lease liabilities Other long-term liabilities — — Total lease liabilities $ 6,371 $ 8,736
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 Successor Predecessor Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 (In thousands) Components of total lease cost: Amortization of finance leased assets $ 181 $ 1,036 $ 1,248 $ 2,061 Interest on finance lease liabilities 4 60 33 130 Operating lease cost 984 1,395 2,011 2,640 Short-term lease cost (1) 3,179 2,751 5,771 6,742 Variable lease cost — 83 — 165 Total lease cost $ 4,348 $ 5,325 $ 9,063 $ 11,737 _______________________ 1. Short-term lease cost includes amounts capitalized related to our oil and natural gas segment of $0.1 million, $0.4 million, $0.2 million, and $1.4 million for the three and six months ended June 30, 2021 and June 30, 2020, respectively.
Supplemental cash flow information related to leases	The following table shows supplemental cash flow information related to leases for the periods indicated: Successor Predecessor Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 (In thousands) Cash paid for amounts in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,063 $ 2,827 Financing cash flows for finance leases $ 3,216 $ 2,061
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 2.4 3.81% _______________________ 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.

Variable Interest Entity Arra_2

Variable Interest Entity Arrangements (Tables)	6 Months Ended
	Jun. 30, 2021
Variable Interest Entity Arrangements [Abstract]
Schedule of Assets and Liabilities	The amounts below reflect the eliminations of intercompany transactions and balances consistent with the presentation in the unaudited condensed consolidated balance sheets. June 30, December 31, (In thousands) Current assets: Cash and cash equivalents $ 6,484 $ 11,642 Accounts receivable 27,034 27,427 Prepaid expenses and other 3,890 6,746 Total current assets 37,408 45,815 Property and equipment: Gas gathering and processing equipment 255,338 251,403 Transportation equipment 1,965 1,748 257,303 253,151 Less accumulated depreciation, depletion, amortization, and impairment 26,736 10,466 Net property and equipment 230,567 242,685 Right of use asset 4,419 2,823 Other assets 1,973 2,309 Total assets $ 274,367 $ 293,632 Current liabilities: Accounts payable $ 20,349 $ 17,045 Accrued liabilities 4,541 3,777 Current operating lease liability 1,646 1,762 Current portion of other long-term liabilities 2,116 5,799 Total current liabilities 28,652 28,383 Operating lease liability 626 1,013 Other long-term liabilities 2,773 1,589 Total liabilities $ 32,051 $ 30,985

