Unit (UNTC) 10-K 31 Mar 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2022	Jun. 30, 2021
Document And Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
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, Country	US
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Shell Company	false
Entity Public Float			$ 127.7
Common stock outstanding (in shares)		10,050,561
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0000798949

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Auditor Information [Abstract]
Auditor Firm ID	248
Auditor Location	Tulsa, Oklahoma
Auditor Name	GRANT THORNTON LLP

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents		$ 64,140	$ 12,145
Restricted cash		0	569
Accounts receivable, net of allowance for credit losses of $2,511 and $3,783 at December 31, 2021 and December 31, 2020, respectively		87,248	57,846
Current income taxes receivable		0	1,150
Prepaid expenses and other		5,542	11,212
Total current assets		156,930	82,922
Oil and natural gas properties, on the full cost method:
Proved properties		225,014	238,581
Unproved properties not being amortized		422	1,591
Drilling equipment		66,058	63,687
Gas gathering and processing equipment		274,748	251,404
Land and building		0	32,635
Transportation equipment		4,550	3,130
Other		8,631	9,961
Property, plant and equipment, gross, total		579,423	600,989
Less accumulated depreciation, depletion, amortization, and impairment		128,880	54,189
Net property and equipment		450,543	546,800
Right of use asset (Note 19)		12,445	5,592
Other assets		9,559	14,389
Total assets	[1]	629,477	649,703
Current liabilities:
Accounts payable		58,625	40,829
Accrued liabilities (Note 9)		22,450	21,743
Current operating lease liability (Note 19)		3,791	4,075
Current portion of long-term debt (Note 10)		0	600
Current derivative liabilities (Note 17)		40,876	1,047
Warrant liability (Note 17)		19,822	885
Current portion of other long-term liabilities (Note 10)		5,574	11,168
Total current liabilities		151,138	80,347
Long-term debt (Note 10)		19,200	98,400
Non-current derivative liabilities (Note 17)		17,855	4,659
Operating lease liability		8,677	1,445
Other long-term liabilities (Note 10)		32,939	39,259
Commitments and contingencies (Note 21)
Shareholders' equity:
Common stock, $0.01 par value, 25,000,000 shares authorized, 12,000,000 shares issued and 10,050,037 outstanding as of December 31, 2021, and 12,000,000 issued and outstanding as of December 31, 2020		120	120
Treasury Stock, Value		(51,965)	0
Capital in excess of par value		198,171	197,242
Retained earnings (deficit)		41,071	(18,140)
Total shareholders' equity attributable to Unit Corporation		187,397	179,222
Non-controlling interests in consolidated subsidiaries		212,271	246,371
Total shareholders' equity		399,668	425,593
Total liabilities and shareholders' equity	[2]	$ 629,477	$ 649,703
[1]	Unit Corporation's consolidated total assets as of December 31, 2021 include current and long-term assets of its variable interest entity (VIE) (Superior) of $61.1 million and $229.5 million, respectively, which can only be used to settle obligations of the VIE. Unit Corporation's consolidated cash and cash equivalents of $64.1 million as of December 31, 2021 includes $17.2 million held by Superior. Unit Corporation's consolidated total assets as of December 31, 2020 include current and long-term assets of its variable interest entity (VIE) (Superior) of $45.8 million and $247.8 million, respectively, which can only be used to settle obligations of the VIE. Unit Corporation's consolidated cash and cash equivalents of $12.1 million as of December 31, 2020 includes $11.6 million held by Superior.
[2]	Unit Corporation's consolidated total liabilities as of December 31, 2021 include current and long-term liabilities of Superior of $42.3 million and $21.2 million, respectively, for which the creditors of the VIE have no recourse to Unit Corporation. All of Unit Corporation's consolidated long-term debt of $19.2 million as of December 31, 2021 was held by Superior. Unit Corporation's consolidated total liabilities as of December 31, 2020 include 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. None of Unit Corporation's consolidated long-term debt of $98.4 million as of December 31, 2020 was held by Superior.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts receivable, allowance for doubtful accounts	$ 2,511	$ 3,783
Total current assets	156,930	82,922
Cash and cash equivalents	$ 64,140	$ 12,145
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	10,050,037	12,000,000
Total current liabilities	$ 151,138	$ 80,347
Long-term debt (Note 10)	19,200	98,400
VIE
Total current assets	61,137	45,815
Cash and cash equivalents	17,246	11,642
Total current liabilities	42,300	28,383
Long-term debt (Note 10)	19,200	0
VIE | Asset Pledged as Collateral
Total current assets	61,100	45,800
Assets, Noncurrent	229,500	247,800
Total current liabilities	42,300	28,400
Liabilities, Noncurrent	$ 21,200	$ 2,600

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	4 Months Ended		8 Months Ended		12 Months Ended
	Dec. 31, 2020		Aug. 31, 2020		Dec. 31, 2021
Revenues:
Revenues	$ 133,528	[1]	$ 276,957	[2]	$ 638,716
Operating costs:
Operating costs	81,277		237,546		375,581
Depreciation, depletion, and amortization	27,962		115,496		64,326
Impairments (Note 4)	26,063	[3]	867,814	[4]	10,673
Loss on abandonment of assets (Note 4)	0		18,733		0
General and administrative	6,702		42,766		24,915
Gain on disposition of assets	(619)		(89)		(10,877)
Total operating expenses	141,385		1,282,266		464,618
Income (loss) from operations	(7,857)		(1,005,309)		174,098
Other income (expense):
Interest, net	(3,275)		(22,824)		(4,266)
Write-off debt issuance costs	0		(2,426)		0
Gain (loss) on derivatives (Note 17)	(985)		(10,704)		(97,615)
Loss on change in fair value of warrants (Note 17)	0		0		(18,937)
Reorganization items, net (Note 25)	(2,273)		133,975		(4,294)
Other	100		2,034		(597)
Total other income (expense)	(6,433)		100,055		(125,709)
Income (loss) before income taxes	(14,290)		(905,254)		48,389
Income tax expense (benefit):
Current	(302)		(917)		173
Deferred	0		(13,713)		0
Total income taxes	(302)		(14,630)		173
Net income (loss)	(13,988)		(890,624)		48,216
Net income (loss) attributable to non-controlling interest	4,152		40,388		(12,431)
Net income (loss) attributable to Unit Corporation	$ (18,140)		$ (931,012)		$ 60,647
Net income (loss) attributable to Unit Corporation per common share (Note 8):
Basic	$ (1.51)		$ (17.45)		$ 5.32
Diluted	$ (1.51)		$ (17.45)		$ 5.26
Oil and Natural Gas
Revenues:
Revenues	$ 57,578	[1]	$ 103,439	[2]	$ 224,232
Operating costs:
Operating costs	25,256		117,691		79,924
Contract drilling
Revenues:
Revenues	19,413	[1]	73,519	[2]	76,107
Operating costs:
Operating costs	13,852		51,810		60,973
Gas gathering and processing
Revenues:
Revenues	56,537	[1]	99,999	[2]	338,377
Operating costs:
Operating costs	$ 42,169		$ 68,045		$ 234,684
[1]	The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time.
[2]	The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time.
[3]	During the Successor Period of 2020, we recorded non-cash ceiling test write-downs on our oil and natural gas properties of $26.1 million pre-tax
[4]	During the Predecessor Period of 2020, we recorded non-cash ceiling test write-downs on our oil and natural gas properties of $393.7 million, pre-tax ($346.6 million, net of tax). Impairment for contract drilling equipment includes a $410.1 million pre-tax write-down for SCR drilling rigs and other drilling equipment. Impairment for mid-stream assets includes a $10.7 million pre-tax write-down for certain long-lived asset groups. 3. Oil and natural gas assets include oil and natural gas properties, saltwater disposal systems, and other non-full cost pool assets. 4. Identifiable assets are those used in Unit’s operations in each industry segment. 5. Other corporate assets are principally cash and cash equivalents, short-term investments, transportation equipment, furniture, and equipment.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (13,988)	$ (890,624)	$ 48,216
Other comprehensive income (loss), net of taxes:
Reclassification adjustment for write-down of securities	0	0	0
Comprehensive income (loss)	(13,988)	(890,624)	48,216
Less: Comprehensive income (loss) attributable to non-controlling interest	4,152	40,388	(12,431)
Comprehensive income (loss) attributable to Unit Corporation	$ (18,140)	$ (931,012)	$ 60,647

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Revision of Prior Period, Error Correction, Adjustment	Common Stock	Treasury Stock	Capital In Excess of Par Value	Retained Earnings (Deficit)	Retained Earnings (Deficit)Revision of Prior Period, Error Correction, Adjustment	Non-controlling Interest in Consolidated Subsidiaries	Non-controlling Interest in Consolidated SubsidiariesRevision of Prior Period, Error Correction, Adjustment
Beginning balance at Dec. 31, 2019	$ 1,055,635		$ 10,591	$ 0	$ 644,152	$ 199,135		$ 201,757
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(890,624)					(931,012)		40,388
Activity in stock-based compensation plans	6,169		113		6,001			55
Ending balance at Aug. 31, 2020	171,180		10,704	0	650,153	(731,877)		242,200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Successor equity	197,323		120		197,203
Ending balance at Sep. 01, 2020	439,523		120	0	197,203	0		242,200
Beginning balance at Aug. 31, 2020	171,180		10,704	0	650,153	(731,877)		242,200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(13,988)					(18,140)		4,152
Activity in stock-based compensation plans	58				39			19
Ending balance at Dec. 31, 2020	425,593		120	0	197,242	(18,140)		246,371
Ending balance (Error in the Allocation of Earnings from Superior between Unit Corp and Noncontrolling Interests) at Dec. 31, 2020		$ 0					$ (1,436)		$ 1,436
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	48,216					60,647		(12,431)
Activity in stock-based compensation plans	960				929			31
Distributions to non-controlling interests	(23,136)							(23,136)
Repurchases of common stock	(51,965)			(51,965)
Ending balance at Dec. 31, 2021	$ 399,668		$ 120	$ (51,965)	$ 198,171	$ 41,071		$ 212,271

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	4 Months Ended		8 Months Ended		12 Months Ended
	Dec. 31, 2020		Aug. 31, 2020		Dec. 31, 2021
OPERATING ACTIVITIES:
Net income (loss)	$ (13,988)		$ (890,624)		$ 48,216
Adjustments to reconcile net income operating activities:
Depreciation, depletion, and amortization	27,962		115,496		64,326
Impairments (Note 4)	26,063	[1]	867,814	[2]	10,673
Loss on abandonment of assets (Note 4)	0		18,733		0
Amortization of debt issuance costs and debt discount (Note 10)	0		1,079		0
Loss on derivatives (Note 17)	985		10,704		97,615
Cash receipts (payments) on derivatives settled (Note 17)	(1,133)		(4,244)		(44,591)
Loss on change in fair value of warrants (Note 17)	0		0		18,937
Gain on disposition of assets	(619)		(89)		(10,877)
Write-off of debt issuance costs	0		2,426		0
Deferred tax expense (Note 13)	0		(13,713)		0
Stock-based compensation plans	58		4,786		929
Credit loss expense	0		3,155		1,633
ARO liability accretion (Note 11)	467		1,545		1,893
Contract assets and liabilities, net (Note 5)	1,316		2,459		3,699
Capitalized contract fulfillment costs, net	0		0		(537)
Noncash reorganization items	67		(138,797)		10
Other, net	(3,046)		12,164		(843)
Changes in operating assets and liabilities increasing (decreasing) cash:
Accounts receivable	(7,226)		28,880		(31,034)
Materials and supplies	0		89		0
Prepaid expenses and other	1,795		(3,849)		(4,953)
Accounts payable	1,484		(18,381)		23,141
Accrued liabilities	(4,048)		44,811		(3,331)
Income taxes	(301)		906		1,160
Contract advances	(29)		(394)		(97)
Net cash provided by operating activities	29,807		44,956		175,969
INVESTING ACTIVITIES:
Capital expenditures	(4,057)		(25,775)		(30,305)
Cash and cash equivalents	0		382		0
Producing property and other oil and natural gas acquisitions			(382)
Other Payments to Acquire Businesses	0				13,000
Proceeds from disposition of property and equipment	1,799		6,018		79,510
Net cash provided by (used in) investing activities	(2,258)		(20,139)		36,205
FINANCING ACTIVITIES:
Borrowings under line of credit	0		87,400		65,300
Payments under line of credit	(49,000)		(64,100)		(145,100)
DIP financing costs	0		(990)		0
Exit facility financing costs	0		(3,225)		0
Financing cash flows for finance leases	1,406		2,757		3,216
Employee taxes paid by withholding shares	0		(43)		0
Distributions to non-controlling interest	0		0		(23,136)
Repurchase of common stock	0		0		(51,965)
Bank overdrafts (Note 3)	2,631		(8,733)		(2,631)
Net Cash Provided by (Used in) Financing Activities, Total	(47,775)		7,552		(160,748)
Net increase (decrease) in cash and cash equivalents	(20,226)		32,369		51,426
Cash, restricted cash, cash equivalents, beginning of year	32,940		571		12,714
Cash, restricted cash, cash equivalents, end of year	12,714		32,940		64,140
Supplemental disclosure of cash flow information:
Interest paid (net of capitalization)	2,571		6,417		4,769
Income taxes	0		0		0
Reorganization items	2,206		4,822		4,283
Changes in accounts payable and accrued liabilities related to purchases of property, plant, and equipment	1,902		8,561		(1,249)
Non-cash reductions (increases) to oil and natural gas properties related to asset retirement obligations	1,702		29,189		(478)
Non-cash trade of property and equipment	$ 0		$ 1,403		$ 0
[1]	During the Successor Period of 2020, we recorded non-cash ceiling test write-downs on our oil and natural gas properties of $26.1 million pre-tax
[2]	During the Predecessor Period of 2020, we recorded non-cash ceiling test write-downs on our oil and natural gas properties of $393.7 million, pre-tax ($346.6 million, net of tax). Impairment for contract drilling equipment includes a $410.1 million pre-tax write-down for SCR drilling rigs and other drilling equipment. Impairment for mid-stream assets includes a $10.7 million pre-tax write-down for certain long-lived asset groups. 3. Oil and natural gas assets include oil and natural gas properties, saltwater disposal systems, and other non-full cost pool assets. 4. Identifiable assets are those used in Unit’s operations in each industry segment. 5. Other corporate assets are principally cash and cash equivalents, short-term investments, transportation equipment, furniture, and equipment.

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	12 Months Ended
	Dec. 31, 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 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, 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 Colorado, Kansas, Louisiana, Montana, New Mexico, North Dakota, Utah, and Wyoming. Contract Drilling. Carried out by our subsidiary, Unit Drilling Company, 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.

2020 EMERGENCE FROM VOLUNTARY R

2020 EMERGENCE FROM VOLUNTARY REORGANIZATION UNDER CHAPTER 11	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
2020 EMERGENCE FROM VOLUNTARY REORGANIZATION UNDER CHAPTER 11	2020 EMERGENCE FROM VOLUNTARY REORGANIZATION UNDER CHAPTER 11 Voluntary Reorganization Under Chapter 11 of the Bankruptcy Code On May 22, 2020, the Debtors filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division. The Chapter 11 proceedings were jointly administered under Case No. 20-32740 (DRJ). During the pendency of the Chapter 11 Cases, the Debtors operated their business as "debtors-in-possession" under the authority of the bankruptcy court and under the Bankruptcy Code. On August 6, 2020, the bankruptcy court entered the “Findings of Fact, Conclusions of Law, and Order (I) approving the Disclosure Statement on a Final Basis and (II) confirming the Plan on a final basis. On September 3, 2020, the conditions to effectiveness for the Plan were satisfied, and the Debtors emerged from Chapter 11. Following emergence, we implemented the Plan as follows: • Each lender under the (i) the Unit credit agreement, and (ii) the DIP Credit Agreement received (or was entitled to receive) its pro rata share of revolving loans, term loans, and letter of credit participation under the Exit Credit Agreement, in exchange for the lender’s allowed claims under the Unit credit agreement or DIP Credit Agreement; • Each lender under the Unit credit agreement and the DIP Credit Agreement received its pro rata share of an equity fee under the exit facility equal to 5% of the New Common Stock (subject to dilution by shares reserved for issuance under a management incentive plan and upon exercise of the warrants described below); • The company issued a total of 12.0 million shares of New Common Stock at a par value of $0.01 per share to be subsequently distributed in accordance with the Plan; • Each holder of the Notes received its pro rata share of New Common Stock based on equity allocations at each of Unit, UDC, and UPC in exchange for the holder’s allowed Notes claim; • Each holder of an allowed general unsecured claim against Unit or UPC was entitled to receive its pro rata share of New Common Stock based on equity allocations at each of Unit and UPC, respectively; • A disputed claims reserve was established for distribution of New Common Stock on allowance of certain disputed general unsecured claims; • Each holder of an allowed general unsecured claim against UDC, 8200 Unit, Unit Drilling Colombia and Unit Drilling USA received payment or will receive payment in full for that claim in the ordinary course of business; and • Each retained or former employee with a claim for vested severance benefits, who opted into a settlement, received or will receive cash payment(s) for the claim in lieu of an allocation of New Common Stock otherwise provided to holders of general unsecured claims. All shares of New Common Stock are subject to the transfer restrictions in the company’s Amended and Restated Certificate of Incorporation (Charter). Article XIV of the Charter provides that, subject to the exceptions provided in Article XIV, any attempted transfer of the New Common Stock will be prohibited and void ab initio if (i) because of the transfer, any person becomes a Substantial Stockholder (as defined below) other than by reason of Treasury Regulations section 1.382-2T(j)(3) or (ii) the Percentage Stock Ownership (as defined in the Charter) interest of any Substantial Stockholder will be increased. A “Substantial Stockholder” means a person with a Percentage Stock Ownership of 4.75% or more. Warrants Each holder of the Old Common Stock outstanding before the Effective Date that did not opt out of the release under the Plan, is entitled to receive 0.03460447 warran ts for every share of Old Common Stock owned. Each warrant will initially be exercisable for one share of New Common Stock, subject to adjustment as provided in the Warrant Agreement. The exercise price of the Warrants will be determined, and the Warrants will become exercisable, once the Debtors have completed the claims reconciliation process and resolved any objections to disputed claims under the Bankruptcy Petitions. The initial exercise price per share for the Warrants will be set at an amount that implies a recovery by holders of the Subordinated Notes of the $650 million principal amount of the Subordinated Notes plus interest thereon to the May 15, 2021 maturity date of the Notes. The Warrants expire on the earliest of (i) September 3, 2027, (ii) consummation of a Cash Sale (as defined in the Warrant Agreement) or (iii) the consummation of a liquidation, dissolutions or winding up of the company (such earliest date, the Expiration Date). Each Warrant that is not exercised on or before the Expiration Date will expire, and all rights under that Warrant and the Warrant Agreement will cease on the Expiration Date. The warrants issued to holders of the company’s Old Common Stock that did not opt-out of the releases under the Plan and that owned their shares of old common stock through Direct Registration are outlined below: Issuance Date Warrants Issued December 21, 2020 1,764,164 February 11, 2021 42,511 July 29, 2021 10,521 October 13, 2021 5,005 Total 1,822,201 The company expects to issue approximately 21,117 more Warrants to the holders of the Old Common Stock that did not opt-out of the releases under the Plan and owned their shares through Direct Registration. Events of Default The filing of the Chapter 11 Cases, in addition to other events of default including cross-defaults, constituted an event of default that accelerated the company's obligations under the Unit credit agreement and the indenture governing the Notes. Under the Bankruptcy Code, the creditors under these debt agreements were stayed from taking any action against the company. Superior and its subsidiaries were not debtors in the Chapter 11 Cases, and the Chapter 11 Cases did not result in an event of default under the Superior credit agreement. In addition, the Debtors' filing of the bankruptcy petitions constituted a termination event under the Debtors' hedge agreements, which allowed the counterparties to those hedge agreements to terminate the outstanding hedges, as those termination events were not stayed by the Chapter 11 Cases. On filing the Chapter 11 Cases, Unit entered into a Continuation Agreement (Continuation Agreement) with Superior, SPC Midstream Operating, L.L.C., and SP Investor to continue the parties' contractual relationships during the Chapter 11 Cases under the governance, operational, and related agreements entered into by those parties at the formation of the company’s midstream joint venture with SP Investor, which agreements contained certain provisions that otherwise would have been triggered by filing the Chapter 11 Cases. Liquidity and Borrowings The Debtors entered into the DIP Credit Agreement. Before repayment and termination on the Effective Date, borrowings under the DIP Credit Agreement would have matured on the earliest of (i) September 22, 2020 (subject to a two-month extension to be approved by the DIP lenders), (ii) the sale of all or substantially all the assets of the Debtors under Section 363 of the Bankruptcy Code or otherwise, (iii) the effective date of a plan of reorganization or liquidation in the Chapter 11 Cases, (iv) the entry of an order by the bankruptcy court dismissing any of the Chapter 11 Cases or converting such Chapter 11 Cases to a case under Chapter 7 of the Bankruptcy Code, and (v) the date of termination of the DIP lenders’ commitments and the acceleration of any outstanding extensions of credit, in each case, under the DIP Credit Agreement and subject to the bankruptcy court’s orders. On the Effective Date, the DIP Credit Agreement was repaid in full and terminated. Following the Debtors’ emergence from the Chapter 11 Cases, each holder of an allowed claim under the DIP Credit Agreement received its pro rata share of revolving loans, term loans, and letter-of-credit participations under the Exit credit agreement. In addition, each holder received or was entitled to receive its pro rata share of an equity fee under the exit facility equal to 5% of the New Common Stock (subject to dilution by shares reserved for issuance under a management incentive plan and on exercise of the Warrants). Also on the Effective Date, under the Plan, we entered into an amended and restated credit agreement (Exit credit agreement). Refer to Note 10 – Long-Term Debt And Other Long-Term Liabilities for the terms of the Exit credit agreement. The Debtors discontinued recording interest on liabilities subject to compromise as of the filing of the Chapter 11 Cases. Contractual interest on liabilities subject to compromise not reflected in the consolidated statements of operations for the eight months ended August 31, 2020 was approximately $12.4 million, respectively, representing interest expense from the filing date through August 31, 2020. In addition, the Debtors did not make the May 15, 2020 $21.5 million required interest payment on the Notes.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation. The consolidated financial statements include the accounts of Unit Corporation and its subsidiaries. We have consolidated the activities of Superior, a 50/50 joint venture between Unit and SP Investor Holdings, LLC which qualifies as a VIE under generally accepted accounting principles in the United States (U.S. GAAP), for each of the periods presented in the consolidated financial statements. 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 20 – Variable Interest Entities. All intercompany transactions and accounts have been eliminated. During 2021, management identified an error in the initial allocation of equity between Unit Corporation and non-controlling interests as of the Fresh Start Reporting Date. The impact of the error was not material to any of our prior period financial statements and the error was corrected with one-time adjustment during the year ended December 31, 2021. As a result, during the year ended December 31, 2021, retained earnings (deficit) was reduced by $1.4 million with a corresponding decrease to non-controlling interest in consolidated subsidiaries. Certain amounts presented 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. 2020 Reorganization and Fresh Start Accounting. The consolidated financial statements in Note 25 - Fresh Start Accounting have been prepared in accordance with Financial Accounting Standard Board (FASB) ASC Topic 852, Reorganizations . We evaluated the events between September 1, 2020 and September 3, 2020 and concluded that the use of an accounting convenience date of September 1, 2020 (Fresh Start Reporting Date) would not have a material impact to the consolidated financial statements. This was reflected in our consolidated balance sheets as of September 1, 2020. Accordingly, our consolidated financial statements and notes after September 1, 2020, are not comparable to the consolidated financial statements and notes before that date. We refer to the reorganized company in these consolidated financial statements and notes as the "Successor" for periods subsequent to August 31, 2020, and "Predecessor" for periods prior to September 1, 2020, and the consolidated financial statements and notes have been presented with a "black line" division to delineate the lack of comparability between the Predecessor and Successor periods. We have applied the relevant guidance provided in U.S. GAAP regarding the accounting and financial statement disclosures for entities that have filed petitions with the bankruptcy court and reorganized as going concerns in preparing the consolidated financial statements and notes through the period ended August 31, 2020. That guidance requires certain transactions and events that were directly related to our reorganization be distinguished from our normal business operations for periods after our bankruptcy filing on May 22, 2020 or post-petition periods. Accordingly, certain expenses, realized gains, and losses and provisions that were realized or incurred in the Chapter 11 Cases have been included in "Reorganization items, net" on our consolidated statements of operations. Accounting Estimates. Preparing financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results could differ from those estimates. Significant estimates and assumptions include: • oil and gas reserves quantities and values; • full cost ceiling test and impairment assessments for property and equipment; • asset retirement obligations; • fair value of commodity derivative assets and liabilities; • fair value of the warrant liability; • reorganization fair value as of the Effective Date, • grant date fair value of stock-based compensation; • workers' compensation liabilities; • contingency, litigation, and environmental liabilities; • and realizability of deferred tax assets; Cash and Cash Equivalents. We include as cash and cash equivalents all cash on hand and on deposit, as well as highly liquid investments with maturities of three months or less which are readily convertible into known amounts of cash. The financing section of our consolidated statements of cash flows reflects bank overdraft activity. Bank overdrafts are checks issued before the end of the period, but not presented to our bank for payment before the end of the period. There were no bank overdrafts as of December 31, 2021 and $2.6 million as of December 31, 2020. Accounts Receivable, Net of Allowance for Credit Losses. Accounts receivable are carried on a gross basis, with no discounting, less an allowance for expected credit losses. We estimate the allowance for credit losses based on existing economic conditions, the financial condition of our customers, and the amount and age of past due accounts. Receivables are considered past due if full payment is not received by the contractual due date. Past due accounts are generally written off against the allowance for credit losses only after all collection attempts have been unsuccessful. Property and Equipment. Oil and Natural Gas Properties. We account for our oil and natural gas exploration and development activities using the full cost method of accounting prescribed by the SEC under which we capitalize all productive and non-productive costs incurred in connection with the acquisition, exploration, and development of our oil, NGLs, and natural gas reserves, including directly related overhead costs and related asset retirement costs. We did not capitalize any directly related overhead costs in 2021 or 2020. Capitalized costs are amortized on a units-of-production method based on proved oil and natural gas reserves. The calculation of DD&A includes all capitalized costs, estimated future expenditures to be incurred in developing proved reserves, and estimated dismantlement and abandonment costs, net of estimated salvage values less accumulated amortization, unproved properties, and equipment not placed in service. The average rates used for DD&A were $2.67, $4.21, and $7.77 per Boe for the year ended December 31, 2021, the four months ended December 31, 2020, and the eight months ended August 31, 2020. Our contract drilling segment may provide drilling services for our oil and natural gas segment. Revenues and expenses from these services are eliminated in our consolidated statements of operations, with any recognized profit reducing our investment in our oil and natural gas properties. There were no intercompany drilling services provided for elimination in the year ended December 31, 2021, four months ended December 31, 2020, or eight months ended August 31, 2020. No gains or losses are recognized on the sale, conveyance, or other disposition of oil and natural gas properties unless it results in a significant alteration to our full cost pool. Drilling equipment, gas gathering and processing equipment, corporate land and building, transportation equipment, and other property and equipment. Drilling equipment, gas gathering and processing equipment, corporate land and building, transportation equipment, and other property and equipment are carried at cost less accumulated depreciation. Renewals and enhancements are capitalized while repairs and maintenance are expensed. Prior to emergence from bankruptcy, we recorded depreciation of drilling equipment using the units-of-production method based on estimated useful lives starting at 15 years, including a minimum provision of 20% of the active rate when the equipment is idle, unless idle for greater than 48 months, then it was depreciated at the full active rate. We also used the composite method of depreciation for drill pipe and collars and calculate the depreciation by footage drilled compared to total estimated remaining footage. As of emergence and thereafter, we elected to depreciate all drilling assets utilizing the straight-line method over the estimated useful lives of the assets ranging from four to ten years. Depreciation on our former corporate building was computed using the straight-line method over the estimated useful life of 39 years. Depreciation of other property and equipment is computed using the straight-line method over the estimated useful lives of the assets ranging from three Impairment and disposal. We review the carrying amounts of long-lived assets for potential impairment when events occur or changes in circumstances suggest these carrying amounts may not be recoverable. Changes that could prompt an assessment include equipment obsolescence, changes in the market demand for a specific asset, changes in commodity prices, periods of relatively low drilling rig utilization, declining revenue per day, declining cash margin per day, or overall changes in general market conditions. Assets are determined to be impaired if a forecast of undiscounted estimated future net operating cash flows directly related to the asset, including disposal value if any, is less than the carrying amount of the asset. If any asset is determined to be impaired, the loss is measured as the amount by which the carrying asset exceeds its fair value. The estimate of fair value is based on the best information available, including prices for similar assets. Changes in these estimates could cause us to reduce the carrying value of property and equipment. Asset impairment evaluations are, by nature, highly subjective. They involve expectations about future cash flows generated by our assets and reflect our assumptions and judgments regarding future industry conditions and their effect on future utilization levels, dayrates, and costs. Using different estimates and assumptions could result in materially different carrying values of our assets. When property and equipment components are disposed of, the cost and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is generally reflected in operations. For dispositions of drill pipe and drill collars, an average cost for the appropriate feet of drill pipe and drill collars is removed from the asset account and charged to accumulated depreciation and proceeds, if any, are credited to accumulated depreciation. Capitalized Interest. Interest costs associated with major asset additions are capitalized during the construction period using a weighted average interest rate based on our outstanding borrowings. We did not capitalize any interest costs in 2021 or 2020. Leases. We enter into various agreements to lease equipment and buildings, and we review each agreement to determine if they contain operating or finance leases with a term greater than 12 months. We recognize a lease liability on identified leases for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term based on the present value of lease payments over the lease term which includes all noncancelable periods as well as periods covered by options to extend the lease that we are reasonably certain to exercise. Leases with an initial term of 12 months or less are not recorded as a lease right-of-use asset and liability. Most leases are valued using an incremental borrowing rate, which is determined based on information available at the commencement date of a lease, as an implicit borrowing rate cannot be determined under most of our leases. Leases may include renewal, purchase or termination options that can extend or shorten the term of the lease. These options are evaluated at inception and throughout the contract term to determine if a modification of the lease term is required. Leases with an initial term of 12 months or less are not recorded as a lease right-of-use asset and liability. Expenses related to leases determined to be operating leases will be recognized on a straight-line basis over the lease term including any reasonably certain renewal periods, while those determined to be finance leases will be recognized following a front-loaded expense profile in which interest and amortization are presented separately in the consolidated statements of operations. The determination of whether a lease is accounted for as a finance lease or an operating lease requires management's estimates of the fair value of the underlying asset and its estimated economic useful life, among other considerations. ARO. We are required to record the estimated fair value of the liabilities relating to the future retirement of our long-lived assets. Our oil and natural gas wells are plugged and abandoned when the oil and natural gas reserves in those wells are depleted or the wells are no longer able to produce. The estimated liabilities related to these future costs are recorded at the time the wells are drilled or acquired. We use historical experience to determine the estimated plugging costs considering the well's type, depth, physical location, and ultimate productive life. A risk-adjusted discount rate and an inflation factor are applied to estimate the present value of these obligations. We depreciate the capitalized asset retirement cost and accrete the obligation over time. Revisions to the obligations and assets are recognized at the appropriate risk-adjusted discount rate with a corresponding adjustment made to the full cost pool. Our mid-stream segment has property and equipment at locations leased or under right of way agreements which may require asset removal or site restoration, however, we are not able to reasonably measure the fair value of the obligations as the potential settlement dates are indeterminable. Insurance. We are self-insured for certain losses relating to workers’ compensation, control of well and employee medical benefits. Insured policies for other coverage contain deductibles or retentions per occurrence that range from zero to $1.0 million. We have purchased stop-loss coverage to limit, to the extent feasible, per occurrence and aggregate exposure to certain types of claims. There is no assurance that the insurance coverages we have will adequately protect us against liability from all potential consequences. If insurance coverage becomes more expensive, we may choose to self-insure, decrease our limits, raise our deductibles, or any combination of these rather than pay higher premiums. Commodity Derivatives. All commodity derivatives are recognized on the consolidated balance sheets as either an asset or liability measured at fair value and all our commodity derivative counterparties are subject to master netting agreements. We net the value of the derivative transactions with the same counterparty if a legal right to set-off exists. Changes in the fair value of our commodity derivatives and gains or losses on commodity derivative settlement are reported in gain (loss) on derivatives in our consolidated statements of operations. Cash settlements received or paid for matured, early-terminated, and/or modified derivatives are reported in cash receipts (payments) on derivatives settled in our consolidated statements of cash flows. Income Taxes. Income taxes are recognized based on earnings reported for tax return purposes in addition to a provision for deferred income taxes. Deferred income taxes are recognized at the end of each reporting period for the future tax consequences of cumulative temporary differences between the tax basis of assets and liabilities and their reported amounts in the Company’s consolidated financial statements based on existing tax laws and enacted statutory tax rates applicable to the periods in which the temporary differences are expected to affect taxable income. U.S. GAAP requires the recognition of a deferred tax asset for net operating loss carryforwards and tax credit carryforwards. We periodically assesses the realizability of the deferred tax assets by considering all available evidence (both positive and negative) to determine whether it is more likely than not that all or a portion of the deferred tax assets will not be realized and a valuation allowance is required. Natural Gas Balancing. When there are insufficient remaining reserves to offset a gas imbalance, we recognize an asset or a liability for the under-produced or over-produced position. We have recorded a receivable of $0.6 million on certain wells where we estimate that insufficient reserves are available for us to recover our under-production from future production volumes and a liability of $1.1 million on certain properties where there are insufficient reserves available to allow the under-produced owners to recover their under-production from future production volumes as of December 31, 2021. Our policy is to expense the pro-rata share of lease operating costs from all wells as incurred. Such expenses relating to the balancing position on wells in which we have imbalances are not material. Stock-Based Compensation. We recognize the cost of stock-based compensation over the requisite service periods, which is generally the vesting period, based on the grant date fair value of those awards and account for forfeitures as they occur. Warrant Liability. We recognize the fair value of the warrants as a derivative liability on our consolidated balance sheets with changes in the liability reported as loss on change in fair value of warrants in our consolidated statements of operations. The liability 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. Recently Issued Accounting Standards Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The FASB issued ASU 2020-04 and ASU 2021-01 which provide and clarify optional expedients and exceptions for applying generally accepted accounting principles to contract modifications, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The amendments within these ASUs 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. We have not yet elected to use the optional guidance and continue to evaluate the options provided by ASU 2020-04 and ASU 2021-01. 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. We will adopt ASU 2020-06 effective January 1, 2022. The adoption of this ASU is not expected to have a material impact on our consolidated financial statements. Recently Adopted Accounting Standards

IMPAIRMENTS

IMPAIRMENTS	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
IMPAIRMENTS	IMPAIRMENTS Oil and Natural Gas Properties 2021 There were no impairments recorded during the year ended December 31, 2021. 2020 During the four months ended December 31, 2020, the application of the full cost accounting rules resulted in non-cash ceiling test write-downs of $26.1 million pre-tax primarily due to the use of average 12-month historical commodity prices for the ceiling test versus the forward prices used for our Fresh Start fair value estimates. These charges are included within impairments in our consolidated statements of operations. During the eight months ended August 31, 2020, 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. We recorded a non-cash ceiling test write-down of $393.7 million pre-tax ($346.6 million, net of tax) during the eight months ended August 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. These charges are included within impairments in our consolidated statements of operations. In addition to the impairment evaluations of our proved and unproved oil and gas properties in the eight months ended August 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 eight months ended August 31, 2020. These amounts are reported in loss on abandonment of assets in our consolidated statements of operations. Contract Drilling 2021 There were no impairments recorded during the year ended December 31, 2021. 2020 During the eight months ended August 31, 2020, we recorded expense of $1.1 million related to the write-down of certain equipment that we consider abandoned. These amounts are reported in loss on abandonment of assets in our consolidated statements of operations. During the eight months ended August 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 addition to non-cash impairment charges of $3.0 million for other miscellaneous drilling equipment. These charges are included within impairments in our consolidated statements of operations. 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 included forecasted utilization, gross margins, salvage values, discount rates, and terminal values. There were no additional triggering events identified during the eight months ended August 31, 2020 or four months ended December 31, 2020. Mid-Stream 2021 In December 2021, we determined that the carrying value of a gathering system in Pennsylvania was not recoverable and exceeded its estimated fair value due to unfavorable forecasted economics. We recorded non-cash impairment charges of $10.7 million based on the estimated fair value of the asset group. These charges are included within impairments in our consolidated statements of operations. 2020 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 consolidated statements of operations. There were no additional triggering events identified during the eight months ended August 31, 2020 or one month ended September 30, 2020.

