Unit (UNTC) 10-Q 11 May 23 2023 Q1 Quarterly report Financial data

Document

Document - shares	3 Months Ended
	Mar. 31, 2023	May 11, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	1-9260
Entity Registrant Name	UNIT CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	73-1283193
Entity Address, Address Line One	8200 South Unit Drive,
Entity Address, City or Town	Tulsa,
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	74132
City Area Code	(918)
Local Phone Number	493-7700
Title of 12(b) Security	N/A
Trading Symbol	N/A
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,633,428
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000798949
Entity Bankruptcy Proceedings, Reporting Current	true

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 170,912	$ 213,975
Accounts receivable, net of allowance for credit losses of $2.8 million and $2.7 million at March 31, 2023 and December 31, 2022, respectively	49,145	57,776
Prepaid expenses and other	2,819	3,718
Total current assets	222,876	275,469
Oil and natural gas properties on the full cost method:
Proved properties	182,919	176,986
Unproved properties not being amortized	1,889	6,953
Drilling equipment	77,041	76,640
Other	11,281	11,319
Property, plant, and equipment, gross	273,130	271,898
Less accumulated depreciation, depletion, amortization, and impairment	100,762	96,605
Net property and equipment	172,368	175,293
Deferred tax assets, net (Note 17)	74,836	0
Equity method investments	1,658	1,658
Right of use asset (Note 14)	9,002	6,551
Other assets	10,086	10,284
Total assets	490,826	469,255
Current liabilities:
Accounts payable	17,894	20,356
Accrued liabilities (Note 8)	10,573	18,716
Current operating lease liability (Note 14)	3,196	1,605
Current derivative liabilities (Note 12)	12,571	23,566
Current portion of other long-term liabilities (Note 9)	5,280	3,989
Total current liabilities	49,514	68,232
Operating lease liability (Note 14)	5,905	5,035
Other long-term liabilities (Note 9)	34,732	33,362
Shareholders' equity:
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued	0	0
Common stock, $0.01 par value, 25,000,000 shares authorized; 12,105,297 shares issued and 9,632,905 outstanding at March 31, 2023, and 12,100,356 shares issued and 9,627,964 outstanding at December 31, 2022	121	121
Treasury stock (Note 5)	(79,399)	(79,399)
Capital in excess of par value	253,956	252,464
Retained Earnings (Accumulated Deficit)	225,997	189,440
Total shareholders' equity	400,675	362,626
Total liabilities and shareholders' equity	$ 490,826	$ 469,255

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounts receivable, allowance for doubtful accounts	$ 2,800	$ 2,700
Total current assets	222,876	275,469
Cash and cash equivalents	$ 170,912	$ 213,975
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	12,105,297	12,100,356
Common stock, shares outstanding	9,632,905	9,627,964
Total current liabilities	$ 49,514	$ 68,232

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Revenues	$ 93,929	$ 188,365
Operating costs:
Operating costs	44,036	112,100
Depreciation, depletion, and amortization	3,891	11,270
General and administrative	5,090	6,526
Total operating expenses	49,264	127,721
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent, Total	44,665	60,644
Other income (expense):
Interest income	1,757	10
Interest expense	39	274
Gain (loss) on derivatives, net	13,595	(64,076)
Loss on change in fair value of warrants	0	(36,612)
Gain (loss) on disposition of business	0	(13,141)
Reorganization Items	(81)	(3)
Other, net	107	747
Total other income (expense)	15,339	(113,349)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total	60,004	(52,705)
Income tax expense (benefit), net:
Current	190	0
Deferred	(74,836)	0
Total income taxes	(74,646)	0
Net income	134,650	(52,705)
Net loss attributable to non-controlling interests (Note 15)	0	(5,828)
Net income (loss) attributable to Unit Corporation	$ 134,650	$ (46,877)
Net income (loss) attributable to Unit Corporation per common share (Note 7):
Basic	$ 13.93	$ (4.66)
Diluted	$ 13.75	$ (4.66)
Gain (Loss) on Disposition of Assets	$ (3,753)	$ (2,175)
Oil and natural gas
Revenues:
Revenues	48,026	76,810
Operating costs:
Operating costs	17,164	23,475
Contract drilling
Revenues:
Revenues	45,903	28,882
Operating costs:
Operating costs	26,872	26,237
Gas gathering and processing
Revenues:
Revenues	0	82,673
Operating costs:
Operating costs	$ 0	$ 62,388

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Capital in Excess of Par Value	Retained Earnings (Deficit)	Non-controlling Interest in Consolidated Subsidiaries
Stockholders' equity, beginning balance at Dec. 31, 2021	$ 399,668	$ 120	$ (51,965)	$ 198,171	$ 41,071	$ 212,271
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(52,705)				(46,877)	(5,828)
Distributions to non-controlling interests	(9,479)					(9,479)
Deconsolidation of Superior	(196,964)					(196,964)
Stock-based compensation	1,038			1,038
Stockholders' equity, ending balance at Mar. 31, 2022	141,558	120	(51,965)	199,209	(5,806)	$ 0
Stockholders' equity, beginning balance at Dec. 31, 2022	362,626	121	(79,399)	252,464	189,440
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	134,650				134,650
Dividends declared (Note 5)	(98,093)				(98,093)
Stock-based compensation	1,408			1,408
Exercise of stock options, net of shares withheld for taxes and exercise price	(108)			(108)
Exercise of warrants, net of shares withheld for exercise price	192			192
Stockholders' equity, ending balance at Mar. 31, 2023	$ 400,675	$ 121	$ (79,399)	$ 253,956	$ 225,997

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
OPERATING ACTIVITIES:
Net income	$ 134,650	$ (52,705)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, and amortization	3,891	11,270
(Gain) loss on derivatives, net (Note 12)	(13,595)	64,076
Gain (loss) on derivatives settled (Note 12)	2,601	(21,239)
Deferred	(74,836)	0
Loss on change in fair value of warrants (Note 12)	0	36,612
Loss on deconsolidation of Superior	0	13,141
Gain on disposition of assets (Note 4)	(3,753)	(2,175)
Stock-based compensation plans (Note 6)	1,408	1,038
Change in credit loss reserve	62	(29)
ARO liability accretion	467	493
Contract assets and liabilities, net (Note 3)	816	199
Noncash reorganization items	(70)	(77)
Other, net	(226)	(401)
Changes in operating assets and liabilities increasing (decreasing) cash:
Accounts receivable	8,569	(12,532)
Prepaid expenses and other	1,061	1,466
Accounts payable	(1,058)	4,107
Accrued liabilities	(2,587)	2,566
Increase (Decrease) in Operating Capital	5,985	(4,393)
Net cash provided by operating activities	57,400	45,810
INVESTING ACTIVITIES:
Capital expenditures	(8,886)	(8,784)
Deconsolidation of Superior cash and cash equivalents (Note 15)	0	(10,119)
Proceeds from Sale of Productive Assets	4,797	6,691
Net Cash Provided by (Used in) Investing Activities, Total	(4,089)	(12,212)
FINANCING ACTIVITIES:
Dividend and dividend equivalent payments	(96,458)	0
Payments for employee taxes on net settlement of equity awards	(108)	0
Proceeds from exercise of warrants	192	0
Distributions to non-controlling interests (Note 15)	0	(9,479)
Net cash used in financing activities	(96,374)	(9,479)
Net increase (decrease) in cash and cash equivalents	(43,063)	24,119
Cash, restricted cash, and cash equivalents, beginning of year	213,975	64,140
Cash, restricted cash, and cash equivalents, end of year	$ 170,912	$ 88,259

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental disclosure of cash flow information:
Interest paid (net of capitalized)	$ 39	$ 285
Income taxes	0	0
Changes in accounts payable and accrued liabilities related to purchases of property, plant, and equipment	(7,134)	(161)
Changes in accrued liabilities related to dividends declared, but not yet paid	1,636	0
Non-cash trade of property and equipment	271	1,483
Non-cash reductions to oil and natural gas properties related to net changes in asset retirement obligations, accounts receivable, accounts payable, and accrued liabilities resulting from divestitures	$ 14	$ 2,688