Industry Segment Information (T

Industry Segment Information (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Industry segment information	The following tables provide certain information about the operations of each of our segments: Successor Three Months Ended June 30, 2021 Oil and Natural Gas (2) Contract Drilling Mid-Stream Corporate and Other Eliminations (3) Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 59,776 $ — $ — $ — $ (17,806) $ 41,970 Contract drilling — 18,061 — — — 18,061 Gas gathering and processing — — 66,323 — 7,703 74,026 Total revenues 59,776 18,061 66,323 — (10,103) 134,057 Expenses: Operating costs: Oil and natural gas 16,350 — — — (863) 15,487 Contract drilling — 14,080 — — — 14,080 Gas gathering and processing — — 55,176 — (10,120) 45,056 Total operating costs 16,350 14,080 55,176 — (10,983) 74,623 Depreciation, depletion, and amortization 6,476 1,570 8,064 254 — 16,364 Total expenses 22,826 15,650 63,240 254 (10,983) 90,987 General and administrative — — — 4,871 880 5,751 Gain on disposition of assets (67) (1,618) — (25) — (1,710) Income (loss) from operations 37,017 4,029 3,083 (5,100) — 39,029 Loss on derivatives — — — (42,400) — (42,400) Loss on change in fair value of warrants — — — (3,574) — (3,574) Reorganization items, net — — — (1,852) — (1,852) Interest, net — — 641 (1,128) — (487) Other 34 11 (850) (26) — (831) Income (loss) before income taxes $ 37,051 $ 4,040 $ 2,874 $ (54,080) $ — $ (10,115) _______________________ 1. The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time. 2. Reflects one-time adjustments to correct errors discovered in our prior period accrual of oil and natural gas revenues as well as oil and natural gas operating costs, as described in Note 2 - Summary Of Significant Accounting Policies. 3. Reflects one-time adjustments to correct errors discovered in our inter-segment eliminations presentation, as described in Note 2 - Summary Of Significant Accounting Policies. Predecessor Three Months Ended June 30, 2020 Oil and Natural Gas Contract Drilling Mid-Stream Corporate and Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 26,957 $ — $ — $ — $ (1) $ 26,956 Contract drilling — 29,202 — — — 29,202 Gas gathering and processing — — 37,719 — (4,870) 32,849 Total revenues 26,957 29,202 37,719 — (4,871) 89,007 Expenses: Operating costs: Oil and natural gas 72,354 — — — (814) 71,540 Contract drilling — 20,951 — — — 20,951 Gas gathering and processing — — 26,669 — (4,057) 22,612 Total operating costs 72,354 20,951 26,669 — (4,871) 115,103 Depreciation, depletion, and amortization 22,059 2,946 10,348 607 — 35,960 Impairments 109,318 — — — — 109,318 Total expenses 203,731 23,897 37,017 607 (4,871) 260,381 General and administrative — — — 25,814 — 25,814 (Gain) loss on disposition of assets (45) (548) (9) 1,479 — 877 Income (loss) from operations (176,729) 5,853 711 (27,900) — (198,065) Loss on derivatives — — — (6,937) — (6,937) Write-off of debt issuance costs — — — (2,426) — (2,426) Reorganization items, net — — — (7,027) — (7,027) Interest, net — — (542) (7,066) — (7,608) Other 9 6 22 6 — 43 Income (loss) before income taxes $ (176,720) $ 5,859 $ 191 $ (51,350) — $ (222,020) _______________________ 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. Successor Six Months Ended June 30, 2021 Oil and Natural Gas (2) Contract Drilling Mid-Stream Corporate and Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 114,801 $ — $ — $ — $ (17,807) $ 96,994 Contract drilling — 33,735 — — — 33,735 Gas gathering and processing — — 125,932 — (1,707) 124,225 Total revenues 114,801 33,735 125,932 — (19,514) 254,954 Expenses: Operating costs: Oil and natural gas 36,343 — — — (1,707) 34,636 Contract drilling — 25,951 — — — 25,951 Gas gathering and processing — — 104,286 — (19,567) 84,719 Total operating costs 36,343 25,951 104,286 — (21,274) 145,306 Depreciation, depletion, and amortization 14,131 3,145 16,096 503 — 33,875 Total expenses 50,474 29,096 120,382 503 (21,274) 179,181 General and administrative — — — 11,160 1,760 12,920 (Gain) loss on disposition of assets (87) (2,146) 75 (24) — (2,182) Income (loss) from operations 64,414 6,785 5,475 (11,639) — 65,035 Loss on derivatives — — — (65,231) — (65,231) Loss on change in fair value of warrants — — — (3,574) — (3,574) Reorganization items, net — — — (2,988) — (2,988) Interest, net — — (416) (2,777) — (3,193) Other 90 16 (839) (22) — (755) Income (loss) before income taxes $ 64,504 $ 6,801 $ 4,220 $ (86,231) $ — $ (10,706) _______________________ ____________________ 1. The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time. 2. Reflects a one-time adjustment to correct an error discovered in our prior period accrual of oil and natural gas operating costs, as described in Note 2 - Summary Of Significant Accounting Policies. . Predecessor Six Months Ended June 30, 2020 Oil and Natural Gas Contract Drilling Mid-Stream Corporate and Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 75,481 $ — $ — $ — $ (3) $ 75,478 Contract drilling — 65,834 — — — 65,834 Gas gathering and processing — — 80,399 — (10,328) 70,071 Total revenues 75,481 65,834 80,399 — (10,331) 211,383 Expenses: Operating costs: Oil and natural gas 103,769 — — — (1,566) 102,203 Contract drilling — 46,400 — — — 46,400 Gas gathering and processing — — 58,988 — (8,765) 50,223 Total operating costs 103,769 46,400 58,988 — (10,331) 198,826 Depreciation, depletion, and amortization 58,787 14,691 22,621 1,478 — 97,577 Impairments 377,154 410,126 63,962 — — 851,242 Total expenses 539,710 471,217 145,571 1,478 (10,331) 1,147,645 Loss on abandonment of assets 17,554 #N/A — #N/A — #N/A — #N/A — #N/A 17,554 General and administrative — — — 37,367 — 37,367 (Gain) loss on disposition of assets (58) (139) (15) 1,479 — 1,267 Loss from operations (481,725) (405,244) (65,157) (40,324) — (992,450) Loss on derivatives — — — (6,454) — (6,454) Write-off of debt issuance costs — — — (2,426) — (2,426) Reorganization items, net — — — (7,027) — (7,027) Interest, net — — (1,060) (19,805) — (20,865) Other 30 23 39 11 — 103 Loss before income taxes $ (481,695) $ (405,221) $ (66,178) (76,025) $ — $ (1,029,119) _______________________ 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)	6 Months Ended
	Jun. 30, 2021
Supplemental Condensed Consolidated Financial Information [Abstract]
Condensed Consolidating Statements of Operations (Unaudited)	Condensed Consolidating Statements of Operations (Unaudited) Predecessor Three Months Ended June 30, 2020 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Revenues $ — $ 56,159 $ 37,719 $ (4,871) $ 89,007 Expenses: Operating costs — 93,305 26,671 (4,873) 115,103 Depreciation, depletion, and amortization 607 25,005 10,348 — 35,960 Impairments — 109,318 — — 109,318 General and administrative — 25,814 — — 25,814 (Gain) loss on disposition of assets 1,479 (593) (9) — 877 Total operating costs 2,086 252,849 37,010 (4,873) 287,072 Income (loss) from operations (2,086) (196,690) 709 2 (198,065) Interest, net (7,066) — (542) — (7,608) Write-off of debt issuance costs (2,426) — — — (2,426) Loss on derivatives (6,937) — — — (6,937) Reorganization items, net (2,205) (4,822) — — (7,027) Other, net 4 18 21 — 43 Income (loss) before income taxes (20,716) (201,494) 188 2 (222,020) Income tax benefit (6,455) — — — (6,455) Equity in net earnings from investment in subsidiaries, net of taxes (201,304) — — 201,304 — Net income (loss) (215,565) (201,494) 188 201,306 (215,565) Less: net income attributable to non-controlling interest 84 — 84 (84) 84 Net income (loss) attributable to Unit Corporation $ (215,649) $ (201,494) $ 104 $ 201,390 $ (215,649) Predecessor Six Months Ended June 30, 2020 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Revenues $ — $ 141,315 $ 80,399 $ (10,331) $ 211,383 Expenses: Operating costs — 150,169 58,988 (10,331) 198,826 Depreciation, depletion, and amortization 1,478 73,478 22,621 — 97,577 Impairments — 787,280 63,962 — 851,242 Loss on abandonment of assets — 17,554 — — 17,554 General and administrative — 37,367 — — 37,367 (Gain) loss on disposition of assets 1,479 (197) (15) — 1,267 Total operating costs 2,957 1,065,651 145,556 (10,331) 1,203,833 Loss from operations (2,957) (924,336) (65,157) — (992,450) Interest, net (19,805) — (1,060) — (20,865) Write-off of debt issuance costs (2,426) — — — (2,426) Loss on derivatives (6,454) — — — (6,454) Reorganization items, net (2,205) (4,822) — — (7,027) Other, net 11 53 39 — 103 Loss before income taxes (33,836) (929,105) (66,178) — (1,029,119) Income tax benefit (9,880) — — — (9,880) Equity in net earnings from investment in subsidiaries, net of taxes (995,283) — — 995,283 — Net loss (1,019,239) (929,105) (66,178) 995,283 (1,019,239) Less: net loss attributable to non-controlling interest (33,096) — (33,096) 33,096 (33,096) Net loss attributable to Unit Corporation $ (986,143) $ (929,105) $ (33,082) $ 962,187 $ (986,143)
Condensed Consolidating Statements of Cash Flows (Unaudited)	Condensed Consolidating Statements of Cash Flows (Unaudited) Predecessor Six Months Ended June 30, 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 $ (201,699) $ 59,486 $ 20,117 $ 148,563 $ 26,467 INVESTING ACTIVITIES: Capital expenditures (760) (13,428) (9,616) — (23,804) Producing properties and other acquisitions — (210) — — (210) Proceeds from disposition of assets 1,169 3,253 75 — 4,497 Net cash provided by (used in) investing activities 409 (10,385) (9,541) — (19,517) FINANCING ACTIVITIES: Borrowings under credit agreement, including borrowings under DIP credit facility 47,300 — 32,100 — 79,400 Payments under credit agreement (23,500) — (14,600) — (38,100) DIP financing costs (990) — — — (990) Intercompany borrowings (advances), net 198,503 (49,169) (771) (148,563) — Payments on finance leases — — (2,061) — (2,061) Employee taxes paid by withholding shares (43) — — — (43) Bank overdrafts (7,269) — (1,464) — (8,733) Net cash provided by (used in) financing activities 214,001 (49,169) 13,204 (148,563) 29,473 Net increase (decrease) in cash and cash equivalents 12,711 (68) 23,780 — 36,423 Cash and cash equivalents, beginning of period 503 68 — — 571 Cash and cash equivalents, end of period $ 13,214 $ — $ 23,780 $ — $ 36,994

Organization, Consolidation and

Organization, Consolidation and Presentation of Financial Statements (Details)	Jun. 30, 2021
Superior Pipeline Company, L.L.C.
Schedule of Equity Method Investments [Line Items]
Ownership interest (percent)	50.00%