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
REVENUE FROM CONTRACTS WITH CUSTOMERS	REVENUE FROM CONTRACTS WITH CUSTOMERS Our revenue streams are reported under our three segments: oil and natural gas, contract drilling, and mid-stream. This is our disaggregation of revenue and how our segment revenue is reported (as reflected in Note 23 – Industry Segment Information). Revenue from the oil and natural gas segment is derived from sales of our oil and natural gas production. Revenue from the contract drilling segment is derived by contracting with upstream companies to drill an agreed-on number of wells or provide drilling rigs and services over an agreed-on period. Revenue from the Mid-Stream segment is derived from gathering, transporting, and processing natural gas production and selling those commodities. We satisfy the performance obligation under each segment's contracts as follows: • contract drilling and mid-stream contracts - satisfy the performance obligations over the agreed-on time; • oil and natural gas contracts - satisfy the performance obligation with each volume delivery. For oil and natural gas contracts, as it is more feasible, we account for these deliveries monthly. Per the contracts for all segments, customers pay for the services/goods received monthly within an agreed number of days following the end of the month. Other than the mid-stream demand fees and shortfall fees discussed further below, there were no other contract assets or liabilities falling within the scope of this accounting pronouncement. Oil and Natural Gas Revenues Typical types of revenue contracts entered into by our oil and gas segment are Oil Sales Contracts, North American Energy Standards Board (NAESB) Contracts, Gas Gathering and Processing Agreements, and revenues earned as the non-operated party with the operator serving as an agent on our behalf under joint operating agreements. Consideration received is variable and settled monthly while contract terms can range from a single month or evergreen to terms of a decade or more. Revenues from oil and natural gas sales are recognized when the customer obtains control of the sold product which typically occurs at the point of delivery to the customer. 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 are 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 Contract drilling revenues and expenses are primarily recognized as services are performed and collection is reasonably assured. Payments for mobilization and demobilization activities do not related to a distinct good or service within the contract, but are recognized as revenue when received as deferral for ratable recognition over the contract term is not material to the consolidated financial statements. Costs incurred to relocate rigs and other drilling equipment to areas in which a contract has not been secured are expensed as incurred and any reimbursements received for out-of-pocket expenses are recorded as both revenues and direct costs. Most of our drilling contracts have a term of one year or less and the remaining performance obligations under the contracts without a fixed term are not material. Mid-Stream Contracts Revenues Revenues are generated from the fees earned for gas gathering and processing services provided to a customer or by selling of 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. We recognize sales revenue at the point in time when control transfers to the purchaser, typically at a specified delivery point, based on the contractually agreed upon fixed or index-based price received. Contracts for gas gathering and processing services may include terms for demand fees or shortfall fees. Demand fees or shortfall fees exist in arrangements where a customer agrees to pay a fixed fee for a contractually agreed upon pipeline capacity or shortfall fees for any minimum volumes not utilized, which create performance obligations for each individual period of reservation. Revenue for these fees is recognized once the services have been completed, the customer no longer has access to the contracted capacity, or the likelihood of the customer exercising all or a portion of their remaining rights becomes remote. The table below shows the changes in our contract asset and contract liability balances during periods presented which are primarily associated with demand fees and the impact to gas gathering and processing revenues: Successor Successor Classification on the Consolidated Balance Sheets December 31, 2021 December 31, 2020 Change (In thousands) Assets Current contract assets Prepaid expenses and other $ 174 $ 6,084 $ (5,910) Non-current contract assets Other assets — 173 (173) Total contract assets $ 174 $ 6,257 $ (6,083) Liabilities Current contract liabilities Current portion of other long-term liabilities $ 1,588 $ 2,583 $ (995) Non-current contract liabilities Other long-term liabilities 200 1,589 (1,389) Total contract liabilities 1,788 4,172 (2,384) Contract assets (liabilities), net $ (1,614) $ 2,085 $ (3,699) Included below is the adjustment to demand fees from adopting ASC 606 over the remaining term of the contracts as of December 31, 2021. Contract Remaining Term of Contract 2022 2023 and beyond Total Remaining Impact to Revenue (In thousands) Demand fee contracts 1 - 10 months $ 1,374 $ — $ 1,374

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	12 Months Ended
	Dec. 31, 2020
Acquisitions and Divestitures [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES Oil and Natural Gas There was no significant acquisition activity during the year ended December 31, 2021 or the four months ended December 31, 2020. We acquired $0.4 million of producing and other oil and natural gas properties during the eight months ended August 31, 2020. The company initiated an asset divestiture program at the beginning of 2021 to sell certain non-core oil and gas properties and reserves (the “Divestiture Program”). On October 4, 2021, the company announced that it is expanding the Divestiture Program to now include the potential sale of additional properties, including up to all of UPC’s oil and gas properties and reserves. On January 20, 2022, the company announced that it has retained a financial advisor and launched the process. On March 8, 2022, the company closed on the sale of wells and related leases located near the Oklahoma Panhandle for $5.0 million, subject to customary closing and post-closing adjustments with an effective date of December 1, 2021. No gain or loss was recognized as the sale of these assets did not result in a significant alteration of the full cost pool. On August 16, 2021, the co mpany closed on the sale of substantially all of our wells and related leases located near Oklahoma City, Oklahoma for $19.5 million, subject to customary closing and post-closing adjustments. No gain or loss was recognized as the sale of these assets did not result in a significant alteration of the full cost pool. On May 6, 2021, the company closed on the sale of substantially all of our wells and related leases located in Reno and Stafford Counties, Kansas for $7.1 million, subject to customary closing and post-closing adjustments. No gain or loss was recognized as the sale of these assets did not result in a significant alteration of the full cost pool. We also sold $5.0 million of other non-core oil and natural gas assets, net of related expenses, during the year ended December 31, 2021, compared to $0.4 million during the four months ended December 31, 2020, and $1.2 million during the eight months ended August 31, 2020. No gain or loss was recognized as the sale of these assets did not result in a significant alteration of the full cost pool. Contract Drilling There was no significant acquisition activity during the year ended December 31, 2021, the four months ended December 31, 2020, or eight months ended August 31, 2020. We sold non-core contract drilling assets for proceeds of $12.7 million, net of related expenses, during the year ended December 31, 2021, compared to $1.3 million during the four months ended December 31, 2020, and $4.8 million during the eight months ended August 31, 2020. These proceeds resulted in net gains of $10.1 million during the year ended December 31, 2021, compared to $0.5 million during the four months ended December 31, 2020, and $1.4 million during the eight months ended August 31, 2020. Mid-Stream In November 2021, we closed on an acquisition for $13.0 million, subject to customary closing and post-closing adjustments, that included a cryogenic processing plant, approximately 1,620 miles of low-pressure gathering pipeline, and related compressor stations located in southern Kansas. The transaction was accounted for as an asset acquisition. There was no significant acquisition activity during the year ended December 31, 2020. There was no significant divestiture activity during the year ended December 31, 2021, the four months ended December 31, 2020, or eight months ended August 31, 2020. Corporate and Other

CAPITAL STOCK

CAPITAL STOCK	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
CAPITAL STOCK	CAPITAL STOCK In June 2021, we repurchased an aggregate of 600,000 shares of our common stock from the Lenders (as defined in Note 10 - Long-Term Debt And Other Long-Term Liabilities) which received these shares as an exit fee during our 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 consolidated balance sheets as of December 31, 2021. In June 2021, our board of directors (the Board) authorized repurchasing up to $25.0 million of our outstanding common stock. In October 2021, the Board authorized an increase from $25.0 million of authorized repurchases to $50.0 million. The repurchases will be made through open market purchases, privately negotiated transactions, or other available means. We have no obligation to repurchase any shares under the repurchase program and may suspend or discontinue it at any time without prior notice. As of December 31, 2021, we had repurchased a total of 1,271,963 shares at an average share price of $32.57 for an aggregate purchase price of $41.4 million under the repurchase program. During the year ended December 31, 2021, we also repurchased 78,000 shares in a privately negotiated transaction at a share price of $19.07 which were not part of the repurchase program. The cumulative number of shares repurchased as of December 31, 2021 totaled 1,949,963, resulting in outstanding shares of 10,050,037.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	EARNINGS (LOSS) PER SHARE Information related to the calculation of earnings (loss) per share attributable to Unit Corporation for the year ended December 31, 2021, four months ended December 31, 2020, and eight months ended August 31, 2020 is as follows: Earnings (Loss) Weighted Shares Per-Share Amount (In thousands except per share amounts) For the year ended December 31, 2021 (Successor) Basic earnings attributable to Unit Corporation per common share $ 60,647 11,405 $ 5.32 Effect of dilutive restricted stock units — 115 (0.06) Diluted earnings attributable to Unit Corporation per common share $ 60,647 11,520 $ 5.26 For the four months ended December 31, 2020 (Successor) Basic loss attributable to Unit Corporation per common share $ (18,140) 12,000 $ (1.51) For the eight months ended August 31, 2020 (Predecessor) Basic loss attributable to Unit Corporation per common share $ (931,012) 53,368 $ (17.45)

ACCRUED LIABILITIES

ACCRUED LIABILITIES	12 Months Ended
	Dec. 31, 2021
Accrued Liabilities [Abstract]
ACCRUED LIABILITIES	ACCRUED LIABILITIES Accrued liabilities consisted of the following as of December 31: Successor Successor 2021 2020 (In thousands) Employee costs $ 10,005 $ 8,878 Lease operating expenses 3,451 6,405 Capital expenditures 3,962 — Taxes 3,320 2,324 Interest payable 296 884 Legal settlement (Note 21) — 2,070 Other 1,416 1,182 Total accrued liabilities $ 22,450 $ 21,743

LONG-TERM DEBT AND OTHER LONG-T

LONG-TERM DEBT AND OTHER LONG-TERM LIABILITIES	12 Months Ended
	Dec. 31, 2021
Long-term debt and other long-term liabilites [Abstract]
LONG-TERM DEBT AND OTHER LONG-TERM LIABILITIES	LONG-TERM DEBT AND OTHER LONG-TERM LIABILITIES Long-Term Debt Long-term debt consisted of the following as of December 31: Successor Successor 2021 2020 (In thousands) Current portion of long-term debt: Exit credit agreement with an average interest rate of 6.7% $ — $ 600 Long-term debt: Exit credit agreement with an average interest of 6.7% — 98,400 Superior credit agreement with an average interest rate of 2.1% at December 31, 2021 19,200 — Total long-term debt $ 19,200 $ 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, (ii) the guarantors, including the company and all its subsidiaries existing as of the Effective Date (other than Superior Pipeline Company, L.L.C. and its subsidiaries), (iii) the lenders under the agreement (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 the 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 Facility, 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. On October 19, 2021, the company finalized the third amendment to the Exit credit agreement. Under the third amendment, the company requested, and was granted, a reduction in the RBL Facility borrowing base from $140.0 million to $80.0 million in addition to less restrictive terms as it relates to capital expenditures, required hedges, and the use of proceeds from the disposition of certain assets, while also amending certain financial covenants. On March 30, 2022, the RBL Facility borrowing base of $80.0 million was reaffirmed. 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 and September 30, 2021, to be greater than 3.75 to 1.00, and (iii) December 31, 2021 and any fiscal quarter thereafter, to be greater than 3.25 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 to 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. Unit was in compliance with these covenants as of December 31, 2021. The Exit credit agreement is secured by first-priority liens on substantially all the personal and real property assets of the Borrowers and the Guarantors, including the company's ownership interests in Superior. We had no current or long-term borrowings, and $2.4 million of letters of credit outstanding under the Exit credit agreement as of December 31, 2021, compared to $0.6 million current and $98.4 million long-term borrowings, and $5.5 million of letters of credit outstanding as of December 31, 2020. Predecessor Unit Credit Agreement. Before the filing of the Chapter 11 Cases, the Predecessor Unit credit agreement had a scheduled maturity date of October 18, 2023 that would have accelerated to November 16, 2020 if, by that date, all the Notes were not repurchased, redeemed, or refinanced with indebtedness having a maturity date at least six months following October 18, 2023 (Credit Agreement Extension Condition). Filing the bankruptcy petitions on May 22, 2020 constituted an event of default that accelerated our obligations under the Unit credit agreement, and the lenders’ rights of enforcement under the Unit credit agreement were automatically stayed because of the Chapter 11 Cases. Before filing the Chapter 11 Cases, we were charged a commitment fee of 0.375% on the amount available but not borrowed. That fee varied based on the amount borrowed as a percentage of the total borrowing base. Total amendment fees of $3.3 million in origination, agency, syndication, and other related fees were being amortized over the life of the Unit credit agreement. Due to the remaining commitments under the Unit credit agreement being terminated by the lenders', the unamortized debt issuance costs of $2.4 million were written off during the eight months ended August 31, 2020. Under the Unit credit agreement, we pledged as collateral 80% of the proved developed producing (discounted as present worth at 8%) total value of our oil and gas properties. Under the mortgages covering those oil and gas properties, UPC also pledged certain items of its personal property. Before filing the Chapter 11 Cases, any part of the outstanding debt under the Unit credit agreement could be fixed at a London Interbank Offered Rate (LIBOR). LIBOR interest was computed as the LIBOR base for the term plus 1.50% to 2.50% depending on the level of debt as a percentage of the borrowing base and was payable at the end of each term, or every 90 days, whichever is less. Borrowings not under LIBOR bear interest equal to the higher of the prime rate specified in the Unit credit agreement and the sum of the Federal Funds Effective Rate (as defined in the Unit credit agreement) plus 0.50%, but in no event would the interest on those borrowings be less than LIBOR plus 1.00% plus a margin. Interest was payable at the end of each month or at the end of each LIBOR contract and the principal may be repaid in whole or in part at any time, without a premium or penalty. On the Effective Date, each lender under the Predecessor Unit credit agreement and the DIP Credit Agreement (as defined below) received its pro rata share of revolving loans, term loans and letter-of-credit participations under the Exit credit agreement, in exchange for that lender’s allowed claims under the Predecessor Unit credit agreement or the DIP Credit Agreement. Superior Credit Agreement. On May 10, 2018, Superior entered into a five-year, $200.0 million senior secured revolving credit facility with an option to increase the credit amount up to $250.0 million, subject to certain conditions. 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 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 to Lender in the London Interbank Market or if such index no longer exists or accurately reflects the rate available to Administrative Agent in the London Interbank Market, 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 (as defined in the Superior credit agreement) for the most-recently ended rolling four quarters of at least 2.50 to 1.00, and a funded debt to Consolidated EBITDA ratio (as defined in the Superior credit agreement) 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. Superior was in compliance with these covenants as of December 31, 2021 The Superior credit agreement is used to fund capital expenditures and acquisitions and provide general working capital and letters of credit. We had $19.2 million of borrowings and $0.5 million of letters of credit outstanding under the Superior credit agreement as of December 31, 2021, compared to no borrowings and $2.6 million of letters of credit outstanding as of December 31, 2020. Unit is not a party to and does not guarantee Superior's credit agreement. Superior and its subsidiaries were not debtors in the Chapter 11 Cas es, and the Superior credit agreement was not affected by Unit's bankruptcy. Predecessor 6.625% Senior Subordinated Notes. The Predecessor 6.625% Notes (Predecessor Notes) were issued under an Indenture dated as of May 18, 2011, between the company and Wilmington Trust, National Association (successor to Wilmington Trust FSB), as Trustee (Trustee), as supplemented by the First Supplemental Indenture dated as of May 18, 2011, between us, the Guarantors, and the Trustee, and as further supplemented by the Second Supplemental Indenture dated as of January 7, 2013, between us, the Guarantors, and the Trustee (as supplemented, the 2011 Indenture), establishing the terms of and providing for issuing the Predecessor Notes. As a result of Unit's emergence from bankruptcy, the Predecessor Notes were cancelled and our liability under the Predecessor Notes was discharged as of the Effective Date. Holders of the Predecessor Notes were issued shares of New Common Stock in accordance with the Plan. Predecessor DIP Credit Agreement . As contemplated by the Restructuring Support Agreement between the company and certain of the Predecessor Note holders and our lenders, the company and the other Debtors entered into a Superpriority Senior Secured Debtor-in-Possession Credit Agreement dated May 27, 2020 ( DIP credit agreement), among the Debtors, the lenders under the facility (the DIP lenders), and BOKF, NA dba Bank of Oklahoma, as administrative agent, under which the DIP lenders agreed to provide us with a $36.0 million multiple-draw loan facility (DIP credit facility). The bankruptcy court entered an interim order on May 26, 2020 approving the DIP credit facility, permitting the Debtors to borrow up to $18.0 million on an interim basis. On June 19, 2020, the bankruptcy court granted final approval of the DIP credit facility. Before its repayment and termination on the Effective Date, borrowings under the DIP credit facility matured on the earliest of (i) September 22, 2020 (subject to a two-month extension to be approved by the DIP Lenders), (ii) the sale of all or substantially all the assets of the Debtors under Section 363 of the Bankruptcy Code or otherwise, (iii) the effective date of a plan of reorganization or liquidation in the Chapter 11 Cases, (iv) the entry of an order by the bankruptcy court dismissing any of the Chapter 11 Cases or converting such Chapter 11 Cases to a case under Chapter 7 of the Bankruptcy Code and (v) the date of termination of the DIP lenders’ commitments and the acceleration of any outstanding extensions of credit, in each case, under the DIP credit facility under and subject to the DIP Credit Agreement and the bankruptcy court’s orders. On the Effective Date, the DIP credit facility was paid in full and terminated, and each holder of an allowed claim under the DIP credit facility received its pro rata share of revolving loans, term loans, and letter-of-credit participations under the Exit credit agreement. In addition, each holder was issued its pro rata share of an equity fee under the Exit credit agreement equal to 5% of the New Common Stock (subject to dilution by shares reserved for issuance under a management incentive plan and on exercise of the Warrants). For further information about the DIP Credit Agreement, please see Note 2 – 2020 Emergence From Voluntary Reorganization Under Chapter 11. Other Long-Term Liabilities Other long-term liabilities consisted of the following as of December 31: Successor Successor 2021 2020 (In thousands) Asset retirement obligation (ARO) liability $ 25,688 $ 23,356 Workers’ compensation 7,925 10,164 Finance lease obligations — 3,216 Contract liabilities 1,788 4,172 Separation benefit plans 2,022 4,201 Gas balancing liability 1,090 3,997 Other long-term liabilities — 1,321 38,513 50,427 Less: current portion 5,574 11,168 Total other long-term liabilities $ 32,939 $ 39,259

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	12 Months Ended
	Dec. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]
ASSET RETIREMENT OBLIGATIONS	ASSET RETIREMENT OBLIGATIONS The following table summarizes activity for our estimated AROs during the year ended December 31, 2021 (in thousands): December 31, 2020 (Successor) $ 23,356 Accretion of discount 1,892 Liability incurred 7 Liability settled (1,140) Liability sold (1,935) Revision of estimates (1) 3,507 December 31, 2021 (Successor) 25,688 Less: current portion (Successor) 2,537 Long-term ARO liability (Successor) $ 23,151 _______________________ 1. Plugging liability estimates were revised for updates in the cost of services used to plug wells over the preceding year and estimated dates to be plugged. The following table summarizes activity for our estimated AROs during the eight months ended August 31, 2020 and the four months ended December 31, 2020 (in thousands): December 31, 2019 (Predecessor) $ 66,627 Accretion of discount 1,545 Liability incurred 465 Liability settled (838) Liability sold (487) Revision of estimates (1) (28,328) August 31, 2020 (Predecessor) 38,984 Fresh start adjustments (14,393) August 31, 2020 (Successor) 24,591 Accretion of discount 467 Liability incurred 151 Liability settled (95) Revision of estimates (1) (1,758) December 31, 2020 (Successor) 23,356 Less: current portion (Successor) 2,121 Long-term ARO liability (Successor) $ 21,235 _______________________

WORKERS' COMPENSATION

WORKERS' COMPENSATION	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
WORKERS' COMPENSATION	WORKERS' COMPENSATION We are liable for workers' compensation benefits for traumatic injuries through our self-insured program to provide income replacement and medical treatment for work-related traumatic injury claims as required by applicable state laws. Workers' compensation laws also compensate survivors of workers who suffer employment related deaths. Our liability for traumatic injury claims is the estimated present value of current workers' compensation benefits, based on our actuarial estimates. Our actuarial calculations are based on a blend of actuarial projection methods and numerous assumptions including claim development patterns, mortality, medical costs and interest rates. The following table summarizes activity for our workers' compensation liability during the year ended December 31, 2021 (in thousands): December 31, 2020 (Successor) $ 10,164 Claims and valuation adjustments (1,834) Payments (405) December 31, 2021 (Successor) 7,925 Less: current portion (Successor) 1,221 Long-term workers' compensation liability (Successor) $ 6,704 The following table summarizes activity for our workers' compensation liability during the eight months ended August 31, 2020 and the four months ended December 31, 2020 (in thousands): December 31, 2019 (Predecessor) $ 11,511 Claims and valuation adjustments 906 Payments (427) August 31, 2020 (Predecessor) 11,990 Fresh start adjustments — August 31, 2020 (Successor) 11,990 Claims and valuation adjustments (1,679) Payments (147) December 31, 2020 (Successor) 10,164 Less: current portion (Successor) 1,705 Long-term workers' compensation liability (Successor) $ 8,459 Our workers' compensation liability above is presented on a gross basis and does not include our expected receivables on our insurance policy. Our receivables for traumatic injury claims under these policies as of December 31, 2021 and 2020 are $4.0 million and $5.2 million, respectively, and are included in Other assets on our consolidated balance sheets.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES As a result of the Plan in 2020, the company experienced an ownership change under Sec. 382 of the Internal Revenue Code (IRC). Under IRC Sec. 382, the company’s tax attributes, most notably its net operating loss carryovers, are potentially subject to various limitations going forward. The company believes it has satisfied the requirements of Sec. 382(l)(5) whereby our tax attributes are generally not subject to limitations under Sec. 382(a) and have reflected that result in our financials accordingly. While cancellation of debt income (CODI) is generally considered taxable income under IRC Sec. 108, it provides an exception to that rule for CODI realized under a Title 11 case of the United States Code. In exchange for this exception, the taxpayer must reduce certain tax attributes including its net operating loss carryovers, credit carryovers, and tax basis in its assets in the amount of the CODI not recognized under the IRC Sec. 108 exception. The amount of CODI not recognized as a result of the IRC Sec. 108 exception was $506.3 million. As a result, our net operating loss carryovers were reduced by $456.3 million and the tax basis of our assets were reduced by $50.0 million. A reconciliation of income tax expense (benefit) computed by applying the federal statutory rate to pre-tax income (loss) to our effective income tax expense (benefit) during the periods indicated is as follows: Successor Predecessor Year Ended Four Months Ended Eight Months Ended (In thousands) Income tax expense (benefit) computed by applying the statutory rate $ 12,772 $ (3,001) $ (190,103) State income tax expense (benefit), net of federal benefit 2,129 (500) (31,684) Warrant liability revaluation 4,640 — — Restricted stock shortfall — — 7,404 Non-controlling interest in Superior (3,046) (1,017) 7,504 Goodwill impairment — — — Valuation allowance (16,612) 4,047 177,284 Reorganization adjustments — — 14,152 Statutory depletion and other 290 169 813 Income tax expense (benefit) $ 173 $ (302) $ (14,630) The company's total provision for income taxes consisted of the following during the periods indicated: Successor Predecessor Year Ended Four Months Ended Eight Months Ended (In thousands) Current taxes: Federal $ — $ — $ (917) State 173 (302) — 173 (302) (917) Deferred taxes: Federal — — (16,663) State — — 2,950 — — (13,713) Total provision for income taxes $ 173 $ (302) $ (14,630) Net deferred tax assets and liabilities are comprised of the following as of December 31: Successor Successor 2021 2020 (In thousands) Deferred tax assets: Allowance for losses and nondeductible accruals $ 23,819 $ 22,051 Net operating loss carryforward 94,441 100,236 Depreciation, depletion, amortization, and impairment 68,001 80,947 Alternative minimum tax and research and development tax credit carryforward 1,738 1,738 187,999 204,972 Deferred tax liability: Investment in Superior (3,626) (3,987) Net deferred tax asset 184,373 200,985 Valuation allowance (184,373) (200,985) Non-current—deferred tax liability $ — $ — We 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 to zero. The company has maintained this conclusion as of December 31, 2021 and 2020. 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, sustained significant improvements in commodity prices, a sustained significant increase in rig utilization and/or rates, a material and sizable asset acquisition or disposition, and taxable events that could result from one or more future potential transactions. The valuation allowance does not prohibit the company from utilizi ng 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. We file income tax returns in the U.S. federal jurisdiction and various states. We are no longer subject to U.S. federal tax examinations for years before 2017 or state income tax examinations by state taxing authorities for years before 2016. As of December 31, 2021, and after consideration of the tax attribute reductions of IRC Section 108 and finalization of the company’s 2020 federal income tax return, the company has an expected federal net operating loss carryforward of $385.5 million of which $190.5 million is subject to expiration between 2036 and 2037. As of December 31, 2021, our tax basis in UPC's properties was approximately $475.0 million.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2021
Employee benefit plans [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Separation Benefit Plans. As of the Effective Date, the Board adopted (i) the Amended and Restated Separation Benefit Plan of Unit Corporation and Participating Subsidiaries (Amended Separation Benefit Plan), (ii) the Amended and Restated Special Separation Benefit Plan of Unit Corporation and Participating Subsidiaries (Amended Special Separation Benefit Plan) and (iii) the Separation Benefit Plan of Unit Corporation and Participating Subsidiaries (New Separation Benefit Plan). In accordance with the Plan, the Amended Separation Benefit Plan and the Amended Special Separation Benefit Plan allowed former employees or retained employees with vested severance benefits under either plan to receive certain cash payments in full satisfaction for their allowed separation claim under the Chapter 11 Cases. Also in accordance with the Plan, the New Separation Benefit Plan was a comprehensive severance plan for retained employees, including retained employees whose severance did not already vest under the Amended Separation Benefit Plan or the Amended Special Separation Benefit Plan. The New Separation Benefit Plan provided eligible employees that are involuntarily separated with two weeks of severance pay per year of service, with a minimum of four weeks and a maximum of 13 weeks. These benefits also vested for voluntary separation after 20 years of service provided to the company. On November 1, 2021, the New Separation Benefit Plan was amended (Amended New Separation Benefit Plan) with consideration to the Divestiture Program to redefine which employees are entitled to the two weeks of severance pay per year of service with a minimum of four weeks and a maximum of 13 weeks as well as introduce new employee groups entitled to involuntary separation benefits equal to four months of base salary, six months of base salary, or 12 months of base salary if eligible upon involuntary separation. The Amended New Separation Benefit Plan maintains a 13 week severance benefit for voluntary separation which vests after 20 years of service provided to the company. We recognized expense for benefits associated with anticipated payments from these separation plans of $3.4 million, $1.4 million, and $18.1 million during the year ended December 31, 2021, the four months ended December 31, 2020, and the eight months ended August 31, 2020, respectively. 401(k) Employee Thrift Plan . Employees who meet specified service requirements may contribute a percentage of their total compensation, up to a specified maximum, to the 401(k) Employee Thrift Plan. We may match each employee’s contribution, up to a specified maximum, in full or on a partial basis with cash or common stock. The 2019 and 2020 plan year matching contributions were made in cash. Total 401(k) employer matching expense was $1.6 million, $0.7 million, and $1.4 million in the year ended December 31, 2021, four months ended December 31, 2020, and eight months ended August 31, 2020, respectively. Salary Deferral Plan. We provided a salary deferral plan for our executives (Deferral Plan) during the eight months ended August 31, 2020 which allowed participants to defer the recognition of salary for income tax purposes until actual distribution of benefits occurred at either termination of employment, death, or certain defined unforeseeable emergency hardships. As of December 31, 2020, investments held in the Deferral Plan had been paid out to plan participants and the Deferral Plan was terminated.