Organization and Business

Organization and Business	3 Months Ended
	Mar. 31, 2023
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 "Superior" or our "mid-stream segment" refer to our 50% ownership interest in Superior Pipeline Company, L.L.C. We are primarily engaged in the development, acquisition, and production of oil and natural gas properties, onshore contract drilling of natural gas and oil wells, and the buying, selling, gathering, processing, and treating of natural gas. Our operations are all located in the United States and are organized as the following three reporting segments: Oil and Natural Gas. Carried out by our subsidiary, Unit Petroleum Company (UPC), we develop, acquire, and produce oil and natural gas properties for our own account. Our producing oil and natural gas properties, unproved properties, and related assets are primarily located in Oklahoma and Texas. Contract Drilling. Carried out by our subsidiary, Unit Drilling Company (UDC), we drill onshore oil and natural gas wells for a wide range of other oil and natural gas companies as well as for our own account. Our drilling operations are primarily located in Oklahoma, Texas, New Mexico, Wyoming, and North Dakota. Mid-Stream. Carried out by Superior. Superior buys, sells, gathers, transports, processes, and treats natural gas for UPC and for third parties. Superior's operations are primarily located in Oklahoma, Texas, Kansas, Pennsylvania, and West Virginia. We held a 50% ownership interest in Superior as of March 31, 2023, but subsequently sold our interest as discussed in Note 15 - Superior Investment.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These interim financial statements are unaudited and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. Certain disclosures have been condensed or omitted from these financial statements. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States (GAAP) for complete consolidated financial statements, and should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K as filed with the SEC on March 17, 2023. In the opinion of management, the unaudited condensed consolidated financial statements are fairly stated and contain all normal recurring adjustments (including the elimination of all intercompany transactions). Our financial statements are prepared in conformity with GAAP, which requires us to make certain estimates and assumptions that may affect the amounts reported in our unaudited condensed consolidated financial statements and notes. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. The Company evaluates subsequent events through the date the financial statements are issued. The unaudited condensed consolidated financial statements include the accounts of Unit Corporation and its subsidiaries. We consolidated the financial position, operating results, and cash flows of Superior prior to March 1, 2022, on which date the Master Services and Operating Agreement (MSA) was amended and restated, with the result that we no longer consolidate Superior's financial position, operating results, and cash flows during periods subsequent to March 1, 2022. Accordingly, the unaudited condensed consolidated financial statements and notes reflect Superior activity on a consolidated basis for the two months prior to March 1, 2022. See Note 15 – Superior Investment for more information on the Superior investment and consolidation conclusions. All intercompany transactions and accounts between consolidated entities have been eliminated, including activity between Unit and Superior during the two months prior to March 1, 2022. Intercompany transactions and accounts between Unit and Superior subsequent to March 1, 2022 are not eliminated. Certain amounts in this report for prior periods have been reclassified to conform to current year presentation. There was no impact from these reclassifications to consolidated net income/(loss) or shareholders' equity.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customer	REVENUE FROM CONTRACTS WITH CUSTOMERS Our revenue streams are reported under three segments: oil and natural gas, contract drilling, and mid-stream which is consistent with how we report our segment revenue in Note 19 – Industry Segment Information. Revenue from the oil and natural gas segment is from sales of our oil and natural gas production. Revenue from the contract drilling segment comes from contracting with upstream companies to drill an agreed-on number of wells or provide drilling rigs and services over an agreed-on period. Revenues from the mid-stream segment 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. Oil and Natural Gas Revenue 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 Revenue 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 relate to a distinct good or service within the contract and are deferred for ratable recognition when material. 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 Revenue The typical revenue contracts used by this segment are gas gathering and processing agreements as well as product sales. Superior recognizes 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. Contract Assets and Liabilities The table below presents the changes in our contract asset and contract liability balances during periods indicated: Classification on the unaudited condensed consolidated balance sheets March 31, December 31, Change (In thousands) Liabilities Current contract liabilities Current portion of other long-term liabilities $ 840 $ 24 $ 816 Non-current contract liabilities Other long-term liabilities 176 176 — Total contract liabilities $ 1,016 $ 200 $ 816

Disposition of Property and Equ

Disposition of Property and Equipment	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment Impairment or Disposal [Abstract]
Disposition of Property and Equipment	DISPOSITION OF PROPERTY AND EQUIPMENT Oil and Natural Gas On July 1, 2022, the Company closed on the sale of certain wells and related leases near the Texas Gulf Coast for cash proceeds of $45.4 million, net of customary closing and post-closing adjustments based on an effective date of April 1, 2022. These proceeds reduced the net book value of our full cost pool with no gain or loss recognized as the sale did not result in a significant alteration of the full cost pool . On March 8, 2022, the Company closed on the sale of certain non-core wells and related leases located near the Oklahoma Panhandle for cash proceeds of $3.6 million, net of customary closing and post-closing adjustments based on an effective date of December 1, 2021. These proceeds reduced the net book value of our full cost pool with no gain or loss recognized as the sale did not result in a significant alteration of the full cost pool . Net proceeds for the sale of other non-core oil and natural gas assets totaled $0.7 million and $0.5 million during the three months ended March 31, 2023 and 2022, respectively. These proceeds reduced the net book value of our full cost pool with no gain or loss recognized as the sales did not result in a significant alteration of the full cost pool . Contract Drilling Proceeds for the sale of non-core contract drilling assets totaled $4.2 million and $2.2 million during the three months ended March 31, 2023 and 2022, respectively. These proceeds resulted in net gains of $3.7 million and $2.1 million during the three months ended March 31, 2023 and 2022, respectively. The net gains are presented within gain on disposition of assets in the unaudited condensed consolidated statements of operations.

Shareholders' Equity and Divide

Shareholders' Equity and Dividends	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Shareholders' Equity and Dividends	SHAREHOLDERS' EQUITY AND DIVIDENDS Common Stock On September 3, 2020 (Emergence Date), the Company emerged from Chapter 11 bankruptcy and issued a total of 12.0 million shares of common stock at a par value of $0.01 per share (New Common Stock) to be subsequently distributed in accordance with the Chapter 11 plan of reorganization filed with the bankruptcy court on June 9, 2020 (as amended, supplemented and modified from time to time, the “Plan”). On February 21, 2023, a final decree was approved to close the remaining Chapter 11 case and grant related relief. As a result, any shares of common stock not yet claimed were deemed unclaimed property and have been treated as reductions to the number of shares of common stock issued and outstanding as of February 21, 2023. 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 Company's 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. Common Stock Repurchases There were no repurchases of common stock made during the three months ended March 31, 2023. As of March 31, 2023, we had repurchased a total of 2,472,392 shares of common stock at an average share price of $32.09 for an aggregate purchase cost of $79.3 million through privately negotiated transactions, the repurchase program authorized the Board of Directors in June 2021, and open market purchases. The purchase cost and any direct acquisition costs are reflected as treasury stock on the unaudited condensed consolidated balance sheets. The remaining value of shares that may yet be purchased under the repurchase program authorization was $31.1 million as of March 31, 2023. The repurchases may be made through open market purchases, privately negotiated transactions, or other available means. The Company has no obligation to repurchase any shares under the repurchase program and may suspend or discontinue it at any time without prior notice. Dividends On January 5, 2023, the Company announced the declaration of a special cash dividend of $10.00 per share and approval of a quarterly cash dividend policy beginning in the Company’s second quarter. On January 31, 2023, the Company paid the special cash dividend of $10.00 per share totaling $96.1 million to stockholders of record as of the close of business on January 20, 2023. We have accrued liabilities for dividend equivalent payments to be made upon the vesting of restricted stock units outstanding as of the dividend record date, but not yet vested. There were no dividends paid by the Company during the three months ended March 31, 2022. The initial quarterly dividend will be $2.50 per share to be paid during the Company’s second quarter with record date and payment date yet to be determined. The declaration and payment of any future dividend, whether fixed, special, or variable, will remain at the full discretion of the Company’s Board of Directors and will depend upon the Company’s financial position, results of operations, cash flows, capital requirements, business conditions, future expectations, the requirements of applicable law, and other factors that the Company’s Board of Directors finds relevant at the time of considering any potential dividend declaration. Warrants Each holder of Unit common stock outstanding (Old Common Stock) before the Emergence Date that did not opt out of the release under the Plan is entitled to receive 0.03460447 warrants for every share of Old Common Stock owned. Each warrant is exercisable for one share of common stock, subject to adjustment as provided in the Warrant Agreement. 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, dissolution or winding up of the Company. As of March 31, 2023, the Company had authorized 1,822,231 warrants of which 21,219 had been exercised or canceled. Among other provisions, the Warrant Agreement outlines potential adjustments to the warrants if certain events occur, including (i) stock dividends payable in shares of common stock or stock splits, (ii) reverse stock splits or similar combination events, (iii) Liquidity Events (as defined in the Warrant Agreement), and (iv) other events not explicitly contemplated which may have an adverse impact to the intent and purpose of the warrants as set forth in the Plan, provided, however, the warrants will not be adjusted for (a) any issuances of securities in connection with a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination, (b) the issuance of any securities by Unit on or after September 3, 2020 (the "Effective Date") pursuant to the Plan or upon the issuance of shares of common stock upon the exercise of such securities, (c) the issuance of any shares of common stock pursuant to the exercise of the warrants, (d) the issuance of shares of common stock pursuant to any management stock option incentive or similar plan, (e) a dividend or distribution to holders of common stock of cash, property, or securities (other than common stock), and/or (f) any change in the par value of the common stock. Pursuant to the terms of the Warrant Agreement, the Company determined the initial exercise price of the warrants to be $63.74. On April 7, 2022, the Company delivered notice of the initial exercise price to the Warrant Agent and the warrants became exercisable for shares of the Company’s common stock. On or about April 25, 2022, the warrants began trading over-the-counter under the symbol "UNTCW". On March 31, 2023, the warrants began trading on the OTCQX Best Market. See Note 12 - Derivatives for more information on how the warrants are treated in our consolidated financial statements.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION On the Effective Date, the Board adopted the Unit Corporation Long Term Incentive Plan (LTIP) to incentivize employees, officers, directors and other service providers of the Company and its affiliates. The LTIP is administered by the Compensation Committee 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, 903,266 shares of New Common Stock were reserved for issuance pursuant to awards under the LTIP. New Common Stock subject to an award that expires or is canceled, forfeited, exchanged, settled in cash, or otherwise terminated without delivery of shares and shares withheld to pay the exercise price of, or to satisfy the withholding obligations with respect to, an award will again be available for delivery pursuant to other awards under the LTIP. The following table presents the stock-based compensation expense activity recognized during the periods indicated: Three Months Ended March 31, 2023 2022 (In thousands) Stock-based compensation expense $ 1,408 $ 1,038 Tax benefit on stock-based compensation $ 331 $ 254 The table below summarizes activity pertaining to outstanding stock options during the periods indicated: Three Months Ended March 31, 2023 2022 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested RSUs, beginning of period 170,313 $ 27.15 315,529 $ 26.71 Granted (1) — — 7,850 30.50 Vested (6,359) 33.57 (524) 30.50 Forfeited (15,059) 34.00 — — Nonvested RSUs, end of period 148,895 $ 26.18 322,855 $ 26.80 1. RSUs granted in January 2022 had an aggregate grant date fair value of $0.2 million and vest equally each month for thirty months. 2. The aggregate compensation cost related to nonvested RSUs not yet recognized as of March 31, 2023 was $3.0 million with a weighted average remaining service period of 1.0 years. The table below summarizes activity pertaining to outstanding stock options during the periods indicated: Three Months Ended March 31, 2023 2022 Number of Shares Weighted Average Exercise Price (4) Number of Shares Weighted Average Exercise Price Outstanding stock options, beginning of period 319,166 $ 45.00 361,418 $ 45.00 Granted (1) — — 13,416 45.00 Exercised (18,093) 45.00 — — Forfeited or expired (29,373) 35.00 — — Outstanding stock options, end of period (2) 271,700 $ 35.00 374,834 $ 45.00 Exercisable stock options, end of period (3) 84,460 $ 35.00 — $ 45.00 1. Stock options granted in January 2022 had an aggregate grant date fair value of $0.1 million and 100% vested on the first anniversary of the grant date. 2. Stock options outstanding as of March 31, 2023 had a weighted average remaining contractual term of 3.5 years and an aggregate intrinsic value of $2.4 million. The aggregate compensation cost related to outstanding options not yet recognized as of March 31, 2023 was $2.1 million with a weighted average remaining service period of 1.0 years. 3. Stock options exercisable as of March 31, 2023 had a weighted average remaining contractual term of 3.1 years and an aggregate intrinsic value of $0.7 million. 4. On January 6, 2023, in accordance with the provisions allowed under the LTIP, the Compensation Committee adjusted the exercise price of all outstanding stock options to $35.00 per share effective January 31, 2023 to account for the special dividend paid on that date.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	– EARNINGS (LOSS) PER SHARE The table below presents the calculation of earnings per share attributable to Unit Corporation using the treasury stock method during the periods indicated: Earnings (Loss) Weighted Per-Share (In thousands except per share amounts) Three months ended March 31, 2023 Basic earnings attributable to Unit Corporation per common share $ 134,650 9,667 $ 13.93 Effect of dilutive restricted stock units and stock options (1) — 128 (0.18) Diluted earnings attributable to Unit Corporation per common share $ 134,650 9,795 $ 13.75 Three months ended March 31, 2022 Basic loss attributable to Unit Corporation per common share $ (46,877) 10,050 $ (4.66) Effect of dilutive potential common shares (2) — — — Diluted loss attributable to Unit Corporation per common share $ (46,877) 10,050 $ (4.66) 1. The diluted earnings per share calculation for the three months ended March 31, 2023 excludes the effects related to 1,815,410 average warrants with a $63.74 exercise price because their inclusion would be antidilutive. 2. The diluted earnings per share calculation for the three months ended March 31, 2022 excludes the effects related to 1,822,203 average warrants with a $63.74 exercise price, 319,192 average outstanding restricted stock units, and 368,126 average outstanding stock options with a $45.00 exercise price because their inclusion would be antidilutive.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2023
Accrued Liabilities [Abstract]
Accrued Liabilities	ACCRUED LIABILITIES The table below presents the components of accrued liabilities as of the dates indicated: March 31, December 31, (In thousands) Employee costs $ 3,886 $ 5,905 Lease operating expenses 3,463 3,383 Capital expenditures 628 6,359 Taxes 1,488 1,035 Interest payable 40 40 Other 1,068 1,994 Total accrued liabilities $ 10,573 $ 18,716