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues	$ 134,057	$ 89,007	$ 254,954	$ 211,383
General and administrative	5,751	25,814	12,920	37,367
Decrease in operating costs	(74,623)	(115,103)	(145,306)	(198,826)
Intersegment Eliminations
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues	(10,103)	(4,871)	(19,514)	(10,331)
General and administrative	880	0	1,760	0
Decrease in operating costs	10,983	4,871	21,274	10,331
Oil and natural gas
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues	41,970	26,956	96,994	75,478
Decrease in operating costs	(15,487)	(71,540)	(34,636)	(102,203)
Oil and natural gas | Intersegment Eliminations
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues	(17,806)	(1)	(17,807)	(3)
Decrease in operating costs	863	$ 814	$ 1,707	$ 1,566
Revision of Prior Period, Adjustment [Member] | Intersegment Eliminations | Error Correction, Inter-Segment Eliminations Between Oil and Natural Gas
Error Corrections and Prior Period Adjustments Restatement [Line Items]
General and administrative	900
Revision of Prior Period, Adjustment [Member] | Oil and natural gas | Error Correction, Separate Errors Between Oil and Natural Gas
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues	3,900
Decrease in operating costs	3,400
Revision of Prior Period, Adjustment [Member] | Oil and natural gas | Intersegment Eliminations | Error Correction, Inter-Segment Eliminations Between Oil and Natural Gas
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues	$ (8,600)

Property, Plant, and Equipment

Property, Plant, and Equipment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Line Items]
Capitalized costs of unproved properties included in amortization, cumulative		$ 226,500,000		$ 226,500,000
Non-cash Ceiling Test Write-Down Net of Tax		220,800,000
Loss on abandonment of assets	$ 0	0	$ 0	17,554,000
Oil and Natural Gas [Member]
Property, Plant and Equipment [Line Items]
Impairment of Oil and Gas Properties		267,800,000
Loss on abandonment of assets		17,600,000
Drilling Equipment [Member]
Property, Plant and Equipment [Line Items]
Impairment of Long-Lived Assets Held-for-use	0		0
Mid-Stream [Member]
Property, Plant and Equipment [Line Items]
Impairment of Long-Lived Assets Held-for-use	$ 0	64,000,000	$ 0
SCR drilling rigs [Member] | Drilling Equipment [Member]
Property, Plant and Equipment [Line Items]
Impairment of Long-Lived Assets Held-for-use		407,100,000
Other drilling equipment [Member] | Drilling Equipment [Member]
Property, Plant and Equipment [Line Items]
Impairment of Long-Lived Assets Held-for-use		3,000,000
BOSS drilling rigs [Member] | Drilling Equipment [Member]
Property, Plant and Equipment [Line Items]
Carrying value of asset group		$ 242,500,000		$ 242,500,000

Revenue from Contracts with C_2

Revenue from Contracts with Customer (Narrative) (Details)	6 Months Ended
	Jun. 30, 2021contractsegment
Segment Reporting Information [Line Items]
Number of reporting segments | segment	3
Drilling [Member]
Segment Reporting Information [Line Items]
Number of Contracts, Daywork | contract	6
Drilling [Member] | Short-term Contract with Customer [Member]
Segment Reporting Information [Line Items]
Contract Duration	2 months
Drilling [Member] | Long-term Contract with Customer [Member]
Segment Reporting Information [Line Items]
Contract Duration	7 months

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Contract with Customer, Asset and Liability) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Contract liability	$ 2,724	$ 4,172
Mid-Stream [Member]
Disaggregation of Revenue [Line Items]
Current contract assets	3,226	6,084
Non-current contract assets	0	173
Contract assets	3,226	6,257
Contract with Customer, Current Asset, Reclassified to Receivable	(2,858)
Contract with Customer, Non-current Asset, Reclassified to Receivable	(173)
Change in contract assets	(3,031)
Current Contract Liabilities	2,098	2,583
Non-current contract liabilities	626	1,589
Contract liability	2,724	4,172
Contract with Customer, Current Liability, Revenue Recognized	(485)
Contract with Customer, Non-current Liability, Revenue Recognized	(963)
Change in contract assets (liabilities)	(1,448)
Contract asset (liabilities), net	502	$ 2,085
Change in contract liabilities	$ (1,583)

Revenue from Contracts with C_4

Revenue from Contracts with Customers (Revenue, Remaining Performance Obligation) (Details) $ in Thousands	Jun. 30, 2021USD ($)
Mid-Stream [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining impact to revenue from demand fee contracts	$ (502)
Mid-Stream [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining impact to revenue from demand fee contracts	$ (1,876)
Remaining Term of Contract	6 months
Mid-Stream [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining impact to revenue from demand fee contracts	$ 1,374
Remaining Term of Contract	1 year
Mid-Stream [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining impact to revenue from demand fee contracts	$ 0
Remaining Term of Contract	1 year
Minimum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining Term of Contract	4 months
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining Term of Contract	16 months

Divestitures (Narrative) (Detai

Divestitures (Narrative) (Details) - USD ($) $ in Thousands	Mar. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Gain (loss) on Disposition of Assets		$ 1,710	$ (877)	$ 2,182	$ (1,267)
Oil and Natural Gas [Member]
Segment Reporting Information [Line Items]
Proceeds from Sale of Other Assets	$ 7,100			19,500
Proceeds from non-core oil and natural gas asset sales, net of related expenses				4,400	900
Drilling [Member]
Segment Reporting Information [Line Items]
Proceeds from non-core oil and natural gas asset sales, net of related expenses				3,900	2,800
Gain (loss) on Disposition of Assets				$ 2,100	$ 100

Equity (Details)

Equity (Details) - USD ($)	Jun. 16, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2021
Equity, Class of Treasury Stock [Line Items]
Stock repurchased from lenders (in shares)	600,000
Shares repurchased, price per share (in USD per share)	$ 15
Repurchase of common stock	$ 9,000,000		$ 9,048,000	$ 9,048,000
June 2021 Repurchase Progra
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock		$ 0
Stock repurchase program, authorized amount		$ 25,000,000	$ 25,000,000	$ 25,000,000

Loss Per Share (Schedule of Ear

Loss Per Share (Schedule of Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings (loss) of basic income (loss) attributable to Unit Corporation per common share	$ (12,994)	$ (215,649)	$ (14,931)	$ (986,143)
Income of effect of dilutive stock options and restricted stock	0	0	0	0
Net Income (Loss) Available to Common Stockholders, Diluted	$ (12,994)	$ (215,649)	$ (14,931)	$ (986,143)
Weighted shares of basic earnings (loss) attributable to Unit Corporation per common share	11,901	53,503	11,950	53,317
Weighted shares of effect of dilutive stock options and restricted stock	0	0	0	0
Weighted Average Number of Shares Outstanding, Diluted	11,901	53,503	11,950	53,317
Per-Share amount of basic earnings (loss) attributable to Unit Corporation per common share	$ (1.09)	$ (4.03)	$ (1.25)	$ (18.50)
Per-Share amount of effect of dilutive stock options and restricted stock	0	0	0	0
Diluted	$ (1.09)	$ (4.03)	$ (1.25)	$ (18.50)

Loss Per Share (Antidilutive Se

Loss Per Share (Antidilutive Securities) (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (loss) per share	0	28,000	0	28,000
Average exercise price	$ 0	$ 52.24	$ 0	$ 52.24
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (loss) per share	77,863		39,147