TRANSACTIONS WITH RELATED PARTI

TRANSACTIONS WITH RELATED PARTIES	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
TRANSACTIONS WITH RELATED PARTIES	TRANSACTIONS WITH RELATED PARTIESOne current director, Robert Anderson, also serves as an executive with GBK Corporation, a holding company with numerous energy and industry subsidiaries and affiliates, including Kaiser Francis Oil Company and Cactus Drilling Company. The company in the ordinary course of business, made payments for working interests, joint interest billings, drilling services, and product purchases to, and received payments for working interests, joint interest billings, and contract drilling services from, Kaiser Francis Oil Company and Cactus Drilling Company. Payments made to Kaiser Francis Oil Company totaled $5.7 million, $0.5 million, and $1.8 million while payments received totaled $6.2 million, $0.3 million, and $1.6 million during the year ended December 31, 2021, four months ended December 31, 2020, and eight months ended August 31, 2020, respectively. Payments made to Cactus Drilling Company totaled $0.8 million during the year ended December 31, 2021.One former director, G. Bailey Peyton IV, also serves as Manager and 99.5% owner of Peyton Royalties, LP, a family-controlled limited partnership that owns royalty rights in wells in several states. The company in the ordinary course of business, paid royalties, or lease bonuses, primarily due to its status as successor in interest to prior transactions and as operator of the wells involved and, sometimes, as lessee, regarding certain wells in which Mr. Peyton, members of Mr. Peyton's family, and Peyton Royalties, LP have an interest. Such payments totaled $0.4 million and $0.2 million during year ended December 31, 2021 and the eight months ended August 31, 2020, respectively.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Unit Corporation Long Term Incentive Plan. 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 will be administered by the Board or a committee thereof and 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 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. Predecessor Amended Plan and Non-Employee Directors Plan. The Second Amended and Restated Unit Corporation Stock and Incentive Compensation Plan effective May 6, 2015 (the Amended plan) allowed us to grant stock-based and cash-based compensation to our employees (including employees of subsidiaries) and to non-employee directors. We recognized a reversal of expense previously recorded for the unvested awards of $2.2 million for these awards upon cancellation. Under the Unit Corporation 2000 Non-Employee Directors’ Stock Option Plan (Non-employee directors plan), on the first business day following each annual meeting of shareholders, each person who was then a member of our Board and who was not then an employee of the company or any of its subsidiaries was granted an option to purchase 3,500 shares of common stock. On the Effective Date, the company's equity-based awards outstanding immediately before the Effective Date were cancelled along with the Amended plan and the Non-employee directors plan. The cancellations resulted in an acceleration of unrecorded stock compensation expense during the eight months ended August 31, 2020. Under the Plan, the company issued warrants to holders of those equity-based awards that were outstanding immediately before the Effective Date who did not opt out of releases under the Plan. For further information, see Note 2 – 2020 Emergence From Voluntary Reorganization Under Chapter 11. The following table summarizes the stock-based compensation expense activity recognized during the following periods: Successor Predecessor Year Ended Four Months Ended Eight Months Ended August 31, 2020 (1) (In thousands) Recognized stock compensation expense $ 826 $ — $ 6,065 Capitalized stock compensation cost for our oil and natural gas properties $ — $ — $ — Tax benefit on stock-based compensation $ 202 $ — $ 1,486 _______________________ 1. When the company's equity-based awards were cancelled on the Effective Date, we immediately recognized the expense for the cancelled awards of $1.4 million as reorganization costs. Successor Period activity pertaining to nonvested RSUs under the LTIP is as follows: Number of Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2020 (Successor) (1) — $ — Granted (2) 315,529 26.71 Vested — — Forfeited — — Nonvested at December 31, 2021 (Successor) (3) 315,529 $ 26.71 _______________________ 1. There was no activity during the four months ended December 31, 2020. 2. The grants had an aggregate grant date fair value of $8.4 million. Director grants will vest 25% on each of the following dates: May 27, 2022, September 3, 2022, September 3, 2023, and September 3, 2024. Employee grants will one-third vest on each of the following dates: November 21, 2022, October 1, 2023, and October 1, 2024. 3. The aggregate compensation cost related to nonvested RSUs not yet recognized as of December 31, 2021 was $7.9 million with a weighted average remaining service period of 1.7 years. Successor Period activity pertaining to outstanding stock options under the LTIP is as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2020 (Successor) (1) — $ — Granted (2) 361,418 45.00 Exercised — — Forfeited or expired — — Outstanding at December 31, 2021 (Successor) (3) 361,418 $ 45.00 _______________________ 1. There was no activity during the four months ended December 31, 2020. 2. The grants had an aggregate grant date fair value of $4.1 million and will one-third vest on each of the following dates: October 1, 2022, October 1, 2023, and October 1, 2024. The options have a five year term from the grant date. 3. The stock options outstanding as of December 31, 2021 had a weighted average remaining contractual term of 4.8 years and no aggregate intrinsic value. None of the stock options outstanding as of December 31, 2021 were exercisable. The aggregate compensation cost related to outstanding options not yet recognized as of December 31, 2021 was $3.9 million with a weighted average remaining service period of 1.8 years. Predecessor Period activity pertaining to nonvested RSUs under the Amended plan is as follows: Employees Number of Number of Total Number of Shares Weighted Average Price Nonvested at December 31, 2019 (Predecessor) 1,527,648 841,374 2,369,022 $ 18.95 Granted — — — — Vested (677,076) — (677,076) 19.95 Forfeited (272,396) (503,809) (776,205) 19.28 Nonvested at August 31, 2020 (Predecessor) 578,176 337,565 915,741 $ 17.92 Cancelled (578,176) (337,565) (915,741) 17.92 Nonvested at September 1, 2020 (Successor) — — — $ — Non-Employee Directors Number of Shares Weighted Average Price Nonvested at December 31, 2019 (Predecessor) 118,688 $ 14.83 Granted — — Vested (48,475) 15.88 Forfeited — — Nonvested at August 31, 2020 (Predecessor) 70,213 $ 14.10 Cancelled (70,213) 14.10 Nonvested at September 1, 2020 (Successor) — $ — Predecessor Period activity pertaining to outstanding stock options under the Non-Employee Directors' Stock Option Plan for the identified periods is as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2019 (Predecessor) 42,000 $ 48.56 Granted — — Exercised — — Forfeited (14,000) 41.21 Outstanding at August 31, 2020 (Predecessor) 28,000 $ 52.24 Cancelled (28,000) 52.24 Outstanding at September 1, 2020 (Successor) — $ —

DERIVATIVES

DERIVATIVES	12 Months Ended
	Dec. 31, 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. As of December 31, 2021, our commodity 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. We are not required to post any cash collateral with our counterparties and no collateral has been posted as of December 31, 2021. The following non-designated hedges were outstanding as of December 31, 2021: Term Commodity Contracted Volume Weighted Average Fixed Price for Swaps Contracted Market Jan'22 - Dec'22 Natural gas - swap 5,000 MMBtu/day $2.61 IF - NYMEX (HH) Jan'23 - Dec'23 Natural gas - swap 22,000 MMBtu/day $2.46 IF - NYMEX (HH) Jan'22 - Dec'22 Natural gas - collar 35,000 MMBtu/day $2.50 - $2.68 IF - NYMEX (HH) Jan'22 - Jun'22 Crude oil - swap 986 Bbl/day $70.30 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 Warrants We recognize the fair value of the warrants as a derivative liability on our consolidated balance sheets with changes in the liability reported as loss on change in fair value of warrants in our consolidated statements of operations. The liability 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. The following tables present the recognized derivative assets and liabilities on our consolidated balance sheets as of the dates identified: As of December 31, 2021 Balance Sheet Classification Presented Effects of Presented (In thousands) Liabilities: Current Commodity Derivatives Current derivative liabilities $ 40,876 $ — $ 40,876 Long-term Commodity Derivatives Non-current derivative liabilities 17,855 — 17,855 Warrant Liability Warrant liability 19,822 — 19,822 Total derivative liabilities $ 78,553 $ — $ 78,553 As of December 31, 2020 Balance Sheet Classification Presented Effects of Presented (In thousands) Assets: Current commodity derivatives Current derivative assets $ 3,292 $ (3,292) $ — Long-term commodity derivatives Non-current derivative assets 144 (144) — Total derivative assets $ 3,436 $ (3,436) $ — Liabilities: Current Commodity Derivatives Current derivative liabilities $ 4,339 $ (3,292) $ 1,047 Long-term Commodity Derivatives Non-current derivative liabilities 4,803 (144) 4,659 Warrant Liability Warrant liability 885 — 885 Total derivative liabilities $ 10,027 $ (3,436) $ 6,591 The following table shows the activity related to derivative instruments in the consolidated statements of operations for the periods indicated: Successor Predecessor Year Ended Four Months Ended Eight Months Ended (In thousands) Loss on derivatives $ (97,615) $ (985) $ (10,704) Cash settlements paid on commodity derivatives (44,591) (1,133) (4,244) Loss on derivatives less cash settlements paid on commodity derivatives $ (53,025) $ 148 $ (6,460) Loss on change in fair value of warrants $ (18,937) $ — $ —

LEASES

LEASES	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
LEASES	LEASES Operating Leases. We are a lessee through noncancellable lease agreements for property and equipment consisting primarily of office space, land, vehicles, and equipment used in both our operations and administrative functions. In September 2021, we entered into an operating lease agreement for our headquarters office space which generated right of use assets and liabilities at lease inception of $8.4 million. The following table sets forth the maturities of our operating lease liabilities as of December 31, 2021: Amount (In thousands) Ending December 31, 2022 $ 4,382 2023 3,321 2024 2,683 2025 2,081 2026 1,484 2027 and beyond 50 Total future payments 14,001 Less: Interest 1,533 Present value of future minimum operating lease payments 12,468 Less: Current portion 3,791 Total long-term operating lease payments $ 8,677 Weighted average remaining lease term (years) 3.8 Weighted average discount rate (1) 5.54 % _______________________ 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. Finance Leases. During 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 4.0% and the underlying assets are included in gas gathering and processing equipment. Superior purchased the leased assets for $3.0 million in May 2021. Information about the operating and finance lease assets and liabilities on our consolidated balance sheets as of December 31, 2021 and 2020 is as follows: Successor Successor Balance Sheet Classification December 31, 2021 December 31, 2020 (In thousands) Assets Operating lease right of use assets Right of use assets $ 12,445 $ 5,592 Finance lease right of use assets Property and equipment, net — 7,281 Total lease right of use assets $ 12,445 $ 12,873 Liabilities Current liabilities: Operating lease liabilities Current operating lease liabilities $ 3,791 $ 4,075 Finance lease liabilities Current portion of other long-term liabilities — 3,216 Non-current liabilities: Operating lease liabilities Operating lease liabilities 8,677 1,445 Total lease liabilities $ 12,468 $ 8,736 The following table presents the components of total lease cost for our operating and finance leases during the periods indicated: Successor Predecessor Year Ended Four Months Ended Eight Months Ended (In thousands) Components of total lease cost: Amortization of finance leased assets $ 1,248 $ 1,406 $ 2,757 Interest on finance lease liabilities 33 54 165 Operating lease cost 4,546 1,331 3,604 Short-term lease cost (1) 12,898 3,664 8,190 Variable lease cost — 64 223 Total lease cost $ 18,725 $ 6,519 $ 14,939 1. Short-term lease cost includes amounts capitalized related to our oil and natural gas segment of $1.5 million, $0.2 million, and $1.5 million for the year ended December 31, 2021, the four months ended December 31, 2020, and the eight months ended August 31, 2020, respectively. The following table provides supplemental cash flow information related to our operating and finance leases during the periods indicated: Successor Predecessor Year Ended Four Months Ended Eight Months Ended (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 4,605 $ 1,489 $ 3,849 Financing cash flows for finance leases 3,216 1,406 2,757 Lease liabilities recognized in exchange for new operating lease right of use assets $ 8,745 $ — $ —

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The inputs available determine the valuation technique that we use to measure the fair value of the assets and liabilities presented in our consolidated financial statements. Fair value measurements are categorized into one of three different levels depending on the observability of the inputs used in the measurement. The levels are summarized as follows: • Level 1—observable inputs such as quoted prices in active markets for identical assets and liabilities. • Level 2—other observable pricing inputs, such as quoted prices in inactive markets, or other inputs that are either directly or indirectly observable as of the reporting date, including inputs that are derived from or corroborated by observable market data. • Level 3—generally unobservable inputs which are developed based on the best information available and may include our own internal data or estimates about how market participants would value such assets and liabilities. Recurring Fair Value Measurements The following tables present our recurring fair value measurements as of the identified dates: Successor December 31, 2021 Level 1 Level 2 Level 3 Total (In thousands) Financial liabilities: Commodity derivative liabilities $ — $ (58,731) $ — $ (58,731) Warrant liability — — (19,822) (19,822) $ — $ (58,731) $ (19,822) $ (78,553) Successor December 31, 2020 Level 1 Level 2 Level 3 Total (In thousands) Financial assets (liabilities): Commodity derivative assets $ — $ 3,436 $ — $ 3,436 Commodity derivative liabilities — (9,142) — (9,142) Warrant liability — — (885) (885) $ — $ (5,706) $ (885) $ (6,591) The following methods and assumptions were used 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). Commodity Derivatives . We measure the fair values of our crude oil and natural gas swaps and collars using estimated discounted cash flow calculations based on the NYMEX futures index. We consider these Level 2 measurements within the fair value hierarchy as the inputs in the model are substantially observable over the term of the commodity derivative contract and there is a wide availability of quoted market prices for similar commodity derivative contracts. We measure the fair values of our natural gas and crude oil three-way collars using estimated 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. We consider this a Level 3 measurement within the fair value hierarchy as the calculation uses certain generally unobservable inputs. We determined that the non-performance risk regarding our commodity derivative counterparties was immaterial based on our valuation at December 31, 2021. Warrant Liability. We use the Black-Scholes option pricing model to measure the fair value of the warrants. Key inputs for the Black-Scholes model include the stock price, exercise price, expected term, risk-free rate, volatility, and dividend yield. We consider this a Level 3 measurement within the fair value hierarchy as estimated volatility is generally unobservable and requires management's estimation. The following tables summarize the activity of our recurring Level 3 fair value measurements during the periods presented: Successor Predecessor Year Ended Four Months Ended Eight Months Ended (In thousands) Beginning of period $ 885 $ — $ 1,204 Issuance of warrants — 885 — Loss on change in warrant liability 18,937 — — Gain/(loss) on unsettled three-way collars — — 978 Settlement loss on three-way collars — — (2,182) End of period $ 19,822 $ 885 $ — Fair Value of Other Financial Instruments We have determined the estimated fair values of other financial instruments by using available market information and valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions or valuation methodologies may have a material effect on the estimated fair value amounts. The carrying values on the 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. Based on the borrowing rates currently available to us for credit agreement debt with similar terms and maturities and considering the risk of our non-performance, long-term debt under our credit agreements at December 31, 2021 would approximate its fair value. This debt is classified as Level 2. Fair Value of Non-Financial Instruments ARO. The initial measurement of ARO at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with property and equipment. Significant Level 3 inputs used in the calculation of AROs include plugging costs and remaining reserve lives. A summary of the company’s ARO activity is presented in Note 11 – Asset Retirement Obligations. Stock-Based Compensation. We use the Black-Scholes option pricing model to estimate the fair value of stock options and SARs while the value of our restricted stock grants is based on the grant date closing stock price. Key assumptions for the Black-Scholes models include the stock price, exercise price, expected term, risk-free rate, volatility, and dividend yield. We consider this a Level 3 measurement within the fair value hierarchy as estimated volatility is generally unobservable and requires management's estimation. Impairments. Non-recurring fair value measurements are also applied, when applicable, to determine the fair value of our long-lived assets and goodwill. We recorded non-cash impairment charges as discussed further in Note 3 – Impairments. The fair value measurement of these assets is categorized as a Level 3 measurement as the discounted cash flow models require the use of significant unobservable inputs. Fresh Start Accounting. See Note 26 - Fresh Start Accounting for additional disclosures of non-recurring fair value measurements associated with the qualification of fresh start under ASC 852.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 2021
Variable Interest Entity Arrangements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES On April 3, 2018, we sold 50% of the ownership interest in Superior. The 50% interest in Superior we sold was acquired by SP Investor, 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 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, such as operations and maintenance support, accounting, legal, and human resources to Superior for a monthly service fee of $0.3 million. 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. We have determined that Superior is a VIE as the equity holders as a group (Unit Corporation and SP Investor) (Members) lack the power to control without the Operator. The Agreement and MSA give us the power to direct the activities that most significantly affect Superior's operating performance through common control of the Operator. Accordingly, Unit is considered the primary beneficiary and consolidates the financial position, operating results, and cash flows of Superior. The Agreement specifies how future distributions are to be allocated among the Members. Distributions from Available Cash (as defined in the Agreement) were generally split evenly between the Members prior to December 31, 2021, when the three-year period for Unit's commitment to spend $150.0 million (Drilling Commitment Amount) to drill wells in the Granite Wash/Buffalo Wallow area ended. The total amount spent by Unit towards the Drilling Commitment Amount was $24.6 million. Accordingly, SP Investor will receive 100% of Available Cash distributions related to periods subsequent to December 31, 2021 until the $72.7 million Drilling Commitment Adjustment Amount (as defined in the Agreement) is satisfied. After April 1, 2023, either Member may initiate a sale process of Superior to a third-party or a liquidation of Superior's assets (Sale Event). In a Sale Event, the Agreement generally requires cumulative distributions to SP Investor in excess of its original $300.0 million investment sufficient to provide SP Investor a 7% internal rate of return on its capital contributions to Superior before any liquidation distribution is made to Unit. As of December 31, 2021, liquidation distributions paid first to SP Investor of $361.7 million would be required for SP Investor to reach its 7% Liquidation IRR Hurdle at which point Unit would then be entitled to receive up to $361.7 million of the remaining liquidation distributions to satisfy Unit's 7% Liquidation IRR Hurdle with any remaining liquidation distributions paid as outlined within the Agreement. Superior paid cash distributions totaling $24.7 million in April 2021 related to cumulative available cash as of March 31, 2021, $7.7 million in July 2021 related to available cash generated during the three months ended June 30, 2021, $13.9 million in October 2021 related to available cash generated during the three months ended September 30, 2021, and $19.0 million in January 2022 related to available cash generated during the three months ended December 31, 2021. Unit and SP Investor each received 50% of these distributions. Subsequent to the Effective Date, we have allocated Unit's and SP Investor's share of earnings and losses from Superior in our consolidated statement of operations using the hypothetical liquidation at book value (HLBV) method which is a balance-sheet approach that calculates the change in the hypothetical amount Unit and SP Investor would be entitled to receive if Superior were liquidated at book value at the end of each period, adjusted for any contributions made and distributions received during the period. The amounts below reflect the Superior balance sheet accounts consolidated in our consolidated balance sheets without elimination of intercompany receivables from and payables to Unit: December 31, 2021 December 31, 2020 (In thousands) Current assets: Cash and cash equivalents $ 17,246 $ 11,642 Accounts receivable 42,628 27,427 Prepaid expenses and other 1,263 6,746 Total current assets 61,137 45,815 Property and equipment: Gas gathering and processing equipment 274,748 251,403 Transportation equipment 2,801 1,748 277,549 253,151 Less accumulated depreciation, depletion, amortization, and impairment 53,792 10,466 Net property and equipment 223,757 242,685 Right of use assets 3,485 2,823 Other assets 2,226 2,309 Total assets $ 290,605 $ 293,632 Current liabilities: Accounts payable $ 34,010 $ 17,045 Accrued liabilities 5,292 3,777 Current operating lease liability 1,548 1,762 Current portion of other long-term liabilities 1,450 5,799 Total current liabilities 42,300 28,383 Long-term debt less debt issuance costs 19,200 — Operating lease liability 2,036 1,013 Other long-term liabilities — 1,589 Total liabilities $ 63,536 $ 30,985 Subsequent Amendments to Superior Agreement and MSA

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Commitments We have firm transportation commitments to transport our natural gas from various systems for approximately $0.9 million over the next twelve months. 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, commercial disputes, 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. In February 2021, UPC finalized a settlement agreement for $2.1 million related to a well drilled in Beaver County, Oklahoma during 2013. 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 finalized the settlement agreement while the case was pending review in the Oklahoma Court of Civil Appeals. Chapter 11 Cases 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. 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 and settlement of those 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. Settlement In August 2020, UPC reached an agreement to settle the above 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. Under the Plan, these settlements will be treated as allowed general unsecured claims against UPC. This settlement has been approved 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. and, in accordance with the Plan, the settlement amounts have been satisfied by distribution of the plaintiffs’ proportionate share of New Common Stock.

CONCENTRATION OF CREDIT RISK AN

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS	12 Months Ended
	Dec. 31, 2021
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS	CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS Our financial instruments that potentially subject us to concentrations of credit risk primarily consist of trade receivables with a variety of oil and natural gas companies. Our credit risk is considered limited due to the many customers comprising our customer base and we do not generally require collateral related to our receivables. Below is a table of the third-party customers that accounted for over 10% of each of our segments' revenues: Successor Predecessor Year Ended Four Months Ended Eight Months Ended Oil and Natural Gas: Coffeyville Resources 11% * * CVR Refining, LP * 14% 15% Plains Marketing L.P. * * 11% Drilling: EOG Resources, Inc. 21% 28% 20% Citizen Energy III, LLC 20% 16% * Diamondback E&P, LLC 15% * * Slawson Exploration Company, Inc. 12% 16% 21% Earthstone Operating, LLC 11% * * Cimarex Energy Co. * 12% * QEP Resources, Inc. * 23% 10% Mid-Stream: ONEOK, Inc. 37% 28% 31% Range Resources Corporation 11% 15% 21% Koch Energy Services 10% * * Centerpoint Energy Service, Inc. * * * _______________________ * Revenue accounted for less than 10% of the segment's revenues. We also had a concentration of cash with one bank of $36.6 million and $21.4 million as of December 31, 2021 and 2020, respectively, as well as a concentration of cash equivalents of $27.0 million in a money market fund comprised of U.S. Government and U.S. Treasury securities as of December 31, 2021. Using derivative instruments involves the risk that the counterparties cannot meet the financial terms of the transactions. We considered this non-performance risk regarding our counterparties and our own non-performance risk in our derivative valuation at December 31, 2021 and determined there was no material risk at that time. The fair value of the net liabilities we had with Bank of Oklahoma, our only commodity derivative counterparty, was $58.7 million of December 31, 2021.

INDUSTRY SEGMENT INFORMATION

INDUSTRY SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
INDUSTRY SEGMENT INFORMATION	INDUSTRY SEGMENT INFORMATION We have three main business segments offering different products and services: • Oil and natural gas, • Contract drilling, and • Mid-Stream The oil and natural gas segment is engaged in the development, acquisition, 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. The following tables provide certain information about the operations and assets for each of our segments: Successor Year Ended December 31, 2021 Oil and Natural Gas Contract Drilling Mid-Stream Corporate and Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 272,231 $ — $ — $ — $ (47,999) $ 224,232 Contract drilling — 76,107 — — 76,107 Gas gathering and processing — 341,674 — (3,297) 338,377 Total revenues 272,231 76,107 341,674 — (51,296) 638,716 Expenses: Operating costs: Oil and natural gas 83,221 — — — (3,297) 79,924 Contract drilling — 60,973 — — — 60,973 Gas gathering and processing — — 286,199 — (51,515) 234,684 Total operating costs 83,221 60,973 286,199 — (54,812) 375,581 Depreciation, depletion, and amortization 24,612 6,308 32,566 840 — 64,326 Impairment — — 10,673 — — 10,673 Total expenses 107,833 67,281 329,438 840 (54,812) 450,580 General and administrative — — — 21,399 3,516 24,915 (Gain) loss on disposition of assets 171 (10,143) 49 (954) — (10,877) Income (loss) from operations 164,227 18,969 12,187 (21,285) — 174,098 Loss on derivatives — — — (97,615) — (97,615) Loss on change in fair value of warrants — — — (18,937) — (18,937) Reorganization items, net — — — (4,294) — (4,294) Interest, net — — (924) (3,342) — (4,266) Other 187 57 (844) 3 — (597) Income (loss) before income taxes $ 164,414 $ 19,026 $ 10,419 $ (145,470) $ — $ 48,389 Identifiable assets: Oil and natural gas (2) $ 203,796 $ — $ — $ — $ (4,917) $ 198,879 Contract drilling — 78,554 — — (78) 78,476 Gas gathering and processing — — 290,605 — (269) 290,336 Total identifiable assets (3) 203,796 78,554 290,605 — (5,264) 567,691 Corporate land and building — — — — — — Other corporate assets (4) — — — 66,227 (4,441) 61,786 Total assets $ 203,796 $ 78,554 $ 290,605 $ 66,227 $ (9,705) $ 629,477 Capital expenditures: $ 17,752 $ 2,877 $ 24,316 $ 340 $ — $ 45,285 _______________________ 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. Oil and natural gas assets include oil and natural gas properties, saltwater disposal systems, and other non-full cost pool assets. 3. Identifiable assets are those used in Unit’s operations in each industry segment. 4. Other corporate assets are principally cash and cash equivalents, transportation equipment, furniture, and equipment. Successor Four Months Ended December 31, 2020 Oil and Natural Gas Contract Drilling Mid-Stream Corporate and Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 57,580 $ — $ — $ — $ (2) $ 57,578 Contract drilling — 19,413 — — — 19,413 Gas gathering and processing — — 68,369 — (11,832) 56,537 Total revenues 57,580 19,413 68,369 — (11,834) 133,528 Expenses: Operating costs: Oil and natural gas 26,111 — — — (855) 25,256 Contract drilling — 13,852 — — — 13,852 Gas gathering and processing — — 53,147 — (10,978) 42,169 Total operating costs 26,111 13,852 53,147 — (11,833) 81,277 Depreciation, depletion, and amortization 14,869 2,102 10,659 332 — 27,962 Impairments (2) 26,063 — — — — 26,063 Total expenses 67,043 15,954 63,806 332 (11,833) 135,302 General and administrative — — — 6,702 — 6,702 Gain on disposition of assets (24) (521) (55) (19) — (619) Income (loss) from operations (9,439) 3,980 4,618 (7,015) (1) (7,857) Loss on derivatives — — — (985) — (985) Reorganization items, net — — — (2,273) — (2,273) Interest, net — — (501) (2,774) — (3,275) Other 56 4 34 6 — 100 Income (loss) before income taxes $ (9,383) $ 3,984 $ 4,151 $ (13,041) $ (1) $ (14,290) Identifiable assets: Oil and natural gas (3) $ 236,073 $ — $ — $ — $ (3,326) $ 232,747 Contract drilling — 81,612 — — (4) 81,608 Gas gathering and processing — — 293,632 — (335) 293,297 Total identifiable assets (4) 236,073 81,612 293,632 — (3,665) 607,652 Corporate land and building — — — 32,382 — 32,382 Other corporate assets (5) — — — 13,671 (4,002) 9,669 Total assets $ 236,073 $ 81,612 $ 293,632 $ 46,053 $ (7,667) $ 649,703 Capital expenditures: $ 4,018 $ 616 $ 1,323 $ 3 $ — $ 5,960 _______________________ 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. During the Successor Period of 2020, we recorded non-cash ceiling test write-downs on our oil and natural gas properties of $26.1 million pre-tax. 3. Oil and natural gas assets include oil and natural gas properties, saltwater disposal systems, and other non-full cost pool assets. 4. Identifiable assets are those used in Unit’s operations in each industry segment. 5. Other corporate assets are principally cash and cash equivalents, short-term investments, transportation equipment, furniture, and equipment. Predecessor Eight Months Ended August 31, 2020 Oil and Natural Gas Contract Drilling Mid-Stream Corporate and Other Eliminations Total Consolidated (In thousands) Revenues: Oil and natural gas $ 103,443 $ — $ — $ — $ (4) $ 103,439 Contract drilling — 73,519 — — — 73,519 Gas gathering and processing — — 114,531 — (14,532) 99,999 Total revenues (1) 103,443 73,519 114,531 — (14,536) 276,957 Expenses: Operating costs: Oil and natural gas 119,664 — — — (1,973) 117,691 Contract drilling — 51,811 — — (1) 51,810 Gas gathering and processing — — 80,607 — (12,562) 68,045 Total operating costs 119,664 51,811 80,607 — (14,536) 237,546 Depreciation, depletion, and amortization 68,762 15,544 29,371 1,819 — 115,496 Impairments (2) 393,726 410,126 63,962 — — 867,814 Total expenses 582,152 477,481 173,940 1,819 (14,536) 1,220,856 Loss on abandonment of assets 17,641 1,092 — — — 18,733 General and administrative — — — 42,766 — 42,766 (Gain) loss on disposition of assets (160) (1,390) (18) 1,479 — (89) Loss from operations (496,190) (403,664) (59,391) (46,064) — (1,005,309) Loss on derivatives — — — (10,704) — (10,704) Write-off of debt issuance costs — — — (2,426) — (2,426) Reorganization items, net 15,504 (183,664) (71,016) 373,151 — 133,975 Interest, net — — (1,888) (20,936) — (22,824) Other 458 1,449 50 77 — 2,034 Income (loss) before income taxes $ (480,228) $ (585,879) $ (132,245) $ 293,098 $ — $ (905,254) Capital expenditures: $ 5,350 $ 2,438 $ 9,342 $ 83 $ — $ 17,213 _______________________ ____________________ 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. During the Predecessor Period of 2020, we recorded non-cash ceiling test write-downs on our oil and natural gas properties of $393.7 million, pre-tax ($346.6 million, net of tax). Impairment for contract drilling equipment includes a $410.1 million pre-tax write-down for SCR drilling rigs and other drilling equipment. Impairment for mid-stream assets includes a $10.7 million pre-tax write-down for certain long-lived asset groups. 3. Oil and natural gas assets include oil and natural gas properties, saltwater disposal systems, and other non-full cost pool assets. 4. Identifiable assets are those used in Unit’s operations in each industry segment. 5. Other corporate assets are principally cash and cash equivalents, short-term investments, transportation equipment, furniture, and equipment.

SUPPLEMENTAL CONDENSED CONSOLID

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION	SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION The Notes of the Predecessor company were registered securities until they were cancelled on the Effective Date. As a result, we are required to present the following condensed consolidating financial information for the Predecessor Periods under to Rule 3-10 of the SEC's Regulation S-X, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered. Our 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, 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 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 Predecessor Eight Months Ended August 31, 2020 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Revenues $ — $ 176,962 $ 114,531 $ (14,536) $ 276,957 Expenses: Operating costs — 171,476 80,607 (14,537) 237,546 Depreciation, depletion, and amortization 1,819 84,306 29,371 — 115,496 Impairments — 803,852 63,962 — 867,814 Loss on abandonment of assets — 18,733 — — 18,733 General and administrative — 42,766 — — 42,766 (Gain) loss on disposition of assets 1,479 (1,550) (18) — (89) Total operating costs 3,298 1,119,583 173,922 (14,537) 1,282,266 Income (loss) from operations (3,298) (942,621) (59,391) 1 (1,005,309) Interest, net (20,936) — (1,888) — (22,824) Write-off of debt issuance costs (2,426) — — — (2,426) Loss on derivatives (10,704) — — — (10,704) Reorganization items 373,151 (168,160) (71,016) — 133,975 Other, net 79 1,906 49 — 2,034 Income (loss) before income taxes 335,866 (1,108,875) (132,246) 1 (905,254) Income tax benefit (14,630) — — — (14,630) Equity in net earnings from investment in subsidiaries, net of taxes (1,241,120) — — 1,241,120 — Net loss (890,624) (1,108,875) (132,246) 1,241,121 (890,624) Less: net income attributable to non-controlling interest 40,388 — 40,388 (40,388) 40,388 Net loss attributable to Unit Corporation $ (931,012) $ (1,108,875) $ (172,634) $ 1,281,509 $ (931,012) Condensed Consolidating Statements of Comprehensive Income (Loss) Predecessor Eight Months Ended August 31, 2020 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Net loss $ (890,624) $ (1,108,875) $ (132,246) $ 1,241,121 $ (890,624) Other comprehensive loss, net of taxes: Unrealized gain on securities, net of tax of $0 — — — — — Comprehensive loss (890,624) (1,108,875) (132,246) 1,241,121 (890,624) Less: Comprehensive income attributable to non-controlling interests 40,388 — 40,388 (40,388) 40,388 Comprehensive loss attributable to Unit Corporation $ (931,012) $ (1,108,875) $ (172,634) $ 1,281,509 $ (931,012) Condensed Consolidating Statements of Cash Flows Predecessor Eight Months Ended August 31, 2020 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ (207,593) $ 82,769 $ 32,922 $ 136,858 $ 44,956 INVESTING ACTIVITIES: Capital expenditures (986) (14,585) (10,204) — (25,775) Producing properties and other acquisitions — (382) — — (382) Proceeds from disposition of assets 1,169 4,772 77 — 6,018 Net cash provided by (used in) investing activities 183 (10,195) (10,127) — (20,139) FINANCING ACTIVITIES: Borrowings under credit agreement, including borrowings under DIP credit facility 55,300 — 32,100 — 87,400 Payments under credit agreement (31,500) — (32,600) — (64,100) DIP financing costs (990) — — — (990) Exit facility financing costs (3,225) — — — (3,225) Intercompany borrowings (advances), net 210,398 (72,642) (898) (136,858) — Payments on finance leases — — (2,757) — (2,757) Employee taxes paid by withholding shares (43) — — — (43) Bank overdrafts (7,269) — (1,464) — (8,733) Net cash provided by (used in) financing activities 222,671 (72,642) (5,619) (136,858) 7,552 Net increase (decrease) in cash and cash equivalents 15,261 (68) 17,176 — 32,369 Cash and cash equivalents, beginning of period 503 68 — — 571 Cash and cash equivalents, end of period $ 15,764 $ — $ 17,176 $ — $ 32,940