Long-Term Debt And Other Long-T

Long-Term Debt And Other Long-Term Liabilities	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Long-Term Debt And Other Long-Term Liabilities	LONG-TERM DEBT AND OTHER LONG-TERM LIABILITIES Long-Term Debt The table below presents the individual components of long-term debt as of the dates indicated: March 31, December 31, (In thousands) Exit credit agreement $ — $ — Exit Credit Agreement. On the Emergence Date, the Company entered into an amended and restated credit agreement (the Exit credit agreement), providing for a $140.0 million senior secured revolving credit facility (RBL Facility) and a $40.0 million senior secured term loan facility, among (i) the Company, UDC, and UPC (together, the Borrowers), (ii) the guarantors party thereto, including the Company and all of its subsidiaries existing as of the Effective Date (other than Superior and its subsidiaries), (iii) the lenders party thereto from time to time (Emergence 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. The Exit credit agreement is secured by first-priority liens on substantially all of the personal and real property assets of the Borrowers and the Guarantors, including the Company’s ownership interests in Superior. Prior to the November 1, 2022 amendment described below, Revolving Loans and Term Loans (each as defined in the Exit credit agreement) were able to be Eurodollar Loans or ABR Loans (each as defined in the Exit credit agreement). Revolving Loans that were Eurodollar Loans bore 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 while Revolving Loans that were ABR Loans bore 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 were Eurodollar Loans bore interest at a rate per annum equal to the Adjusted LIBO Rate for the applicable interest period plus 625 basis points while Term Loans that were ABR Loans bore 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. On July 1, 2022, the RBL Facility borrowing base was automatically reduced to $31.3 million as a result of closing the Texas Gulf Coast properties sale discussed in Note 4 - Disposition Of Property And Equipment. On November 1, 2022, the Company finalized the fourth amendment to the Exit credit agreement. Under the fourth amendment, (i) the RBL Facility borrowing base was increased to $35.0 million, (ii) the lenders party to the agreement were revised to only BOKF, NA dba Bank of Oklahoma, and (iii) the Eurodollar Loan borrowing option was amended to a secured overnight financing rate (SOFR) option. Subsequent to the fourth amendment, Revolving Loans are able to be SOFR Loans or ABR Loans (each as defined in the Exit credit agreement). Revolving Loans that are SOFR Loans bear interest at a rate per annum equal to the Adjusted Term SOFR Rate (as defined in the Exit credit agreement) for the applicable interest period plus 525 basis points while Revolving Loans that are ABR Loans bear interest at a rate per annum equal to the Alternate Base Rate plus 425 basis points. On March 24, 2023, the Company finalized the fifth amendment to the Exit credit agreement. Under the fifth amendment, the RBL Facility borrowing base of $35.0 million was reaffirmed and certain references to the Company's equity ownership interests in Superior were removed in anticipation of the sale of our ownership interests in Superior. The Exit credit agreement requires the Company to comply with certain financial ratios, including: the Net Leverage Ratio (as defined in the Exit credit agreement) as of the last day of any fiscal quarter cannot be greater than 3.25 to 1.00, the Current Ratio (as defined in the Exit credit agreement) as of the last day of any fiscal quarter cannot be less than 1.00 to 1.00, and the Interest Coverage Ratio (as defined in the Exit credit agreement) as of the last day of any fiscal quarter cannot 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. As of March 31, 2023, the Company was in compliance with these covenants. As of March 31, 2023, we had no long-term borrowings and $2.7 million of letters of credit outstanding under the Exit credit agreement. Other Long-Term Liabilities The table below presents the components of other long-term liabilities as of the dates indicated: March 31, December 31, (In thousands) Asset retirement obligation (ARO) liability $ 23,919 $ 23,440 Workers’ compensation 8,112 8,344 Contract liability 1,016 200 Separation benefit plans 1,074 1,110 Gas balancing liability 4,256 4,257 Dividend equivalents payable 1,635 — 40,012 37,351 Less: current portion 5,280 3,989 Total other long-term liabilities $ 34,732 $ 33,362

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	ASSET RETIREMENT OBLIGATIONS We are required to record the estimated fair value of the liabilities relating to the future retirement of our long-lived assets. Our oil and natural gas wells are plugged and abandoned when the oil and natural gas reserves in those wells are depleted or the wells are no longer able to produce. The plugging and abandonment liability for a well is recorded when the well is drilled or acquired and the obligation is incurred. None of our assets are restricted for purposes of settling these AROs. All our AROs relate to the plugging costs associated with our oil and gas wells. The following table presents activity for our estimated AROs during the periods indicated: Three Months Ended March 31, 2023 2022 (In thousands) ARO liability, beginning of period $ 23,440 $ 25,688 Accretion of discount 467 493 Liability incurred 10 — Liability settled (245) (55) Liability sold (14) (2,670) Revision of estimates (1) 261 1,483 ARO liability, end of period 23,919 24,939 Less: current portion 2,631 2,654 Long-term ARO liability $ 21,288 $ 22,285

Workers' Compensation

Workers' Compensation	3 Months Ended
	Mar. 31, 2023
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 presents activity for our workers' compensation liability during the periods indicated: Three Months Ended March 31, 2023 2022 (In thousands) Workers' compensation liability, beginning of period $ 8,344 $ 7,925 Claims and valuation adjustments (58) (160) Payments (174) (92) Workers' compensation liability, end of period 8,112 7,673 Less: current portion 1,046 1,169 Long-term workers' compensation liability $ 7,066 $ 6,504 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 March 31, 2023 and December 31, 2022 are $4.8 million and $4.8 million, respectively, and are included in other assets on our unaudited condensed consolidated balance sheets.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2023
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. Our commodity derivative transactions consisted of the following types of hedges as of March 31, 2023: • 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. We do not engage in derivative transactions for speculative purposes and have not designated any of our hedges for hedge accounting purposes. We are not required to post any cash collateral with our counterparties and no collateral has been posted as of March 31, 2023. The following non-designated commodity hedges were outstanding as of March 31, 2023: Remaining Term Commodity Contracted Volume Weighted Average Fixed Price for Swaps Contracted Market Apr'23 - Dec'23 (1) Natural gas - swap 22,000 MMBtu/day $2.46 IF - NYMEX (HH) Apr'23 - Dec'23 Crude oil - swap 1,300 Bbl/day $43.60 WTI - NYMEX 1. During April 2023, we entered into NYMEX (HH) natural gas - swap agreements averaging 22,000 MMBtu/day for October 2023, November 2023, and December 2023 at a weighted average fixed price of $3.14 per MMBtu which effectively locked in the settlement price of our outstanding positions for those periods. Warrants Prior to the determination of the initial exercise price, we recognized the fair value of the warrants as a derivative liability on our unaudited condensed consolidated balance sheets with changes in the liability reported as gain (loss) on change in fair value of warrants in our unaudited condensed consolidated statements of operations. On April 7, 2022, the Company delivered notice of the initial $63.74 exercise price resulting in the warrants meeting the definition of an equity instrument. Accordingly, we recognized the change in the fair value of the warrant liability in our unaudited condensed consolidated statements of operations and reclassified the $49.1 million warrant liability to capital in excess of par value on the unaudited condensed consolidated balance sheets as of April 7, 2022. The warrants will continue to be reported as capital in excess of par value and are no longer subject to future fair value adjustments. The following tables present the recognized derivative assets and liabilities on our unaudited condensed consolidated balance sheets as of the dates indicated: Balances as of March 31, 2023 Balance Sheet Classification Presented Effects of Presented (In thousands) Liabilities: Current commodity derivatives Current derivative liabilities $ 12,571 $ — $ 12,571 Total derivative liabilities $ 12,571 $ — $ 12,571 Balances as of December 31, 2022 Balance Sheet Classification Presented Effects of Presented (In thousands) Assets: Current commodity derivatives Current derivative assets $ 8,547 $ (8,547) $ — Total derivative assets $ 8,547 $ (8,547) $ — Liabilities: Current commodity derivatives Current derivative liabilities $ 32,113 $ (8,547) $ 23,566 Total derivative liabilities $ 32,113 $ (8,547) $ 23,566 The following table shows the activity related to derivative instruments in the unaudited condensed consolidated statements of operations for the periods indicated: Three Months Ended March 31, 2023 2022 (In thousands) Gain (loss) on derivatives, net $ 13,595 $ (64,076) Gain (loss) on commodity derivatives settled 2,601 (21,239) Gain (loss) on derivatives, net less gain (loss) on commodity derivatives settled $ 10,994 $ (42,837) Loss on change in fair value of warrants $ — $ (36,612)