Accrued Liabilities (Accrued Li

Accrued Liabilities (Accrued Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accrued Liabilities [Abstract]
Employee costs	$ 7,184	$ 8,878
Lease operating expenses	3,686	6,405
Capital expenditures	5,500	3,461
Taxes	5,352	2,324
Interest payable	303	884
Legal settlement	0	2,070
Other	1,723	1,182
Total accrued liabilities	$ 23,748	$ 25,204

Long-Term Debt And Other Long_3

Long-Term Debt And Other Long-Term Liabilities (Long-Term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Long-term debt:
Long-term debt	$ 35,000	$ 98,400
Exit Credit Agreement
Long-term debt:
Revolving credit facility interest rate	6.70%	6.60%
Exit Credit Agreement | Current portion of long-term debt
Current portion of long-term debt:
Line of Credit, Current	$ 0	$ 600
Exit Credit Agreement | Long-term Debt
Long-term debt:
Long-term debt	$ 35,000	$ 98,400

Long-Term Debt And Other Long_4

Long-Term Debt And Other Long-Term Liabilities (Narrative) (Details) - USD ($)	Sep. 03, 2020	Jun. 30, 2021	Apr. 21, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt		$ 35,000,000		$ 98,400,000
Letter of Credit [Member]
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount		1,400,000
Exit Credit Agreement
Debt Instrument [Line Items]
Current ratio of credit facility	1.00
Interest Coverage Ratio	2.50
Exit Credit Agreement | Long-term Debt
Debt Instrument [Line Items]
Long-term debt		35,000,000		$ 98,400,000
Exit Credit Agreement | September 1, 2020 to March 31, 2021 [Member]
Debt Instrument [Line Items]
Net leverage ratio	4
Exit Credit Agreement | April 1, 2021 to June 30, 2022 [Member]
Debt Instrument [Line Items]
Net leverage ratio	3.75
Exit Credit Agreement | July 1, 2022 to September 30, 2022 [Member]
Debt Instrument [Line Items]
Net leverage ratio	3.50
Exit Credit Agreement | Revolving Credit Facility [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	5.25%
Exit Credit Agreement | Revolving Credit Facility [Member] | Alternate Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	4.25%
Exit Credit Agreement | Term loan [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	6.25%
Exit Credit Agreement | Term loan [Member] | Alternate Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	5.25%
Exit Credit Agreement | Letter of Credit [Member]
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount		2,800,000
Exit Credit Agreement | Secured Debt [Member]
Debt Instrument [Line Items]
Debt instrument maturity date	Mar. 1, 2024
Exit Credit Agreement | Secured Debt [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility maximum credit amount	$ 140,000,000		$ 140,000,000
Exit Credit Agreement | Secured Debt [Member] | Term loan [Member]
Debt Instrument [Line Items]
Credit facility maximum credit amount	$ 40,000,000
Superior Credit Agreement [Member]
Debt Instrument [Line Items]
Credit facility maximum credit amount		$ 250,000,000
Superior Credit Agreement, Term		5 years
Credit facility current credit amount		$ 200,000,000
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%.
Commitment fee percentage under credit facility		0.375%
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

Long-Term Debt And Other Long_5

Long-Term Debt And Other Long-Term Liabilities (Other Long-Term Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Asset retirement obligation (ARO) liability	$ 23,172	$ 23,356	$ 64,248	$ 66,627
Workers' compensation	11,730	10,164
Finance lease obligations	0	3,216
Contract liability	2,724	4,172
Separation benefit plans	3,237	4,201
Gas balancing liability	4,238	3,997
Other long-term liability	1,321	1,321
Other liabilities	46,422	50,427
Current portion of other long-term liabilities	7,551	11,168
Total other long-term liabilities	$ 38,871	$ 39,259

Asset Retirement Obligations (S

Asset Retirement Obligations (Schedule Of Asset Retirement Obligations) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
ARO liability, Beginning Balance:		$ 23,356	$ 66,627
Accretion of discount		(931)	(1,169)
Liability incurred		1	460
Liability settled		(302)	(435)
Liability sold		(721)	(463)
Revision of estimates	[1]	(93)	(3,110)
ARO, Ending Balance:		23,172	64,248
Less: current portion		2,132	1,104
Total long-term ARO		$ 21,040	$ 63,144
[1]	Plugging liability estimates were revised in 2020 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	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Abstract]
Recognized stock compensation expense	$ 216	$ 1,567	$ 216	$ 4,055
Tax benefit on stock based compensation	$ 53	$ 392	$ 53	$ 1,014

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - $ / shares	Apr. 27, 2021	Sep. 03, 2020
Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		903,226
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	109,008
Weighted average grant date fair value (in USD per share)	$ 12.90

Derivatives (Schedule of Deriva

Derivatives (Schedule of Derivatives Outstanding) (Details) MMBTU in Thousands	6 Months Ended
	Jun. 30, 2021$ / UnitMMBTUbbl
Natural Gas [Member] | Basis swap [Member] | Jul'21 - Dec'21 [Member] | NGPL Texok [Member]
Derivative [Line Items]
Hedged volume (MMBtu/day) | MMBTU	30
Weighted average price	(0.215)
Natural Gas [Member] | Swap [Member] | Jul'21 - Oct'21 [Member] | IF - NYMEX (HH) [Member]
Derivative [Line Items]
Hedged volume (MMBtu/day) | MMBTU	50
Weighted average price	2.818
Natural Gas [Member] | Swap [Member] | Nov'21 - Dec'21 [Member] | IF - NYMEX (HH) [Member]
Derivative [Line Items]
Hedged volume (MMBtu/day) | MMBTU	45
Weighted average price	2.900
Natural Gas [Member] | Swap [Member] | Jan'22 - Dec'22 [Member] | IF - NYMEX (HH) [Member]
Derivative [Line Items]
Hedged volume (MMBtu/day) | MMBTU	5
Weighted average price	2.605
Natural Gas [Member] | Swap [Member] | Jan'23 - Dec'23 [Member] | IF - NYMEX (HH) [Member]
Derivative [Line Items]
Hedged volume (MMBtu/day) | MMBTU	22
Weighted average price	2.456
Natural Gas [Member] | Collar [Member] | Jan'22 - Dec'22 [Member] | IF - NYMEX (HH) [Member]
Derivative [Line Items]
Hedged volume (MMBtu/day) | MMBTU	35
Floor Price	2.50
Cap Price	2.68
Crude Oil [Member] | Swap [Member] | Jul'21 - Dec'21 [Member] | Wti Nymex [Member]
Derivative [Line Items]
Weighted average price	45.57
Hedged Volume (Bbl/day) | bbl	3,373
Crude Oil [Member] | Swap [Member] | Jan'22 - Dec'22 [Member] | Wti Nymex [Member]
Derivative [Line Items]
Weighted average price	42.25
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	Jun. 30, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Current derivative liability	$ 37,960	$ 1,047
Non-current derivative liability	23,270	4,659
Derivative Liability, Total	$ 61,230	$ 5,706