FRESH START ACCOUNTING

FRESH START ACCOUNTING	12 Months Ended
	Dec. 31, 2021
Reorganizations [Abstract]
FRESH START ACCOUNTING	FRESH START ACCOUNTING On the Effective Date, the company qualified for and adopted fresh start accounting under the provisions in FASB Topic ASC 852, Reorganizations , as (i) the Reorganization Value of the company’s assets immediately before the date of confirmation was less than the post-petition liabilities and allowed claims, and (ii) the holders of the Old Common Stock received less than 50% voting shares of the Successor. Reorganization Value Reorganization value, as determined under ASC 820, Fair Value Measurement , represents the fair value of the Successor's total assets before the consideration of liabilities and is intended to approximate the amount a willing buyer would pay for the assets immediately after a restructuring. The reorganization value was derived from the Successor's enterprise value, which represents the estimated fair value of an entity’s long-term debt and equity. The Successor’s enterprise value, confirmed by the bankruptcy court, was estimated to be within a range of $270.0 million to $380.0 million, with a midpoint of $325.0 million. Based on the estimates and assumptions necessary for fresh start accounting, as further discussed below, the estimated enterprise value was determined to be $317.0 million before consideration of cash and cash equivalents, restricted cash and outstanding debt at the Effective Date. As a result, the reorganization value was determined to be $726.3 million at the Effective Date, as reconciled below. We estimated the enterprise value of the Successor using three valuation methods: net asset value (NAV), comparable public company analysis, and discounted cash flow (DCF). The NAV is a looking forward methodology under which future cash flows are discounted using various discount rates depending on reserve category. Similarly, DCF projects future cash flows which are discounted at rates above and below the company’s estimated weighted average cost of capital. The comparable public company analysis is based on the enterprise values of selected public companies with operating and financial characteristics comparable to the company. Under this methodology, certain financial multiples that measure financial performance and value are calculated for each selected company and then applied to imply an estimated enterprise value of the company. The following table reconciles the enterprise value to the estimated fair value of the Successor's equity at the Effective Date (in thousands): Enterprise value $ 559,205 Less: Fair value of noncontrolling interest (242,200) Enterprise value of Unit interests 317,005 Plus: Cash and cash equivalents 25,482 Plus: Restricted cash 7,458 Less: Fair value of capital leases (4,622) Less: Fair value of debt (including the fair value of current debt) (148,000) Fair value of Successor equity $ 197,323 The following table reconciles the enterprise value to the reorganization value of the Successor’s assets as of the Effective Date (in thousands): Enterprise value $ 559,205 Plus: Cash and cash equivalents 25,482 Plus: Restricted cash 7,458 Plus: Current liabilities (excluding the fair value of capital leases and current debt) 86,897 Plus: Long-term asset retirement obligation 22,415 Plus: Other long-term liabilities (excluding long-term asset retirement obligation) 24,886 Reorganization value of Successor assets $ 726,343 Although we believe the assumptions and estimates used to develop the Enterprise Value and the Reorganization Value were reasonable and appropriate, different assumptions and estimates would materially impact the analysis and our resulting conclusions. The assumptions used in estimating these values are inherently uncertain and require significant judgment. Valuation Process Oil and Natural Gas Properties Our oil and natural gas properties are accounted for under the full cost accounting method. We determined the fair value of our oil and gas properties at the Effective Date based on the anticipated cash flows associated with our proved reserves and discounted those cash flows using a weighted average cost of capital rate of 13.5%. The discount rate is commonly based on empirical studies of investment rates of return of publicly traded equity securities with investment return and risk characteristics similar to the subject company, which follows a market-based approach. Weighted average commodity prices used in determining the fair value of oil and natural gas properties were $48.98 per barrel of oil, $2.68 per million cubic feet of natural gas and $18.51 per barrel of oil equivalent of natural gas liquids. Base pricing was derived from an average of forward strip prices. Our unproved acreage was determined to have no value due to the capital constraints contained in our debt agreement along with our plans to not drill in our proved reserves cash flows. Our salt water disposal assets were included in the cash flows of the proved reserves forecast, therefore, those values are included in the total value of our proved properties. Drilling Equipment The value of our drilling rigs in operation at the Effective Date (approximately $37.0 million) was estimated using an income-based approach using discounted free cash flows over the remaining useful lives of the drilling rigs. Anticipated cash flows associated with operating drilling rigs were discounted using a weighted average cost of capital rate of 13.8% for five years with a terminal value at the conclusion of the forecast period. The fair value of our non-operating drilling rigs, and other related drilling equipment at the Effective Date (approximately $26.5 million), was valued using a market-based approach with varying ranges of economic obsolescence rates to adjust for the impact of the oil and gas downturn. Land and Building Our corporate headquarters building in Tulsa, Oklahoma was completed in May 2016 and resides on approximately 30 acres. To determine its fair value at the Effective Date, we used a market-based approach based on comparable tenant rates in our area. Gas Gathering and Processing Equipment, Transportation Equipment, and Other Property Gas gathering and processing equipment, transportation equipment and other equipment at the Effective Date was valued using a market-based approach estimating what a market participant would pay for similar equipment in an orderly transaction. We used varying ranges of economic obsolescence rates depending on the underlying asset group. For pipelines and right-of-ways, we used a value per acre based on the location of the asset and estimated an average value of $129 per rod. We then applied an economic obsolescence rate of approximately 64% to determine the ultimate fair value. Unit's Investment in Superior To determine the net equity value of our investment in Superior at the Effective Date, we simulated paths for Superior's total equity value through the expected liquidation date, where we simulated equity value using a Geometric Brownian Motion (GBM). The expected value (i.e., average of all simulations) of each security class was discounted to present value using the concluded risk-free rate to conclude on the respective allocated values. Consolidated Balance Sheet The adjustments included in the following consolidated balance sheets reflect the effect of the transactions contemplated by the Plan (reflected in the column "Reorganization Adjustments") and fair value and other required accounting adjustments resulting from the adoption of fresh start accounting (reflected in the column "Fresh Start Adjustments"). The explanatory notes provide additional information with regard to the adjustments recorded, the methods used to determine the fair values and significant assumptions. As of September 1, 2020 Predecessor Reorganization Adjustments (1) Fresh Start Adjustments (11) Successor ASSETS (In thousands) Current assets: Cash and cash equivalents $ 32,280 $ (6,798) (2) $ — $ 25,482 Restricted cash — 7,458 (3) — 7,458 Accounts receivable, net 50,621 — — 50,621 Materials and supplies 64 — (64) (12) — Current income tax receivable 850 — — 850 Prepaid expenses and other 13,692 6,382 (4) (990) (13) 19,084 Total current assets 97,507 7,042 (1,054) 103,495 Property and equipment: Oil and natural gas properties, on the full cost method: Proved properties 6,539,816 — (6,301,532) (14) 238,284 Unproved properties not being amortized 30,205 — (30,205) (14) — Drilling equipment 1,285,024 — (1,221,566) (15) 63,458 Gas gathering and processing equipment 833,788 — (583,690) (15) 250,098 Saltwater disposal systems 43,541 — (43,541) (15) — Land and building 59,080 — (26,445) (15) 32,635 Transportation equipment 15,577 — (12,263) (15) 3,314 Other 57,427 — (47,469) (15) 9,958 8,864,458 — (8,266,711) 597,747 Less accumulated depreciation, depletion, amortization, and impairment 7,923,868 — (7,923,868) (14) (15) — Net property and equipment 940,590 — (342,843) 597,747 Right of use asset 7,476 — (659) (16) 6,817 Other assets 24,666 (6,382) (4) — 18,284 Total assets $ 1,070,239 $ 660 $ (344,556) $ 726,343 As of September 1, 2020 Predecessor Reorganization Adjustments (1) Fresh Start Adjustments (11) Successor LIABILITIES AND SHAREHOLDERS’ EQUITY (In thousands) Current liabilities: Accounts payable $ 27,354 $ 6,382 (4) $ — $ 33,736 Accrued liabilities 36,990 (4,115) (5) — 32,875 Current operating lease liability 4,643 — (669) (16) 3,974 Current portion of long-term debt 124,000 (123,600) (6) — 400 Current derivative liabilities 5,089 — — 5,089 Warrant liability — — 885 (17) 885 Current portion of other long-term liabilities 11,201 3,743 (7) 16 (18) 14,960 Total current liabilities 209,277 (117,590) 232 91,919 Long-term debt 16,000 131,600 (6) — 147,600 Non-current derivative liabilities 766 — — 766 Operating lease liability 2,760 — 11 (16) 2,771 Other long-term liabilities 61,393 (3,220) (4) (7) (14,409) (18) 43,764 Liabilities subject to compromise 762,215 (762,215) (8) — — Deferred income taxes 4,466 — (4,466) (19) — Commitments and contingencies Shareholders’ equity: Predecessor preferred stock, $1.00 par value, 5,000,000 shares authorized, none issued at December 31, 2019 — — — — Predecessor common stock, $0.20 par value, 175,000,000 shares authorized, 55,443,393 shares issued as of December 31, 2019 10,704 (10,704) (9) — — Predecessor capital in excess of par value 650,153 (650,153) (9) — — Successor preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued at September 1, 2020 — — — — Successor common stock, $0.01 par value, 25,000,000 authorized, 12,000,000 issued at September 1, 2020 — 120 (8) — 120 Successor capital in excess of par value — 197,203 (8) — 197,203 Retained earnings (deficit) (818,679) 1,215,619 (10) (396,940) (20) — Total shareholders’ equity attributable to Unit Corporation (157,822) 752,085 (396,940) 197,323 Non-controlling interests in consolidated subsidiaries 171,184 — 71,016 (21) 242,200 Total shareholders' equity 13,362 752,085 (325,924) 439,523 Total liabilities and shareholders’ equity $ 1,070,239 $ 660 $ (344,556) $ 726,343 Reorganization Adjustments (1) Reflects accounts recorded as of the Effective Date, including among other items, settlement of the Predecessor's liabilities subject to compromise, cancellation of the Predecessor's equity, issuance of the New Common Stock and the Warrants, repayment of certain of Predecessor's liabilities and settlement with holders of the Notes. (2) The table below details the company’s uses of cash, under the terms of the Plan (in thousands): Funding of the professional fees escrow account $ (7,458) Proceeds from Exit credit facility 8,000 Payment of debt issuance costs on the Exit credit facility (3,225) Payment of professional fees (3,943) Payment of accrued interest payable under the Predecessor credit facility (172) Changes in cash and cash equivalents $ (6,798) (3) Represents the reserve for professional fee escrow of $7.5 million. (4) Represents the reclassification of other long-term assets related to deferred compensation to prepaid expenses and other assets as the deferred compensation payout must be paid within 12 months from the date of emergence under the Plan. Simultaneously, the current portion of deferred compensation liability was reclassified from other long-term liabilities to accounts payable. (5) Represents the payment of the DIP facility interest of $0.2 million and professional fees for $3.9 million. (6) Represents the transition of the DIP Credit Agreement and the Predecessor Credit Agreement of $124.0 million into the Exit Facility and issuing an additional $8.0 million of borrowings under the Exit Credit Agreement. (7) Represents the reclassification of the short-term portion of the separation benefit liabilities from non-current to current liabilities which was offset by the increase in non-current portion of liabilities. (8) Settlement of liabilities subject to compromise and the resulting net gain were determined as follows (in thousands): Liabilities subject to compromise before the Effective Date: 6.625% senior subordinated notes due 2021 (including accrued interest as of the petition date) $ 672,369 Accounts payable 1,179 Employee separation benefit plan obligations 23,394 Litigation settlements 45,000 Royalty suspense accounts payable 20,273 Total liabilities subject to compromise 762,215 Separation settlement treatment (6,905) Successor Common Stock and APIC (1) issued to allowed claim holders (175,521) Successor Common Stock and APIC for disputed claims reserve (11,936) Gain on settlement of liabilities subject to compromise $ 567,853 (1) Balance excludes the Successor Common Stock and APIC of $9.9 million to the 5% Equity Facility which was not a liability subject to compromise. (9) Represents the cancellation of Old Common Stock. (10) Represents the cumulative impact to Predecessor retained earnings of the reorganization adjustments described above. Fresh Start Adjustments (11) Reflects accounts recorded as of the Effective Date for the fresh start adjustments based on the methodologies noted below. (12) Represents the reclassification of materials and supplies to proved properties. (13) Represents the write off of the Predecessor's unamortized debt fees related to the DIP facility. (14) Reflects a decrease of oil and natural gas properties, net, based on the methodology discussed above, and the elimination of accumulated depletion and amortization. The following table summarizes the components of oil and natural gas properties as of the Effective Date: Successor Predecessor Fair Value Historical Book Value (In thousands) Proved properties $ 238,284 $ 6,539,816 Unproved properties — 30,205 238,284 6,570,021 Less accumulated depletion, amortization, and impairment — (6,305,113) $ 238,284 $ 264,908 (15) Reflects a decrease in fair value of drilling equipment, gas gathering and processing equipment, saltwater disposal systems, land and building, transportation equipment, and other property and equipment and the elimination of accumulated depreciation, based on the methodologies discussed above. The following table summarizes the components of other property and equipment as of the Effective Date: Successor Predecessor Fair Value Historical Book Value (In thousands) Drilling equipment $ 63,458 $ 1,285,024 Gas gathering and processing equipment 250,098 833,788 Saltwater disposal systems — 43,541 Land and building 32,635 59,080 Transportation equipment 3,314 15,577 Other 9,958 57,427 359,463 2,294,437 Less accumulated depreciation and impairment — (1,618,754) $ 359,463 $ 675,683 (16) Reflects the valuation adjustments to the company’s right of use assets, current operating lease liability, and operating lease liability, adjusted for fair value of favorable and unfavorable lease terms, and the revised incremental borrowing rates of the Successor. (17) Represents the liability for the Warrants using a Black-Scholes-Merton model which uses various market-based inputs including: stock prices, strike price, time to maturity, risk-free rate, annual volatility rate, and annual dividend yield. (18) Represents the reclassification of the short-term portion of ARO from non-current liabilities to current and the fair value adjustment, which was determined using our fresh start updates to these obligations, including the application of the Successor's credit adjusted risk free rate, which now incorporates a term structure based on the estimated timing of well plugging activity, and resetting all ARO to a single layer. (19) Represents the adjustments to deferred tax liability as a result of the cumulative tax impact of the fresh start adjustments. The significant revisions to the carrying value of our assets and liabilities because of applying fresh start accounting resulted in the company increasing its overall net deferred tax asset position on emergence from bankruptcy. Besides the changes in book value, the company has as of the Effective Date, approximately $726.4 million of net operating losses (NOLs) carried forward to offset taxable income in the future years. Approximately $584.2 million of this NOL will expire commencing in fiscal 2021 through 2037. The NOLs of approximately $142.2 million from years ended after December 31, 2017 have an indefinite carryforward period. The amount of these NOLs which is available to offset future income may be severely limited due to change-in-control tax provisions. Because of our history of operating losses and the uncertainty surrounding the realization of the deferred tax assets in future years, we have determined that it is more likely than not that the deferred tax assets will not be realized in future periods. Accordingly, we recorded a 100% valuation allowance against our net deferred tax assets. (20) Represents the cumulative impact of the fresh start accounting adjustments discussed above. (21) The valuation of the non-controlling interest was calculated by taking an income-based approach in valuing Superior. The value of the non-controlling interest was then determined based on a market-based approach for similar type investments, given the contractual rights of the related parties. Reorganization Items. As described in Note 3 – Summary Of Significant Accounting Policies, our consolidated statements of operations for the year ended December 31, 2021, the four months ended December 31, 2020, and the eight months ended August 31, 2020 include "Reorganization items, net," which reflects gains recognized on the settlement of liabilities subject to compromise and costs and other expenses associated with the Chapter 11 proceedings, primarily professional fees, and the costs associated with the DIP Credit Agreement. These post-petition costs for professional fees, and administrative fees charged by the U.S. trustee, have been reported in "Reorganization items, net" in our consolidated statements of operations as described above. Similar costs were incurred during the pre-petition period have been reported in "General and administrative" expenses. The following table summarizes the components included in "Reorganization items, net" in our consolidated statements of operations for the periods presented: Successor Predecessor Year Ended Four Months Ended Eight Months Ended (In thousands) Gains on settlement of liabilities subject to compromise $ — $ — $ (567,853) Fresh start accounting adjustments — — 401,406 Legal and professional fees and expenses 4,294 2,273 15,745 Acceleration of Predecessor stock compensation expense — — 1,431 Exit Facility fees — — 3,225 5% Exit Facility equity fee — — 9,866 Adjustment to unamortized debt issuance costs associated with the 6.625% senior subordinated notes due 2021 — — 2,205 Total reorganization items, net $ 4,294 $ 2,273 $ (133,975)

Schedule II - VALUATION AND QUA

Schedule II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES	VALUATION AND QUALIFYING ACCOUNTS AND RESERVES Allowance for Credit Losses: Description Balance at Beginning of Period Additions Deductions & Net Write-Offs Balance at End of Period (In thousands) Year ended December 31, 2021 $ 3,783 $ 1,640 $ (2,912) $ 2,511 Year ended December 31, 2020 $ 2,332 $ 3,155 $ (1,704) $ 3,783

SUPPLEMENTAL OIL AND GAS DISCLO

SUPPLEMENTAL OIL AND GAS DISCLOSURES	12 Months Ended
	Dec. 31, 2021
Supplemental Oil and Gas Disclosures [Abstract]
SUPPLEMENTAL OIL AND GAS DISCLOSURES	SUPPLEMENTAL OIL AND GAS DISCLOSURES (UNAUDITED) The supplemental data presented herein reflects information for all our oil and natural gas producing activities. Our oil and gas operations are substantially located in the United States. Capitalized Costs The capitalized costs as of December 31, 2021 and 2020 were as follows: Successor Successor 2021 2020 (In thousands) Proved properties $ 225,014 $ 238,581 Unproved properties (wells in progress) 422 1,591 225,436 240,172 Accumulated depreciation, depletion, amortization, and impairment (64,966) (40,806) Net capitalized costs $ 160,470 $ 199,366 Costs Incurred in Oil and Natural Gas Property Acquisition, Exploration, and Development Activities The following table sets forth costs incurred related to our oil and natural gas activities for the periods indicated: Successor Successor Predecessor Year Ended Four Months Ended Eight Months Ended (In thousands) Unproved properties acquired $ 522 $ 26 $ 2,373 Proved properties acquired — — 382 Exploration — — — Development 16,279 3,992 6,440 Asset retirement obligation 478 (1,702) (29,189) Total costs incurred $ 17,279 $ 2,316 $ (19,994) Unproved properties not subject to amortization relates to properties which are not individually significant and consist primarily of lease acquisition costs. The evaluation process associated with these properties has not been completed and therefore, the company is unable to estimate when these costs will be included in the amortization calculation. The results of operations for producing activities are as follows: Successor Successor Predecessor Year Ended Four Months Ended Eight Months Ended (In thousands) Revenues $ 223,681 $ 55,272 $ 96,033 Production costs (62,443) (20,510) (46,633) Depreciation, depletion, amortization, and impairment (24,261) (40,840) (461,901) 136,977 (6,078) (412,501) Income tax (expense) benefit 168 128 6,698 Results of operations for producing activities (excluding corporate overhead and financing costs) $ 137,145 $ (5,950) $ (405,803) Estimated quantities of proved developed oil, NGLs, and natural gas reserves and changes in net quantities of proved developed and undeveloped oil, NGLs, and natural gas reserves were as follows: Oil (MBbls) NGL (MBbls) Gas (Mcf) Total (MBoe) 2020 Proved developed and undeveloped reserves: Beginning of year 12,196 23,030 220,187 71,924 Revision of previous estimates (1) (1,909) (4,477) (38,901) (12,870) Extensions and discoveries 8 13 110 39 Infill reserves in existing proved fields 97 66 452 238 Purchases of minerals in place 62 20 172 112 Production (2,186) (3,444) (37,567) (11,891) Sales (1) — (62) (11) Net proved reserves at December 31, 2020 8,267 15,208 144,391 47,541 Proved developed reserves, December 31, 2020 8,267 15,208 144,391 47,541 Proved undeveloped reserves, December 31, 2020 — — — — 2021 Proved developed and undeveloped reserves: Beginning of year 8,267 15,208 144,391 47,541 Revision of previous estimates (2) 2,651 8,723 103,866 28,685 Extensions and discoveries 218 93 961 471 Infill reserves in existing proved fields 713 293 2,158 1,366 Purchases of minerals in place — — — — Production (1,615) (2,624) (29,012) (9,074) Sales (1,215) (169) (1,725) (1,672) Net proved reserves at December 31, 2021 9,019 21,525 220,640 67,317 Proved developed reserves, December 31, 2021 9,019 21,525 220,640 67,317 Proved undeveloped reserves, December 31, 2021 — — — — _________________________ 1. Revisions of previous estimates decreased primarily due to the removal of proved undeveloped reserves due to uncertainty regarding our ability to finance the development of our proved undeveloped reserves over a five-year period and from lower commodity prices. 2. Revisions of previous estimates increased primarily due to changes in the unescalated 12-month average product prices which increased approximately 68% for oil, 136% for NGLs, and 82% for natural gas compared to the December 31, 2020 pricing. Estimates of oil, NGLs, and natural gas reserves require extensive judgments of reservoir engineering data. Assigning monetary values to such estimates does not reduce the subjectivity and changing nature of such reserve estimates. Indeed, the uncertainties inherent in the disclosure are compounded by applying additional estimates of the rates and timing of production and the costs that will be incurred in developing and producing the reserves. The information set forth in this report is, therefore, subjective and, since judgments are involved, may not be comparable to estimates submitted by other oil and natural gas producers. In addition, since prices and costs do not remain static, and no price or cost escalations or de-escalations have been considered, the results are not necessarily indicative of the estimated fair market value of estimated proved reserves, nor of estimated future cash flows. The standardized measure of discounted future net cash flows (SMOG) was calculated using 12-month average prices and year end costs adjusted for permanent differences that relate to existing proved oil, NGLs, and natural gas reserves. Future income tax expenses consider the Tax Act statutory tax rates. SMOG as of December 31, 2021 and 2020 is as follows: Successor Successor 2021 2020 (In thousands) Future cash flows $ 1,977,529 $ 698,685 Future production costs (835,430) (416,095) Future development costs — — Future income tax expenses (87,117) (39) Future net cash flows 1,054,982 282,551 10% annual discount for estimated timing of cash flows (483,838) (89,530) Standardized measure of discounted future net cash flows relating to proved oil, NGLs, and natural gas reserves $ 571,144 $ 193,021 The principal sources of changes in the standardized measure of discounted future net cash flows were as follows: 2021 2020 (In thousands) Sales and transfers of oil and natural gas produced, net of production costs $ (161,238) $ (84,163) Net changes in prices and production costs 334,291 (165,978) Revisions in quantity estimates and changes in production timing 320,774 (50,979) Extensions, discoveries, and improved recovery, less related costs 45,019 2,827 Changes in estimated future development costs — — Previously estimated cost incurred during the period — — Purchases of minerals in place — 852 Sales of minerals in place (4,161) (46) Accretion of discount 19,306 46,203 Net change in income taxes (87,078) 282 Changes in timing and other (88,791) (17,686) Net change 378,123 (268,688) Beginning of year 193,021 461,709 End of year $ 571,144 $ 193,021 Certain information concerning the assumptions used in computing SMOG and their inherent limitations are discussed below. We believe this information is essential for a proper understanding and assessment of the data presented. The assumptions used to compute SMOG do not necessarily reflect our expectations of actual revenues to be derived from neither those reserves nor their present worth. Assigning monetary values to the reserve quantity estimation process does not reduce the subjective and ever-changing nature of reserve estimates. Additional subjectivity occurs when determining present values because the rate of producing the reserves must be estimated. In addition to difficulty inherent in predicting the future, variations from the expected production rate could result from factors outside of our control, such as unintentional delays in development, environmental concerns or changes in prices or regulatory controls. Also, the reserve valuation assumes that all reserves will be disposed of by production. However, other factors such as the sale of reserves in place could affect the amount of cash eventually realized. The December 31, 2021 future cash flows were computed by applying the unescalated 12-month average prices of $66.56 per barrel for oil, $44.22 per barrel for NGLs, and $3.60 per Mcf for natural gas (then adjusted for price differentials) relating to proved reserves and to the year-end quantities of those reserves. Future price changes are considered only to the extent provided by contractual arrangements in existence at year-end. Future production and development costs are computed by estimating the expenditures to be incurred in developing and producing the proved oil, NGLs, and natural gas reserves at the end of the year, based on continuation of existing economic conditions. Future income tax expenses are computed by applying the appropriate year-end statutory tax rates to the future pretax net cash flows relating to proved oil, NGLs, and natural gas reserves less the tax basis of our properties. The future income tax expenses also give effect to permanent differences and tax credits and allowances relating to our proved oil, NGLs, and natural gas reserves. Care should be exercised in the use and interpretation of the above data. As production occurs over the next several years, the results shown may be significantly different as changes in production performance, petroleum prices and costs are likely to occur.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Principles of Consolidation	The consolidated financial statements include the accounts of Unit Corporation and its subsidiaries. We have consolidated the activities of Superior, a 50/50 joint venture between Unit and SP Investor Holdings, LLC which qualifies as a VIE under generally accepted accounting principles in the United States (U.S. GAAP), for each of the periods presented in the consolidated financial statements. 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 20 – Variable Interest Entities. All intercompany transactions and accounts have been eliminated. During 2021, management identified an error in the initial allocation of equity between Unit Corporation and non-controlling interests as of the Fresh Start Reporting Date. The impact of the error was not material to any of our prior period financial statements and the error was corrected with one-time adjustment during the year ended December 31, 2021. As a result, during the year ended December 31, 2021, retained earnings (deficit) was reduced by $1.4 million with a corresponding decrease to non-controlling interest in consolidated subsidiaries. Certain amounts presented 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.
Fresh start accounting policy	The consolidated financial statements in Note 25 - Fresh Start Accounting have been prepared in accordance with Financial Accounting Standard Board (FASB) ASC Topic 852, Reorganizations . We evaluated the events between September 1, 2020 and September 3, 2020 and concluded that the use of an accounting convenience date of September 1, 2020 (Fresh Start Reporting Date) would not have a material impact to the consolidated financial statements. This was reflected in our consolidated balance sheets as of September 1, 2020. Accordingly, our consolidated financial statements and notes after September 1, 2020, are not comparable to the consolidated financial statements and notes before that date. We refer to the reorganized company in these consolidated financial statements and notes as the "Successor" for periods subsequent to August 31, 2020, and "Predecessor" for periods prior to September 1, 2020, and the consolidated financial statements and notes have been presented with a "black line" division to delineate the lack of comparability between the Predecessor and Successor periods.
Accounting Estimates	Preparing financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results could differ from those estimates. Significant estimates and assumptions include: • oil and gas reserves quantities and values; • full cost ceiling test and impairment assessments for property and equipment; • asset retirement obligations; • fair value of commodity derivative assets and liabilities; • fair value of the warrant liability; • reorganization fair value as of the Effective Date, • grant date fair value of stock-based compensation; • workers' compensation liabilities; • contingency, litigation, and environmental liabilities; • and realizability of deferred tax assets;
Cash Equivalents and Bank Overdrafts	We include as cash and cash equivalents all cash on hand and on deposit, as well as highly liquid investments with maturities of three months or less which are readily convertible into known amounts of cash. The financing section of our consolidated statements of cash flows reflects bank overdraft activity. Bank overdrafts are checks issued before the end of the period, but not presented to our bank for payment before the end of the period. There were no bank overdrafts as of December 31, 2021 and $2.6 million as of December 31, 2020.
Accounts Receivable	Accounts receivable are carried on a gross basis, with no discounting, less an allowance for expected credit losses. We estimate the allowance for credit losses based on existing economic conditions, the financial condition of our customers, and the amount and age of past due accounts. Receivables are considered past due if full payment is not received by the contractual due date. Past due accounts are generally written off against the allowance for credit losses only after all collection attempts have been unsuccessful.
Property and Equipment	Drilling equipment, gas gathering and processing equipment, corporate land and building, transportation equipment, and other property and equipment are carried at cost less accumulated depreciation. Renewals and enhancements are capitalized while repairs and maintenance are expensed. Prior to emergence from bankruptcy, we recorded depreciation of drilling equipment using the units-of-production method based on estimated useful lives starting at 15 years, including a minimum provision of 20% of the active rate when the equipment is idle, unless idle for greater than 48 months, then it was depreciated at the full active rate. We also used the composite method of depreciation for drill pipe and collars and calculate the depreciation by footage drilled compared to total estimated remaining footage. As of emergence and thereafter, we elected to depreciate all drilling assets utilizing the straight-line method over the estimated useful lives of the assets ranging from four to ten years. Depreciation on our former corporate building was computed using the straight-line method over the estimated useful life of 39 years. Depreciation of other property and equipment is computed using the straight-line method over the estimated useful lives of the assets ranging from three Impairment and disposal. We review the carrying amounts of long-lived assets for potential impairment when events occur or changes in circumstances suggest these carrying amounts may not be recoverable. Changes that could prompt an assessment include equipment obsolescence, changes in the market demand for a specific asset, changes in commodity prices, periods of relatively low drilling rig utilization, declining revenue per day, declining cash margin per day, or overall changes in general market conditions. Assets are determined to be impaired if a forecast of undiscounted estimated future net operating cash flows directly related to the asset, including disposal value if any, is less than the carrying amount of the asset. If any asset is determined to be impaired, the loss is measured as the amount by which the carrying asset exceeds its fair value. The estimate of fair value is based on the best information available, including prices for similar assets. Changes in these estimates could cause us to reduce the carrying value of property and equipment. Asset impairment evaluations are, by nature, highly subjective. They involve expectations about future cash flows generated by our assets and reflect our assumptions and judgments regarding future industry conditions and their effect on future utilization levels, dayrates, and costs. Using different estimates and assumptions could result in materially different carrying values of our assets. When property and equipment components are disposed of, the cost and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is generally reflected in operations. For dispositions of drill pipe and drill collars, an average cost for the appropriate feet of drill pipe and drill collars is removed from the asset account and charged to accumulated depreciation and proceeds, if any, are credited to accumulated depreciation.
Capitalized Interest	We did not capitalize any interest costs in 2021 or 2020.
Oil and Natural Gas Operations	Leases. We enter into various agreements to lease equipment and buildings, and we review each agreement to determine if they contain operating or finance leases with a term greater than 12 months. We recognize a lease liability on identified leases for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term based on the present value of lease payments over the lease term which includes all noncancelable periods as well as periods covered by options to extend the lease that we are reasonably certain to exercise. Leases with an initial term of 12 months or less are not recorded as a lease right-of-use asset and liability. Most leases are valued using an incremental borrowing rate, which is determined based on information available at the commencement date of a lease, as an implicit borrowing rate cannot be determined under most of our leases. Leases may include renewal, purchase or termination options that can extend or shorten the term of the lease. These options are evaluated at inception and throughout the contract term to determine if a modification of the lease term is required. Leases with an initial term of 12 months or less are not recorded as a lease right-of-use asset and liability. Expenses related to leases determined to be operating leases will be recognized on a straight-line basis over the lease term including any reasonably certain renewal periods, while those determined to be finance leases will be recognized following a front-loaded expense profile in which interest and amortization are presented separately in the consolidated statements of operations. The determination of whether a lease is accounted for as a finance lease or an operating lease requires management's estimates of the fair value of the underlying asset and its estimated economic useful life, among other considerations.
ARO	The estimated liabilities related to these future costs are recorded at the time the wells are drilled or acquired. We use historical experience to determine the estimated plugging costs considering the well's type, depth, physical location, and ultimate productive life. A risk-adjusted discount rate and an inflation factor are applied to estimate the present value of these obligations. We depreciate the capitalized asset retirement cost and accrete the obligation over time. Revisions to the obligations and assets are recognized at the appropriate risk-adjusted discount rate with a corresponding adjustment made to the full cost pool. Our mid-stream segment has property and equipment at locations leased or under right of way agreements which may require asset removal or site restoration, however, we are not able to reasonably measure the fair value of the obligations as the potential settlement dates are indeterminable.
Insurance	We are self-insured for certain losses relating to workers’ compensation, control of well and employee medical benefits. Insured policies for other coverage contain deductibles or retentions per occurrence that range from zero to $1.0 million. We have purchased stop-loss coverage to limit, to the extent feasible, per occurrence and aggregate exposure to certain types of claims. There is no assurance that the insurance coverages we have will adequately protect us against liability from all potential consequences. If insurance coverage becomes more expensive, we may choose to self-insure, decrease our limits, raise our deductibles, or any combination of these rather than pay higher premiums.
Derivative Activities	All commodity derivatives are recognized on the consolidated balance sheets as either an asset or liability measured at fair value and all our commodity derivative counterparties are subject to master netting agreements. We net the value of the derivative transactions with the same counterparty if a legal right to set-off exists. Changes in the fair value of our commodity derivatives and gains or losses on commodity derivative settlement are reported in gain (loss) on derivatives in our consolidated statements of operations. Cash settlements received or paid for matured, early-terminated, and/or modified derivatives are reported in cash receipts (payments) on derivatives settled in our consolidated statements of cash flows.
Income Taxes	Income taxes are recognized based on earnings reported for tax return purposes in addition to a provision for deferred income taxes. Deferred income taxes are recognized at the end of each reporting period for the future tax consequences of cumulative temporary differences between the tax basis of assets and liabilities and their reported amounts in the Company’s consolidated financial statements based on existing tax laws and enacted statutory tax rates applicable to the periods in which the temporary differences are expected to affect taxable income. U.S. GAAP requires the recognition of a deferred tax asset for net operating loss carryforwards and tax credit carryforwards. We periodically assesses the realizability of the deferred tax assets by considering all available evidence (both positive and negative) to determine whether it is more likely than not that all or a portion of the deferred tax assets will not be realized and a valuation allowance is required.
Natural Gas Balancing	When there are insufficient remaining reserves to offset a gas imbalance, we recognize an asset or a liability for the under-produced or over-produced position. We have recorded a receivable of $0.6 million on certain wells where we estimate that insufficient reserves are available for us to recover our under-production from future production volumes and a liability of $1.1 million on certain properties where there are insufficient reserves available to allow the under-produced owners to recover their under-production from future production volumes as of December 31, 2021. Our policy is to expense the pro-rata share of lease operating costs from all wells as incurred. Such expenses relating to the balancing position on wells in which we have imbalances are not material.
Employee And Director Stock Based Compensation	We recognize the cost of stock-based compensation over the requisite service periods, which is generally the vesting period, based on the grant date fair value of those awards and account for forfeitures as they occur. Warrant Liability. We recognize the fair value of the warrants as a derivative liability on our consolidated balance sheets with changes in the liability reported as loss on change in fair value of warrants in our consolidated statements of operations. The liability 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.
New Accounting Standards	Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The FASB issued ASU 2020-04 and ASU 2021-01 which provide and clarify optional expedients and exceptions for applying generally accepted accounting principles to contract modifications, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The amendments within these ASUs 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. We have not yet elected to use the optional guidance and continue to evaluate the options provided by ASU 2020-04 and ASU 2021-01. 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. We will adopt ASU 2020-06 effective January 1, 2022. The adoption of this ASU is not expected to have a material impact on our consolidated financial statements. Recently Adopted Accounting Standards

2020 EMERGENCE FROM VOLUNTARY_2

2020 EMERGENCE FROM VOLUNTARY REORGANIZATION UNDER CHAPTER 11 (Tables)	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Stockholders' Equity Note, Warrants or Rights	The warrants issued to holders of the company’s Old Common Stock that did not opt-out of the releases under the Plan and that owned their shares of old common stock through Direct Registration are outlined below: Issuance Date Warrants Issued December 21, 2020 1,764,164 February 11, 2021 42,511 July 29, 2021 10,521 October 13, 2021 5,005 Total 1,822,201

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset and Liability	The table below shows the changes in our contract asset and contract liability balances during periods presented which are primarily associated with demand fees and the impact to gas gathering and processing revenues: Successor Successor Classification on the Consolidated Balance Sheets December 31, 2021 December 31, 2020 Change (In thousands) Assets Current contract assets Prepaid expenses and other $ 174 $ 6,084 $ (5,910) Non-current contract assets Other assets — 173 (173) Total contract assets $ 174 $ 6,257 $ (6,083) Liabilities Current contract liabilities Current portion of other long-term liabilities $ 1,588 $ 2,583 $ (995) Non-current contract liabilities Other long-term liabilities 200 1,589 (1,389) Total contract liabilities 1,788 4,172 (2,384) Contract assets (liabilities), net $ (1,614) $ 2,085 $ (3,699)
Revenue, Remaining Performance Obligation	Included below is the adjustment to demand fees from adopting ASC 606 over the remaining term of the contracts as of December 31, 2021. Contract Remaining Term of Contract 2022 2023 and beyond Total Remaining Impact to Revenue (In thousands) Demand fee contracts 1 - 10 months $ 1,374 $ — $ 1,374

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share [Table Text Block]	Information related to the calculation of earnings (loss) per share attributable to Unit Corporation for the year ended December 31, 2021, four months ended December 31, 2020, and eight months ended August 31, 2020 is as follows: Earnings (Loss) Weighted Shares Per-Share Amount (In thousands except per share amounts) For the year ended December 31, 2021 (Successor) Basic earnings attributable to Unit Corporation per common share $ 60,647 11,405 $ 5.32 Effect of dilutive restricted stock units — 115 (0.06) Diluted earnings attributable to Unit Corporation per common share $ 60,647 11,520 $ 5.26 For the four months ended December 31, 2020 (Successor) Basic loss attributable to Unit Corporation per common share $ (18,140) 12,000 $ (1.51) For the eight months ended August 31, 2020 (Predecessor) Basic loss attributable to Unit Corporation per common share $ (931,012) 53,368 $ (17.45)
Schedule of Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share [Table Text Block]	The following stock options were not included in the computation of diluted earnings (loss) per share because the option exercise prices were greater than the average market price of our common stock for the year ended December 31, 2021: 2021 Stock options 361,418 Average exercise price $ 45.00

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Accrued Liabilities [Abstract]
Accrued Liabilities	Accrued liabilities consisted of the following as of December 31: Successor Successor 2021 2020 (In thousands) Employee costs $ 10,005 $ 8,878 Lease operating expenses 3,451 6,405 Capital expenditures 3,962 — Taxes 3,320 2,324 Interest payable 296 884 Legal settlement (Note 21) — 2,070 Other 1,416 1,182 Total accrued liabilities $ 22,450 $ 21,743

LONG-TERM DEBT AND OTHER LONG_2

LONG-TERM DEBT AND OTHER LONG-TERM LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Long-term debt and other long-term liabilites [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	Long-term debt consisted of the following as of December 31: Successor Successor 2021 2020 (In thousands) Current portion of long-term debt: Exit credit agreement with an average interest rate of 6.7% $ — $ 600 Long-term debt: Exit credit agreement with an average interest of 6.7% — 98,400 Superior credit agreement with an average interest rate of 2.1% at December 31, 2021 19,200 — Total long-term debt $ 19,200 $ 98,400
Other Long Term Liabilities [Table Text Block]	Other long-term liabilities consisted of the following as of December 31: Successor Successor 2021 2020 (In thousands) Asset retirement obligation (ARO) liability $ 25,688 $ 23,356 Workers’ compensation 7,925 10,164 Finance lease obligations — 3,216 Contract liabilities 1,788 4,172 Separation benefit plans 2,022 4,201 Gas balancing liability 1,090 3,997 Other long-term liabilities — 1,321 38,513 50,427 Less: current portion 5,574 11,168 Total other long-term liabilities $ 32,939 $ 39,259

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]
Schedule Of Asset Retirement Obligations [Table Text Block]	The following table summarizes activity for our estimated AROs during the year ended December 31, 2021 (in thousands): December 31, 2020 (Successor) $ 23,356 Accretion of discount 1,892 Liability incurred 7 Liability settled (1,140) Liability sold (1,935) Revision of estimates (1) 3,507 December 31, 2021 (Successor) 25,688 Less: current portion (Successor) 2,537 Long-term ARO liability (Successor) $ 23,151 _______________________ 1. Plugging liability estimates were revised for updates in the cost of services used to plug wells over the preceding year and estimated dates to be plugged. The following table summarizes activity for our estimated AROs during the eight months ended August 31, 2020 and the four months ended December 31, 2020 (in thousands): December 31, 2019 (Predecessor) $ 66,627 Accretion of discount 1,545 Liability incurred 465 Liability settled (838) Liability sold (487) Revision of estimates (1) (28,328) August 31, 2020 (Predecessor) 38,984 Fresh start adjustments (14,393) August 31, 2020 (Successor) 24,591 Accretion of discount 467 Liability incurred 151 Liability settled (95) Revision of estimates (1) (1,758) December 31, 2020 (Successor) 23,356 Less: current portion (Successor) 2,121 Long-term ARO liability (Successor) $ 21,235 _______________________

WORKERS' COMPENSATION (Tables)