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS This disclosure of the estimated fair value of financial instruments is made under accounting guidance for financial instruments. We have determined the estimated fair values by using market information and certain valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Using different market assumptions or valuation methodologies may have a material effect on our estimated fair value amounts. The inputs available determine the valuation technique that we use to measure the fair value of the assets and liabilities presented in our unaudited condensed 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 by level as of the dates indicated: Balances as of March 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Financial liabilities: Commodity derivative liabilities $ — $ 12,571 $ — $ 12,571 $ — $ 12,571 $ — $ 12,571 Balances as of December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Financial liabilities: Commodity derivative liabilities $ — $ 23,566 $ — $ 23,566 $ — $ 23,566 $ — $ 23,566 The carrying values on the unaudited condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable, other current assets, and current liabilities approximate their fair value because of their short-term nature. 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 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 determined that the non-performance risk regarding our commodity derivative counterparties was immaterial based on our valuation at March 31, 2023. Warrant Liability. We used 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 table presents the activity of our recurring Level 3 fair value measurements during the periods presented: Three Months Ended March 31, 2023 2022 (In thousands) Beginning of period $ — $ 19,822 Loss on change in warrant liability — 36,612 End of period $ — $ 56,434 Nonrecurring Fair Value Measurements 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 10 – Asset Retirement Obligations. Stock-Based Compensation. We use the Black-Scholes option pricing model to estimate the fair value of stock option grants and modifications while the value of our restricted stock unit 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. See Note 15 - Superior Investment for discussion on the estimated fair value of our retained equity method investment in Superior as of March 1, 2022.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
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. The following table presents the maturities, weighted average remaining lease term, and weighted average discount rate of our operating lease liabilities as of March 31, 2023: Amount (In thousands) Ending March 31, 2024 $ 3,723 2025 3,342 2026 2,055 2027 954 2028 — 2029 and beyond — Total future payments 10,074 Less: Interest 973 Present value of future minimum operating lease payments 9,101 Less: Current portion 3,196 Total long-term operating lease payments $ 5,905 Weighted average remaining lease term (years) 3.0 Weighted average discount rate (1) 6.92 % 1. Our weighted average discount rates represent the rate implicit in the lease or our incremental borrowing rate for a term equal to the remaining term of the lease. The following table presents our operating lease assets and liabilities as of the dates indicated: Classification on the unaudited condensed consolidated balance sheets March 31, December 31, (In thousands) Assets Operating lease right of use assets Right of use assets $ 9,002 $ 6,551 Total right of use assets $ 9,002 $ 6,551 Liabilities Current liabilities: Operating lease liabilities Current operating lease liabilities $ 3,196 $ 1,605 Non-current liabilities: Operating lease liabilities Operating lease liabilities 5,905 5,035 Total lease liabilities $ 9,101 $ 6,640 The following table presents the components of total lease costs for operating leases during the periods indicated: Three Months Ended March 31, 2023 2022 (In thousands) Components of total lease cost: Short-term lease cost (1) $ 2,181 $ 3,536 Operating lease cost 920 1,308 Total lease cost $ 3,101 $ 4,844 1. Short-term lease cost includes amounts capitalized related to our oil and natural gas segment of $0.6 million and $0.5 million during the three months ended March 31, 2023 and 2022, respectively. The following table presents supplemental cash flow information related to our operating leases during the periods indicated: Three Months Ended March 31, 2023 2022 (In thousands) Cash payments made on operating leases $ 920 $ 1,284 Lease liabilities recognized in exchange for operating lease right of use assets $ 3,273 $ 909

Superior Investment

Superior Investment	3 Months Ended
	Mar. 31, 2023
Variable Interest Entity Arrangements [Abstract]
Superior Investment	SUPERIOR INVESTMENT On April 3, 2018, we sold 50% of the ownership interest in Superior to SP Investor Holdings, LLC (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 Amended and Restated Master Services and Operating Agreement (MSA). The MSA was between our wholly-owned subsidiary, SPC Midstream Operating, L.L.C. (the Operator), and Superior. As the Operator, we provided 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. Distributions. The Agreement specified how future distributions were to be allocated among Unit Corporation and SP Investor (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 was entitled to 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. The following table presents the distributions paid by Superior to the members during the periods indicated: Date Recipient Amount Three months ended March 31, 2023 January 31, 2023 SP Investor $11.1 million Three months ended March 31, 2022 January 31, 2022 Unit Corporation $9.5 million January 31, 2022 SP Investor $9.5 million The January 2023 distributions paid by Superior reduced the remaining Drilling Commitment Adjustment Amount to $20.9 million. After April 1, 2023, either Member had the right to 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 required 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 March 31, 2023, liquidation distributions paid first to SP Investor of $329.5 million would have been required for SP Investor to reach its 7% Liquidation IRR Hurdle at which point Unit would then have been entitled to receive up to $329.5 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. Sale Event. On April 24, 2023 (the "Superior Sale Date"), we entered into a purchase and sale agreement (the "Superior PSA") with SP Investor under which the Company closed on the sale of its 50% ownership interest in Superior for $20.0 million. Unit received proceeds of $12.0 million at closing and is entitled to receive $8.0 million in deferred proceeds at the earlier of twelve months following the Superior Sale Date or the consummation of a Sale Transaction by SP Investor (as defined in the Superior PSA), subject to Unit's satisfaction of certain ongoing covenant obligations and other customary conditions. Consolidation. From April 3, 2018 to March 1, 2022, we treated Superior as a variable interest entity (VIE) because the equity holders as a group (Unit Corporation and SP Investor) lacked the power to control without the Operator. The Agreement and MSA gave us the power to direct the activities that most significantly affect Superior's operating performance through common control of the Operator. Accordingly, Unit was considered the primary beneficiary and consolidated the financial position, operating results, and cash flows of Superior. Effective March 1, 2022, the employees of the Operator were transferred to Superior and the MSA was amended and restated to remove the operating services the Operator was providing to Superior. There was no change to the monthly service fee for shared services. The power to direct the activities that most significantly affect Superior's operating performance is now shared by the equity holders (Unit Corporation and SP Investor) rather than held by the Operator. Superior no longer qualifies as a VIE subsequent to these amendments and we no longer consolidate the financial position, operating results, and cash flows of Superior as of, and subsequent to, March 1, 2022. We subsequently accounted for our investment in Superior as an equity method investment using the hypothetical liquidation 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 . We recognized no equity earnings from our investment in Superior during the three months ended March 31, 2023. Estimated Fair Value of Equity Method Investment in Superior. As of the Effective Date, in conjunction with fresh start accounting under ASC Topic 852, Reorganizations , the estimated fair value of the net equity attributable to Unit's ownership interest in Superior was $14.8 million . Since then, Unit has received cumulative distributions from Superior of $32.6 million, which were recognized as net income attributable to Unit under the HLBV method. As of March 1, 2022, upon deconsolidation of Superior, the fair value of our retained equity method investment in Superior was estimated at $1.7 million. To estimate this fair value, we simulated paths for Superior's total equity value through the potential sales process initiation date using a Geometric Brownian Motion. The expected value (i.e., average of all simulations) of each security class was then discounted to present value using the relevant risk-free rate. The simulations reflect forecasted future cash distributions as impacted by the Drilling Commitment Adjustment Amount described above, as well as the future liquidation preference of each investor in a potential Sale Event also as described above. We consider this a Level 3 measurement within the fair value hierarchy as the discounted simulation models require the use of significant unobservable inputs. We recognized a $13.1 million loss on deconsolidation during the three months ended March 31, 2022 as the difference between the $1.7 million estimated fair value of our retained equity method investment in Superior as of March 1, 2022 and Superior's net equity attributable to Unit's ownership interest prior to deconsolidation. Affiliate Activity. The table below presents UPC's affiliate activity with Superior during the periods indicated: Three Months Ended March 31, 2023 2022 (In thousands) Oil and natural gas revenues $ 9,757 $ 16,298 Oil and natural gas operating costs $ 528 $ 767