Derivatives (Effect of Derivati

Derivatives (Effect of Derivative Instruments Recognized in Income Statements, Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives	$ (42,400)	$ (6,937)	$ (65,231)	$ (6,454)
Cash receipts on derivatives settled	(6,403)	(1,243)	(9,707)	(691)
Gain (loss) on derivatives [Member] | Commodity Derivatives [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives	$ (42,400)	$ (6,937)	$ (65,231)	$ (6,454)

Fair Value Measurements (Recurr

Fair Value Measurements (Recurring Fair Value Measurements) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability	$ (61,230)	$ (5,706)
Commodity Derivatives [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	0	0
Derivative Liability	(61,230)	(5,706)
Financial assets (liabilities)	(61,230)	(5,706)
Commodity Derivatives [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross Assets	0	3,436
Gross Liabilities	(61,230)	(9,142)
Financial assets (liabilities)	(61,230)	(5,706)
Commodity Derivatives [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross Assets	0	0
Gross Liabilities	0	0
Financial assets (liabilities)	0	0
Commodity Derivatives [Member] | Effect of Netting [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effect of netting on assets	0	(3,436)
Effect of netting on liabilities	0	3,436
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		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Beginning of period			$ 948	$ 0	$ 1,204
Included in earnings	[1]	$ 0	714	0	1,277
Settlements		0	(819)	0	(1,638)
End of period		0	843	0	843
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		$ 0	$ (105)	$ 0	$ (361)
[1]	Commodity derivative activity is reported in the unaudited condensed consolidated statements of operations in gain (loss) on derivatives.

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral posted	$ 0
Warrant liability	$ 4,459,000	$ 885,000

Leases (Operating leases) (Deta

Leases (Operating leases) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Ending June 30,
2022	$ 3,686
2023	1,528
2024	1,271
2025	86
2026	12
2027 and beyond	57
Total future payments	6,640
Less: Interest	269
Present value of future minimum operating lease payments	6,371
Less: current portion	(3,515)	$ (4,075)
Operating lease liability	$ 2,856	$ 1,445

Leases (Narrative) (Details)

Leases (Narrative) (Details) $ in Millions	1 Months Ended	6 Months Ended
	May 31, 2021USD ($)	Jun. 30, 2021rig
Leases [Abstract]
Number of compressors under finance lease agreement | rig		20
Finance lease term		7 years
Finance lease fair market value percentage for purchase		10.00%
Discount rate finance leases		4.00%
Purchase of leased assets | $	$ 3

Leases (Schedule of lease asset

Leases (Schedule of lease assets and liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Operating right of use asset	$ 6,406	$ 5,592
Finance right of use assets	0	7,281
Total right of use assets	6,406	12,873
Current operating lease liability	3,515	4,075
Current finance lease liability	0	3,216
Operating lease liability	2,856	1,445
Finance lease liability	0	0
Total lease liability	$ 6,371	$ 8,736

Leases (Schedule of lease costs

Leases (Schedule of lease costs) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Amortization of finance leased assets		$ 181	$ 1,036	$ 1,248	$ 2,061
Interest on finance lease liabilities		4	60	33	130
Operating lease cost		984	1,395	2,011	2,640
Short-term lease cost	[1]	3,179	2,751	5,771	6,742
Variable lease cost		0	83	0	165
Total lease cost		4,348	5,325	9,063	11,737
Capitalized costs included in short-term lease costs		$ 100	$ 400	$ 200	$ 1,400
[1]	Short-term lease cost includes amounts capitalized related to our oil and natural gas segment of $0.1 million, $0.4 million, $0.2 million, and $1.4 million for the three and six months ended June 30, 2021 and June 30, 2020, respectively

Leases (Supplemental cash flow

Leases (Supplemental cash flow information related to leases) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating cash flows for operating leases	$ 2,063	$ 2,827
Financing cash flows for finance leases	$ 3,216	$ 2,061

Leases (Schedule of weighted av

Leases (Schedule of weighted average discount rate for leases) (Details)	Jun. 30, 2021
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	2 years 4 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent	3.81%

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - USD ($)	Feb. 26, 2021	Jan. 31, 2019	Jun. 30, 2018	Jun. 30, 2021	Dec. 31, 2020	Aug. 21, 2020
Long-term Purchase Commitment [Line Items]
Maximum foregone distributions over the remainder of the long-term purchase commitment				$ 72,600,000
Legal settlement				0	$ 2,070,000
Litigation Settlement, Amount Awarded to Other Party	$ 2,100,000	$ 2,400,000
Cockerell Oil Properties, Ltd., v. Unit Petroleum Company [Member]
Long-term Purchase Commitment [Line Items]
Legal settlement						$ 15,750,000
Chieftan Royalty Company v. Unit Petroleum Company [Member]
Long-term Purchase Commitment [Line Items]
Legal settlement						$ 29,250,000
Mid-Stream [Member]
Long-term Purchase Commitment [Line Items]
Other Commitment, Due in Next Twelve Months				1,000,000
Other Commitment, Due in Second and Third Year				200,000
Capital Addition Purchase Commitments [Member] | Oil and Natural Gas [Member]
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment			$ 150,000,000
Long-term purchase commitment, period			3 years
Future distributions foregone for every Dollar of purchase commitment not spent			$ 0.58
Long-term purchase commitment, purchases made				$ 24,800,000

Variable Interest Entity Arra_3

Variable Interest Entity Arrangements (Details) - USD ($)	1 Months Ended		6 Months Ended
	Jul. 31, 2021	Apr. 30, 2021	Jun. 30, 2021	Apr. 03, 2018
Variable Interest Entity [Line Items]
Liquidation IRR Hurdle			7.00%
Variable Interest Investment				$ 300,000,000
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.
Distributions paid		$ 24,700,000
Subsequent Event [Member]
Variable Interest Entity [Line Items]
Distributions paid	$ 7,700,000
VIE
Variable Interest Entity [Line Items]
Date Involvement Began			Apr. 3, 2018
SPC Midstream Operating, L.L.C. [Member] | VIE
Variable Interest Entity [Line Items]
Monthly service fee			$ 263,280
SP Investor Holdings, LLC [Member] | VIE
Variable Interest Entity [Line Items]
Ownership Percentage			50.00%