WORKERS' COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Schedule of Workers' Compensation Liability	The following table summarizes activity for our workers' compensation liability during the year ended December 31, 2021 (in thousands): December 31, 2020 (Successor) $ 10,164 Claims and valuation adjustments (1,834) Payments (405) December 31, 2021 (Successor) 7,925 Less: current portion (Successor) 1,221 Long-term workers' compensation liability (Successor) $ 6,704 The following table summarizes activity for our workers' compensation liability during the eight months ended August 31, 2020 and the four months ended December 31, 2020 (in thousands): December 31, 2019 (Predecessor) $ 11,511 Claims and valuation adjustments 906 Payments (427) August 31, 2020 (Predecessor) 11,990 Fresh start adjustments — August 31, 2020 (Successor) 11,990 Claims and valuation adjustments (1,679) Payments (147) December 31, 2020 (Successor) 10,164 Less: current portion (Successor) 1,705 Long-term workers' compensation liability (Successor) $ 8,459

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Reconciliation Of Income Tax Expense (Benefit)	A reconciliation of income tax expense (benefit) computed by applying the federal statutory rate to pre-tax income (loss) to our effective income tax expense (benefit) during the periods indicated is as follows: Successor Predecessor Year Ended Four Months Ended Eight Months Ended (In thousands) Income tax expense (benefit) computed by applying the statutory rate $ 12,772 $ (3,001) $ (190,103) State income tax expense (benefit), net of federal benefit 2,129 (500) (31,684) Warrant liability revaluation 4,640 — — Restricted stock shortfall — — 7,404 Non-controlling interest in Superior (3,046) (1,017) 7,504 Goodwill impairment — — — Valuation allowance (16,612) 4,047 177,284 Reorganization adjustments — — 14,152 Statutory depletion and other 290 169 813 Income tax expense (benefit) $ 173 $ (302) $ (14,630)
Schedule Of Total Provision For Income Taxes	The company's total provision for income taxes consisted of the following during the periods indicated: Successor Predecessor Year Ended Four Months Ended Eight Months Ended (In thousands) Current taxes: Federal $ — $ — $ (917) State 173 (302) — 173 (302) (917) Deferred taxes: Federal — — (16,663) State — — 2,950 — — (13,713) Total provision for income taxes $ 173 $ (302) $ (14,630)
Schedule Of Deferred Tax Assets And Liabilities	Net deferred tax assets and liabilities are comprised of the following as of December 31: Successor Successor 2021 2020 (In thousands) Deferred tax assets: Allowance for losses and nondeductible accruals $ 23,819 $ 22,051 Net operating loss carryforward 94,441 100,236 Depreciation, depletion, amortization, and impairment 68,001 80,947 Alternative minimum tax and research and development tax credit carryforward 1,738 1,738 187,999 204,972 Deferred tax liability: Investment in Superior (3,626) (3,987) Net deferred tax asset 184,373 200,985 Valuation allowance (184,373) (200,985) Non-current—deferred tax liability $ — $ —

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule Of Restricted Stock Awards [Table Text Block]	The following table summarizes the stock-based compensation expense activity recognized during the following periods: Successor Predecessor Year Ended Four Months Ended Eight Months Ended August 31, 2020 (1) (In thousands) Recognized stock compensation expense $ 826 $ — $ 6,065 Capitalized stock compensation cost for our oil and natural gas properties $ — $ — $ — Tax benefit on stock-based compensation $ 202 $ — $ 1,486 _______________________
Activity Pertaining To Restricted Stock Awards [Table Text Block]	Successor Period activity pertaining to nonvested RSUs under the LTIP is as follows: Number of Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2020 (Successor) (1) — $ — Granted (2) 315,529 26.71 Vested — — Forfeited — — Nonvested at December 31, 2021 (Successor) (3) 315,529 $ 26.71 _______________________ 1. There was no activity during the four months ended December 31, 2020. 2. The grants had an aggregate grant date fair value of $8.4 million. Director grants will vest 25% on each of the following dates: May 27, 2022, September 3, 2022, September 3, 2023, and September 3, 2024. Employee grants will one-third vest on each of the following dates: November 21, 2022, October 1, 2023, and October 1, 2024. 3. The aggregate compensation cost related to nonvested RSUs not yet recognized as of December 31, 2021 was $7.9 million with a weighted average remaining service period of 1.7 years. Successor Period activity pertaining to outstanding stock options under the LTIP is as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2020 (Successor) (1) — $ — Granted (2) 361,418 45.00 Exercised — — Forfeited or expired — — Outstanding at December 31, 2021 (Successor) (3) 361,418 $ 45.00 _______________________ 1. There was no activity during the four months ended December 31, 2020. 2. The grants had an aggregate grant date fair value of $4.1 million and will one-third vest on each of the following dates: October 1, 2022, October 1, 2023, and October 1, 2024. The options have a five year term from the grant date. 3. The stock options outstanding as of December 31, 2021 had a weighted average remaining contractual term of 4.8 years and no aggregate intrinsic value. None of the stock options outstanding as of December 31, 2021 were exercisable. The aggregate compensation cost related to outstanding options not yet recognized as of December 31, 2021 was $3.9 million with a weighted average remaining service period of 1.8 years. Predecessor Period activity pertaining to nonvested RSUs under the Amended plan is as follows: Employees Number of Number of Total Number of Shares Weighted Average Price Nonvested at December 31, 2019 (Predecessor) 1,527,648 841,374 2,369,022 $ 18.95 Granted — — — — Vested (677,076) — (677,076) 19.95 Forfeited (272,396) (503,809) (776,205) 19.28 Nonvested at August 31, 2020 (Predecessor) 578,176 337,565 915,741 $ 17.92 Cancelled (578,176) (337,565) (915,741) 17.92 Nonvested at September 1, 2020 (Successor) — — — $ — Non-Employee Directors Number of Shares Weighted Average Price Nonvested at December 31, 2019 (Predecessor) 118,688 $ 14.83 Granted — — Vested (48,475) 15.88 Forfeited — — Nonvested at August 31, 2020 (Predecessor) 70,213 $ 14.10 Cancelled (70,213) 14.10 Nonvested at September 1, 2020 (Successor) — $ —
Activity Pertaining to Nonemployee Director Stock Award Plan [Table Text Block]	Predecessor Period activity pertaining to outstanding stock options under the Non-Employee Directors' Stock Option Plan for the identified periods is as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2019 (Predecessor) 42,000 $ 48.56 Granted — — Exercised — — Forfeited (14,000) 41.21 Outstanding at August 31, 2020 (Predecessor) 28,000 $ 52.24 Cancelled (28,000) 52.24 Outstanding at September 1, 2020 (Successor) — $ —

DERIVATIVES (Tables)

DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Non-designated Hedges Outstanding [Table Text Block]	The following non-designated hedges were outstanding as of December 31, 2021: Term Commodity Contracted Volume Weighted Average Fixed Price for Swaps Contracted Market Jan'22 - Dec'22 Natural gas - swap 5,000 MMBtu/day $2.61 IF - NYMEX (HH) Jan'23 - Dec'23 Natural gas - swap 22,000 MMBtu/day $2.46 IF - NYMEX (HH) Jan'22 - Dec'22 Natural gas - collar 35,000 MMBtu/day $2.50 - $2.68 IF - NYMEX (HH) Jan'22 - Jun'22 Crude oil - swap 986 Bbl/day $70.30 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 [Table Text Block]	The following tables present the recognized derivative assets and liabilities on our consolidated balance sheets as of the dates identified: As of December 31, 2021 Balance Sheet Classification Presented Effects of Presented (In thousands) Liabilities: Current Commodity Derivatives Current derivative liabilities $ 40,876 $ — $ 40,876 Long-term Commodity Derivatives Non-current derivative liabilities 17,855 — 17,855 Warrant Liability Warrant liability 19,822 — 19,822 Total derivative liabilities $ 78,553 $ — $ 78,553 As of December 31, 2020 Balance Sheet Classification Presented Effects of Presented (In thousands) Assets: Current commodity derivatives Current derivative assets $ 3,292 $ (3,292) $ — Long-term commodity derivatives Non-current derivative assets 144 (144) — Total derivative assets $ 3,436 $ (3,436) $ — Liabilities: Current Commodity Derivatives Current derivative liabilities $ 4,339 $ (3,292) $ 1,047 Long-term Commodity Derivatives Non-current derivative liabilities 4,803 (144) 4,659 Warrant Liability Warrant liability 885 — 885 Total derivative liabilities $ 10,027 $ (3,436) $ 6,591
Effect Of Derivative Instruments Recognized In Statement Of Operations, Not Designated As Hedging Instruments [Table Text Block]	The following table shows the activity related to derivative instruments in the consolidated statements of operations for the periods indicated: Successor Predecessor Year Ended Four Months Ended Eight Months Ended (In thousands) Loss on derivatives $ (97,615) $ (985) $ (10,704) Cash settlements paid on commodity derivatives (44,591) (1,133) (4,244) Loss on derivatives less cash settlements paid on commodity derivatives $ (53,025) $ 148 $ (6,460) Loss on change in fair value of warrants $ (18,937) $ — $ —

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Operating leases	The following table sets forth the maturities of our operating lease liabilities as of December 31, 2021: Amount (In thousands) Ending December 31, 2022 $ 4,382 2023 3,321 2024 2,683 2025 2,081 2026 1,484 2027 and beyond 50 Total future payments 14,001 Less: Interest 1,533 Present value of future minimum operating lease payments 12,468 Less: Current portion 3,791 Total long-term operating lease payments $ 8,677 Weighted average remaining lease term (years) 3.8 Weighted average discount rate (1) 5.54 % _______________________ 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.
Assets And Liabilities, Lessee	Information about the operating and finance lease assets and liabilities on our consolidated balance sheets as of December 31, 2021 and 2020 is as follows: Successor Successor Balance Sheet Classification December 31, 2021 December 31, 2020 (In thousands) Assets Operating lease right of use assets Right of use assets $ 12,445 $ 5,592 Finance lease right of use assets Property and equipment, net — 7,281 Total lease right of use assets $ 12,445 $ 12,873 Liabilities Current liabilities: Operating lease liabilities Current operating lease liabilities $ 3,791 $ 4,075 Finance lease liabilities Current portion of other long-term liabilities — 3,216 Non-current liabilities: Operating lease liabilities Operating lease liabilities 8,677 1,445 Total lease liabilities $ 12,468 $ 8,736
Schedule of lease costs	The following table presents the components of total lease cost for our operating and finance leases during the periods indicated: Successor Predecessor Year Ended Four Months Ended Eight Months Ended (In thousands) Components of total lease cost: Amortization of finance leased assets $ 1,248 $ 1,406 $ 2,757 Interest on finance lease liabilities 33 54 165 Operating lease cost 4,546 1,331 3,604 Short-term lease cost (1) 12,898 3,664 8,190 Variable lease cost — 64 223 Total lease cost $ 18,725 $ 6,519 $ 14,939 1. Short-term lease cost includes amounts capitalized related to our oil and natural gas segment of $1.5 million, $0.2 million, and $1.5 million for the year ended December 31, 2021, the four months ended December 31, 2020, and the eight months ended August 31, 2020, respectively.
Supplemental cash flow information related to leases	The following table provides supplemental cash flow information related to our operating and finance leases during the periods indicated: Successor Predecessor Year Ended Four Months Ended Eight Months Ended (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 4,605 $ 1,489 $ 3,849 Financing cash flows for finance leases 3,216 1,406 2,757 Lease liabilities recognized in exchange for new operating lease right of use assets $ 8,745 $ — $ —

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Recurring Fair Value Measurements [Table Text Block]	The following tables present our recurring fair value measurements as of the identified dates: Successor December 31, 2021 Level 1 Level 2 Level 3 Total (In thousands) Financial liabilities: Commodity derivative liabilities $ — $ (58,731) $ — $ (58,731) Warrant liability — — (19,822) (19,822) $ — $ (58,731) $ (19,822) $ (78,553) Successor December 31, 2020 Level 1 Level 2 Level 3 Total (In thousands) Financial assets (liabilities): Commodity derivative assets $ — $ 3,436 $ — $ 3,436 Commodity derivative liabilities — (9,142) — (9,142) Warrant liability — — (885) (885) $ — $ (5,706) $ (885) $ (6,591)
Reconciliations Of Level 3 Fair Value Measurements [Table Text Block]	The following tables summarize the activity of our recurring Level 3 fair value measurements during the periods presented: Successor Predecessor Year Ended Four Months Ended Eight Months Ended (In thousands) Beginning of period $ 885 $ — $ 1,204 Issuance of warrants — 885 — Loss on change in warrant liability 18,937 — — Gain/(loss) on unsettled three-way collars — — 978 Settlement loss on three-way collars — — (2,182) End of period $ 19,822 $ 885 $ —

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Variable Interest Entity Arrangements [Abstract]
Schedule of Assets and Liabilities	The amounts below reflect the Superior balance sheet accounts consolidated in our consolidated balance sheets without elimination of intercompany receivables from and payables to Unit: December 31, 2021 December 31, 2020 (In thousands) Current assets: Cash and cash equivalents $ 17,246 $ 11,642 Accounts receivable 42,628 27,427 Prepaid expenses and other 1,263 6,746 Total current assets 61,137 45,815 Property and equipment: Gas gathering and processing equipment 274,748 251,403 Transportation equipment 2,801 1,748 277,549 253,151 Less accumulated depreciation, depletion, amortization, and impairment 53,792 10,466 Net property and equipment 223,757 242,685 Right of use assets 3,485 2,823 Other assets 2,226 2,309 Total assets $ 290,605 $ 293,632 Current liabilities: Accounts payable $ 34,010 $ 17,045 Accrued liabilities 5,292 3,777 Current operating lease liability 1,548 1,762 Current portion of other long-term liabilities 1,450 5,799 Total current liabilities 42,300 28,383 Long-term debt less debt issuance costs 19,200 — Operating lease liability 2,036 1,013 Other long-term liabilities — 1,589 Total liabilities $ 63,536 $ 30,985

CONCENTRATION OF CREDIT RISK _2

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS (Tables)	12 Months Ended
	Dec. 31, 2021
Risks and Uncertainties [Abstract]
Schedules of Concentration of Risk, by Risk Factor	Below is a table of the third-party customers that accounted for over 10% of each of our segments' revenues: Successor Predecessor Year Ended Four Months Ended Eight Months Ended Oil and Natural Gas: Coffeyville Resources 11% * * CVR Refining, LP * 14% 15% Plains Marketing L.P. * * 11% Drilling: EOG Resources, Inc. 21% 28% 20% Citizen Energy III, LLC 20% 16% * Diamondback E&P, LLC 15% * * Slawson Exploration Company, Inc. 12% 16% 21% Earthstone Operating, LLC 11% * * Cimarex Energy Co. * 12% * QEP Resources, Inc. * 23% 10% Mid-Stream: ONEOK, Inc. 37% 28% 31% Range Resources Corporation 11% 15% 21% Koch Energy Services 10% * * Centerpoint Energy Service, Inc. * * *

INDUSTRY SEGMENT INFORMATION (T

INDUSTRY SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Revenue From Different Segments [Table Text Block]	The following tables provide certain information about the operations and assets for each of our segments: Successor Year Ended December 31, 2021 Oil and Natural Gas Contract Drilling Mid-Stream Corporate and Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 272,231 $ — $ — $ — $ (47,999) $ 224,232 Contract drilling — 76,107 — — 76,107 Gas gathering and processing — 341,674 — (3,297) 338,377 Total revenues 272,231 76,107 341,674 — (51,296) 638,716 Expenses: Operating costs: Oil and natural gas 83,221 — — — (3,297) 79,924 Contract drilling — 60,973 — — — 60,973 Gas gathering and processing — — 286,199 — (51,515) 234,684 Total operating costs 83,221 60,973 286,199 — (54,812) 375,581 Depreciation, depletion, and amortization 24,612 6,308 32,566 840 — 64,326 Impairment — — 10,673 — — 10,673 Total expenses 107,833 67,281 329,438 840 (54,812) 450,580 General and administrative — — — 21,399 3,516 24,915 (Gain) loss on disposition of assets 171 (10,143) 49 (954) — (10,877) Income (loss) from operations 164,227 18,969 12,187 (21,285) — 174,098 Loss on derivatives — — — (97,615) — (97,615) Loss on change in fair value of warrants — — — (18,937) — (18,937) Reorganization items, net — — — (4,294) — (4,294) Interest, net — — (924) (3,342) — (4,266) Other 187 57 (844) 3 — (597) Income (loss) before income taxes $ 164,414 $ 19,026 $ 10,419 $ (145,470) $ — $ 48,389 Identifiable assets: Oil and natural gas (2) $ 203,796 $ — $ — $ — $ (4,917) $ 198,879 Contract drilling — 78,554 — — (78) 78,476 Gas gathering and processing — — 290,605 — (269) 290,336 Total identifiable assets (3) 203,796 78,554 290,605 — (5,264) 567,691 Corporate land and building — — — — — — Other corporate assets (4) — — — 66,227 (4,441) 61,786 Total assets $ 203,796 $ 78,554 $ 290,605 $ 66,227 $ (9,705) $ 629,477 Capital expenditures: $ 17,752 $ 2,877 $ 24,316 $ 340 $ — $ 45,285 _______________________ 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. Oil and natural gas assets include oil and natural gas properties, saltwater disposal systems, and other non-full cost pool assets. 3. Identifiable assets are those used in Unit’s operations in each industry segment. 4. Other corporate assets are principally cash and cash equivalents, transportation equipment, furniture, and equipment. Successor Four Months Ended December 31, 2020 Oil and Natural Gas Contract Drilling Mid-Stream Corporate and Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 57,580 $ — $ — $ — $ (2) $ 57,578 Contract drilling — 19,413 — — — 19,413 Gas gathering and processing — — 68,369 — (11,832) 56,537 Total revenues 57,580 19,413 68,369 — (11,834) 133,528 Expenses: Operating costs: Oil and natural gas 26,111 — — — (855) 25,256 Contract drilling — 13,852 — — — 13,852 Gas gathering and processing — — 53,147 — (10,978) 42,169 Total operating costs 26,111 13,852 53,147 — (11,833) 81,277 Depreciation, depletion, and amortization 14,869 2,102 10,659 332 — 27,962 Impairments (2) 26,063 — — — — 26,063 Total expenses 67,043 15,954 63,806 332 (11,833) 135,302 General and administrative — — — 6,702 — 6,702 Gain on disposition of assets (24) (521) (55) (19) — (619) Income (loss) from operations (9,439) 3,980 4,618 (7,015) (1) (7,857) Loss on derivatives — — — (985) — (985) Reorganization items, net — — — (2,273) — (2,273) Interest, net — — (501) (2,774) — (3,275) Other 56 4 34 6 — 100 Income (loss) before income taxes $ (9,383) $ 3,984 $ 4,151 $ (13,041) $ (1) $ (14,290) Identifiable assets: Oil and natural gas (3) $ 236,073 $ — $ — $ — $ (3,326) $ 232,747 Contract drilling — 81,612 — — (4) 81,608 Gas gathering and processing — — 293,632 — (335) 293,297 Total identifiable assets (4) 236,073 81,612 293,632 — (3,665) 607,652 Corporate land and building — — — 32,382 — 32,382 Other corporate assets (5) — — — 13,671 (4,002) 9,669 Total assets $ 236,073 $ 81,612 $ 293,632 $ 46,053 $ (7,667) $ 649,703 Capital expenditures: $ 4,018 $ 616 $ 1,323 $ 3 $ — $ 5,960 _______________________ 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. During the Successor Period of 2020, we recorded non-cash ceiling test write-downs on our oil and natural gas properties of $26.1 million pre-tax. 3. Oil and natural gas assets include oil and natural gas properties, saltwater disposal systems, and other non-full cost pool assets. 4. Identifiable assets are those used in Unit’s operations in each industry segment. 5. Other corporate assets are principally cash and cash equivalents, short-term investments, transportation equipment, furniture, and equipment. Predecessor Eight Months Ended August 31, 2020 Oil and Natural Gas Contract Drilling Mid-Stream Corporate and Other Eliminations Total Consolidated (In thousands) Revenues: Oil and natural gas $ 103,443 $ — $ — $ — $ (4) $ 103,439 Contract drilling — 73,519 — — — 73,519 Gas gathering and processing — — 114,531 — (14,532) 99,999 Total revenues (1) 103,443 73,519 114,531 — (14,536) 276,957 Expenses: Operating costs: Oil and natural gas 119,664 — — — (1,973) 117,691 Contract drilling — 51,811 — — (1) 51,810 Gas gathering and processing — — 80,607 — (12,562) 68,045 Total operating costs 119,664 51,811 80,607 — (14,536) 237,546 Depreciation, depletion, and amortization 68,762 15,544 29,371 1,819 — 115,496 Impairments (2) 393,726 410,126 63,962 — — 867,814 Total expenses 582,152 477,481 173,940 1,819 (14,536) 1,220,856 Loss on abandonment of assets 17,641 1,092 — — — 18,733 General and administrative — — — 42,766 — 42,766 (Gain) loss on disposition of assets (160) (1,390) (18) 1,479 — (89) Loss from operations (496,190) (403,664) (59,391) (46,064) — (1,005,309) Loss on derivatives — — — (10,704) — (10,704) Write-off of debt issuance costs — — — (2,426) — (2,426) Reorganization items, net 15,504 (183,664) (71,016) 373,151 — 133,975 Interest, net — — (1,888) (20,936) — (22,824) Other 458 1,449 50 77 — 2,034 Income (loss) before income taxes $ (480,228) $ (585,879) $ (132,245) $ 293,098 $ — $ (905,254) Capital expenditures: $ 5,350 $ 2,438 $ 9,342 $ 83 $ — $ 17,213 _______________________ ____________________ 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. During the Predecessor Period of 2020, we recorded non-cash ceiling test write-downs on our oil and natural gas properties of $393.7 million, pre-tax ($346.6 million, net of tax). Impairment for contract drilling equipment includes a $410.1 million pre-tax write-down for SCR drilling rigs and other drilling equipment. Impairment for mid-stream assets includes a $10.7 million pre-tax write-down for certain long-lived asset groups. 3. Oil and natural gas assets include oil and natural gas properties, saltwater disposal systems, and other non-full cost pool assets. 4. Identifiable assets are those used in Unit’s operations in each industry segment. 5. Other corporate assets are principally cash and cash equivalents, short-term investments, transportation equipment, furniture, and equipment.

SUPPLEMENTAL CONDENSED CONSOL_2

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidating Statements of Operations	Condensed Consolidating Statements of Operations Predecessor Eight Months Ended August 31, 2020 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Revenues $ — $ 176,962 $ 114,531 $ (14,536) $ 276,957 Expenses: Operating costs — 171,476 80,607 (14,537) 237,546 Depreciation, depletion, and amortization 1,819 84,306 29,371 — 115,496 Impairments — 803,852 63,962 — 867,814 Loss on abandonment of assets — 18,733 — — 18,733 General and administrative — 42,766 — — 42,766 (Gain) loss on disposition of assets 1,479 (1,550) (18) — (89) Total operating costs 3,298 1,119,583 173,922 (14,537) 1,282,266 Income (loss) from operations (3,298) (942,621) (59,391) 1 (1,005,309) Interest, net (20,936) — (1,888) — (22,824) Write-off of debt issuance costs (2,426) — — — (2,426) Loss on derivatives (10,704) — — — (10,704) Reorganization items 373,151 (168,160) (71,016) — 133,975 Other, net 79 1,906 49 — 2,034 Income (loss) before income taxes 335,866 (1,108,875) (132,246) 1 (905,254) Income tax benefit (14,630) — — — (14,630) Equity in net earnings from investment in subsidiaries, net of taxes (1,241,120) — — 1,241,120 — Net loss (890,624) (1,108,875) (132,246) 1,241,121 (890,624) Less: net income attributable to non-controlling interest 40,388 — 40,388 (40,388) 40,388 Net loss attributable to Unit Corporation $ (931,012) $ (1,108,875) $ (172,634) $ 1,281,509 $ (931,012)
Condensed Consolidating Statement of Comprehensive Income (Loss)	Condensed Consolidating Statements of Comprehensive Income (Loss) Predecessor Eight Months Ended August 31, 2020 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) Net loss $ (890,624) $ (1,108,875) $ (132,246) $ 1,241,121 $ (890,624) Other comprehensive loss, net of taxes: Unrealized gain on securities, net of tax of $0 — — — — — Comprehensive loss (890,624) (1,108,875) (132,246) 1,241,121 (890,624) Less: Comprehensive income attributable to non-controlling interests 40,388 — 40,388 (40,388) 40,388 Comprehensive loss attributable to Unit Corporation $ (931,012) $ (1,108,875) $ (172,634) $ 1,281,509 $ (931,012)
Condensed Consolidating Statements of Cash Flows	Predecessor Eight Months Ended August 31, 2020 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated (In thousands) OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ (207,593) $ 82,769 $ 32,922 $ 136,858 $ 44,956 INVESTING ACTIVITIES: Capital expenditures (986) (14,585) (10,204) — (25,775) Producing properties and other acquisitions — (382) — — (382) Proceeds from disposition of assets 1,169 4,772 77 — 6,018 Net cash provided by (used in) investing activities 183 (10,195) (10,127) — (20,139) FINANCING ACTIVITIES: Borrowings under credit agreement, including borrowings under DIP credit facility 55,300 — 32,100 — 87,400 Payments under credit agreement (31,500) — (32,600) — (64,100) DIP financing costs (990) — — — (990) Exit facility financing costs (3,225) — — — (3,225) Intercompany borrowings (advances), net 210,398 (72,642) (898) (136,858) — Payments on finance leases — — (2,757) — (2,757) Employee taxes paid by withholding shares (43) — — — (43) Bank overdrafts (7,269) — (1,464) — (8,733) Net cash provided by (used in) financing activities 222,671 (72,642) (5,619) (136,858) 7,552 Net increase (decrease) in cash and cash equivalents 15,261 (68) 17,176 — 32,369 Cash and cash equivalents, beginning of period 503 68 — — 571 Cash and cash equivalents, end of period $ 15,764 $ — $ 17,176 $ — $ 32,940

FRESH START ACCOUNTING (Tables)

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

Schedule II - VALUATION AND Q_2

Schedule II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Tables)	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Summary of Valuation Allowance [Table Text Block]	Allowance for Credit Losses: Description Balance at Beginning of Period Additions Deductions & Net Write-Offs Balance at End of Period (In thousands) Year ended December 31, 2021 $ 3,783 $ 1,640 $ (2,912) $ 2,511 Year ended December 31, 2020 $ 2,332 $ 3,155 $ (1,704) $ 3,783

SUPPLEMENTAL OIL AND GAS DISC_2

SUPPLEMENTAL OIL AND GAS DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2021
Supplemental Oil and Gas Disclosures [Abstract]
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure [Table Text Block]	The capitalized costs as of December 31, 2021 and 2020 were as follows: Successor Successor 2021 2020 (In thousands) Proved properties $ 225,014 $ 238,581 Unproved properties (wells in progress) 422 1,591 225,436 240,172 Accumulated depreciation, depletion, amortization, and impairment (64,966) (40,806) Net capitalized costs $ 160,470 $ 199,366
Schedule Of The Oil And Natural Gas Property Costs Not Being Amortized [Table Text Block]	The following table sets forth costs incurred related to our oil and natural gas activities for the periods indicated: Successor Successor Predecessor Year Ended Four Months Ended Eight Months Ended (In thousands) Unproved properties acquired $ 522 $ 26 $ 2,373 Proved properties acquired — — 382 Exploration — — — Development 16,279 3,992 6,440 Asset retirement obligation 478 (1,702) (29,189) Total costs incurred $ 17,279 $ 2,316 $ (19,994)
Results Of Operations For Producing Activities [Table Text Block]	The results of operations for producing activities are as follows: Successor Successor Predecessor Year Ended Four Months Ended Eight Months Ended (In thousands) Revenues $ 223,681 $ 55,272 $ 96,033 Production costs (62,443) (20,510) (46,633) Depreciation, depletion, amortization, and impairment (24,261) (40,840) (461,901) 136,977 (6,078) (412,501) Income tax (expense) benefit 168 128 6,698 Results of operations for producing activities (excluding corporate overhead and financing costs) $ 137,145 $ (5,950) $ (405,803)
Schedule Of Proved Developed And Undeveloped Oil And Gas Reserve Quantities [Table Text Block]	Estimated quantities of proved developed oil, NGLs, and natural gas reserves and changes in net quantities of proved developed and undeveloped oil, NGLs, and natural gas reserves were as follows: Oil (MBbls) NGL (MBbls) Gas (Mcf) Total (MBoe) 2020 Proved developed and undeveloped reserves: Beginning of year 12,196 23,030 220,187 71,924 Revision of previous estimates (1) (1,909) (4,477) (38,901) (12,870) Extensions and discoveries 8 13 110 39 Infill reserves in existing proved fields 97 66 452 238 Purchases of minerals in place 62 20 172 112 Production (2,186) (3,444) (37,567) (11,891) Sales (1) — (62) (11) Net proved reserves at December 31, 2020 8,267 15,208 144,391 47,541 Proved developed reserves, December 31, 2020 8,267 15,208 144,391 47,541 Proved undeveloped reserves, December 31, 2020 — — — — 2021 Proved developed and undeveloped reserves: Beginning of year 8,267 15,208 144,391 47,541 Revision of previous estimates (2) 2,651 8,723 103,866 28,685 Extensions and discoveries 218 93 961 471 Infill reserves in existing proved fields 713 293 2,158 1,366 Purchases of minerals in place — — — — Production (1,615) (2,624) (29,012) (9,074) Sales (1,215) (169) (1,725) (1,672) Net proved reserves at December 31, 2021 9,019 21,525 220,640 67,317 Proved developed reserves, December 31, 2021 9,019 21,525 220,640 67,317 Proved undeveloped reserves, December 31, 2021 — — — — _________________________ 1. Revisions of previous estimates decreased primarily due to the removal of proved undeveloped reserves due to uncertainty regarding our ability to finance the development of our proved undeveloped reserves over a five-year period and from lower commodity prices. 2. Revisions of previous estimates increased primarily due to changes in the unescalated 12-month average product prices which increased approximately 68% for oil, 136% for NGLs, and 82% for natural gas compared to the December 31, 2020 pricing.
Standardized Measure Of Discounted Future Cash Flows Relating To Proved Reserves Disclosure [Table Text Block]	The standardized measure of discounted future net cash flows (SMOG) was calculated using 12-month average prices and year end costs adjusted for permanent differences that relate to existing proved oil, NGLs, and natural gas reserves. Future income tax expenses consider the Tax Act statutory tax rates. SMOG as of December 31, 2021 and 2020 is as follows: Successor Successor 2021 2020 (In thousands) Future cash flows $ 1,977,529 $ 698,685 Future production costs (835,430) (416,095) Future development costs — — Future income tax expenses (87,117) (39) Future net cash flows 1,054,982 282,551 10% annual discount for estimated timing of cash flows (483,838) (89,530) Standardized measure of discounted future net cash flows relating to proved oil, NGLs, and natural gas reserves $ 571,144 $ 193,021
Schedule Of Principal Sources Of Changes In Standardized Measure Of Discounted Future Net Cash Flows [Table Text Block]	The principal sources of changes in the standardized measure of discounted future net cash flows were as follows: 2021 2020 (In thousands) Sales and transfers of oil and natural gas produced, net of production costs $ (161,238) $ (84,163) Net changes in prices and production costs 334,291 (165,978) Revisions in quantity estimates and changes in production timing 320,774 (50,979) Extensions, discoveries, and improved recovery, less related costs 45,019 2,827 Changes in estimated future development costs — — Previously estimated cost incurred during the period — — Purchases of minerals in place — 852 Sales of minerals in place (4,161) (46) Accretion of discount 19,306 46,203 Net change in income taxes (87,078) 282 Changes in timing and other (88,791) (17,686) Net change 378,123 (268,688) Beginning of year 193,021 461,709 End of year $ 571,144 $ 193,021

ORGANIZATION AND BUSINESS (Deta

ORGANIZATION AND BUSINESS (Details)	Dec. 31, 2021
Superior Pipeline Company, L.L.C.
Schedule of Equity Method Investments [Line Items]
Ownership interest (percent)	50.00%

2020 EMERGENCE FROM VOLUNTARY_3

2020 EMERGENCE FROM VOLUNTARY REORGANIZATION UNDER CHAPTER 11 - Additional Information (Details) $ / shares in Units, $ in Thousands	Sep. 03, 2020	Aug. 06, 2020	May 22, 2020	May 15, 2020USD ($)	Aug. 31, 2020USD ($)	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020$ / shares	Sep. 01, 2020$ / sharesshares
Bankruptcy Proceedings, Date Petition for Bankruptcy Filed			May 22, 2020
Bankruptcy Proceedings, Court Where Petition Was Filed			United States Bankruptcy Court for the Southern District of Texas, Houston Division
Plan of Reorganization, Date Plan Confirmed		Aug. 6, 2020
Plan of Reorganization, Date Plan is Effective	Sep. 3, 2020
Plan of Reorganization, Terms of Plan	Following emergence, we implemented the Plan as follows:•Each lender under the (i) the Unit credit agreement, and (ii) the DIP Credit Agreement received (or was entitled to receive) its pro rata share of revolving loans, term loans, and letter of credit participation under the Exit Credit Agreement, in exchange for the lender’s allowed claims under the Unit credit agreement or DIP Credit Agreement; •Each lender under the Unit credit agreement and the DIP Credit Agreement received its pro rata share of an equity fee under the exit facility equal to 5% of the New Common Stock (subject to dilution by shares reserved for issuance under a management incentive plan and upon exercise of the warrants described below); •The company issued a total of 12.0 million shares of New Common Stock at a par value of $0.01 per share to be subsequently distributed in accordance with the Plan; •Each holder of the Notes received its pro rata share of New Common Stock based on equity allocations at each of Unit, UDC, and UPC in exchange for the holder’s allowed Notes claim;•Each holder of an allowed general unsecured claim against Unit or UPC was entitled to receive its pro rata share of New Common Stock based on equity allocations at each of Unit and UPC, respectively; •A disputed claims reserve was established for distribution of New Common Stock on allowance of certain disputed general unsecured claims;•Each holder of an allowed general unsecured claim against UDC, 8200 Unit, Unit Drilling Colombia and Unit Drilling USA received payment or will receive payment in full for that claim in the ordinary course of business; and•Each retained or former employee with a claim for vested severance benefits, who opted into a settlement, received or will receive cash payment(s) for the claim in lieu of an allocation of New Common Stock otherwise provided to holders of general unsecured claims.
Shares, Issued | shares								12,000,000
Common stock, par value | $ / shares						$ 0.01	$ 0.01	$ 0.01
Conversion ratio						0.03460447
Proceeds from Warrant Exercises						$ 650,000
Class Or Warrants Or Rights, Additional Warrants Issued | shares						21,117
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations					$ 12,400
Debt Instrument, Periodic Payment, Interest				$ 21,500
DIP credit facility [Member]
Percentage of Equity Allocated to Holders of Debtors			5.00%
Minimum
Substantial Stockholder Percentage	0.0475