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES 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 with customers, 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.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The following table presents a reconciliation between the income tax provision computed by applying the federal statutory rate to income before income taxes and our effective income tax expense (benefit) during the periods indicated: Three Months Ended March 31, 2023 2022 (In thousands) Income tax expense at statutory rate $ 12,556 $ (9,844) State income tax expense, net of federal benefit 1,685 (1,641) Non-controlling interest in Superior — (850) Change in valuation allowance (1) (94,728) 17,974 Revaluation of deferred tax assets and liabilities due to state income tax rate change 5,698 — Warrant liability revaluation — (5,339) Other permanent items 143 (300) Income tax expense (benefit) $ (74,646) $ — 1. The Company reviews available positive and negative evidence to assess the need for a valuation allowance against the Company's deferred tax assets. On the basis of this assessment, a full valuation allowance was recorded against the Company's net deferred tax assets in 2020 and maintained through December 31, 2022. The Company subsequently recorded net income attributable to Unit Corporation of $148.4 million and $60.6 million during 2022 and 2021, respectively. After considering these positive results, the resulting significant three-year cumulative income position, and other available positive and negative evidence, the Company determined that it is more likely than not that a portion of the net deferred tax assets would be realized. Accordingly, the Company released a portion of its valuation allowance contributing to a $94.7 million net change in the valuation allowance during the three months ended March 31, 2023 with a corresponding income tax benefit recorded in our unaudited condensed consolidated statements of operations. The following table presents the components of our deferred tax assets and liabilities: March 31, December 31, (In thousands) Deferred tax assets: Allowance for losses and nondeductible accruals $ 14,048 $ 15,662 Net operating loss carryforward (1) 71,519 81,199 Non-producing oil and natural gas properties 36,416 37,493 Producing oil and natural gas properties 10,495 17,044 Alternative minimum tax and research and development tax credit carryforward 1,738 1,738 Gross deferred tax assets 134,216 153,136 Valuation allowance (2) (46,637) (141,365) Total deferred tax assets 87,579 11,771 Deferred tax liabilities: Contract drilling and other equipment (12,354) (11,365) Investment in Superior (389) (406) Total deferred tax liabilities (12,743) (11,771) Deferred tax assets, net $ 74,836 $ — 1. As of December 31, 2022, the Company had an expected federal net operating loss carryforward of $331.4 million of which $136.4 million is subject to expiration between 2036 and 2037.

Transactions With Related Parti

Transactions With Related Parties	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Transactions With Related Parties	TRANSACTIONS WITH RELATED PARTIES One 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. The Company in the ordinary course of business, made payments for working interests, joint interest billings, and product purchases to, and received payments for working interests, and joint interest billings, from, Kaiser Francis Oil Company. The table below presents the payment activity with this related party during the periods indicated: Three Months Ended March 31, 2023 2022 (In thousands) Payments made to: Kaiser Francis Oil Company $ 1,166 $ 3,382 Payments received from: Kaiser Francis Oil Company $ 1,801 $ 3,949

Industry Segment Information

Industry Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Industry Segment Information	INDUSTRY SEGMENT INFORMATION We have three main business segments offering different products and services within the energy industry: • Oil and natural gas - the oil and natural gas segment is engaged in the acquisition, development, and production of oil, NGLs, and natural gas properties. • Contract drilling - the contract drilling segment is engaged in the land contract drilling of oil and natural gas wells. • Mid-Stream - the mid-stream segment buys, sells, gathers, processes, and treats natural gas and NGLs for third parties and for our own account. We held a 50% ownership interest in Superior as of March 31, 2023, but subsequently sold our interest as discussed in Note 15 - Superior Investment. Subsequent to the deconsolidation of Superior as of March 1, 2022 (as discussed in Note 2 - Summary Of Significant Accounting Policies and Note 15 - Superior Investment), we include our equity method investment in Superior and related earnings in our mid-stream segment. We evaluate each consolidated segment’s performance based on its operating income, which is defined as operating revenues less operating expenses and depreciation, depletion, amortization, and impairment. We have no oil and natural gas production or other operations outside the United States. The following tables provide certain information about the operations of each of our segments: Three Months Ended March 31, 2023 Oil and Natural Gas Contract Drilling Mid-Stream Corporate and Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 48,026 $ — $ — $ — $ — $ 48,026 Contract drilling — 45,903 — — — 45,903 Total revenues 48,026 45,903 — — — 93,929 Expenses: Operating costs: Oil and natural gas 17,164 — — — — 17,164 Contract drilling — 26,872 — — — 26,872 Total operating costs 17,164 26,872 — — — 44,036 Depreciation, depletion, and amortization 2,136 1,659 — 96 — 3,891 General and administrative — — — 5,090 — 5,090 Gain on disposition of assets (97) (3,656) — — — (3,753) Total operating expenses 19,203 24,875 — 5,186 — 49,264 Income (loss) from operations 28,823 21,028 — (5,186) — 44,665 Other income (expense): Interest income — — — 1,757 — 1,757 Interest expense — — — (39) — (39) Gain on derivatives — — — 13,595 — 13,595 Reorganization items, net — — — (81) — (81) Other (20) 125 — 2 — 107 Total other income (expense) (20) 125 — 15,234 — 15,339 Income before income taxes $ 28,803 $ 21,153 $ — $ 10,048 $ — $ 60,004 1. The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling occur over time. Three Months Ended March 31, 2022 Oil and Natural Gas Contract Drilling Mid-Stream (2) Corporate and Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 87,582 $ — $ — $ — $ (10,772) $ 76,810 Contract drilling — 28,882 — — — 28,882 Gas gathering and processing — — 83,198 — (525) 82,673 Total revenues 87,582 28,882 83,198 — (11,297) 188,365 Expenses: Operating costs: Oil and natural gas 24,000 — — — (525) 23,475 Contract drilling — 26,237 — — — 26,237 Gas gathering and processing — — 73,771 — (11,383) 62,388 Total operating costs 24,000 26,237 73,771 — (11,908) 112,100 Depreciation, depletion, and amortization 4,048 1,534 5,614 74 — 11,270 General and administrative — — — 5,915 611 6,526 Gain on disposition of assets (53) (2,125) — 3 — (2,175) Total operating expenses 27,995 25,646 79,385 5,992 (11,297) 127,721 Income (loss) from operations 59,587 3,236 3,813 (5,992) — 60,644 Other income (expense): Interest income — — — 10 — 10 Interest expense — — (178) (96) — (274) Loss on derivatives — — — (64,076) — (64,076) Loss on change in fair value of warrants — — — (36,612) — (36,612) Loss on deconsolidation of Superior — — — (13,141) — (13,141) Reorganization items, net — — — (3) — (3) Other 708 20 17 2 — 747 Total other income (expense) 708 20 (161) (113,916) — (113,349) Income (loss) before income taxes $ 60,295 $ 3,256 $ 3,652 $ (119,908) $ — $ (52,705) 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. Includes Superior activity for the two months prior to the March 1, 2022 deconsolidation, as discussed in Note 2 - Summary Of Significant Accounting Policies and Note 15 - Superior Investment.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These interim financial statements are unaudited and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. Certain disclosures have been condensed or omitted from these financial statements. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States (GAAP) for complete consolidated financial statements, and should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K as filed with the SEC on March 17, 2023. In the opinion of management, the unaudited condensed consolidated financial statements are fairly stated and contain all normal recurring adjustments (including the elimination of all intercompany transactions). Our financial statements are prepared in conformity with GAAP, which requires us to make certain estimates and assumptions that may affect the amounts reported in our unaudited condensed consolidated financial statements and notes. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. The Company evaluates subsequent events through the date the financial statements are issued. The unaudited condensed consolidated financial statements include the accounts of Unit Corporation and its subsidiaries. We consolidated the financial position, operating results, and cash flows of Superior prior to March 1, 2022, on which date the Master Services and Operating Agreement (MSA) was amended and restated, with the result that we no longer consolidate Superior's financial position, operating results, and cash flows during periods subsequent to March 1, 2022. Accordingly, the unaudited condensed consolidated financial statements and notes reflect Superior activity on a consolidated basis for the two months prior to March 1, 2022. See Note 15 – Superior Investment for more information on the Superior investment and consolidation conclusions. All intercompany transactions and accounts between consolidated entities have been eliminated, including activity between Unit and Superior during the two months prior to March 1, 2022. Intercompany transactions and accounts between Unit and Superior subsequent to March 1, 2022 are not eliminated. Certain amounts in this report for prior periods have been reclassified to conform to current year presentation. There was no impact from these reclassifications to consolidated net income/(loss) or shareholders' equity.

Revenues from Contracts with Cu

Revenues from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset and Liability	The table below presents the changes in our contract asset and contract liability balances during periods indicated: Classification on the unaudited condensed consolidated balance sheets March 31, December 31, Change (In thousands) Liabilities Current contract liabilities Current portion of other long-term liabilities $ 840 $ 24 $ 816 Non-current contract liabilities Other long-term liabilities 176 176 — Total contract liabilities $ 1,016 $ 200 $ 816

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule Of Share Based Compensation Restricted Stock Awards Stock Options And Stock Appreciation Rights	Three Months Ended March 31, 2023 2022 (In thousands) Stock-based compensation expense $ 1,408 $ 1,038 Tax benefit on stock-based compensation $ 331 $ 254
Share-based Payment Arrangement, Option, Activity	Three Months Ended March 31, 2023 2022 Number of Shares Weighted Average Exercise Price (4) Number of Shares Weighted Average Exercise Price Outstanding stock options, beginning of period 319,166 $ 45.00 361,418 $ 45.00 Granted (1) — — 13,416 45.00 Exercised (18,093) 45.00 — — Forfeited or expired (29,373) 35.00 — — Outstanding stock options, end of period (2) 271,700 $ 35.00 374,834 $ 45.00 Exercisable stock options, end of period (3) 84,460 $ 35.00 — $ 45.00 1. Stock options granted in January 2022 had an aggregate grant date fair value of $0.1 million and 100% vested on the first anniversary of the grant date. 2. Stock options outstanding as of March 31, 2023 had a weighted average remaining contractual term of 3.5 years and an aggregate intrinsic value of $2.4 million. The aggregate compensation cost related to outstanding options not yet recognized as of March 31, 2023 was $2.1 million with a weighted average remaining service period of 1.0 years. 3. Stock options exercisable as of March 31, 2023 had a weighted average remaining contractual term of 3.1 years and an aggregate intrinsic value of $0.7 million. 4. On January 6, 2023, in accordance with the provisions allowed under the LTIP, the Compensation Committee adjusted the exercise price of all outstanding stock options to $35.00 per share effective January 31, 2023 to account for the special dividend paid on that date.