Variable Interest Entity Arra_4

Variable Interest Entity Arrangements (Schedule of Assets and Liabilities) (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents		$ 6,989	$ 12,145	$ 36,994	$ 571
Accounts receivable, net of allowance for doubtful accounts		63,879	57,846
Prepaid expenses and other		6,212	11,212
Total current assets		77,114	82,922
Property and equipment:
Gas gathering and processing equipment		255,338	251,404
Transportation equipment		3,486	3,130
Property, plant, and equipment, gross		597,941	600,989
Less accumulated depreciation, depletion, amortization, and impairment		88,416	54,189
Net property and equipment		509,525	546,800
Operating right of use asset		6,406	5,592
Other assets		16,111	14,389
Total assets	[1]	609,156	649,703
Current liabilities:
Accounts payable		38,081	37,368
Accrued liabilities		23,748	25,204
Current operating lease liability		3,515	4,075
Current portion of other long-term liabilities		7,551	11,168
Total current liabilities		115,314	80,347
Operating lease liability		2,856	1,445
VIE
Current assets:
Cash and cash equivalents		6,484	11,642
Accounts receivable, net of allowance for doubtful accounts		27,034	27,427
Prepaid expenses and other		3,890	6,746
Total current assets		37,408	45,815
Property and equipment:
Gas gathering and processing equipment		255,338	251,403
Transportation equipment		1,965	1,748
Property, plant, and equipment, gross		257,303	253,151
Less accumulated depreciation, depletion, amortization, and impairment		26,736	10,466
Net property and equipment		230,567	242,685
Operating right of use asset		4,419	2,823
Other assets		1,973	2,309
Total assets		274,367	293,632
Current liabilities:
Accounts payable		20,349	17,045
Accrued liabilities		4,541	3,777
Current operating lease liability		1,646	1,762
Current portion of other long-term liabilities		2,116	5,799
Total current liabilities		28,652	28,383
Operating lease liability		626	1,013
Other long-term liabilities		2,773	1,589
Total liabilities		$ 32,051	$ 30,985
[1]	Unit Corporation's consolidated total assets as of June 30, 2021 include total current and long-term assets of its variable interest entity (VIE) (Superior Pipeline Company, L.L.C.) of $37.4 million and $237.0 million, respectively, which can only settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of June 30, 2021 include total current and long-term liabilities of the VIE of $28.7 million and $3.4 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, 2020 include total current and long-term assets of the VIE of $45.8 million and $247.8 million, respectively, which can only settle obligations of the VIE. Unit Corporation's consolidated total liabilities as of December 31, 2020 include total current and long-term liabilities of the VIE of $28.4 million and $2.6 million, respectively, for which the creditors of the VIE have no recourse to Unit Corporation. See Note 16 – Variable Interest Entity Arrangements.

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate (percent)	2.90%	0.00%	96.00%
Federal statutory rate (percent)		21.00%
net deferred tax assets		$ 0

Industry Segment Information (I

Industry Segment Information (Industry Segment Information) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)
Segment Reporting Information [Line Items]
Number of reporting segments | segment			3
Revenues:
Revenues	$ 134,057	$ 89,007	$ 254,954	$ 211,383
Operating costs:
Operating costs	74,623	115,103	145,306	198,826
Depreciation, depletion, and amortization	16,364	35,960	33,875	97,577
Impairments	0	109,318	0	851,242
Total expenses	90,987	260,381	179,181	1,147,645
Loss on abandonment of assets	0	0	0	17,554
General and administrative	5,751	25,814	12,920	37,367
(Gain) loss on disposition of assets	(1,710)	877	(2,182)	1,267
Income (loss) from operations	39,029	(198,065)	65,035	(992,450)
Gain (loss) on derivatives	(42,400)	(6,937)	(65,231)	(6,454)
Write-off of debt issuance costs	0	(2,426)	0	(2,426)
Loss on change in fair value of warrants	3,574	0	3,574	0
Reorganization Items	(1,852)	(7,027)	(2,988)	(7,027)
Interest, net	(487)	(7,608)	(3,193)	(20,865)
Other	(831)	43	(755)	103
Loss before income taxes	(10,115)	(222,020)	(10,706)	(1,029,119)
Intersegment Eliminations
Revenues:
Revenues	(10,103)	(4,871)	(19,514)	(10,331)
Operating costs:
Operating costs	(10,983)	(4,871)	(21,274)	(10,331)
Depreciation, depletion, and amortization	0	0	0	0
Impairments		0		0
Total expenses	(10,983)	(4,871)	(21,274)	(10,331)
Loss on abandonment of assets				0
General and administrative	880	0	1,760	0
(Gain) loss on disposition of assets	0	0	0	0
Income (loss) from operations	0	0	0	0
Gain (loss) on derivatives	0	0	0	0
Write-off of debt issuance costs		0		0
Loss on change in fair value of warrants	0		0
Reorganization Items	0	0	0	0
Interest, net	0	0	0	0
Other	0	0	0	0
Loss before income taxes	0	0	0	0
Oil and Natural Gas [Member] | Operating Segments [Member]
Revenues:
Revenues	59,776	26,957	114,801	75,481
Operating costs:
Operating costs	16,350	72,354	36,343	103,769
Depreciation, depletion, and amortization	6,476	22,059	14,131	58,787
Impairments		109,318		377,154
Total expenses	22,826	203,731	50,474	539,710
Loss on abandonment of assets				17,554
General and administrative	0	0	0	0
(Gain) loss on disposition of assets	(67)	(45)	(87)	(58)
Income (loss) from operations	37,017	(176,729)	64,414	(481,725)
Gain (loss) on derivatives	0	0	0	0
Write-off of debt issuance costs		0		0
Loss on change in fair value of warrants	0		0
Reorganization Items	0	0	0	0
Interest, net	0	0	0	0
Other	34	9	90	30
Loss before income taxes	37,051	(176,720)	64,504	(481,695)
Contract drilling [Member]
Operating costs:
(Gain) loss on disposition of assets			(2,100)	(100)
Contract drilling [Member] | Operating Segments [Member]
Revenues:
Revenues	18,061	29,202	33,735	65,834
Operating costs:
Operating costs	14,080	20,951	25,951	46,400
Depreciation, depletion, and amortization	1,570	2,946	3,145	14,691
Impairments		0		410,126
Total expenses	15,650	23,897	29,096	471,217
Loss on abandonment of assets				0
General and administrative	0	0	0	0
(Gain) loss on disposition of assets	(1,618)	(548)	(2,146)	(139)
Income (loss) from operations	4,029	5,853	6,785	(405,244)
Gain (loss) on derivatives	0	0	0	0
Write-off of debt issuance costs		0		0
Loss on change in fair value of warrants	0		0
Reorganization Items	0	0	0	0
Interest, net	0	0	0	0
Other	11	6	16	23
Loss before income taxes	4,040	5,859	6,801	(405,221)
Mid-Stream [Member] | Operating Segments [Member]
Revenues:
Revenues	66,323	37,719	125,932	80,399
Operating costs:
Operating costs	55,176	26,669	104,286	58,988
Depreciation, depletion, and amortization	8,064	10,348	16,096	22,621
Impairments		0		63,962
Total expenses	63,240	37,017	120,382	145,571
Loss on abandonment of assets				0
General and administrative	0	0	0	0
(Gain) loss on disposition of assets	0	(9)	75	(15)
Income (loss) from operations	3,083	711	5,475	(65,157)
Gain (loss) on derivatives	0	0	0	0
Write-off of debt issuance costs		0		0
Loss on change in fair value of warrants	0		0
Reorganization Items	0	0	0
Interest, net	641	(542)	(416)	(1,060)
Other	(850)	22	(839)	39
Loss before income taxes	2,874	191	4,220	(66,178)
Corporate and Other | Corporate, Non-Segment
Revenues:
Revenues	0	0	0	0
Operating costs:
Operating costs	0	0	0	0
Depreciation, depletion, and amortization	254	607	503	1,478
Impairments		0		0
Total expenses	254	607	503	1,478
Loss on abandonment of assets				0
General and administrative	4,871	25,814	11,160	37,367
(Gain) loss on disposition of assets	(25)	1,479	(24)	1,479
Income (loss) from operations	(5,100)	(27,900)	(11,639)	(40,324)
Gain (loss) on derivatives	(42,400)	(6,937)	(65,231)	(6,454)
Write-off of debt issuance costs		(2,426)		(2,426)
Loss on change in fair value of warrants	3,574		3,574
Reorganization Items	(1,852)	(7,027)	(2,988)	(7,027)
Interest, net	(1,128)	(7,066)	(2,777)	(19,805)
Other	(26)	6	(22)	11
Loss before income taxes	(54,080)	(51,350)	(86,231)	(76,025)
Oil and natural gas
Revenues:
Revenues	41,970	26,956	96,994	75,478
Operating costs:
Operating costs	15,487	71,540	34,636	102,203
Oil and natural gas | Intersegment Eliminations
Revenues:
Revenues	(17,806)	(1)	(17,807)	(3)
Operating costs:
Operating costs	(863)	(814)	(1,707)	(1,566)
Oil and natural gas | Oil and Natural Gas [Member] | Operating Segments [Member]
Revenues:
Revenues	59,776	26,957	114,801	75,481
Operating costs:
Operating costs	16,350	72,354	36,343	103,769
Oil and natural gas | Contract drilling [Member] | Operating Segments [Member]
Revenues:
Revenues	0	0	0	0
Operating costs:
Operating costs	0	0	0	0
Oil and natural gas | Mid-Stream [Member] | Operating Segments [Member]
Revenues:
Revenues	0	0	0	0
Operating costs:
Operating costs	0	0	0	0
Oil and natural gas | Corporate and Other | Corporate, Non-Segment
Revenues:
Revenues	0	0	0	0
Operating costs:
Operating costs	0	0	0	0
Contract drilling
Revenues:
Revenues	18,061	29,202	33,735	65,834
Operating costs:
Operating costs	14,080	20,951	25,951	46,400
Contract drilling | Intersegment Eliminations
Revenues:
Revenues	0	0	0	0
Operating costs:
Operating costs	0	0	0	0
Contract drilling | Oil and Natural Gas [Member] | Operating Segments [Member]
Revenues:
Revenues	0	0	0	0
Operating costs:
Operating costs	0	0	0	0
Contract drilling | Contract drilling [Member] | Operating Segments [Member]
Revenues:
Revenues	18,061	29,202	33,735	65,834
Operating costs:
Operating costs	14,080	20,951	25,951	46,400
Contract drilling | Mid-Stream [Member] | Operating Segments [Member]
Revenues:
Revenues	0	0	0	0
Operating costs:
Operating costs	0	0	0	0
Contract drilling | Corporate and Other | Corporate, Non-Segment
Revenues:
Revenues	0	0	0	0
Operating costs:
Operating costs	0	0	0	0
Gas gathering and processing
Revenues:
Revenues	74,026	32,849	124,225	70,071
Operating costs:
Operating costs	45,056	22,612	84,719	50,223
Gas gathering and processing | Intersegment Eliminations
Revenues:
Revenues	7,703	(4,870)	(1,707)	(10,328)
Operating costs:
Operating costs	(10,120)	(4,057)	(19,567)	(8,765)
Gas gathering and processing | Oil and Natural Gas [Member] | Operating Segments [Member]
Revenues:
Revenues	0	0	0	0
Operating costs:
Operating costs	0	0	0	0
Gas gathering and processing | Contract drilling [Member] | Operating Segments [Member]
Revenues:
Revenues	0	0	0	0
Operating costs:
Operating costs	0	0	0	0
Gas gathering and processing | Mid-Stream [Member] | Operating Segments [Member]
Revenues:
Revenues	66,323	37,719	125,932	80,399
Operating costs:
Operating costs	55,176	26,669	104,286	58,988
Gas gathering and processing | Corporate and Other | Corporate, Non-Segment
Revenues:
Revenues	0	0	0	0
Operating costs:
Operating costs	$ 0	$ 0	$ 0	$ 0