2020 EMERGENCE FROM VOLUNTARY_4

2020 EMERGENCE FROM VOLUNTARY REORGANIZATION UNDER CHAPTER 11 - Warrants Issued (Details)	Dec. 31, 2021shares
Class of Warrant or Right [Line Items]
Warrants Issued	1,822,201
Warrants Issued Dec 21.2020
Class of Warrant or Right [Line Items]
Warrants Issued	1,764,164
Warrants Issued Feb 11, 2021
Class of Warrant or Right [Line Items]
Warrants Issued	42,511
Warrants Issued July 29, 2021
Class of Warrant or Right [Line Items]
Warrants Issued	10,521
Warrants Issued Oct 13, 2021
Class of Warrant or Right [Line Items]
Warrants Issued	5,005

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)	4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2021	Sep. 01, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Non-controlling interests in consolidated subsidiaries	$ (246,371,000)		$ (212,271,000)	$ (242,200,000)
Retained earnings (deficit)	(18,140,000)		41,071,000	$ 0
Bank Overdrafts	2,600,000		0
Average rates used for depreciation, depletion, and amortization per Boe	4.21	$ 7.77	2.67
Gas Balancing Asset (Liability)	$ 3,997,000		1,090,000
Natural Gas Balancing
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accounts receivable			$ 600,000
Drilling Equipment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Minimum depreciation percentage for idle drilling rigs (if idle under 48 months)			20.00%
Building
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Useful life, years			39 years
Minimum
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Insurance coverage			$ 0
Minimum | Drilling Equipment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Useful life, years			15 years
Minimum | Property, Plant and Equipment, Other Types
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Useful life, years			3 years
Maximum
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Insurance coverage			$ 1,000,000
Maximum | Property, Plant and Equipment, Other Types
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Useful life, years			15 years
Revision of Prior Period, Error Correction, Adjustment | Error in the Allocation of Earnings from Superior between Unit Corp and Noncontrolling Interests
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Non-controlling interests in consolidated subsidiaries			$ 1,400,000
Retained earnings (deficit)			$ 1,400,000

IMPAIRMENTS (Details)

IMPAIRMENTS (Details) - USD ($) $ in Thousands	3 Months Ended	4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Ceiling test write-down					$ 393,700
Unproved properties included in amortization			$ 226,500
Non-cash ceiling test write-down net of tax			346,600		346,600
Loss on abandonment of assets (Note 4)		$ 0	18,733	$ 0
Oil and Natural Gas
Property, Plant and Equipment [Line Items]
Loss on abandonment of assets (Note 4)			17,600
Drilling Equipment
Property, Plant and Equipment [Line Items]
Impairment of Long-Lived Assets Held-for-use				$ 0
Write-off equipment			1,100
Mid-Stream
Property, Plant and Equipment [Line Items]
Impairment of Long-Lived Assets Held-for-use	$ 10,700				$ 64,000
Oil and Natural Gas
Property, Plant and Equipment [Line Items]
Ceiling test write-down		$ 26,100	393,700
SCR drilling rigs | Drilling Equipment
Property, Plant and Equipment [Line Items]
Impairment of Long-Lived Assets Held-for-use			407,100
Other drilling equipment | Drilling Equipment
Property, Plant and Equipment [Line Items]
Impairment of Long-Lived Assets Held-for-use			3,000
BOSS drilling rigs | Drilling Equipment
Property, Plant and Equipment [Line Items]
Carrying value of asset group			$ 242,500

REVENUE FROM CONTRACTS WITH C_3

REVENUE FROM CONTRACTS WITH CUSTOMERS (Narrative) (Details) - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2021	Sep. 01, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Retained earnings (deficit)	$ (18,140)		$ 41,071	$ 0
Total shareholders' equity	425,593	$ 171,180	399,668	439,523	$ 1,055,635
Change in contact assets and liabilities, net	1,316	2,459	3,699
Retained Earnings (Deficit)
Segment Reporting Information [Line Items]
Total shareholders' equity	$ (18,140)	$ (731,877)	$ 41,071	$ 0	$ 199,135
Oil and Natural Gas
Segment Reporting Information [Line Items]
Revenue Satisfied at Point in Time, Transfer of Control			Revenues from oil and natural gas sales are recognized when the customer obtains control of the sold product which typically occurs at the point of delivery to the customer.
Drilling
Segment Reporting Information [Line Items]
Revenue, Practical Expedient, Initial Application and Transition, Qualitative Assessment			Most of our drilling contracts have a term of one year or less and the remaining performance obligations under the contracts without a fixed term are not material.
Mid-Stream
Segment Reporting Information [Line Items]
Change in contact assets and liabilities, net			$ 2,384

REVENUE FROM CONTRACTS WITH C_4

REVENUE FROM CONTRACTS WITH CUSTOMERS (Contract with Customer, Asset and Liability) (Details) - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Contract liability	$ 4,172		$ 1,788
Change in contract assets (liabilities)	(1,316)	$ (2,459)	(3,699)
Mid-Stream
Disaggregation of Revenue [Line Items]
Current contract assets	6,084		174
Non-current contract assets	173		0
Contract assets	6,257		174
Contract with Customer, Current Asset, Reclassified to Receivable			(5,910)
Contract with Customer, Non-current Asset, Reclassified to Receivable			(173)
Change in contract assets			(6,083)
Current Contract Liabilities	2,583		1,588
Non-current contract liabilities	1,589		200
Contract liability	4,172		1,788
Contract with Customer, Current Liability, Revenue Recognized			(995)
Contract with Customer, Non-current Liability, Revenue Recognized			(1,389)
Change in contract assets (liabilities)			(2,384)
Contract asset (liabilities), net	$ 2,085		(1,614)
Change in contract liabilities			$ (3,699)

REVENUE FROM CONTRACTS WITH C_5

REVENUE FROM CONTRACTS WITH CUSTOMERS (Revenue, Remaining Performance Obligation) (Details) $ in Thousands	Dec. 31, 2021USD ($)
Mid-Stream
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining impact to revenue	$ 1,374
2022 | Mid-Stream | Demand fee contracts [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining impact to revenue	1,374
2023 and beyond | Mid-Stream | Demand fee contracts [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining impact to revenue	$ 0
Minimum | 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 term of contract	1 month
Maximum | 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 term of contract	10 months

ACQUISITIONS AND DIVESTITURES -

ACQUISITIONS AND DIVESTITURES - Narrative (Details) $ in Thousands	Jan. 26, 2022USD ($)	Sep. 30, 2021USD ($)	Aug. 16, 2021USD ($)	May 06, 2021USD ($)	Nov. 30, 2021USD ($)milesOfPipeline	Dec. 31, 2020USD ($)	Aug. 31, 2020USD ($)	Dec. 31, 2021USD ($)
Acquisitions and Divestitures [Line Items]
Gain (Loss) on Disposition of Assets						$ 619	$ 89	$ 10,877
Consideration transferred					$ 13,000
Pipeline size | milesOfPipeline					1,620
Oil and Natural Gas
Acquisitions and Divestitures [Line Items]
Proceeds from Sale of Other Assets			$ 19,500	$ 7,100
Gain (Loss) on Disposition of Assets						24	160	(171)
Oil and Natural Gas | Subsequent Event
Acquisitions and Divestitures [Line Items]
Proceeds from Sale of Other Assets	$ 5,000
Drilling
Acquisitions and Divestitures [Line Items]
Proceeds from divestiture of assets						1,300	4,800	12,700
Gain (Loss) on Disposition of Assets						521	1,390	10,143
Corporate and Other
Acquisitions and Divestitures [Line Items]
Gain (Loss) on Disposition of Assets						19	(1,479)	954
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment		$ 35,000
Gain (loss) on sale of drilling rigs		900
Disposition Of Property Plant Equipment, Transaction Cost		$ 2,200
Oil and Natural Gas
Acquisitions and Divestitures [Line Items]
Other acquisitions							400
Proceeds from divestiture of assets						$ 400	$ 1,200	$ 5,000

CAPITAL STOCK (Details)

CAPITAL STOCK (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2021	Oct. 31, 2021	Dec. 31, 2020
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
Share repurchase program, aggregate purchase price	$ 9,000,000	$ 51,965,000
Stock repurchased (in shares)		1,949,963
Common stock, shares outstanding		10,050,037		12,000,000
June 2021 Repurchase Progra
Equity, Class of Treasury Stock [Line Items]
Stock repurchased from lenders (in shares)		1,271,963
Shares repurchased, price per share (in USD per share)		$ 32.57
Share repurchase program, aggregate purchase price		$ 41,400,000
Stock repurchase program, authorized amount	$ 25,000,000		$ 50,000,000
Privately Negotiated Transaction
Equity, Class of Treasury Stock [Line Items]
Stock repurchased from lenders (in shares)		78,000
Shares repurchased, price per share (in USD per share)		$ 19.07

EARNINGS (LOSS) PER SHARE (Sche

EARNINGS (LOSS) PER SHARE (Schedule Of Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2021
Earnings Per Share [Abstract]
Income (loss) of basic earnings (loss) attributable to Unit Corporation per common share	$ (18,140)	$ (931,012)	$ 60,647
Income (loss) of effect of dilutive stock options and restricted stock			0
Income (loss) of diluted earnings (loss) attributable to Unit Corporation per common share			$ 60,647
Weighted shares of basic earnings (loss) attributable to Unit Corporation per common share	12,000	53,368	11,405
Weighted shares of effect of dilutive stock options and restricted stock			115
Weighted shares of diluted earnings (loss) attributable to Unit Corporation per common share			11,520
Per share amount of basic earnings (loss) attributable to Unit Corporation per common share	$ (1.51)	$ (17.45)	$ 5.32
Per share amount of effect of dilutive stock options and restricted stock			(0.06)
Diluted loss attributable to Unit Corporation per common share	$ (1.51)	$ (17.45)	$ 5.26

EARNINGS (LOSS) PER SHARE (Sc_2

EARNINGS (LOSS) PER SHARE (Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share) (Details) - Stock Options	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options | shares	361,418
Average Exercise Price | $ / shares	$ 45

ACCRUED LIABILITIES (Accrued Li

ACCRUED LIABILITIES (Accrued Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Sep. 01, 2020
Accrued Liabilities [Abstract]
Employee costs	$ 10,005	$ 8,878
Lease operating expenses	3,451	6,405
Capital Expenditure Accrual	3,962	0
Taxes	3,320	2,324
Interest payable	296	884
Litigation settlements	0	2,070	$ 45,000
Other	1,416	1,182
Total accrued liabilities	$ 22,450	$ 21,743	$ 32,875

LONG-TERM DEBT AND OTHER LONG_3

LONG-TERM DEBT AND OTHER LONG-TERM LIABILITIES (Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Sep. 01, 2020
Current portion of long-term debt:
Line of Credit, Current	$ 0	$ 600	$ 400
Long-term Debt
Long-term debt:
Total principal amount	$ 19,200	98,400
Successor Exit Facility
Debt Instrument [Line Items]
Revolving credit facility interest rate	6.70%
Successor Exit Facility | Current portion of long-term debt
Current portion of long-term debt:
Line of Credit, Current	$ 0	600
Successor Exit Facility | Long-term Debt
Long-term debt:
Long-term Line of Credit	$ 0	98,400
Superior Credit Agreement [Member]
Debt Instrument [Line Items]
Revolving credit facility interest rate	2.10%
Superior Credit Agreement [Member] | Long-term Debt
Long-term debt:
Long-term Line of Credit	$ 19,200	$ 0

LONG-TERM DEBT AND OTHER LONG_4

LONG-TERM DEBT AND OTHER LONG-TERM LIABILITIES (Narrative) (Details) - USD ($) $ in Thousands	Sep. 03, 2020	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2021	Oct. 19, 2021	Apr. 21, 2021	Sep. 01, 2020	May 26, 2020	May 22, 2020
Debt Instrument [Line Items]
Current portion of long-term debt (Note 10)		$ 600		$ 0			$ 400
Write-off debt issuance costs		0	$ (2,426)	0
Long-term debt (Note 10)		98,400		$ 19,200			$ 147,600
Predecessor Credit Agreement [Member]
Debt Instrument [Line Items]
Commitment fee percentage under credit facility				0.375%
Origination, agency and syndication fees				$ 3,300
Write-off debt issuance costs			$ (2,400)
Debt instrument, variable interest rate, payable assessment period				90 days
LIBOR interest rate plus one percent plus a margin				LIBOR plus 1.00% plus a margin
Predecessor Credit Agreement [Member] | Minimum
Debt Instrument [Line Items]
LIBOR plus interest rate				1.50%
Predecessor Credit Agreement [Member] | Maximum
Debt Instrument [Line Items]
LIBOR plus interest rate				2.50%
Predecessor Credit Agreement [Member] | Proved developed producing total value of our oil and gas properties
Debt Instrument [Line Items]
Percentage of collateral pledged				80.00%
Oil and Gas Property, Full Cost Method, Discount Percentage				8.00%
Superior Credit Agreement [Member]
Debt Instrument [Line Items]
Credit Facility Maximum Credit Amount				$ 250,000
Commitment fee percentage under credit facility				0.375%
Superior Credit Agreement, Initiation Date				May 10, 2018
Superior Credit Agreement, Term				5 years
Credit facility current credit amount				$ 200,000
Superior Credit Agreement, Interest Rate Description				annual interest at a rate, at Superior’s option, equal to (a) LIBOR plus the applicable margin of 2.00% to 3.25% or (b) the alternate base rate (greater of (i) the federal funds rate plus 0.5%, (ii) the prime rate, and (iii) the Thirty-Day LIBOR Rate (as defined in the Superior credit agreement)) plus the applicable margin of 1.00% to 2.25%.
Consolidated EBITDA to interest expense ratio				2.50 to 1.00
Funded debt to consolidated EBITDA ratio				4.00 to 1.00
Covenant Compliance				Superior was in compliance with these covenants as of December 31, 2021
Superior Credit Agreement [Member] | Long-term Debt
Debt Instrument [Line Items]
Long-term Line of Credit		0		$ 19,200
Long-term debt (Note 10)		0		19,200
Superior Credit Agreement [Member] | Letter of Credit
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount		2,600		500
Successor Exit Facility
Debt Instrument [Line Items]
Current ratio of credit facility	1.00
Interest Coverage Ratio	2.50
Successor Exit Facility | Long-term Debt
Debt Instrument [Line Items]
Long-term Line of Credit		98,400		0
Successor Exit Facility | September 1, 2020 to March 31, 2021
Debt Instrument [Line Items]
Net leverage ratio	4
Successor Exit Facility | April 1, 2021 to June 30, 2022
Debt Instrument [Line Items]
Net leverage ratio	3.75
Successor Exit Facility | July 1, 2022 to September 30, 2022
Debt Instrument [Line Items]
Net leverage ratio	3.25
Successor Exit Facility | Revolving Credit Facility | Alternate Base Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	4.25%
Successor Exit Facility | Revolving Credit Facility | Eurodollar
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	5.25%
Successor Exit Facility | Term loan | Alternate Base Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	5.25%
Successor Exit Facility | Term loan | Eurodollar
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	6.25%
Successor Exit Facility | Letter of Credit
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount		$ 5,500		$ 2,400
Successor Exit Facility | Secured Debt
Debt Instrument [Line Items]
Debt Instrument, Maturity Date	Mar. 1, 2024
Successor Exit Facility | Secured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Credit Facility Maximum Credit Amount	$ 140,000				$ 80,000	$ 140,000
Successor Exit Facility | Secured Debt | Term loan
Debt Instrument [Line Items]
Credit Facility Maximum Credit Amount	$ 40,000
DIP credit facility [Member]
Debt Instrument [Line Items]
Debtor-in-Possession Financing, Amount Arranged								$ 18,000	$ 36,000

LONG-TERM DEBT AND OTHER LONG_5

LONG-TERM DEBT AND OTHER LONG-TERM LIABILITIES (Other Long-Term Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Sep. 01, 2020	Aug. 31, 2020	Dec. 31, 2019
Long-term debt and other long-term liabilites [Abstract]
ARO liability	$ 25,688	$ 23,356	$ 24,591	$ 38,984	$ 66,627
Workers' Compensation Liability	7,925	10,164		$ 11,990	$ 11,511
Finance lease obligations	0	3,216
Contract liability	1,788	4,172
Separation benefit plans	2,022	4,201
Gas balancing liability	1,090	3,997
Other long-term liability	0	1,321
Other liabilities	38,513	50,427
Current portion of other long-term liabilities	5,574	11,168	14,960
Other long-term liabilities	$ 32,939	$ 39,259	$ 43,764

ASSET RETIREMENT OBLIGATIONS (S

ASSET RETIREMENT OBLIGATIONS (Schedule Of Asset Retirement Obligations) (Details) - USD ($) $ in Thousands	Sep. 01, 2020	Dec. 31, 2020	Aug. 31, 2020		Dec. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]
ARO liability, Beginning Balance:	$ 38,984	$ 38,984	$ 66,627		$ 23,356
Accretion of discount		467	1,545		1,892
Liability incurred		151	465		7
Liability settled		(95)	(838)		(1,140)
Liability sold			(487)		(1,935)
Revision of estimates		(1,758)	(28,328)	[1]	3,507
Fresh start adjustments	(14,393)
ARO liability, Ending Balance:	$ 24,591	23,356	$ 38,984		25,688
Less current portion		2,121			2,537
Total long-term ARO liability		$ 21,235			$ 23,151
[1]	Plugging liability estimates were revised for updates in the cost of services used to plug wells over the preceding year and estimated dates to be plugged.

WORKERS' COMPENSATION - Workers

WORKERS' COMPENSATION - Workers' Liability (Details) - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2021
Workers' Liability [Roll Forward]
Beginning balance	$ 11,990	$ 11,511	$ 10,164
Claims and valuation adjustments	(1,679)	906	(1,834)
Payments	(147)	(427)	(405)
Fresh start adjustments		0
Ending balance	10,164	$ 11,990	7,925
Less: current portion	1,705		1,221
Long-term workers' compensation liability	$ 8,459		$ 6,704

WORKERS' COMPENSATION - Additio

WORKERS' COMPENSATION - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Traumatic injury claims	$ 4	$ 5.2

INCOME TAXES (Reconciliation Of

INCOME TAXES (Reconciliation Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit) computed by applying the statutory rate	$ (3,001)	$ (190,103)	$ 12,772
State income tax expense (benefit), net of federal benefit	(500)	(31,684)	2,129
Deferred tax liability revaluation	0	0	4,640
Restricted stock shortfall	0	7,404	0
Non-controlling interest in Superior	(1,017)	7,504	(3,046)
Goodwill impairment	0	0	0
Valuation allowance	4,047	177,284	(16,612)
Reorganization adjustments	0	14,152	0
Statutory depletion and other	169	813	290
Income tax benefit	$ (302)	$ (14,630)	$ 173

INCOME TAXES (Schedule Of Total

INCOME TAXES (Schedule Of Total Provision For Income Taxes) (Details) - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Current taxes, Federal	$ 0	$ (917)	$ 0
Current taxes, State	(302)	0	173
Current taxes	(302)	(917)	173
Deferred taxes, Federal	0	(16,663)	0
Deferred taxes, State	0	2,950	0
Deferred taxes	0	(13,713)	0
Total provision	$ (302)	$ (14,630)	$ 173

INCOME TAXES (Schedule Of Defer

INCOME TAXES (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Allowance for losses and nondeductible accruals	$ 23,819	$ 22,051
Net operating loss carryforward	94,441	100,236
Depreciation, depletion, amortization, and impairment	68,001	80,947
Alternative minimum tax and research and development tax credit carryforward	1,738	1,738
Deferred tax assets, total	187,999	204,972
Investment in Superior	(3,626)	(3,987)
Net deferred tax asset	184,373	200,985
Valuation allowance	(184,373)	(200,985)
Non-current-deferred tax liability	$ 0	$ 0

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Sep. 01, 2020
Operating Loss Carryforwards [Line Items]
Cancellation of debt income not recognized for tax	$ 506,300
Reduction to Operating Loss Carryforward due to CODI	456,300
Reduction in tax basis for assets	$ 50,000
Valuation Allowance, Commentary	We 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 to zero. The company has maintained this conclusion as of December 31, 2021 and 2020. 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, sustained significant improvements in commodity prices, a sustained significant increase in rig utilization and/or rates, a material and sizable asset acquisition or disposition, 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.
Operating loss carryforwards	$ 385,500	$ 726,400
Operating loss carryforwards subject to expiration	$ 190,500	$ 584,200
Operating loss carryforwards expiration	2036
Tax basis in UPC's properties	$ 475,000

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2021		Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Recognized stock compensation expense	$ 0	$ 6,065	$ 826	[1]
Separation Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Separation benefit plans expense	1,400	3,400			$ 18,100
Employee Thrift Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Recognized stock compensation expense	$ 700	$ 1,400	$ 1,600
[1]	When the company's equity-based awards were cancelled on the Effective Date, we immediately recognized the expense for the cancelled awards of $1.4 million as reorganization costs.

TRANSACTIONS WITH RELATED PAR_2

TRANSACTIONS WITH RELATED PARTIES (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Aug. 31, 2020
Kaiser Francis Oil Company
Related Party Transaction [Line Items]
Payments made to related parties	$ 5.7	$ 0.5	$ 1.8
Payments received from related parties	6.2	0.3	$ 1.6
Cactus Drilling Company
Related Party Transaction [Line Items]
Payments made to related parties	0.8
G. Bailey Peyton IV
Related Party Transaction [Line Items]
Payments for royalties	$ 0.4	$ 0.2
Peyton Royalties, LP | G. Bailey Peyton IV
Related Party Transaction [Line Items]
Related party ownership percentage	99.50%

STOCK-BASED COMPENSATION (Narra

STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($) $ in Thousands	8 Months Ended
	Aug. 31, 2020	Sep. 03, 2020
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares of common stock allowed for the issuance		903,226
Directors Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Director option awards	3,500
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reversal of previously recorded expense for unvested awards	$ (2,200)

STOCK-BASED COMPENSATION (Sched

STOCK-BASED COMPENSATION (Schedule Of Restricted Stock Awards) (Details) - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Recognized stock compensation expense	$ 0	$ 6,065	$ 826	[1]
Capitalized stock compensation cost for our oil and natural gas properties	0	0	0
Tax benefit on stock based compensation	0	1,486	202
Acceleration of Predecessor stock compensation expense	$ 0	$ 1,431	$ 0
[1]	When the company's equity-based awards were cancelled on the Effective Date, we immediately recognized the expense for the cancelled awards of $1.4 million as reorganization costs.

STOCK-BASED COMPENSATION (Activ

STOCK-BASED COMPENSATION (Activity Pertaining To Restricted Stock Awards) (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 01, 2020	Aug. 31, 2020	Dec. 31, 2021
Restricted Stock - Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, beginning balance	915,741	2,369,022	0
Weighted average price, beginning balance	$ 17.92	$ 18.95	$ 0
Number of shares, granted		0	315,529
Weighted average price, granted		$ 0	$ 26.71
Number of shares, vested		(677,076)	0
Weighted average price, vested		$ 19.95	$ 0
Number of shares, forfeited		(776,205)	0
Weighted average price, forfeited		$ 19.28
Number of shares, cancelled	(915,741)
Weighted average price, cancellation	$ 17.92
Number of shares, ending balance	0	915,741	315,529
Weighted average price, ending balance	$ 0	$ 17.92	$ 26.71
Grant date fair value			$ 8.4
Fair value of nonvested RSUs outstanding			$ 7.9
Weighted average remaining service period			1 year 8 months 12 days
Restricted Stock - Non-employee Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, beginning balance	70,213	118,688
Weighted average price, beginning balance	$ 14.10	$ 14.83
Number of shares, granted		0
Weighted average price, granted		$ 0
Number of shares, vested		(48,475)
Weighted average price, vested		$ 15.88
Number of shares, forfeited		0
Weighted average price, forfeited		$ 0
Number of shares, ending balance	0	70,213
Weighted average price, ending balance	$ 0	$ 14.10
Equity Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, beginning balance			0
Weighted average price, beginning balance			$ 0
Number of shares, granted			361,418
Weighted average price, granted			$ 45
Number of shares, vested			0
Weighted average price, vested			$ 0
Number of shares, ending balance	0		361,418
Weighted average price, ending balance	$ 0		$ 45
Grant date fair value			$ 4.1
Fair value of nonvested RSUs outstanding			$ 3.9
Weighted average remaining service period			1 year 9 months 18 days
Weighted average remaining contractual term, years			4 years 9 months 18 days
Time Vested | Restricted Stock - Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, beginning balance	578,176	1,527,648
Number of shares, granted		0
Number of shares, vested		(677,076)
Number of shares, forfeited		(272,396)
Number of shares, cancelled	(578,176)
Number of shares, ending balance	0	578,176
Performance Shares | Restricted Stock - Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, beginning balance	337,565	841,374
Number of shares, granted		0
Number of shares, vested		0
Number of shares, forfeited		(503,809)
Number of shares, cancelled	(337,565)
Number of shares, ending balance	0	337,565

STOCK-BASED COMPENSATION (Act_2

STOCK-BASED COMPENSATION (Activity Pertaining to Nonemployee Director Stock Award Plan) (Details) - $ / shares	Sep. 01, 2020	Aug. 31, 2020	Dec. 31, 2021
Restricted Stock - Employee
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of shares, beginning balance	915,741	2,369,022	0
Number of shares, granted		0	315,529
Number of shares, vested		(677,076)	0
Number of shares, forfeited		(776,205)	0
Number of shares, cancelled	(915,741)
Number of shares, ending balance	0	915,741	315,529
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted average price, beginning balance	$ 17.92	$ 18.95	$ 0
Weighted average price, granted		0	26.71
Weighted average price, vested		19.95	0
Weighted average price, forfeited		19.28
Weighted average price, cancellation	17.92
Weighted average price, ending balance	$ 0	$ 17.92	$ 26.71
Restricted Stock - Employee | Time Vested
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of shares, beginning balance	578,176	1,527,648
Number of shares, granted		0
Number of shares, vested		(677,076)
Number of shares, forfeited		(272,396)
Number of shares, cancelled	(578,176)
Number of shares, ending balance	0	578,176
Restricted Stock - Employee | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of shares, beginning balance	337,565	841,374
Number of shares, granted		0
Number of shares, vested		0
Number of shares, forfeited		(503,809)
Number of shares, cancelled	(337,565)
Number of shares, ending balance	0	337,565
Restricted Stock - Non-employee Directors
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of shares, beginning balance	70,213	118,688
Number of shares, granted		0
Number of shares, vested		(48,475)
Number of shares, forfeited		0
Number of shares, cancelled	(70,213)
Number of shares, ending balance	0	70,213
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted average price, beginning balance	$ 14.10	$ 14.83
Weighted average price, granted		0
Weighted average price, vested		15.88
Weighted average price, forfeited		0
Weighted average price, cancelled	14.10
Weighted average price, ending balance	$ 0	$ 14.10

STOCK-BASED COMPENSATION (Prede

STOCK-BASED COMPENSATION (Predecessor Activity for Non-Employee Directors' Stock Option Plan) (Details) - Directors Plan - $ / shares	Sep. 01, 2020	Aug. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of shares, beginning balance	28,000	42,000
Number of shares, granted		0
Number of shares, exercised		0
Number of shares, forfeited		(14,000)
Number of shares, cancelled	(28,000)
Number of shares, ending balance	0	28,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted average price, beginning balance	$ 52.24	$ 48.56
Weighted average price, granted		0
Weighted average price, exercised		0
Weighted average price, forfeited		41.21
Weighted average price, cancellation	52.24
Weighted average price, ending balance	$ 0	$ 52.24

DERIVATIVES (Schedule of Non-de

DERIVATIVES (Schedule of Non-designated Hedges Outstanding) (Details)	12 Months Ended
	Dec. 31, 2021$ / UnitMMBTUMMBoebbl
Natural gas | Swap | If Nymex | Jan'22 - Dec'22
Derivative Instruments, Gain (Loss) [Line Items]
Hedged Volume (Mmbtu) | MMBTU	5,000
Swap price	2.61
Natural gas | Swap | If Nymex | Jan'23 - Dec'23
Derivative Instruments, Gain (Loss) [Line Items]
Hedged Volume (Mmbtu) | MMBoe	22,000
Swap price	2.46
Natural gas | Collar | If Nymex | Jan'22 - Dec'22
Derivative Instruments, Gain (Loss) [Line Items]
Hedged Volume (Mmbtu) | MMBTU	35,000
Derivative, Floor Price	2.50
Derivative, Cap Price	2.68
Crude Oil | Swap | Wti Nymex | Jan'22 - Dec'22
Derivative Instruments, Gain (Loss) [Line Items]
Hedged Volume (Bbl) | bbl	2,300
Swap price	42.25
Crude Oil | Swap | Wti Nymex | Jan'23 - Dec'23
Derivative Instruments, Gain (Loss) [Line Items]
Hedged Volume (Bbl) | bbl	1,300
Swap price	43.60
Crude Oil | Swap | Wti Nymex | Jan'22 - Jun'22
Derivative Instruments, Gain (Loss) [Line Items]
Hedged Volume (Mmbtu) | MMBTU	986
Swap price	70.30

DERIVATIVES (Fair Value Of Deri

DERIVATIVES (Fair Value Of Derivative Instruments And Locations In Balance Sheets) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Liabilities, Presented Gross	$ 78,553	$ 10,027
Liabilities, Effects of Netting	0	(3,436)
Liabilities, Presented Net	78,553	6,591
Assets, Presented Gross		3,436
Assets, Effects of Netting		(3,436)
Assets, Presented Net		0
Current derivative liabilities
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Liabilities, Presented Gross	40,876	4,339
Liabilities, Effects of Netting	0	(3,292)
Liabilities, Presented Net	40,876	1,047
Non-current derivative liabilities
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Liabilities, Presented Gross	17,855	4,803
Liabilities, Effects of Netting	0	(144)
Liabilities, Presented Net	17,855	4,659
Warrant liability
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Liabilities, Presented Gross	19,822	885
Liabilities, Effects of Netting	0	0
Liabilities, Presented Net	$ 19,822	885
Current derivative assets
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Assets, Presented Gross		3,292
Assets, Effects of Netting		(3,292)
Assets, Presented Net		0
Non-current derivative assets
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Assets, Presented Gross		144
Assets, Effects of Netting		(144)
Assets, Presented Net		$ 0

DERIVATIVES (Effect Of Derivati

DERIVATIVES (Effect Of Derivative Instruments Recognized In Statement Of Operations, Not Designated As Hedging Instruments) (Details) - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Loss on derivatives	$ (985)	$ (10,704)	$ (97,615)
Cash settlements paid on commodity derivatives	(1,133)	(4,244)	(44,591)
Gain (loss) on derivatives not designated as hedges and hedge ineffectiveness [Member] | Warrant
Derivative Instruments, Gain (Loss) [Line Items]
Loss on change in fair value of warrants	0	0	(18,937)
Commodity Contract | Gain (loss) on derivatives not designated as hedges and hedge ineffectiveness [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Loss on derivatives	(985)	(10,704)	(97,615)
Cash settlements paid on commodity derivatives	(1,133)	(4,244)	(44,591)
Loss on derivatives less cash settlements paid on commodity derivatives	$ 148	$ (6,460)	$ (53,025)

LEASES (Operating leases) (Deta

LEASES (Operating leases) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Sep. 01, 2020
Ending December 31,
2021	$ 4,382
2022	3,321
2023	2,683
2024	2,081
2025	1,484
2026 and beyond	50
Total future payments	14,001
Less: Interest	1,533
Present value of future minimum operating lease payments	12,468
Less: Current portion	(3,791)	$ (4,075)	$ (3,974)
Long-term operating lease payments	$ 8,677	$ 1,445	$ 2,771
Weighted average remaining lease term (years)	3 years 9 months 18 days
Weighted average discount rate	5.54%

LEASES (Schedule of lease asset

LEASES (Schedule of lease assets and liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 01, 2020
Leases [Abstract]
Right of use asset	$ 12,445	$ 8,400	$ 5,592	$ 6,817
Finance Lease, Right-of-Use Asset	0		7,281
Right-of-use asset	12,445		12,873
Operating Lease, Liability, Current	$ 3,791		$ 4,075	3,974
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of other long-term liabilities (Note 10)		Current portion of other long-term liabilities (Note 10)
Finance Lease, Liability, Current	$ 0		$ 3,216
Operating lease liability	8,677		1,445	$ 2,771
Lease liability	$ 12,468		$ 8,736
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Net property and equipment		Net property and equipment

LEASES (Schedule of lease costs

LEASES (Schedule of lease costs) (Details) - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2021
Leases [Abstract]
Finance Lease, Right-of-Use Asset, Amortization	$ 1,406	$ 2,757	$ 1,248
Finance Lease, Interest Expense	54	165	33
Operating Lease, Cost	1,331	3,604	4,546
Short-term lease cost	3,664	8,190	12,898
Variable Lease, Cost	64	223	0
Lease, Cost	6,519	14,939	18,725
Capitalized costs included in short-term lease costs	$ 200	$ 1,500	$ 1,500

LEASES (Supplemental cash flow

LEASES (Supplemental cash flow information related to leases) (Details) - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2021
Leases [Abstract]
Operating cash flows for operating leases	$ 1,489	$ 3,849	$ 4,605
Financing cash flows for finance leases	1,406	2,757	3,216
Lease liabilities recognized in exchange for new operating lease right of use assets	$ 0	$ 0	$ 8,745

LEASES (Schedule of weighted av

LEASES (Schedule of weighted average discount rate for leases) (Details)	Dec. 31, 2021
Leases [Abstract]
Weighted average remaining lease term (years)	3 years 9 months 18 days
Weighted average discount rate	5.54%

LEASES (Narrative) (Details)

LEASES (Narrative) (Details) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2021USD ($)	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Sep. 01, 2020USD ($)
Leases [Abstract]
Right of use asset		$ 12,445	$ 8,400	$ 5,592	$ 6,817
Number of compressors under capital lease agreement		20
Finance lease term		7 years
Discount rate finance leases		4.00%
Finance lease fair market value percentage for purchase		10.00%
Lessee, Finance Lease, Purchase of Leased Assets	$ 3,000

FAIR VALUE MEASUREMENTS (Recurr

FAIR VALUE MEASUREMENTS (Recurring Fair Value Measurements) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ (78,553)
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0
Financial assets (liabilities)		$ 0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	(58,731)
Financial assets (liabilities)		(5,706)
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	(19,822)
Financial assets (liabilities)		(885)
Commodity Contract
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset		3,436
Derivative Liability	(58,731)	9,142
Financial assets (liabilities)		(6,591)
Commodity Contract | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets		0
Liabilities	0	0
Commodity Contract | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets		3,436
Liabilities	58,731	(9,142)
Commodity Contract | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets		0
Liabilities	0	0
Warrant
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability	(19,822)	(885)
Warrant | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	0	0
Warrant | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	0	0
Warrant | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	$ 19,822	$ 885