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share	Earnings (Loss) Weighted Per-Share (In thousands except per share amounts) Three months ended March 31, 2023 Basic earnings attributable to Unit Corporation per common share $ 134,650 9,667 $ 13.93 Effect of dilutive restricted stock units and stock options (1) — 128 (0.18) Diluted earnings attributable to Unit Corporation per common share $ 134,650 9,795 $ 13.75 Three months ended March 31, 2022 Basic loss attributable to Unit Corporation per common share $ (46,877) 10,050 $ (4.66) Effect of dilutive potential common shares (2) — — — Diluted loss attributable to Unit Corporation per common share $ (46,877) 10,050 $ (4.66) 1. The diluted earnings per share calculation for the three months ended March 31, 2023 excludes the effects related to 1,815,410 average warrants with a $63.74 exercise price because their inclusion would be antidilutive. 2. The diluted earnings per share calculation for the three months ended March 31, 2022 excludes the effects related to 1,822,203 average warrants with a $63.74 exercise price, 319,192 average outstanding restricted stock units, and 368,126 average outstanding stock options with a $45.00 exercise price because their inclusion would be antidilutive.

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Accrued Liabilities [Abstract]
Accrued Liabilities	March 31, December 31, (In thousands) Employee costs $ 3,886 $ 5,905 Lease operating expenses 3,463 3,383 Capital expenditures 628 6,359 Taxes 1,488 1,035 Interest payable 40 40 Other 1,068 1,994 Total accrued liabilities $ 10,573 $ 18,716

Long-Term Debt And Other Long_2

Long-Term Debt And Other Long-Term Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Long-Term Debt	March 31, December 31, (In thousands) Exit credit agreement $ — $ —
Other Long-Term Liabilities	The table below presents the components of other long-term liabilities as of the dates indicated: March 31, December 31, (In thousands) Asset retirement obligation (ARO) liability $ 23,919 $ 23,440 Workers’ compensation 8,112 8,344 Contract liability 1,016 200 Separation benefit plans 1,074 1,110 Gas balancing liability 4,256 4,257 Dividend equivalents payable 1,635 — 40,012 37,351 Less: current portion 5,280 3,989 Total other long-term liabilities $ 34,732 $ 33,362

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Asset Retirement Obligations	Three Months Ended March 31, 2023 2022 (In thousands) ARO liability, beginning of period $ 23,440 $ 25,688 Accretion of discount 467 493 Liability incurred 10 — Liability settled (245) (55) Liability sold (14) (2,670) Revision of estimates (1) 261 1,483 ARO liability, end of period 23,919 24,939 Less: current portion 2,631 2,654 Long-term ARO liability $ 21,288 $ 22,285

Workers' Compensation (Tables)

Workers' Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Schedule of Workers' Compensation Liability	Three Months Ended March 31, 2023 2022 (In thousands) Workers' compensation liability, beginning of period $ 8,344 $ 7,925 Claims and valuation adjustments (58) (160) Payments (174) (92) Workers' compensation liability, end of period 8,112 7,673 Less: current portion 1,046 1,169 Long-term workers' compensation liability $ 7,066 $ 6,504

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Non-designated hedges outstanding	The following non-designated commodity hedges were outstanding as of March 31, 2023: Remaining Term Commodity Contracted Volume Weighted Average Fixed Price for Swaps Contracted Market Apr'23 - Dec'23 (1) Natural gas - swap 22,000 MMBtu/day $2.46 IF - NYMEX (HH) Apr'23 - Dec'23 Crude oil - swap 1,300 Bbl/day $43.60 WTI - NYMEX 1. During April 2023, we entered into NYMEX (HH) natural gas - swap agreements averaging 22,000 MMBtu/day for October 2023, November 2023, and December 2023 at a weighted average fixed price of $3.14 per MMBtu which effectively locked in the settlement price of our outstanding positions for those periods.
Fair Value of Derivative Instruments and Locations in Balance Sheets	The following tables present the recognized derivative assets and liabilities on our unaudited condensed consolidated balance sheets as of the dates indicated: Balances as of March 31, 2023 Balance Sheet Classification Presented Effects of Presented (In thousands) Liabilities: Current commodity derivatives Current derivative liabilities $ 12,571 $ — $ 12,571 Total derivative liabilities $ 12,571 $ — $ 12,571 Balances as of December 31, 2022 Balance Sheet Classification Presented Effects of Presented (In thousands) Assets: Current commodity derivatives Current derivative assets $ 8,547 $ (8,547) $ — Total derivative assets $ 8,547 $ (8,547) $ — Liabilities: Current commodity derivatives Current derivative liabilities $ 32,113 $ (8,547) $ 23,566 Total derivative liabilities $ 32,113 $ (8,547) $ 23,566
Effect of Derivative Instruments Recognized in Income Statements, Derivative Instruments	The following table shows the activity related to derivative instruments in the unaudited condensed consolidated statements of operations for the periods indicated: Three Months Ended March 31, 2023 2022 (In thousands) Gain (loss) on derivatives, net $ 13,595 $ (64,076) Gain (loss) on commodity derivatives settled 2,601 (21,239) Gain (loss) on derivatives, net less gain (loss) on commodity derivatives settled $ 10,994 $ (42,837) Loss on change in fair value of warrants $ — $ (36,612)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Recurring Fair Value Measurements	The following tables present our recurring fair value measurements by level as of the dates indicated: Balances as of March 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Financial liabilities: Commodity derivative liabilities $ — $ 12,571 $ — $ 12,571 $ — $ 12,571 $ — $ 12,571 Balances as of December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Financial liabilities: Commodity derivative liabilities $ — $ 23,566 $ — $ 23,566 $ — $ 23,566 $ — $ 23,566
Reconciliations Of Level 3 Fair Value Measurements	The following table presents the activity of our recurring Level 3 fair value measurements during the periods presented: Three Months Ended March 31, 2023 2022 (In thousands) Beginning of period $ — $ 19,822 Loss on change in warrant liability — 36,612 End of period $ — $ 56,434

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Operating leases	The following table presents the maturities, weighted average remaining lease term, and weighted average discount rate of our operating lease liabilities as of March 31, 2023: Amount (In thousands) Ending March 31, 2024 $ 3,723 2025 3,342 2026 2,055 2027 954 2028 — 2029 and beyond — Total future payments 10,074 Less: Interest 973 Present value of future minimum operating lease payments 9,101 Less: Current portion 3,196 Total long-term operating lease payments $ 5,905 Weighted average remaining lease term (years) 3.0 Weighted average discount rate (1) 6.92 % 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.
Schedule of lease assets and liabilities	Classification on the unaudited condensed consolidated balance sheets March 31, December 31, (In thousands) Assets Operating lease right of use assets Right of use assets $ 9,002 $ 6,551 Total right of use assets $ 9,002 $ 6,551 Liabilities Current liabilities: Operating lease liabilities Current operating lease liabilities $ 3,196 $ 1,605 Non-current liabilities: Operating lease liabilities Operating lease liabilities 5,905 5,035 Total lease liabilities $ 9,101 $ 6,640
Schedule of lease costs	The following table presents the components of total lease costs for operating leases during the periods indicated: Three Months Ended March 31, 2023 2022 (In thousands) Components of total lease cost: Short-term lease cost (1) $ 2,181 $ 3,536 Operating lease cost 920 1,308 Total lease cost $ 3,101 $ 4,844 1. Short-term lease cost includes amounts capitalized related to our oil and natural gas segment of $0.6 million and $0.5 million during the three months ended March 31, 2023 and 2022, respectively.
Supplemental cash flow information related to leases	The following table presents supplemental cash flow information related to our operating leases during the periods indicated: Three Months Ended March 31, 2023 2022 (In thousands) Cash payments made on operating leases $ 920 $ 1,284 Lease liabilities recognized in exchange for operating lease right of use assets $ 3,273 $ 909

Superior Investment (Tables)

Superior Investment (Tables)	3 Months Ended
	Mar. 31, 2023
Variable Interest Entity Arrangements [Abstract]
Schedule of Incentive Distributions Made to Managing Members or General Partners by Distribution	The following table presents the distributions paid by Superior to the members during the periods indicated: Date Recipient Amount Three months ended March 31, 2023 January 31, 2023 SP Investor $11.1 million Three months ended March 31, 2022 January 31, 2022 Unit Corporation $9.5 million January 31, 2022 SP Investor $9.5 million

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The following table presents a reconciliation between the income tax provision computed by applying the federal statutory rate to income before income taxes and our effective income tax expense (benefit) during the periods indicated: Three Months Ended March 31, 2023 2022 (In thousands) Income tax expense at statutory rate $ 12,556 $ (9,844) State income tax expense, net of federal benefit 1,685 (1,641) Non-controlling interest in Superior — (850) Change in valuation allowance (1) (94,728) 17,974 Revaluation of deferred tax assets and liabilities due to state income tax rate change 5,698 — Warrant liability revaluation — (5,339) Other permanent items 143 (300) Income tax expense (benefit) $ (74,646) $ — 1. The Company reviews available positive and negative evidence to assess the need for a valuation allowance against the Company's deferred tax assets. On the basis of this assessment, a full valuation allowance was recorded against the Company's net deferred tax assets in 2020 and maintained through December 31, 2022. The Company subsequently recorded net income attributable to Unit Corporation of $148.4 million and $60.6 million during 2022 and 2021, respectively. After considering these positive results, the resulting significant three-year cumulative income position, and other available positive and negative evidence, the Company determined that it is more likely than not that a portion of the net deferred tax assets would be realized. Accordingly, the Company released a portion of its valuation allowance contributing to a $94.7 million net change in the valuation allowance during the three months ended March 31, 2023 with a corresponding income tax benefit recorded in our unaudited condensed consolidated statements of operations.
Schedule of Deferred Tax Assets and Liabilities	The following table presents the components of our deferred tax assets and liabilities: March 31, December 31, (In thousands) Deferred tax assets: Allowance for losses and nondeductible accruals $ 14,048 $ 15,662 Net operating loss carryforward (1) 71,519 81,199 Non-producing oil and natural gas properties 36,416 37,493 Producing oil and natural gas properties 10,495 17,044 Alternative minimum tax and research and development tax credit carryforward 1,738 1,738 Gross deferred tax assets 134,216 153,136 Valuation allowance (2) (46,637) (141,365) Total deferred tax assets 87,579 11,771 Deferred tax liabilities: Contract drilling and other equipment (12,354) (11,365) Investment in Superior (389) (406) Total deferred tax liabilities (12,743) (11,771) Deferred tax assets, net $ 74,836 $ — 1. As of December 31, 2022, the Company had an expected federal net operating loss carryforward of $331.4 million of which $136.4 million is subject to expiration between 2036 and 2037.