Supplemental Condensed Consol_3

Supplemental Condensed Consolidated Financial Information (Condensed Consolidating Statements of Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Condensed Financial Statements, Captions [Line Items]
Revenues	$ 134,057	$ 89,007	$ 254,954	$ 211,383
Expenses:
Operating costs	74,623	115,103	145,306	198,826
Depreciation, depletion, and amortization	16,364	35,960	33,875	97,577
Impairments	0	109,318	0	851,242
Loss on abandonment of assets	0	0	0	17,554
General and administrative	5,751	25,814	12,920	37,367
Loss on disposition of assets	(1,710)	877	(2,182)	1,267
Total operating costs	95,028	287,072	189,919	1,203,833
Income (loss) from operations	39,029	(198,065)	65,035	(992,450)
Interest, net	(487)	(7,608)	(3,193)	(20,865)
Write-off of debt issuance costs	0	(2,426)	0	(2,426)
Gain (loss) on derivatives	(42,400)	(6,937)	(65,231)	(6,454)
Reorganization Items	(1,852)	(7,027)	(2,988)	(7,027)
Other, net	(831)	43	(755)	103
Loss before income taxes	(10,115)	(222,020)	(10,706)	(1,029,119)
Income tax expense (benefit)	0	(6,455)	0	(9,880)
Equity in net earnings from investment in subsidiaries, net of taxes		0		0
Net loss	(10,115)	(215,565)	(10,706)	(1,019,239)
Less: net income (loss) attributable to non-controlling interest	2,879	84	4,225	(33,096)
Net loss attributable to Unit Corporation	$ (12,994)	(215,649)	$ (14,931)	(986,143)
Consolidating Adjustments [Member]
Condensed Financial Statements, Captions [Line Items]
Revenues		(4,871)		(10,331)
Expenses:
Operating costs		(4,873)		(10,331)
Depreciation, depletion, and amortization		0		0
Impairments		0		0
Loss on abandonment of assets				0
General and administrative		0		0
Loss on disposition of assets		0		0
Total operating costs		(4,873)		(10,331)
Income (loss) from operations		2		0
Interest, net		0		0
Write-off of debt issuance costs		0		0
Gain (loss) on derivatives		0		0
Reorganization Items		0		0
Other, net		0		0
Loss before income taxes		2		0
Income tax expense (benefit)		0		0
Equity in net earnings from investment in subsidiaries, net of taxes		201,304		995,283
Net loss		201,306		995,283
Less: net income (loss) attributable to non-controlling interest		(84)		33,096
Net loss attributable to Unit Corporation		201,390		962,187
Parent [Member]
Condensed Financial Statements, Captions [Line Items]
Revenues		0		0
Expenses:
Operating costs		0		0
Depreciation, depletion, and amortization		607		1,478
Impairments		0		0
Loss on abandonment of assets				0
General and administrative		0		0
Loss on disposition of assets		1,479		1,479
Total operating costs		2,086		2,957
Income (loss) from operations		(2,086)		(2,957)
Interest, net		(7,066)		(19,805)
Write-off of debt issuance costs		(2,426)		(2,426)
Gain (loss) on derivatives		(6,937)		(6,454)
Reorganization Items		(2,205)		(2,205)
Other, net		4		11
Loss before income taxes		(20,716)		(33,836)
Income tax expense (benefit)		(6,455)		(9,880)
Equity in net earnings from investment in subsidiaries, net of taxes		(201,304)		(995,283)
Net loss		(215,565)		(1,019,239)
Less: net income (loss) attributable to non-controlling interest		84		(33,096)
Net loss attributable to Unit Corporation		(215,649)		(986,143)
Combined Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Revenues		56,159		141,315
Expenses:
Operating costs		93,305		150,169
Depreciation, depletion, and amortization		25,005		73,478
Impairments		109,318		787,280
Loss on abandonment of assets				17,554
General and administrative		25,814		37,367
Loss on disposition of assets		(593)		(197)
Total operating costs		252,849		1,065,651
Income (loss) from operations		(196,690)		(924,336)
Interest, net		0		0
Write-off of debt issuance costs		0		0
Gain (loss) on derivatives		0		0
Reorganization Items		(4,822)		(4,822)
Other, net		18		53
Loss before income taxes		(201,494)		(929,105)
Income tax expense (benefit)		0		0
Equity in net earnings from investment in subsidiaries, net of taxes		0		0
Net loss		(201,494)		(929,105)
Less: net income (loss) attributable to non-controlling interest		0		0
Net loss attributable to Unit Corporation		(201,494)		(929,105)
Combined Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Revenues		37,719		80,399
Expenses:
Operating costs		26,671		58,988
Depreciation, depletion, and amortization		10,348		22,621
Impairments		0		63,962
Loss on abandonment of assets				0
General and administrative		0		0
Loss on disposition of assets		(9)		(15)
Total operating costs		37,010		145,556
Income (loss) from operations		709		(65,157)
Interest, net		(542)		(1,060)
Write-off of debt issuance costs		0		0
Gain (loss) on derivatives		0		0
Reorganization Items		0		0
Other, net		21		39
Loss before income taxes		188		(66,178)
Income tax expense (benefit)		0		0
Equity in net earnings from investment in subsidiaries, net of taxes		0		0
Net loss		188		(66,178)
Less: net income (loss) attributable to non-controlling interest		84		(33,096)
Net loss attributable to Unit Corporation		$ 104		$ (33,082)