FAIR VALUE MEASUREMENTS (Reconc

FAIR VALUE MEASUREMENTS (Reconciliations Of Level 3 Fair Value Measurements) (Details) - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Beginning of period	$ 0	$ 1,204	$ 885
Issuance of warrants	885	0	0
Loss on change in warrant liability	0	0	18,937
Gain/(loss) on unsettled three-way collars	0	978	0
Settlement loss on three-way collars	0	(2,182)	0
End of period	$ 885	$ 0	$ 19,822

FAIR VALUE MEASUREMENTS (Narrat

FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Sep. 01, 2020
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Collateral Already Posted, Aggregate Fair Value	$ 0
Transfers between Level 2 and Level 3 assets (liabilities)	0
Warrant liability	$ 19,822	$ 885	$ 885

VARIABLE INTEREST ENTITIES (Nar

VARIABLE INTEREST ENTITIES (Narrative) (Details) - USD ($)	1 Months Ended		3 Months Ended		12 Months Ended
	Jul. 30, 2021	Apr. 30, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2021
Variable Interest Entity [Line Items]
Variable Interest Investment					$ 300,000,000
Liquidation IRR Hurdle					7.00%
Variable Interest Entity, Liquidation Distributions					$ 361,700,000
Variable Interest Entity, Distributions Paid	$ 7,700,000	$ 24,700,000	$ 19,000,000	$ 13,900,000
Capital Addition Purchase Commitments | Oil and Natural Gas
Variable Interest Entity [Line Items]
Commitment spending amount					150,000,000
Long-term purchase commitment, purchases made					24,600,000
Drilling commitment adjustment amount					$ 72,700,000
SP Investor Holdings, LLC [Member] | VIE
Variable Interest Entity [Line Items]
Ownership percentage					50.00%
Superior Pipeline Company, L.L.C.
Variable Interest Entity [Line Items]
Date Involvement Began					Apr. 3, 2018
Lack of Recourse					Superior's creditors have no recourse to our general credit.
Methodology for Determining Whether Entity is Primary Beneficiary					We have determined that Superior is a VIE as the equity holders as a group (Unit Corporation and SP Investor) (Members) lack the power to control without the Operator. The Agreement and MSA give us the power to direct the activities that most significantly affect Superior's operating performance through common control of the Operator. Accordingly, Unit is considered the primary beneficiary and consolidates the financial position, operating results, and cash flows of Superior.
Superior Pipeline Company, L.L.C. | SPC Midstream Operating, L.L.C. [Member]
Variable Interest Entity [Line Items]
Monthly service fee					$ 300,000
Superior Pipeline Company, L.L.C. | SP Investor Holdings, LLC [Member]
Variable Interest Entity [Line Items]
Ownership percentage					50.00%

VARIABLE INTEREST ENTITIES (Sch

VARIABLE INTEREST ENTITIES (Schedule of Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021		Sep. 30, 2021	Dec. 31, 2020		Sep. 01, 2020	Aug. 31, 2020
Current assets:
Cash and cash equivalents	$ 64,140			$ 12,145		$ 25,482
Accounts receivable, net	87,248			57,846		50,621
Prepaid expenses and other	5,542			11,212		19,084
Total current assets	156,930			82,922		103,495
Property and Equipment:
Gas gathering and processing equipment	274,748			251,404		250,098	$ 833,788
Transportation equipment	4,550			3,130		3,314	$ 15,577
Property, plant and equipment, gross, total	579,423			600,989		597,747
Less accumulated depreciation, depletion, amortization, and impairment	128,880			54,189		0
Net property and equipment	450,543			546,800		597,747
Right of use asset	12,445		$ 8,400	5,592		6,817
Other assets	9,559			14,389		18,284
Total assets	629,477	[1]		649,703	[1]	726,343
Current liabilities:
Accounts payable	58,625			40,829		33,736
Accrued liabilities	22,450			21,743		32,875
Operating Lease, Liability, Current	3,791			4,075		3,974
Current portion of other long-term liabilities	5,574			11,168		14,960
Total current liabilities	151,138			80,347		91,919
Long-term debt less debt issuance costs	19,200			98,400		147,600
Long-term operating lease payments	8,677			1,445		2,771
Other long-term liabilities	32,939			39,259		$ 43,764
VIE
Current assets:
Cash and cash equivalents	17,246			11,642
Accounts receivable, net	42,628			27,427
Prepaid expenses and other	1,263			6,746
Total current assets	61,137			45,815
Property and Equipment:
Gas gathering and processing equipment	274,748			251,403
Transportation equipment	2,801			1,748
Property, plant and equipment, gross, total	277,549			253,151
Less accumulated depreciation, depletion, amortization, and impairment	53,792			10,466
Net property and equipment	223,757			242,685
Right of use asset	3,485			2,823
Other assets	2,226			2,309
Total assets	290,605			293,632
Current liabilities:
Accounts payable	34,010			17,045
Accrued liabilities	5,292			3,777
Operating Lease, Liability, Current	1,548			1,762
Current portion of other long-term liabilities	1,450			5,799
Total current liabilities	42,300			28,383
Long-term debt less debt issuance costs	19,200			0
Long-term operating lease payments	2,036			1,013
Other long-term liabilities	0			1,589
Total liabilities	$ 63,536			$ 30,985
[1]	Unit Corporation's consolidated total assets as of December 31, 2021 include current and long-term assets of its variable interest entity (VIE) (Superior) of $61.1 million and $229.5 million, respectively, which can only be used to settle obligations of the VIE. Unit Corporation's consolidated cash and cash equivalents of $64.1 million as of December 31, 2021 includes $17.2 million held by Superior. Unit Corporation's consolidated total assets as of December 31, 2020 include current and long-term assets of its variable interest entity (VIE) (Superior) of $45.8 million and $247.8 million, respectively, which can only be used to settle obligations of the VIE. Unit Corporation's consolidated cash and cash equivalents of $12.1 million as of December 31, 2020 includes $11.6 million held by Superior.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Feb. 28, 2021	Dec. 31, 2021	Dec. 31, 2020	Sep. 01, 2020	Aug. 21, 2020
Other Commitments [Line Items]
Litigation Settlement, Amount Awarded to Other Party	$ 2,400	$ 2,100
Litigation settlements			$ 0	$ 2,070	$ 45,000
Cockerell Oil Properties, Ltd., v. Unit Petroleum Company
Other Commitments [Line Items]
Litigation settlements						$ 15,750
Chieftan Royalty Company v. Unit Petroleum Company
Other Commitments [Line Items]
Litigation settlements						$ 29,250
Mid-Stream
Other Commitments [Line Items]
Other Commitment, Due in Next Twelve Months			900
Oil and Natural Gas | Capital Addition Purchase Commitments
Other Commitments [Line Items]
Long-term purchase commitment, purchases made			$ 24,600

CONCENTRATION OF CREDIT RISK _3

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS (Details) - Revenue Benchmark - Customer Concentration Risk	4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2021
Coffeyville Resources
Concentration Risk [Line Items]
Segment's revenues			11.00%
CVR Refining, LP
Concentration Risk [Line Items]
Segment's revenues	14.00%	15.00%
Plains Marketing L.P.
Concentration Risk [Line Items]
Segment's revenues		11.00%
EOG Resources, Inc.
Concentration Risk [Line Items]
Segment's revenues	28.00%	20.00%	21.00%
Citizen Energy III, LLC
Concentration Risk [Line Items]
Segment's revenues	16.00%		20.00%
Diamondback E&P, LLC
Concentration Risk [Line Items]
Segment's revenues			15.00%
Slawson Exploration Company, Inc
Concentration Risk [Line Items]
Segment's revenues	16.00%	21.00%	12.00%
Earthstone Operating, LLC
Concentration Risk [Line Items]
Segment's revenues			11.00%
Cimarex Energy Co.
Concentration Risk [Line Items]
Segment's revenues	12.00%
QEP Resources, Inc.
Concentration Risk [Line Items]
Segment's revenues	23.00%	10.00%
ONEOK, Inc.
Concentration Risk [Line Items]
Segment's revenues	28.00%	31.00%	37.00%
Range Resources Corporation
Concentration Risk [Line Items]
Segment's revenues	15.00%	21.00%	11.00%
Koch Energy Services
Concentration Risk [Line Items]
Segment's revenues			10.00%

CONCENTRATION OF CREDIT RISK _4

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Concentration Risk [Line Items]
Fair Value	$ (78,553)
Bank of Oklahoma
Concentration Risk [Line Items]
Total net assets	58,700
Cash
Concentration Risk [Line Items]
Concentration of cash	36,600	$ 21,400
Money Market Funds
Concentration Risk [Line Items]
Concentration of cash	$ 27,000

INDUSTRY SEGMENT INFORMATION (R

INDUSTRY SEGMENT INFORMATION (Revenue From Different Segments) (Details) - USD ($) $ in Thousands	3 Months Ended		4 Months Ended		8 Months Ended		12 Months Ended
	Dec. 31, 2020		Dec. 31, 2020		Aug. 31, 2020		Dec. 31, 2021		Dec. 31, 2020		Sep. 01, 2020
Revenues:
Revenues			$ 133,528	[1]	$ 276,957	[2]	$ 638,716
Operating costs:
Operating costs			81,277		237,546		375,581
Depreciation, depletion, and amortization			27,962		115,496		64,326
Impairments (Note 4)			26,063	[3]	867,814	[4]	10,673
Total expenses			135,302		1,220,856		450,580
Loss on abandonment of assets (Note 4)			0		(18,733)		0
General and administrative			6,702		42,766		24,915
Gain (Loss) on Disposition of Assets			(619)		(89)		(10,877)
Income (loss) from operations			(7,857)		(1,005,309)		174,098
Gain (loss) on derivatives (Note 17)			(985)		(10,704)		(97,615)
Loss on change in fair value of warrants (Note 17)			0		0		(18,937)
Write-off of debt issuance costs			0		2,426		0
Total reorganization items, net			2,273		(133,975)		4,294
Interest expense, net			(3,275)		(22,824)		(4,266)
Other			100		2,034		(597)
Income (loss) before income taxes			(14,290)		(905,254)		48,389
Identifiable assets:
Oil and natural gas	$ 232,747	[5]	232,747	[5]			198,879		$ 232,747	[5]
Contract drilling	81,608		81,608				78,476		81,608
Gas gathering and processing	293,297		293,297				290,336		293,297
Total identifiable assets	607,652	[6]	607,652	[6]			567,691		607,652	[6]
Corporate land and building	32,382		32,382				0		32,382
Other corporate assets	9,669	[7]	9,669	[7]			61,786		9,669	[7]
Total assets	649,703	[8]	649,703	[8]			629,477	[8]	649,703	[8]	$ 726,343
Capital expenditures:
Total capital expenditures			5,960		17,213		45,285
Ceiling test write-down									393,700
Non-cash ceiling test write-down net of tax					346,600				346,600
Oil and Natural Gas
Capital expenditures:
Ceiling test write-down			26,100		393,700
Mid-Stream
Capital expenditures:
Impairment of Long-Lived Assets Held-for-use	10,700								64,000
Oil and Natural Gas
Revenues:
Revenues			57,578	[1]	103,439	[2]	224,232
Operating costs:
Operating costs			25,256		117,691		79,924
Contract drilling
Revenues:
Revenues			19,413	[1]	73,519	[2]	76,107
Operating costs:
Operating costs			13,852		51,810		60,973
Gas gathering and processing
Revenues:
Revenues			56,537	[1]	99,999	[2]	338,377
Operating costs:
Operating costs			42,169		68,045		234,684
Intersubsegment Eliminations
Revenues:
Revenues			(11,834)	[1]	(14,536)	[2]	(51,296)
Operating costs:
Operating costs			(11,833)		(14,536)		(54,812)
Depreciation, depletion, and amortization			0		0		0
Impairments (Note 4)			0	[3]	0	[4]	0
Total expenses			(11,833)		(14,536)		(54,812)
Loss on abandonment of assets (Note 4)					0
General and administrative			0		0		3,516
Gain (Loss) on Disposition of Assets			0		0		0
Income (loss) from operations			(1)		0		0
Gain (loss) on derivatives (Note 17)			0		0		0
Loss on change in fair value of warrants (Note 17)							0
Write-off of debt issuance costs					0
Total reorganization items, net			0		0		0
Interest expense, net			0		0		0
Other			0		0		0
Income (loss) before income taxes			(1)		0		0
Identifiable assets:
Oil and natural gas	(3,326)	[5]	(3,326)	[5]			(4,917)		(3,326)	[5]
Contract drilling	(4)		(4)				(78)		(4)
Gas gathering and processing	(335)		(335)				(269)		(335)
Total identifiable assets	(3,665)	[6]	(3,665)	[6]			(5,264)		(3,665)	[6]
Corporate land and building	0		0				0		0
Other corporate assets	(4,002)	[7]	(4,002)	[7]			(4,441)		(4,002)	[7]
Total assets	(7,667)		(7,667)				(9,705)		(7,667)
Capital expenditures:
Total capital expenditures			0		0		0
Intersubsegment Eliminations | Oil and Natural Gas
Revenues:
Revenues			(2)	[1]	(4)	[2]	(47,999)
Operating costs:
Operating costs			(855)		(1,973)		(3,297)
Intersubsegment Eliminations | Contract drilling
Revenues:
Revenues			0	[1]	0	[2]
Operating costs:
Operating costs			0		(1)		0
Intersubsegment Eliminations | Gas gathering and processing
Revenues:
Revenues			(11,832)	[1]	(14,532)	[2]	(3,297)
Operating costs:
Operating costs			(10,978)		(12,562)		(51,515)
Oil and Natural Gas
Revenues:
Revenues			57,580	[1]	103,443	[2]	272,231
Operating costs:
Operating costs			26,111		119,664		83,221
Depreciation, depletion, and amortization			14,869		68,762		24,612
Impairments (Note 4)			26,063	[3]	393,726	[4]	0
Total expenses			67,043		582,152		107,833
Loss on abandonment of assets (Note 4)					(17,641)
General and administrative			0		0		0
Gain (Loss) on Disposition of Assets			(24)		(160)		171
Income (loss) from operations			(9,439)		(496,190)		164,227
Gain (loss) on derivatives (Note 17)			0		0		0
Loss on change in fair value of warrants (Note 17)							0
Write-off of debt issuance costs					0
Total reorganization items, net			0		(15,504)		0
Interest expense, net			0		0		0
Other			56		458		187
Income (loss) before income taxes			(9,383)		(480,228)		164,414
Identifiable assets:
Oil and natural gas	236,073	[5]	236,073	[5]			203,796		236,073	[5]
Contract drilling	0		0				0		0
Gas gathering and processing	0		0				0		0
Total identifiable assets	236,073	[6]	236,073	[6]			203,796		236,073	[6]
Corporate land and building	0		0				0		0
Other corporate assets	0	[7]	0	[7]			0		0	[7]
Total assets	236,073		236,073				203,796		236,073
Capital expenditures:
Total capital expenditures			4,018		5,350		17,752
Oil and Natural Gas | Oil and Natural Gas
Revenues:
Revenues			57,580	[1]	103,443	[2]	272,231
Operating costs:
Operating costs			26,111		119,664		83,221
Oil and Natural Gas | Contract drilling
Revenues:
Revenues			0	[1]	0	[2]	0
Operating costs:
Operating costs			0		0		0
Oil and Natural Gas | Gas gathering and processing
Revenues:
Revenues			0	[1]	0	[2]	0
Operating costs:
Operating costs			0		0		0
Drilling
Revenues:
Revenues			19,413	[1]	73,519	[2]	76,107
Operating costs:
Operating costs			13,852		51,811		60,973
Depreciation, depletion, and amortization			2,102		15,544		6,308
Impairments (Note 4)			0	[3]	410,126	[4]	0
Total expenses			15,954		477,481		67,281
Loss on abandonment of assets (Note 4)					(1,092)
General and administrative			0		0		0
Gain (Loss) on Disposition of Assets			(521)		(1,390)		(10,143)
Income (loss) from operations			3,980		(403,664)		18,969
Gain (loss) on derivatives (Note 17)			0		0		0
Loss on change in fair value of warrants (Note 17)							0
Write-off of debt issuance costs					0
Total reorganization items, net			0		183,664		0
Interest expense, net			0		0		0
Other			4		1,449		57
Income (loss) before income taxes			3,984		(585,879)		19,026
Identifiable assets:
Oil and natural gas	0	[5]	0	[5]			0		0	[5]
Contract drilling	81,612		81,612				78,554		81,612
Gas gathering and processing	0		0				0		0
Total identifiable assets	81,612	[6]	81,612	[6]			78,554		81,612	[6]
Corporate land and building	0		0				0		0
Other corporate assets	0	[7]	0	[7]			0		0	[7]
Total assets	81,612		81,612				78,554		81,612
Capital expenditures:
Total capital expenditures			616		2,438		2,877
Drilling | Oil and Natural Gas
Revenues:
Revenues			0	[1]	0	[2]	0
Operating costs:
Operating costs			0		0		0
Drilling | Contract drilling
Revenues:
Revenues			19,413	[1]	73,519	[2]	76,107
Operating costs:
Operating costs			13,852		51,811		60,973
Drilling | Gas gathering and processing
Revenues:
Revenues			0	[1]	0	[2]
Operating costs:
Operating costs			0		0		0
Mid-Stream
Revenues:
Revenues			68,369	[1]	114,531	[2]	341,674
Operating costs:
Operating costs			53,147		80,607		286,199
Depreciation, depletion, and amortization			10,659		29,371		32,566
Impairments (Note 4)			0	[3]	63,962	[4]	10,673
Total expenses			63,806		173,940		329,438
Loss on abandonment of assets (Note 4)					0
General and administrative			0		0		0
Gain (Loss) on Disposition of Assets			(55)		(18)		49
Income (loss) from operations			4,618		(59,391)		12,187
Gain (loss) on derivatives (Note 17)			0		0		0
Loss on change in fair value of warrants (Note 17)							0
Write-off of debt issuance costs					0
Total reorganization items, net			0		71,016		0
Interest expense, net			(501)		(1,888)		(924)
Other			34		50		(844)
Income (loss) before income taxes			4,151		(132,245)		10,419
Identifiable assets:
Oil and natural gas	0	[5]	0	[5]			0		0	[5]
Contract drilling	0		0				0		0
Gas gathering and processing	293,632		293,632				290,605		293,632
Total identifiable assets	293,632	[6]	293,632	[6]			290,605		293,632	[6]
Corporate land and building	0		0				0		0
Other corporate assets	0	[7]	0	[7]			0		0	[7]
Total assets	293,632		293,632				290,605		293,632
Capital expenditures:
Total capital expenditures			1,323		9,342		24,316
Mid-Stream | Oil and Natural Gas
Revenues:
Revenues			0	[1]	0	[2]	0
Operating costs:
Operating costs			0		0		0
Mid-Stream | Contract drilling
Revenues:
Revenues			0	[1]	0	[2]	0
Operating costs:
Operating costs			0		0		0
Mid-Stream | Gas gathering and processing
Revenues:
Revenues			68,369	[1]	114,531	[2]	341,674
Operating costs:
Operating costs			53,147		80,607		286,199
Corporate and Other
Revenues:
Revenues			0	[1]	0	[2]	0
Operating costs:
Operating costs			0		0		0
Depreciation, depletion, and amortization			332		1,819		840
Impairments (Note 4)			0	[3]	0	[4]	0
Total expenses			332		1,819		840
Loss on abandonment of assets (Note 4)					0
General and administrative			6,702		42,766		21,399
Gain (Loss) on Disposition of Assets			(19)		1,479		(954)
Income (loss) from operations			(7,015)		(46,064)		(21,285)
Gain (loss) on derivatives (Note 17)			(985)		(10,704)		(97,615)
Loss on change in fair value of warrants (Note 17)							(18,937)
Write-off of debt issuance costs					2,426
Total reorganization items, net			2,273		(373,151)		4,294
Interest expense, net			(2,774)		(20,936)		(3,342)
Other			6		77		3
Income (loss) before income taxes			(13,041)		293,098		(145,470)
Identifiable assets:
Oil and natural gas	0	[5]	0	[5]			0		0	[5]
Contract drilling	0		0				0		0
Gas gathering and processing	0		0				0		0
Total identifiable assets	0	[6]	0	[6]			0		0	[6]
Corporate land and building	32,382		32,382				0		32,382
Other corporate assets	13,671	[7]	13,671	[7]			66,227		13,671	[7]
Total assets	$ 46,053		46,053				66,227		$ 46,053
Capital expenditures:
Total capital expenditures			3		83		340
Corporate and Other | Oil and Natural Gas
Revenues:
Revenues			0	[1]	0	[2]	0
Operating costs:
Operating costs			0		0		0
Corporate and Other | Contract drilling
Revenues:
Revenues			0	[1]	0	[2]	0
Operating costs:
Operating costs			0		0		0
Corporate and Other | Gas gathering and processing
Revenues:
Revenues			0	[1]	0	[2]	0
Operating costs:
Operating costs			$ 0		$ 0		$ 0
[1]	The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time.
[2]	The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time.
[3]	During the Successor Period of 2020, we recorded non-cash ceiling test write-downs on our oil and natural gas properties of $26.1 million pre-tax
[4]	During the Predecessor Period of 2020, we recorded non-cash ceiling test write-downs on our oil and natural gas properties of $393.7 million, pre-tax ($346.6 million, net of tax). Impairment for contract drilling equipment includes a $410.1 million pre-tax write-down for SCR drilling rigs and other drilling equipment. Impairment for mid-stream assets includes a $10.7 million pre-tax write-down for certain long-lived asset groups. 3. Oil and natural gas assets include oil and natural gas properties, saltwater disposal systems, and other non-full cost pool assets. 4. Identifiable assets are those used in Unit’s operations in each industry segment. 5. Other corporate assets are principally cash and cash equivalents, short-term investments, transportation equipment, furniture, and equipment.
[5]	Oil and natural gas assets include oil and natural gas properties, saltwater disposal systems, and other non-full cost pool assets.
[6]	Identifiable assets are those used in Unit’s operations in each industry segment.
[7]	Other corporate assets are principally cash and cash equivalents, short-term investments, transportation equipment, furniture, and equipment.
[8]	Unit Corporation's consolidated total assets as of December 31, 2021 include current and long-term assets of its variable interest entity (VIE) (Superior) of $61.1 million and $229.5 million, respectively, which can only be used to settle obligations of the VIE. Unit Corporation's consolidated cash and cash equivalents of $64.1 million as of December 31, 2021 includes $17.2 million held by Superior. Unit Corporation's consolidated total assets as of December 31, 2020 include current and long-term assets of its variable interest entity (VIE) (Superior) of $45.8 million and $247.8 million, respectively, which can only be used to settle obligations of the VIE. Unit Corporation's consolidated cash and cash equivalents of $12.1 million as of December 31, 2020 includes $11.6 million held by Superior.

SUPPLEMENTAL CONDENSED CONSOL_3

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Condensed Consolidating Statements of Operation) (Details) - USD ($) $ in Thousands	4 Months Ended		8 Months Ended		12 Months Ended
	Dec. 31, 2020		Aug. 31, 2020		Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]
Revenues			$ 276,957
Expenses
Operating costs	$ 81,277		237,546		$ 375,581
Depreciation, depletion, and amortization	27,962		115,496		64,326
Impairments	26,063	[1]	867,814	[2]	10,673
Loss on abandonment of assets (Note 4)	0		18,733		0
General and administrative	6,702		42,766		24,915
Gain on disposition of assets	(619)		(89)		(10,877)
Total operating expenses	141,385		1,282,266		464,618
Income (loss) from operations	(7,857)		(1,005,309)		174,098
Interest, net	(3,275)		(22,824)		(4,266)
Write-off debt issuance costs	0		(2,426)		0
Gain (loss) on derivatives (Note 17)	(985)		(10,704)		(97,615)
Reorganization items, net (Note 25)	(2,273)		133,975		(4,294)
Other	100		2,034		(597)
Income (loss) before income taxes	(14,290)		(905,254)		48,389
Income tax benefit	(302)		(14,630)		173
Equity in net earnings from investment in subsidiaries, net of taxes			0
Net income (loss)	(13,988)		(890,624)		48,216
Less: net income attributable to non-controlling interest	4,152		40,388		(12,431)
Net income (loss) attributable to Unit Corporation	$ (18,140)		(931,012)		$ 60,647
Consolidating Adjustments
Condensed Financial Statements, Captions [Line Items]
Revenues			(14,536)
Expenses
Operating costs			(14,537)
Depreciation, depletion, and amortization			0
Impairments			0
Loss on abandonment of assets (Note 4)			0
General and administrative			0
Gain on disposition of assets			0
Total operating expenses			(14,537)
Income (loss) from operations			1
Interest, net			0
Write-off debt issuance costs			0
Gain (loss) on derivatives (Note 17)			0
Reorganization items, net (Note 25)			0
Other			0
Income (loss) before income taxes			1
Income tax benefit			0
Equity in net earnings from investment in subsidiaries, net of taxes			1,241,120
Net income (loss)			1,241,121
Less: net income attributable to non-controlling interest			(40,388)
Net income (loss) attributable to Unit Corporation			1,281,509
Parent
Condensed Financial Statements, Captions [Line Items]
Revenues			0
Expenses
Operating costs			0
Depreciation, depletion, and amortization			1,819
Impairments			0
Loss on abandonment of assets (Note 4)			0
General and administrative			0
Gain on disposition of assets			1,479
Total operating expenses			3,298
Income (loss) from operations			(3,298)
Interest, net			(20,936)
Write-off debt issuance costs			(2,426)
Gain (loss) on derivatives (Note 17)			(10,704)
Reorganization items, net (Note 25)			373,151
Other			79
Income (loss) before income taxes			335,866
Income tax benefit			(14,630)
Equity in net earnings from investment in subsidiaries, net of taxes			(1,241,120)
Net income (loss)			(890,624)
Less: net income attributable to non-controlling interest			40,388
Net income (loss) attributable to Unit Corporation			(931,012)
Combined Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Revenues			176,962
Expenses
Operating costs			171,476
Depreciation, depletion, and amortization			84,306
Impairments			803,852
Loss on abandonment of assets (Note 4)			18,733
General and administrative			42,766
Gain on disposition of assets			(1,550)
Total operating expenses			1,119,583
Income (loss) from operations			(942,621)
Interest, net			0
Write-off debt issuance costs			0
Gain (loss) on derivatives (Note 17)			0
Reorganization items, net (Note 25)			(168,160)
Other			1,906
Income (loss) before income taxes			(1,108,875)
Income tax benefit			0
Equity in net earnings from investment in subsidiaries, net of taxes			0
Net income (loss)			(1,108,875)
Less: net income attributable to non-controlling interest			0
Net income (loss) attributable to Unit Corporation			(1,108,875)
Combined Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Revenues			114,531
Expenses
Operating costs			80,607
Depreciation, depletion, and amortization			29,371
Impairments			63,962
Loss on abandonment of assets (Note 4)			0
General and administrative			0
Gain on disposition of assets			(18)
Total operating expenses			173,922
Income (loss) from operations			(59,391)
Interest, net			(1,888)
Write-off debt issuance costs			0
Gain (loss) on derivatives (Note 17)			0
Reorganization items, net (Note 25)			(71,016)
Other			49
Income (loss) before income taxes			(132,246)
Income tax benefit			0
Equity in net earnings from investment in subsidiaries, net of taxes			0
Net income (loss)			(132,246)
Less: net income attributable to non-controlling interest			40,388
Net income (loss) attributable to Unit Corporation			$ (172,634)
[1]	During the Successor Period of 2020, we recorded non-cash ceiling test write-downs on our oil and natural gas properties of $26.1 million pre-tax
[2]	During the Predecessor Period of 2020, we recorded non-cash ceiling test write-downs on our oil and natural gas properties of $393.7 million, pre-tax ($346.6 million, net of tax). Impairment for contract drilling equipment includes a $410.1 million pre-tax write-down for SCR drilling rigs and other drilling equipment. Impairment for mid-stream assets includes a $10.7 million pre-tax write-down for certain long-lived asset groups. 3. Oil and natural gas assets include oil and natural gas properties, saltwater disposal systems, and other non-full cost pool assets. 4. Identifiable assets are those used in Unit’s operations in each industry segment. 5. Other corporate assets are principally cash and cash equivalents, short-term investments, transportation equipment, furniture, and equipment.

SUPPLEMENTAL CONDENSED CONSOL_4

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Condensed Consolidating Statements of Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	$ (13,988)	$ (890,624)	$ 48,216
Reclassification adjustment for write-down of securities	0	0	0
Reclassification Adjustment from AOCI for Write-down of Securities, Tax		0
Comprehensive income (loss)	(13,988)	(890,624)	48,216
Less: Comprehensive income (loss) attributable to non-controlling interest	4,152	40,388	(12,431)
Comprehensive income (loss) attributable to Unit Corporation	$ (18,140)	(931,012)	$ 60,647
Consolidating Adjustments
Condensed Financial Statements, Captions [Line Items]
Net income (loss)		1,241,121
Reclassification adjustment for write-down of securities		0
Comprehensive income (loss)		1,241,121
Less: Comprehensive income (loss) attributable to non-controlling interest		(40,388)
Comprehensive income (loss) attributable to Unit Corporation		1,281,509
Parent
Condensed Financial Statements, Captions [Line Items]
Net income (loss)		(890,624)
Reclassification adjustment for write-down of securities		0
Comprehensive income (loss)		(890,624)
Less: Comprehensive income (loss) attributable to non-controlling interest		40,388
Comprehensive income (loss) attributable to Unit Corporation		(931,012)
Combined Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net income (loss)		(1,108,875)
Reclassification adjustment for write-down of securities		0
Comprehensive income (loss)		(1,108,875)
Less: Comprehensive income (loss) attributable to non-controlling interest		0
Comprehensive income (loss) attributable to Unit Corporation		(1,108,875)
Combined Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net income (loss)		(132,246)
Reclassification adjustment for write-down of securities		0
Comprehensive income (loss)		(132,246)
Less: Comprehensive income (loss) attributable to non-controlling interest		40,388
Comprehensive income (loss) attributable to Unit Corporation		$ (172,634)

SUPPLEMENTAL CONDENSED CONSOL_5

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Condensed Consolidating Statements of Cash Flow) (Details) - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2021
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	$ 29,807	$ 44,956	$ 175,969
INVESTING ACTIVITIES:
Capital expenditures	(4,057)	(25,775)	(30,305)
Producing property and other oil and natural gas acquisitions		(382)
Proceeds from disposition of property and equipment	1,799	6,018	79,510
Net cash provided by (used in) investing activities	(2,258)	(20,139)	36,205
FINANCING ACTIVITIES:
Borrowings under line of credit	0	87,400	65,300
Payments under line of credit	(49,000)	(64,100)	(145,100)
Intercompany borrowings (advances), net		0
Net payments on finance leases	(1,406)	(2,757)	(3,216)
Employee taxes paid by withholding shares	0	(43)	0
Distributions to non-controlling interest	0	0	(23,136)
Bank overdrafts	2,631	(8,733)	(2,631)
Net cash provided by (used in) financing activities	(47,775)	7,552	(160,748)
Net increase (decrease) in cash and cash equivalents		32,369
Cash, restricted cash, cash equivalents, beginning of year	32,940	571	12,714
Cash, restricted cash, cash equivalents, end of year	12,714	32,940	64,140
DIP financing costs	0	(990)	0
Exit facility financing costs	0	(3,225)	$ 0
Consolidating Adjustments
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities		136,858
INVESTING ACTIVITIES:
Capital expenditures		0
Producing property and other oil and natural gas 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		0
Payments under line of credit		0
Intercompany borrowings (advances), net		(136,858)
Net payments on finance leases		0
Employee taxes paid by withholding shares		0
Bank overdrafts		0
Net cash provided by (used in) financing activities		(136,858)
Net increase (decrease) in cash and cash equivalents		0
Cash, restricted cash, cash equivalents, beginning of year	0	0
Cash, restricted cash, cash equivalents, end of year		0
DIP financing costs		0
Exit facility financing costs		0
Parent
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities		(207,593)
INVESTING ACTIVITIES:
Capital expenditures		(986)
Producing property and other oil and natural gas acquisitions		0
Proceeds from disposition of property and equipment		1,169
Net cash provided by (used in) investing activities		183
FINANCING ACTIVITIES:
Borrowings under line of credit		55,300
Payments under line of credit		(31,500)
Intercompany borrowings (advances), net		210,398
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		222,671
Net increase (decrease) in cash and cash equivalents		15,261
Cash, restricted cash, cash equivalents, beginning of year	15,764	503
Cash, restricted cash, cash equivalents, end of year		15,764
Combined Guarantor Subsidiaries
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities		82,769
INVESTING ACTIVITIES:
Capital expenditures		(14,585)
Producing property and other oil and natural gas acquisitions		(382)
Proceeds from disposition of property and equipment		4,772
Net cash provided by (used in) investing activities		(10,195)
FINANCING ACTIVITIES:
Borrowings under line of credit		0
Payments under line of credit		0
Intercompany borrowings (advances), net		(72,642)
Net payments on finance leases		0
Employee taxes paid by withholding shares		0
Bank overdrafts		0
Net cash provided by (used in) financing activities		(72,642)
Net increase (decrease) in cash and cash equivalents		(68)
Cash, restricted cash, cash equivalents, beginning of year	0	68
Cash, restricted cash, cash equivalents, end of year		0
DIP financing costs		0
Exit facility financing costs		0
Combined Non-Guarantor Subsidiaries
OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities		32,922
INVESTING ACTIVITIES:
Capital expenditures		(10,204)
Producing property and other oil and natural gas acquisitions		0
Proceeds from disposition of property and equipment		77
Net cash provided by (used in) investing activities		(10,127)
FINANCING ACTIVITIES:
Borrowings under line of credit		32,100
Payments under line of credit		(32,600)
Intercompany borrowings (advances), net		(898)
Net payments on finance leases		(2,757)
Employee taxes paid by withholding shares		0
Bank overdrafts		(1,464)
Net cash provided by (used in) financing activities		(5,619)
Net increase (decrease) in cash and cash equivalents		17,176
Cash, restricted cash, cash equivalents, beginning of year	$ 17,176	0
Cash, restricted cash, cash equivalents, end of year		17,176
DIP financing costs		0
Exit facility financing costs		0
Parent Company [Member]
FINANCING ACTIVITIES:
DIP financing costs		(990)
Exit facility financing costs		$ (3,225)

FRESH START ACCOUNTING (Schedul

FRESH START ACCOUNTING (Schedule of Reconciliation of Enterprise Value to Fair Value of Successor Equity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Sep. 01, 2020
Reorganizations [Abstract]
Enterprise value			$ 559,205
Less: Fair value of noncontrolling interest			(242,200)
Enterprise value of Unit interests			317,005
Cash and cash equivalents	$ 64,140	$ 12,145	25,482
Plus: Restricted cash			7,458
Less: Fair value of capital leases			(4,622)
Less: Fair value of debt (including the fair value of current debt)			(148,000)
Fair value of Successor equity			$ 197,323