Transactions With Related Par_2

Transactions With Related Parties (Tables)	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Schedule Of Amount Received In Public And Private Partnerships	The table below presents the payment activity with this related party during the periods indicated: Three Months Ended March 31, 2023 2022 (In thousands) Payments made to: Kaiser Francis Oil Company $ 1,166 $ 3,382 Payments received from: Kaiser Francis Oil Company $ 1,801 $ 3,949

Industry Segment Information (T

Industry Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Industry segment information	The following tables provide certain information about the operations of each of our segments: Three Months Ended March 31, 2023 Oil and Natural Gas Contract Drilling Mid-Stream Corporate and Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 48,026 $ — $ — $ — $ — $ 48,026 Contract drilling — 45,903 — — — 45,903 Total revenues 48,026 45,903 — — — 93,929 Expenses: Operating costs: Oil and natural gas 17,164 — — — — 17,164 Contract drilling — 26,872 — — — 26,872 Total operating costs 17,164 26,872 — — — 44,036 Depreciation, depletion, and amortization 2,136 1,659 — 96 — 3,891 General and administrative — — — 5,090 — 5,090 Gain on disposition of assets (97) (3,656) — — — (3,753) Total operating expenses 19,203 24,875 — 5,186 — 49,264 Income (loss) from operations 28,823 21,028 — (5,186) — 44,665 Other income (expense): Interest income — — — 1,757 — 1,757 Interest expense — — — (39) — (39) Gain on derivatives — — — 13,595 — 13,595 Reorganization items, net — — — (81) — (81) Other (20) 125 — 2 — 107 Total other income (expense) (20) 125 — 15,234 — 15,339 Income before income taxes $ 28,803 $ 21,153 $ — $ 10,048 $ — $ 60,004 1. The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling occur over time. Three Months Ended March 31, 2022 Oil and Natural Gas Contract Drilling Mid-Stream (2) Corporate and Other Eliminations Total Consolidated (In thousands) Revenues: (1) Oil and natural gas $ 87,582 $ — $ — $ — $ (10,772) $ 76,810 Contract drilling — 28,882 — — — 28,882 Gas gathering and processing — — 83,198 — (525) 82,673 Total revenues 87,582 28,882 83,198 — (11,297) 188,365 Expenses: Operating costs: Oil and natural gas 24,000 — — — (525) 23,475 Contract drilling — 26,237 — — — 26,237 Gas gathering and processing — — 73,771 — (11,383) 62,388 Total operating costs 24,000 26,237 73,771 — (11,908) 112,100 Depreciation, depletion, and amortization 4,048 1,534 5,614 74 — 11,270 General and administrative — — — 5,915 611 6,526 Gain on disposition of assets (53) (2,125) — 3 — (2,175) Total operating expenses 27,995 25,646 79,385 5,992 (11,297) 127,721 Income (loss) from operations 59,587 3,236 3,813 (5,992) — 60,644 Other income (expense): Interest income — — — 10 — 10 Interest expense — — (178) (96) — (274) Loss on derivatives — — — (64,076) — (64,076) Loss on change in fair value of warrants — — — (36,612) — (36,612) Loss on deconsolidation of Superior — — — (13,141) — (13,141) Reorganization items, net — — — (3) — (3) Other 708 20 17 2 — 747 Total other income (expense) 708 20 (161) (113,916) — (113,349) Income (loss) before income taxes $ 60,295 $ 3,256 $ 3,652 $ (119,908) $ — $ (52,705) 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. Includes Superior activity for the two months prior to the March 1, 2022 deconsolidation, as discussed in Note 2 - Summary Of Significant Accounting Policies and Note 15 - Superior Investment.

Organization and Business (Deta

Organization and Business (Details)	3 Months Ended
	Mar. 31, 2023 segment
Schedule of Equity Method Investments [Line Items]
Number of reporting segments	3
Superior Pipeline Company, L.L.C.
Schedule of Equity Method Investments [Line Items]
Ownership interest (percent)	50%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income	$ 134,650	$ (52,705)
Retained Earnings (Accumulated Deficit)	(225,997)		$ (189,440)
Revenues	93,929	188,365
General and administrative	5,090	6,526
Decrease in operating costs	(44,036)	(112,100)
Net loss attributable to non-controlling interests (Note 15)	0	(5,828)
Intersegment Eliminations
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues	0	(11,297)
General and administrative	0	611
Decrease in operating costs	0	11,908
Oil and natural gas
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues	48,026	76,810
Decrease in operating costs	(17,164)	(23,475)
Oil and natural gas | Intersegment Eliminations
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues	0	(10,772)
Decrease in operating costs	$ 0	$ 525

Revenue from Contracts with C_2

Revenue from Contracts with Customer (Narrative) (Details)	3 Months Ended
	Mar. 31, 2023 segment
Segment Reporting Information [Line Items]
Number of reporting segments	3

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Contract with Customer, Asset and Liability) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Contract liability	$ 1,016	$ 200
Mid-Stream
Disaggregation of Revenue [Line Items]
Current Contract Liabilities	840	24
Non-current contract liabilities	176	176
Contract liability	1,016	$ 200
Contract with Customer, Current Liability, Revenue Recognized	816
Contract with Customer, Non-current Liability, Revenue Recognized	0
Change in contract assets (liabilities)	$ 816

Disposition of Property and E_2

Disposition of Property and Equipment (Narrative) (Details) - USD ($) $ in Thousands			3 Months Ended
	Jul. 01, 2022	Mar. 08, 2022	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Proceeds from non-core oil and natural gas asset sales, net of related expenses	$ 45,400
Gain (loss) on Disposition of Assets			$ 3,753	$ 2,175
Contract Drilling
Segment Reporting Information [Line Items]
Proceeds from non-core oil and natural gas asset sales, net of related expenses			700	500
Proceeds from sale of other assets		$ 3,600
Drilling
Segment Reporting Information [Line Items]
Proceeds from non-core oil and natural gas asset sales, net of related expenses			4,200	2,200
Gain (loss) on Disposition of Assets			$ 3,700	$ 2,100

Shareholders' Equity and Divi_2

Shareholders' Equity and Dividends (Details) $ / shares in Units, $ in Thousands			3 Months Ended
	Jan. 31, 2023 USD ($) $ / shares	Jan. 05, 2023 $ / shares	Jun. 30, 2023 $ / shares	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($)	Dec. 31, 2022 $ / shares	Apr. 07, 2022 $ / shares	Sep. 03, 2020 $ / shares shares
Equity, Class of Treasury Stock [Line Items]
Shares, Issued | shares								12,000,000
Common stock, par value | $ / shares				$ 0.01		$ 0.01		$ 0.01
Substantial Stockholder Percentage								0.0475
Dividends, cash paid (in dollars per share) | $ / shares	$ 10	$ 10
Dividends | $	$ 96,100
Warrant conversion ratio (in shares)				0.03460447
Proceeds from exercise of warrants | $				$ 192	$ 0
Exercise price of warrants (in dollars per share) | $ / shares							$ 63.74
Warrant
Equity, Class of Treasury Stock [Line Items]
Warrants, authorized (in shares) | shares				1,822,231
Warrants exercised (in shares) | shares				21,219
Forecast
Equity, Class of Treasury Stock [Line Items]
Dividends, cash paid (in dollars per share) | $ / shares			$ 2.50
Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchased from lenders (in shares) | shares				0
Authorized repurchase amount | $				$ 31,100
Total Repurchases
Equity, Class of Treasury Stock [Line Items]
Stock repurchased from lenders (in shares) | shares				2,472,392
Shares repurchased, price per share (in USD per share) | $ / shares				$ 32.09
Share repurchase program, aggregate purchase price | $				$ 79,300

Stock-Based Compensation (Sched

Stock-Based Compensation (Schedule Of Restricted Stock Awards) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 1,408	$ 1,038
Tax benefit on stock-based compensation	$ 331	$ 254

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Sep. 03, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	271,700	374,834	319,166	361,418
Granted (in shares)	0	13,416
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)					903,266

Stock-Based Compensation (Restr

Stock-Based Compensation (Restricted Stock Units) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Jan. 07, 2022	Mar. 31, 2023	Mar. 31, 2022
Weighted Average Exercise Price (4)
Weighted average price, beginning balance (in usd per share)		$ 45	$ 45
Weighted average price, ending balance (in usd per share)		$ 35	$ 45
Weighted average years over which this cost will be recognized		1 year
Restricted Stock Units (RSUs)
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		170,313	315,529
Shares granted		0	7,850
Number of shares, vested		(6,359)	(524)
Number of shares, forfeited		(15,059)	0
Number of shares, ending balance		148,895	322,855
Weighted Average Exercise Price (4)
Weighted average price, beginning balance (in usd per share)		$ 27.15	$ 26.71
Weighted average grant date fair value (in USD per share)		0	30.50
Weighted average price, vested		33.57	30.50
Weighted average price, forfeited		34	0
Weighted average price, ending balance (in usd per share)		$ 26.18	$ 26.80
Aggregate grant date fair value	$ 200
Vesting period	30 months
Unrecognized compensation cost related to unvested awards		$ 3,000
Weighted average years over which this cost will be recognized		1 year