Supplemental Condensed Consol_4

Supplemental Condensed Consolidated Financial Information (Condensed Consolidating Statements of Cash Flows (Unaudited)) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	$ 73,965	$ 26,467
INVESTING ACTIVITIES:
Capital expenditures	(7,673)	(23,804)
Producing properties and other acquisitions	0	(210)
Proceeds from disposition of property and equipment	15,278	4,497
Net cash provided by (used in) investing activities	7,605	(19,517)
FINANCING ACTIVITIES:
Borrowings under line of credit, including borrowings under DIP credit facility	3,900	79,400
Payments under line of credit	(67,900)	(38,100)
DIP financing costs	0	990
Intercompany borrowings (advances), net		0
Net payments on finance leases	(3,216)	(2,061)
Employee taxes paid by withholding shares	0	(43)
Bank overdrafts	1,313	(8,733)
Net cash provided by (used in) financing activities	(87,295)	29,473
Net increase (decrease) in cash and cash equivalents	(5,725)	36,423
Cash, restricted cash, and cash equivalents, beginning of period	12,145	571
Cash, restricted cash, and cash equivalents, end of period	$ 6,989	36,994
Consolidating Adjustments [Member]
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities		148,563
INVESTING ACTIVITIES:
Capital expenditures		0
Producing properties and other acquisitions		0
Proceeds from disposition of property and equipment		0
Net cash provided by (used in) investing activities		0
FINANCING ACTIVITIES:
Borrowings under line of credit, including borrowings under DIP credit facility		0
Payments under line of credit		0
DIP financing costs		0
Intercompany borrowings (advances), net		(148,563)
Net payments on finance leases		0
Employee taxes paid by withholding shares		0
Bank overdrafts		0
Net cash provided by (used in) financing activities		(148,563)
Net increase (decrease) in cash and cash equivalents		0
Cash, restricted cash, and cash equivalents, beginning of period		0
Cash, restricted cash, and cash equivalents, end of period		0
Parent [Member]
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities		(201,699)
INVESTING ACTIVITIES:
Capital expenditures		(760)
Producing properties and other acquisitions		0
Proceeds from disposition of property and equipment		1,169
Net cash provided by (used in) investing activities		409
FINANCING ACTIVITIES:
Borrowings under line of credit, including borrowings under DIP credit facility		47,300
Payments under line of credit		(23,500)
DIP financing costs		990
Intercompany borrowings (advances), net		198,503
Net payments on finance leases		0
Employee taxes paid by withholding shares		(43)
Bank overdrafts		(7,269)
Net cash provided by (used in) financing activities		214,001
Net increase (decrease) in cash and cash equivalents		12,711
Cash, restricted cash, and cash equivalents, beginning of period		503
Cash, restricted cash, and cash equivalents, end of period		13,214
Combined Guarantor Subsidiaries [Member]
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities		59,486
INVESTING ACTIVITIES:
Capital expenditures		(13,428)
Producing properties and other acquisitions		(210)
Proceeds from disposition of property and equipment		3,253
Net cash provided by (used in) investing activities		(10,385)
FINANCING ACTIVITIES:
Borrowings under line of credit, including borrowings under DIP credit facility		0
Payments under line of credit		0
DIP financing costs		0
Intercompany borrowings (advances), net		(49,169)
Net payments on finance leases		0
Employee taxes paid by withholding shares		0
Bank overdrafts		0
Net cash provided by (used in) financing activities		(49,169)
Net increase (decrease) in cash and cash equivalents		(68)
Cash, restricted cash, and cash equivalents, beginning of period		68
Cash, restricted cash, and cash equivalents, end of period		0
Combined Non-Guarantor Subsidiaries [Member]
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities		20,117
INVESTING ACTIVITIES:
Capital expenditures		(9,616)
Producing properties and other acquisitions		0
Proceeds from disposition of property and equipment		75
Net cash provided by (used in) investing activities		(9,541)
FINANCING ACTIVITIES:
Borrowings under line of credit, including borrowings under DIP credit facility		32,100
Payments under line of credit		(14,600)
DIP financing costs		0
Intercompany borrowings (advances), net		(771)
Net payments on finance leases		(2,061)
Employee taxes paid by withholding shares		0
Bank overdrafts		(1,464)
Net cash provided by (used in) financing activities		13,204
Net increase (decrease) in cash and cash equivalents		23,780
Cash, restricted cash, and cash equivalents, beginning of period		0
Cash, restricted cash, and cash equivalents, end of period		$ 23,780