FRESH START ACCOUNTING (Sched_2

FRESH START ACCOUNTING (Schedule of Reconciliation of Enterprise Value to the Reorganization Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Sep. 01, 2020
Reorganizations [Abstract]
Enterprise value			$ 559,205
Cash and cash equivalents	$ 64,140	$ 12,145	25,482
Plus: Restricted cash			7,458
Plus: Current liabilities (excluding the fair value of capital leases and current debt)			86,897
Plus: Long-term asset retirement obligation			22,415
Plus: Other long-term liabilities (excluding long-term asset retirement obligation)			24,886
Reorganization value of Successor assets			$ 726,343

FRESH START ACCOUNTING (Sched_3

FRESH START ACCOUNTING (Schedule of Fresh Start Adjustments) (Details) - USD ($) $ in Thousands		Dec. 31, 2021		Sep. 30, 2021	Dec. 31, 2020		Sep. 01, 2020	Aug. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents		$ 64,140			$ 12,145		$ 25,482
Restricted cash		0			569		7,458
Accounts receivable, net		87,248			57,846		50,621
Materials and supplies							0
Current income tax receivable							850
Prepaid expenses and other		5,542			11,212		19,084
Total current assets		156,930			82,922		103,495
Oil and natural gas properties, on the full cost method:
Proved properties		225,014			238,581		238,284	$ 6,539,816
Unproved properties not being amortized		422			1,591		0	30,205
Drilling equipment		66,058			63,687		63,458	1,285,024
Gas gathering and processing equipment		274,748			251,404		250,098	833,788
Saltwater disposal systems							0
Land and building		0			32,635		32,635	59,080
Transportation equipment		4,550			3,130		3,314	15,577
Other		8,631			9,961		9,958	57,427
Property, plant and equipment, gross, total		579,423			600,989		597,747
Less accumulated depreciation, depletion, amortization, and impairment		128,880			54,189		0
Net property and equipment		450,543			546,800		597,747
Right of use asset (Note 19)		12,445		$ 8,400	5,592		6,817
Other assets		9,559			14,389		18,284
Total assets		629,477	[1]		649,703	[1]	726,343
Current liabilities:
Accounts payable		58,625			40,829		33,736
Accrued liabilities (Note 9)		22,450			21,743		32,875
Current operating lease liability (Note 19)		3,791			4,075		3,974
Current portion of long-term debt (Note 10)		0			600		400
Current derivative liabilities (Note 17)		40,876			1,047		5,089
Warrant liability (Note 17)		19,822			885		885
Current portion of other long-term liabilities (Note 10)		5,574			11,168		14,960
Total current liabilities		151,138			80,347		91,919
Long-term debt (Note 10)		19,200			98,400		147,600
Non-current derivative liabilities (Note 17)		17,855			4,659		766
Operating lease liability		8,677			1,445		2,771
Other long-term liabilities (Note 10)		32,939			39,259		43,764
Deferred income taxes		0			0		0
Commitments and contingencies (Note 21)
Total liabilities subject to compromise							0
Shareholders' equity:
Preferred Stock, Value, Issued							0
Predecessor common stock, $0.20 par value, 175,000,000 shares authorized, 55,443,393 shares issued as of December 31, 2019		120			120
Capital in excess of par value		198,171			197,242
Retained earnings (deficit)		41,071			(18,140)		0
Total shareholders' equity attributable to Unit Corporation		187,397			179,222		197,323
Non-controlling interests in consolidated subsidiaries		212,271			246,371		242,200
Total shareholders' equity		399,668			425,593		439,523	$ 171,180	$ 1,055,635
Total liabilities and shareholders' equity		$ 629,477	[2]		$ 649,703	[2]	726,343
Predecessor Preferred Stock
Shareholders' equity:
Preferred Stock, Value, Issued							0
Predecessor Common Stock
Shareholders' equity:
Predecessor common stock, $0.20 par value, 175,000,000 shares authorized, 55,443,393 shares issued as of December 31, 2019							0
Successor Common Stock
Shareholders' equity:
Predecessor common stock, $0.20 par value, 175,000,000 shares authorized, 55,443,393 shares issued as of December 31, 2019							120
Predecessor Capital
Shareholders' equity:
Capital in excess of par value							0
Successor Capital
Shareholders' equity:
Capital in excess of par value							197,203
Predecessor
Current assets:
Cash and cash equivalents							32,280
Restricted cash							0
Accounts receivable, net							50,621
Materials and supplies							64
Current income tax receivable							850
Prepaid expenses and other							13,692
Total current assets							97,507
Oil and natural gas properties, on the full cost method:
Proved properties							6,539,816
Unproved properties not being amortized							30,205
Drilling equipment							1,285,024
Gas gathering and processing equipment							833,788
Saltwater disposal systems							43,541
Land and building							59,080
Transportation equipment							15,577
Other							57,427
Property, plant and equipment, gross, total							8,864,458
Less accumulated depreciation, depletion, amortization, and impairment							7,923,868
Net property and equipment							940,590
Right of use asset (Note 19)							7,476
Other assets							24,666
Total assets							1,070,239
Current liabilities:
Accounts payable							27,354
Accrued liabilities (Note 9)							36,990
Current operating lease liability (Note 19)							4,643
Current portion of long-term debt (Note 10)							124,000
Current derivative liabilities (Note 17)							5,089
Warrant liability (Note 17)							0
Current portion of other long-term liabilities (Note 10)							11,201
Total current liabilities							209,277
Long-term debt (Note 10)							16,000
Non-current derivative liabilities (Note 17)							766
Operating lease liability							2,760
Other long-term liabilities (Note 10)							61,393
Deferred income taxes							4,466
Commitments and contingencies (Note 21)
Total liabilities subject to compromise							762,215
Shareholders' equity:
Retained earnings (deficit)							(818,679)
Total shareholders' equity attributable to Unit Corporation							(157,822)
Non-controlling interests in consolidated subsidiaries							171,184
Total shareholders' equity							13,362
Total liabilities and shareholders' equity							1,070,239
Predecessor | Predecessor Preferred Stock
Shareholders' equity:
Preferred Stock, Value, Issued							0
Predecessor | Predecessor Common Stock
Shareholders' equity:
Predecessor common stock, $0.20 par value, 175,000,000 shares authorized, 55,443,393 shares issued as of December 31, 2019							10,704
Predecessor | Successor Common Stock
Shareholders' equity:
Predecessor common stock, $0.20 par value, 175,000,000 shares authorized, 55,443,393 shares issued as of December 31, 2019							0
Predecessor | Predecessor Capital
Shareholders' equity:
Capital in excess of par value							650,153
Predecessor | Successor Capital
Shareholders' equity:
Capital in excess of par value							0
Reorganization Adjustments
Current assets:
Cash and cash equivalents	[3],[4]						(6,798)
Restricted cash	[3],[5]						7,458
Accounts receivable, net	[3]						0
Materials and supplies	[3]						0
Current income tax receivable	[3]						0
Prepaid expenses and other	[3],[6]						6,382
Total current assets	[3]						7,042
Oil and natural gas properties, on the full cost method:
Proved properties	[3]						0
Unproved properties not being amortized	[3]						0
Drilling equipment	[3]						0
Gas gathering and processing equipment	[3]						0
Saltwater disposal systems	[3]						0
Land and building	[3]						0
Transportation equipment	[3]						0
Other	[3]						0
Property, plant and equipment, gross, total	[3]						0
Less accumulated depreciation, depletion, amortization, and impairment	[3]						0
Net property and equipment	[3]						0
Right of use asset (Note 19)	[3]						0
Other assets	[3],[6]						(6,382)
Total assets	[3]						660
Current liabilities:
Accounts payable	[3],[6]						6,382
Accrued liabilities (Note 9)	[3],[7]						(4,115)
Current operating lease liability (Note 19)	[3]						0
Current portion of long-term debt (Note 10)	[3],[8]						(123,600)
Current derivative liabilities (Note 17)	[3]						0
Warrant liability (Note 17)	[3]						0
Current portion of other long-term liabilities (Note 10)	[3],[9]						3,743
Total current liabilities	[3]						(117,590)
Long-term debt (Note 10)	[3],[8]						131,600
Non-current derivative liabilities (Note 17)	[3]						0
Operating lease liability	[3]						0
Other long-term liabilities (Note 10)	[3],[6],[9]						(3,220)
Deferred income taxes	[3]						0
Commitments and contingencies (Note 21)
Total liabilities subject to compromise	[3],[10]						(762,215)
Shareholders' equity:
Preferred Stock, Value, Issued	[3]						0
Retained earnings (deficit)	[3],[11]						1,215,619
Total shareholders' equity attributable to Unit Corporation	[3]						752,085
Non-controlling interests in consolidated subsidiaries	[3]						0
Total shareholders' equity	[3]						752,085
Total liabilities and shareholders' equity	[3]						660
Reorganization Adjustments | Predecessor Preferred Stock
Shareholders' equity:
Preferred Stock, Value, Issued	[3]						0
Reorganization Adjustments | Predecessor Common Stock
Shareholders' equity:
Predecessor common stock, $0.20 par value, 175,000,000 shares authorized, 55,443,393 shares issued as of December 31, 2019	[3],[12]						(10,704)
Reorganization Adjustments | Successor Common Stock
Shareholders' equity:
Predecessor common stock, $0.20 par value, 175,000,000 shares authorized, 55,443,393 shares issued as of December 31, 2019	[3],[10]						120
Reorganization Adjustments | Predecessor Capital
Shareholders' equity:
Capital in excess of par value	[3],[12]						(650,153)
Reorganization Adjustments | Successor Capital
Shareholders' equity:
Capital in excess of par value	[3],[10]						197,203
Fresh Start Adjustments
Current assets:
Cash and cash equivalents							0
Restricted cash							0
Accounts receivable, net							0
Materials and supplies	[13]						(64)
Current income tax receivable							0
Prepaid expenses and other	[14]						(990)
Total current assets							(1,054)
Oil and natural gas properties, on the full cost method:
Proved properties	[15]						(6,301,532)
Unproved properties not being amortized	[15]						(30,205)
Drilling equipment	[16]						(1,221,566)
Gas gathering and processing equipment	[16]						(583,690)
Saltwater disposal systems	[16]						(43,541)
Land and building	[16]						(26,445)
Transportation equipment	[16]						(12,263)
Other	[16]						(47,469)
Property, plant and equipment, gross, total							(8,266,711)
Less accumulated depreciation, depletion, amortization, and impairment	[15],[16]						(7,923,868)
Net property and equipment							(342,843)
Right of use asset (Note 19)	[17]						(659)
Other assets							0
Total assets							(344,556)
Current liabilities:
Accounts payable	[18]						0
Accrued liabilities (Note 9)	[18]						0
Current operating lease liability (Note 19)	[17],[18]						(669)
Current portion of long-term debt (Note 10)	[18]						0
Current derivative liabilities (Note 17)	[18]						0
Warrant liability (Note 17)	[18],[19]						885
Current portion of other long-term liabilities (Note 10)	[18],[20]						16
Total current liabilities	[18]						232
Long-term debt (Note 10)	[18]						0
Non-current derivative liabilities (Note 17)	[18]						0
Operating lease liability	[17],[18]						11
Other long-term liabilities (Note 10)	[18],[20]						(14,409)
Deferred income taxes	[18],[21]						(4,466)
Commitments and contingencies (Note 21)
Total liabilities subject to compromise	[18]						0
Shareholders' equity:
Preferred Stock, Value, Issued							0
Retained earnings (deficit)	[22]						(396,940)
Total shareholders' equity attributable to Unit Corporation							(396,940)
Non-controlling interests in consolidated subsidiaries	[23]						71,016
Total shareholders' equity							(325,924)
Total liabilities and shareholders' equity							(344,556)
Fresh Start Adjustments | Predecessor Preferred Stock
Shareholders' equity:
Preferred Stock, Value, Issued							0
Fresh Start Adjustments | Predecessor Common Stock
Shareholders' equity:
Predecessor common stock, $0.20 par value, 175,000,000 shares authorized, 55,443,393 shares issued as of December 31, 2019							0
Fresh Start Adjustments | Successor Common Stock
Shareholders' equity:
Predecessor common stock, $0.20 par value, 175,000,000 shares authorized, 55,443,393 shares issued as of December 31, 2019							0
Fresh Start Adjustments | Predecessor Capital
Shareholders' equity:
Capital in excess of par value							0
Fresh Start Adjustments | Successor Capital
Shareholders' equity:
Capital in excess of par value							$ 0
[1]	Unit Corporation's consolidated total assets as of December 31, 2021 include current and long-term assets of its variable interest entity (VIE) (Superior) of $61.1 million and $229.5 million, respectively, which can only be used to settle obligations of the VIE. Unit Corporation's consolidated cash and cash equivalents of $64.1 million as of December 31, 2021 includes $17.2 million held by Superior. Unit Corporation's consolidated total assets as of December 31, 2020 include current and long-term assets of its variable interest entity (VIE) (Superior) of $45.8 million and $247.8 million, respectively, which can only be used to settle obligations of the VIE. Unit Corporation's consolidated cash and cash equivalents of $12.1 million as of December 31, 2020 includes $11.6 million held by Superior.
[2]	Unit Corporation's consolidated total liabilities as of December 31, 2021 include current and long-term liabilities of Superior of $42.3 million and $21.2 million, respectively, for which the creditors of the VIE have no recourse to Unit Corporation. All of Unit Corporation's consolidated long-term debt of $19.2 million as of December 31, 2021 was held by Superior. Unit Corporation's consolidated total liabilities as of December 31, 2020 include 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. None of Unit Corporation's consolidated long-term debt of $98.4 million as of December 31, 2020 was held by Superior.
[3]	Reflects accounts recorded as of the Effective Date, including among other items, settlement of the Predecessor's liabilities subject to compromise, cancellation of the Predecessor's equity, issuance of the New Common Stock and the Warrants, repayment of certain of Predecessor's liabilities and settlement with holders of the Notes.
[4]	The table below details the company’s uses of cash, under the terms of the Plan (in thousands): Funding of the professional fees escrow account $ (7,458) Proceeds from Exit credit facility 8,000 Payment of debt issuance costs on the Exit credit facility (3,225) Payment of professional fees (3,943) Payment of accrued interest payable under the Predecessor credit facility (172) Changes in cash and cash equivalents $ (6,798)
[5]	Represents the reserve for professional fee escrow of $7.5 million.
[6]	Represents the reclassification of other long-term assets related to deferred compensation to prepaid expenses and other assets as the deferred compensation payout must be paid within 12 months from the date of emergence under the Plan. Simultaneously, the current portion of deferred compensation liability was reclassified from other long-term liabilities to accounts payable.
[7]	Represents the payment of the DIP facility interest of $0.2 million and professional fees for $3.9 million
[8]	Represents the transition of the DIP Credit Agreement and the Predecessor Credit Agreement of $124.0 million into the Exit Facility and issuing an additional $8.0 million of borrowings under the Exit Credit Agreement.
[9]	Represents the reclassification of the short-term portion of the separation benefit liabilities from non-current to current liabilities which was offset by the increase in non-current portion of liabilities.
[10]	Settlement of liabilities subject to compromise and the resulting net gain were determined as follows (in thousands): Liabilities subject to compromise before the Effective Date: 6.625% senior subordinated notes due 2021 (including accrued interest as of the petition date) $ 672,369 Accounts payable 1,179 Employee separation benefit plan obligations 23,394 Litigation settlements 45,000 Royalty suspense accounts payable 20,273 Total liabilities subject to compromise 762,215 Separation settlement treatment (6,905) Successor Common Stock and APIC (1) issued to allowed claim holders (175,521) Successor Common Stock and APIC for disputed claims reserve (11,936) Gain on settlement of liabilities subject to compromise $ 567,853 (1) Balance excludes the Successor Common Stock and APIC of $9.9 million to the 5% Equity Facility which was not a liability subject to compromise.
[11]	Represents the cumulative impact to Predecessor retained earnings of the reorganization adjustments described above.
[12]	Represents the cancellation of Old Common Stock.
[13]	Represents the reclassification of materials and supplies to proved properties.
[14]	Represents the write off of the Predecessor's unamortized debt fees related to the DIP facility.
[15]	Reflects a decrease of oil and natural gas properties, net, based on the methodology discussed above, and the elimination of accumulated depletion and amortization. The following table summarizes the components of oil and natural gas properties as of the Effective Date: Successor Predecessor Fair Value Historical Book Value (In thousands) Proved properties $ 238,284 $ 6,539,816 Unproved properties — 30,205 238,284 6,570,021 Less accumulated depletion, amortization, and impairment — (6,305,113) $ 238,284 $ 264,908
[16]	Reflects a decrease in fair value of drilling equipment, gas gathering and processing equipment, saltwater disposal systems, land and building, transportation equipment, and other property and equipment and the elimination of accumulated depreciation, based on the methodologies discussed above. The following table summarizes the components of other property and equipment as of the Effective Date: Successor Predecessor Fair Value Historical Book Value (In thousands) Drilling equipment $ 63,458 $ 1,285,024 Gas gathering and processing equipment 250,098 833,788 Saltwater disposal systems — 43,541 Land and building 32,635 59,080 Transportation equipment 3,314 15,577 Other 9,958 57,427 359,463 2,294,437 Less accumulated depreciation and impairment — (1,618,754) $ 359,463 $ 675,683
[17]	Reflects the valuation adjustments to the company’s right of use assets, current operating lease liability, and operating lease liability, adjusted for fair value of favorable and unfavorable lease terms, and the revised incremental borrowing rates of the Successor.
[18]	Reflects accounts recorded as of the Effective Date for the fresh start adjustments based on the methodologies noted below.
[19]	Represents the liability for the Warrants using a Black-Scholes-Merton model which uses various market-based inputs including: stock prices, strike price, time to maturity, risk-free rate, annual volatility rate, and annual dividend yield.
[20]	Represents the reclassification of the short-term portion of ARO from non-current liabilities to current and the fair value adjustment, which was determined using our fresh start updates to these obligations, including the application of the Successor's credit adjusted risk free rate, which now incorporates a term structure based on the estimated timing of well plugging activity, and resetting all ARO to a single layer.
[21]	Represents the adjustments to deferred tax liability as a result of the cumulative tax impact of the fresh start adjustments. The significant revisions to the carrying value of our assets and liabilities because of applying fresh start accounting resulted in the company increasing its overall net deferred tax asset position on emergence from bankruptcy. Besides the changes in book value, the company has as of the Effective Date, approximately $726.4 million of net operating losses (NOLs) carried forward to offset taxable income in the future years. Approximately $584.2 million of this NOL will expire commencing in fiscal 2021 through 2037. The NOLs of approximately $142.2 million from years ended after December 31, 2017 have an indefinite carryforward period. The amount of these NOLs which is available to offset future income may be severely limited due to change-in-control tax provisions.Because of our history of operating losses and the uncertainty surrounding the realization of the deferred tax assets in future years, we have determined that it is more likely than not that the deferred tax assets will not be realized in future periods. Accordingly, we recorded a 100% valuation allowance against our net deferred tax assets.
[22]	Represents the cumulative impact of the fresh start accounting adjustments discussed above.
[23]	The valuation of the non-controlling interest was calculated by taking an income-based approach in valuing Superior. The value of the non-controlling interest was then determined based on a market-based approach for similar type investments, given the contractual rights of the related parties.

FRESH START ACCOUNTING (Sources

FRESH START ACCOUNTING (Sources and Uses of Cash) (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020	Sep. 01, 2020
Reorganization, Chapter 11 [Line Items]
Changes in cash and cash equivalents		$ 64,140	$ 12,145	$ 25,482
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Funding of the professional fees escrow account				(7,458)
Proceeds from Exit credit facility				8,000
Payment of debt issuance costs on the Exit credit facility				(3,225)
Payment of professional fees				(3,943)
Payment of accrued interest payable under the Predecessor credit facility				(172)
Changes in cash and cash equivalents	[1],[2]			$ (6,798)
[1]	Reflects accounts recorded as of the Effective Date, including among other items, settlement of the Predecessor's liabilities subject to compromise, cancellation of the Predecessor's equity, issuance of the New Common Stock and the Warrants, repayment of certain of Predecessor's liabilities and settlement with holders of the Notes.
[2]	The table below details the company’s uses of cash, under the terms of the Plan (in thousands): Funding of the professional fees escrow account $ (7,458) Proceeds from Exit credit facility 8,000 Payment of debt issuance costs on the Exit credit facility (3,225) Payment of professional fees (3,943) Payment of accrued interest payable under the Predecessor credit facility (172) Changes in cash and cash equivalents $ (6,798)

FRESH START ACCOUNTING (Gain on

FRESH START ACCOUNTING (Gain on Settlement of Liabilities Subject to Compromise) (Details) - USD ($) $ in Thousands	2 Months Ended	4 Months Ended	8 Months Ended	12 Months Ended
	Aug. 31, 2020	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2021	Sep. 01, 2020
Reorganization, Chapter 11 [Line Items]
6.625% senior subordinated notes due 2021 (including accrued interest as of the petition date)					$ 672,369
Accounts payable					1,179
Employee separation benefit plan obligations					23,394
Litigation settlements		$ 2,070		$ 0	45,000
Royalty suspense accounts payable					20,273
Total liabilities subject to compromise					0
Separation settlement treatment					(6,905)
Common Stock, Value, Issued		(120)		(120)
Gain on settlement of liabilities subject to compromise	$ 567,853	0	$ 567,853	0
5% equity facility	$ 9,900	$ 0	$ 9,866	$ 0
Predecessor
Reorganization, Chapter 11 [Line Items]
Total liabilities subject to compromise					762,215
Allowed claim holders
Reorganization, Chapter 11 [Line Items]
Common Stock, Value, Issued					(175,521)
Disputed Claims Reserve [Member]
Reorganization, Chapter 11 [Line Items]
Common Stock, Value, Issued					$ (11,936)

FRESH START ACCOUNTING (Oil and

FRESH START ACCOUNTING (Oil and Gas Properties Schedule) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Sep. 01, 2020	Aug. 31, 2020
Proved properties	$ 225,014	$ 238,581	$ 238,284	$ 6,539,816
Unproved properties not being amortized	422	1,591	0	30,205
Property, plant and equipment, gross, total	579,423	600,989	597,747
Less accumulated depletion, amortization, and impairment	(128,880)	(54,189)	0
Net property and equipment	$ 450,543	$ 546,800	597,747
Oil and Natural Gas
Property, plant and equipment, gross, total			238,284	6,570,021
Less accumulated depletion, amortization, and impairment			0	(6,305,113)
Net property and equipment			$ 238,284	$ 264,908

FRESH START ACCOUNTING (Other P

FRESH START ACCOUNTING (Other Property Schedule) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Sep. 01, 2020	Aug. 31, 2020
Drilling equipment	$ 66,058	$ 63,687	$ 63,458	$ 1,285,024
Gas gathering and processing equipment	274,748	251,404	250,098	833,788
Saltwater disposal systems			0	43,541
Land and building	0	32,635	32,635	59,080
Transportation equipment	4,550	3,130	3,314	15,577
Other	8,631	9,961	9,958	57,427
Property, plant and equipment, gross, total	579,423	600,989	597,747
Less accumulated depletion, amortization, and impairment	(128,880)	(54,189)	0
Net property and equipment	450,543	$ 546,800	597,747
Operating loss carryforwards	385,500		726,400
Operating loss carryforwards subject to expiration	$ 190,500		584,200
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration			142,200
Non Oil and Natural Gas
Property, plant and equipment, gross, total			359,463	2,294,437
Less accumulated depletion, amortization, and impairment			0	(1,618,754)
Net property and equipment			$ 359,463	$ 675,683

FRESH START ACCOUNTING (Sched_4

FRESH START ACCOUNTING (Schedule of Reorganization Items) (Details) - USD ($) $ in Thousands	2 Months Ended	4 Months Ended	8 Months Ended	12 Months Ended
	Aug. 31, 2020	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2021
Reorganizations [Abstract]
Gains on settlement of liabilities subject to compromise	$ (567,853)	$ 0	$ (567,853)	$ 0
Fresh start accounting adjustments		0	401,406	0
Legal and professional fees and expenses		2,273	15,745	4,294
Acceleration of Predecessor stock compensation expense		0	1,431	0
Exit Facility fees		0	3,225	0
5% equity facility	$ 9,900	0	9,866	0
Adjustment to unamortized debt issuance costs associated with the 6.625% senior subordinated notes due 2021		0	2,205	0
Total reorganization items, net		$ 2,273	$ (133,975)	$ 4,294

FRESH START ACCOUNTING (Details

FRESH START ACCOUNTING (Details) - USD ($) $ in Thousands	Sep. 03, 2020	Sep. 01, 2020
Enterprise value		$ 559,205
Enterprise value of Unit interests		317,005
Reorganization value of Successor assets		726,343
Oil and Natural Gas
Reorganization Value, Methodology and Assumptions	Our oil and natural gas properties are accounted for under the full cost accounting method. We determined the fair value of our oil and gas properties at the Effective Date based on the anticipated cash flows associated with our proved reserves and discounted those cash flows using a weighted average cost of capital rate of 13.5%. The discount rate is commonly based on empirical studies of investment rates of return of publicly traded equity securities with investment return and risk characteristics similar to the subject company, which follows a market-based approach. Weighted average commodity prices used in determining the fair value of oil and natural gas properties were $48.98 per barrel of oil, $2.68 per million cubic feet of natural gas and $18.51 per barrel of oil equivalent of natural gas liquids. Base pricing was derived from an average of forward strip prices. Our unproved acreage was determined to have no value due to the capital constraints contained in our debt agreement along with our plans to not drill in our proved reserves cash flows. Our salt water disposal assets were included in the cash flows of the proved reserves forecast, therefore, those values are included in the total value of our proved properties.
Drilling Equipment
Reorganization Value, Methodology and Assumptions	The value of our drilling rigs in operation at the Effective Date (approximately $37.0 million) was estimated using an income-based approach using discounted free cash flows over the remaining useful lives of the drilling rigs. Anticipated cash flows associated with operating drilling rigs were discounted using a weighted average cost of capital rate of 13.8% for five years with a terminal value at the conclusion of the forecast period. The fair value of our non-operating drilling rigs, and other related drilling equipment at the Effective Date (approximately $26.5 million), was valued using a market-based approach with varying ranges of economic obsolescence rates to adjust for the impact of the oil and gas downturn.
Land and Building
Reorganization Value, Methodology and Assumptions	Our corporate headquarters building in Tulsa, Oklahoma was completed in May 2016 and resides on approximately 30 acres. To determine its fair value at the Effective Date, we used a market-based approach based on comparable tenant rates in our area.
Other Property
Reorganization Value, Methodology and Assumptions	Gas gathering and processing equipment, transportation equipment and other equipment at the Effective Date was valued using a market-based approach estimating what a market participant would pay for similar equipment in an orderly transaction. We used varying ranges of economic obsolescence rates depending on the underlying asset group. For pipelines and right-of-ways, we used a value per acre based on the location of the asset and estimated an average value of $129 per rod. We then applied an economic obsolescence rate of approximately 64% to determine the ultimate fair value.
Minimum
Enterprise value		270,000
Maximum
Enterprise value		380,000
Median
Enterprise value		$ 325,000

Schedule II - VALUATION AND Q_3

Schedule II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Balance at beginning of period	$ 3,783	$ 2,332
Additions charged to costs and expenses	1,640	3,155
Deductions and net write-offs	(2,912)	(1,704)
Balance at end of period	$ 2,511	$ 3,783

SUPPLEMENTAL OIL AND GAS DISC_3

SUPPLEMENTAL OIL AND GAS DISCLOSURES (Schedule Of Capitalized Costs And Costs Incurred On Oil And Gas Properties) (Details) - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2021	Sep. 01, 2020
Capitalized costs:
Proved properties	$ 238,581	$ 6,539,816	$ 225,014	$ 238,284
Unproved properties not being amortized	1,591	30,205	422	$ 0
Capitalized costs gross	240,172		225,436
Accumulated depreciation, depletion, amortization, and impairment	(40,806)		(64,966)
Net capitalized costs	199,366		160,470
Costs incurred:
Unproved properties acquired	26	2,373	522
Proved properties acquired	0	382	0
Exploration	0	0	0
Development	3,992	6,440	16,279
Asset retirement obligation	(1,702)	(29,189)	478
Total costs incurred	$ 2,316	$ (19,994)	$ 17,279

SUPPLEMENTAL OIL AND GAS DISC_4

SUPPLEMENTAL OIL AND GAS DISCLOSURES (Results Of Operations For Producing Activities) (Details) - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2021
Supplemental Oil and Gas Disclosures [Abstract]
Revenues	$ 55,272	$ 96,033	$ 223,681
Production costs	(20,510)	(46,633)	(62,443)
Depreciation, depletion, amortization, and impairment	(40,840)	(461,901)	(24,261)
Results of operations, income before income taxes	(6,078)	(412,501)	136,977
Income tax (expense) benefit	128	6,698	168
Results of operations for producing activities (excluding corporate overhead and financing costs)	$ (5,950)	$ (405,803)	$ 137,145

SUPPLEMENTAL OIL AND GAS DISC_5

SUPPLEMENTAL OIL AND GAS DISCLOSURES (Schedule Of Proved Developed And Undeveloped Oil And Gas Reserve Quantities) (Details) bbl in Thousands, Mcf in Thousands, MBoe in Thousands	12 Months Ended
	Dec. 31, 2021MBoebblMcf	Dec. 31, 2020MBoebblMcf
Proved developed and undeveloped reserves:
Beginning of year (MBoe) | MBoe	47,541	71,924
Revision of previous estimate (MBoe) | MBoe	28,685	(12,870)
Extension and discovery (MBoe) | MBoe	471	39
Infill reserves in existing proved fields (MBoe) | MBoe	1,366	238
Purchase of mineral in place (MBoe) | MBoe	0	112
Production (MBoe) | MBoe	(9,074)	(11,891)
Sales (MBoe) | MBoe	(1,672)	(11)
End of year (MBoe) | MBoe	67,317	47,541
Proved developed reserves:
Beginning of year (MBoe) | MBoe	47,541
End of year (MBoe) | MBoe	67,317	47,541
Proved undeveloped reserves
Beginning of year (MBoe) | MBoe	0
End of year (MBoe) | MBoe	0	0
Oil (bbls)
Proved developed and undeveloped reserves:
Beginning of year	8,267	12,196
Revision of previous estimates	2,651	(1,909)
Extensions and discoveries	218	8
Infill reserves in existing proved fields	713	97
Purchases of minerals in place	0	62
Production	(1,615)	(2,186)
Sales	(1,215)	(1)
End of year	9,019	8,267
Proved developed reserves:
Beginning of year	8,267
End of year	9,019	8,267
Proved undeveloped reserves
Beginning of year	0
End of year	0	0
Natural Gas Liquids (bbls)
Proved developed and undeveloped reserves:
Beginning of year	15,208	23,030
Revision of previous estimates	8,723	(4,477)
Extensions and discoveries	93	13
Infill reserves in existing proved fields	293	66
Purchases of minerals in place	0	20
Production	(2,624)	(3,444)
Sales	(169)	0
End of year	21,525	15,208
Proved developed reserves:
Beginning of year	15,208
End of year	21,525	15,208
Proved undeveloped reserves
Beginning of year	0
End of year	0	0
Natural gas (Mcf)
Proved developed and undeveloped reserves:
Beginning of year | Mcf	144,391	220,187
Revision of previous estimates | Mcf	103,866	(38,901)
Extensions and discoveries | Mcf	961	110
Infill reserves in existing proved fields | Mcf	2,158	452
Purchases of minerals in place | Mcf	0	172
Production | Mcf	(29,012)	(37,567)
Sales | Mcf	(1,725)	(62)
End of year | Mcf	220,640	144,391
Proved developed reserves:
Beginning of year | Mcf	144,391
End of year | Mcf	220,640	144,391
Proved undeveloped reserves
Beginning of year | Mcf	0
End of year | Mcf	0	0

SUPPLEMENTAL OIL AND GAS DISC_6

SUPPLEMENTAL OIL AND GAS DISCLOSURES (Standardized Measure Of Discounted Future Cash Flows Relating To Proved Reserves Disclosure) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Net Cash Flows [Abstract]
Future cash flows	$ 1,977,529	$ 698,685
Future production costs	(835,430)	(416,095)
Future development costs	0	0
Future income tax expenses	(87,117)	(39)
Future net cash flows	1,054,982	282,551
10% annual discount for estimated timing of cash flows	(483,838)	(89,530)
Standardized measure of discounted future net cash flows relating to proved oil, NGLs and natural gas reserves	$ 571,144	$ 193,021	$ 461,709

SUPPLEMENTAL OIL AND GAS DISC_7

SUPPLEMENTAL OIL AND GAS DISCLOSURES (Schedule Of Principal Sources Of Changes In Standardized Measure Of Discounted Future Net Cash Flows) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Supplemental Oil and Gas Disclosures [Abstract]
Sales and transfers of oil and natural gas produced, net of production costs	$ (161,238)	$ (84,163)
Net changes in prices and production costs	334,291	(165,978)
Revisions in quantity estimates and changes in production timing	320,774	(50,979)
Extensions, discoveries, and improved recovery, less related costs	45,019	2,827
Changes in estimated future development costs	0	0
Previously estimated cost incurred during the period	0	0
Purchases of minerals in place	0	852
Sales of minerals in place	(4,161)	(46)
Accretion of discount	19,306	46,203
Net change in income taxes	(87,078)	282
Other-net	(88,791)	(17,686)
Net change	378,123	(268,688)
Beginning of year	193,021	461,709
End of year	$ 571,144	$ 193,021

SUPPLEMENTAL OIL AND GAS DISC_8

SUPPLEMENTAL OIL AND GAS DISCLOSURES (Narrative) (Details)	12 Months Ended
	Dec. 31, 2021$ / Unit
Oil (bbls)
Oil and Gas, Average Sale Price	66.56
Natural Gas Liquids (bbls)
Oil and Gas, Average Sale Price	44.22
Natural gas (Mcf)
Oil and Gas, Average Sale Price	3.60

Uncategorized Items - unt-20211

Label	Element	Value
Temporary Equity, Elimination as Part of Reorganization	us-gaap_TemporaryEquityEliminationAsPartofReorganization	$ 71,020,000
Retained Earnings [Member]
Temporary Equity, Elimination as Part of Reorganization	us-gaap_TemporaryEquityEliminationAsPartofReorganization	731,877,000
Common Stock [Member]
Temporary Equity, Elimination as Part of Reorganization	us-gaap_TemporaryEquityEliminationAsPartofReorganization	(10,704,000)
Additional Paid-in Capital [Member]
Temporary Equity, Elimination as Part of Reorganization	us-gaap_TemporaryEquityEliminationAsPartofReorganization	$ (650,153,000)