Stock-Based Compensation (Stock

Stock-Based Compensation (Stock Options) (Details) - USD ($)		3 Months Ended
	Jan. 07, 2022	Mar. 31, 2023	Mar. 31, 2022	Jan. 06, 2023
Number of Shares
Outstanding stock options, beginning of period (in shares)		319,166	361,418
Granted (in shares)		0	13,416
Exercised (in shares)		18,093	0
Forfeited or expired (in shares)		29,373	0
Outstanding stock options, end of period (in shares)		271,700	374,834
Weighted Average Exercise Price (4)
Weighted average price, beginning balance (in usd per share)		$ 45	$ 45
Granted (in usd per share)		0	45
Exercised (in usd per share)		45	0
Forfeited or expired (in used per share)		35	0
Weighted average price, ending balance (in usd per share)		$ 35	$ 45
Exercisable stock options, end of period		84,460	0
Exercisable stock options outstanding (in shares)		$ 35	$ 45
Aggregate grant date fair value	$ 100,000
Weighted average remaining contractual term		3 years 6 months
Aggregate intrinsic value		$ 2,400,000
Unrecognized compensation cost		$ 2,100,000
Weighted average years over which this cost will be recognized		1 year
Contractual term		3 years 1 month 6 days
Intrinsic value		$ 700,000
Adjustment to excercise price				$ 35

Earnings (Loss) Per Share (Sche

Earnings (Loss) Per Share (Schedule of Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Apr. 07, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Earnings (loss) of basic income (loss) attributable to Unit Corporation per common share	$ 134,650	$ (46,877)	$ 148,400	$ 60,600
Net Income (Loss) Available to Common Stockholders, Diluted	$ 134,650	$ (46,877)
Weighted shares of basic earnings (loss) attributable to Unit Corporation per common share	9,667,000	10,050,000
Weighted Average Number of Shares Outstanding, Diluted	9,795,000	10,050,000
Per-Share amount of basic earnings (loss) attributable to Unit Corporation per common share	$ 13.93	$ (4.66)
Income of effect of dilutive stock options and restricted stock	$ 0	$ 0
Weighted shares of effect of dilutive stock options and restricted stock	128,000	0
Per-Share amount of effect of dilutive stock options and restricted stock	$ (0.18)	$ 0
Diluted	$ 13.75	$ (4.66)
Antidilutive securities excluded from computation of earnings (loss) per share	1,815,410
Exercise price of warrants (in dollars per share)					$ 63.74
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (loss) per share		368,126
Exercise price of warrants (in dollars per share)		$ 45
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (loss) per share		319,192
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (loss) per share		1,822,203
Exercise price of warrants (in dollars per share)		$ 63.74

Accrued Liabilities (Accrued Li

Accrued Liabilities (Accrued Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued Liabilities [Abstract]
Employee costs	$ 3,886	$ 5,905
Lease operating expenses	3,463	3,383
Capital expenditures	628	6,359
Taxes	1,488	1,035
Interest payable	40	40
Other	1,068	1,994
Total accrued liabilities	$ 10,573	$ 18,716

Long-Term Debt And Other Long_3

Long-Term Debt And Other Long-Term Liabilities (Long-Term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Exit Credit Agreement | Long-term Debt
Long-term debt:
Long-term debt	$ 0	$ 0

Long-Term Debt And Other Long_4

Long-Term Debt And Other Long-Term Liabilities (Narrative) (Details) - Exit Credit Agreement - USD ($)	Nov. 01, 2022	Sep. 03, 2020	Mar. 31, 2023	Dec. 31, 2022	Jul. 01, 2022	Oct. 19, 2021
Debt Instrument [Line Items]
Current ratio of credit facility		1.00
Interest Coverage Ratio		2.50
Long-term Debt
Debt Instrument [Line Items]
Long-term debt			$ 0	$ 0
July 1, 2022 to September 30, 2022 [Member]
Debt Instrument [Line Items]
Net leverage ratio		3.25
Revolving Credit Facility [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		5.25%
Revolving Credit Facility [Member] | Alternate Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	4.25%	4.25%
Revolving Credit Facility [Member] | Adjusted Term Secured Overnight Financing Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	5.25%
Term loan [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		6.25%
Term loan [Member] | Alternate Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		5.25%
Letter of Credit [Member]
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount			$ 2,700,000
Secured Debt [Member]
Debt Instrument [Line Items]
Debt instrument maturity date		Mar. 01, 2024
Secured Debt [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility maximum credit amount	$ 35,000,000	$ 140,000,000			$ 31,300,000	$ 80,000,000
Secured Debt [Member] | Term loan [Member]
Debt Instrument [Line Items]
Credit facility maximum credit amount		$ 40,000,000

Long-Term Debt And Other Long_5

Long-Term Debt And Other Long-Term Liabilities (Other Long-Term Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Asset retirement obligation (ARO) liability	$ 23,919	$ 23,440	$ 24,939	$ 25,688
Workers' compensation	8,112	8,344	$ 7,673	$ 7,925
Contract liability	1,016	200
Separation benefit plans	1,074	1,110
Gas balancing liability	4,256	4,257
Dividend equivalents payable	1,635	0
Other liabilities	40,012	37,351
Current portion of other long-term liabilities	5,280	3,989
Total other long-term liabilities	$ 34,732	$ 33,362

Asset Retirement Obligations (S

Asset Retirement Obligations (Schedule Of Asset Retirement Obligations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
ARO liability, Beginning Balance:	$ 23,440	$ 25,688
Accretion of discount	(467)	(493)
Liability incurred	10	0
Liability settled	(245)	(55)
Liability sold	(14)	(2,670)
Revision of estimates	261	1,483
ARO, Ending Balance:	23,919	24,939
Less: current portion	2,631	2,654
Total long-term ARO	$ 21,288	$ 22,285

Workers' Compensation - Workers

Workers' Compensation - Workers' Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Workers' Liability [Roll Forward]
Beginning balance	$ 8,344	$ 7,925
Claims and valuation adjustments	(58)	(160)
Payments	(174)	(92)
Ending balance	8,112	7,673
Less: current portion	1,046	1,169
Long-term workers' compensation liability	$ 7,066	$ 6,504

Workers' Compensation - Additio

Workers' Compensation - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Traumatic injury claims	$ 4.8	$ 4.8

Derivatives (Schedule of Deriva

Derivatives (Schedule of Derivatives Outstanding) (Details)	1 Months Ended	3 Months Ended
	Apr. 30, 2023 $ / Unit MMBTU	Mar. 31, 2023 USD ($) $ / Unit MMBTU bbl
Derivative [Line Items]
Collateral posted | $		$ 0
Natural Gas | Swap | Apr'23 - Dec'23 | IF - NYMEX (HH) [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU		22,000
Weighted average price		2.46
Natural Gas | Swap | Apr'23 - Dec'23 | IF - NYMEX (HH) [Member] | Subsequent Event
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU	22,000
Weighted average price	3.14
Crude Oil | Swap | Apr'23 - Dec'23 | Wti Nymex [Member]
Derivative [Line Items]
Weighted average price		43.60
Hedged Volume (Bbl/day) | bbl		1,300

Derivatives (Narrative) (Detail

Derivatives (Narrative) (Details) $ / shares in Units, $ in Millions	Apr. 07, 2022 USD ($) $ / shares
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Exercise price of warrants (in dollars per share) | $ / shares	$ 63.74
Warrant Reclassified | $	$ 49.1

Derivatives (Fair Value Of Deri

Derivatives (Fair Value Of Derivative Instruments And Locations In Balance Sheets) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Assets, Presented Gross		$ 8,547
Derivative Asset, Effect Of Netting Arrangement		(8,547)
Derivative Asset, Fair Value, After Netting Arrangement, Net		0
Liabilities, Presented Gross	$ 12,571	32,113
Liabilities, Effects of Netting	0	(8,547)
Liabilities, Presented Net	12,571	23,566
Current derivative liabilities
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Assets, Presented Gross		8,547
Derivative Asset, Effect Of Netting Arrangement		(8,547)
Derivative Asset, Fair Value, After Netting Arrangement, Net		0
Liabilities, Presented Gross	12,571	32,113
Liabilities, Effects of Netting	0	(8,547)
Liabilities, Presented Net	$ 12,571	$ 23,566

Derivatives (Effect Of Derivati

Derivatives (Effect Of Derivative Instruments Recognized In Statement Of Operations, Not Designated As Hedging Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives, net	$ 13,595	$ (64,076)
Gain (loss) on derivatives settled (Note 12)	2,601	(21,239)
Gain (loss) on derivatives [Member] | Warrant
Derivative Instruments, Gain (Loss) [Line Items]
Loss on change in fair value of warrants	0	(36,612)
Commodity derivative liabilities | Gain (loss) on derivatives [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives, net	13,595	(64,076)
Gain (loss) on derivatives settled (Note 12)	2,601	(21,239)
Gain (loss) on derivatives, net less gain (loss) on commodity derivatives settled	$ 10,994	$ (42,837)

Fair Value Measurements (Recurr

Fair Value Measurements (Recurring Fair Value Measurements) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 12,571	$ 23,566
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	12,571	23,566
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	0	0
Commodity derivative liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability, Total	12,571	23,566
Commodity derivative liabilities | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability	0	0
Commodity derivative liabilities | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability	12,571	23,566
Commodity derivative liabilities | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability	$ 0	$ 0

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Fair Value Disclosures [Abstract]
Transfers between Level 2 and Level 3 assets (liabilities)	$ 0

Fair Value Measurements (Reconc

Fair Value Measurements (Reconciliations Of Level 3 Fair Value Measurements) (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	$ 0	$ 19,822
Loss on change in warrant liability	0	36,612
End of period	$ 0	$ 56,434

Leases (Operating leases) (Deta

Leases (Operating leases) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
2023	$ 3,723
2025	3,342
2026	2,055
2027	954
2028	0
2029 and beyond	0
Total future payments	10,074
Less: Interest	973
Present value of future minimum operating lease payments	9,101
Less: Current portion	(3,196)	$ (1,605)
Total long-term operating lease payments	$ 5,905	$ 5,035
Weighted average remaining lease term (years)	3 years
Weighted average discount rate (1)	6.92%

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Lease liabilities recognized in exchange for operating lease right of use assets	$ 3,273	$ 909

Leases (Schedule of lease asset

Leases (Schedule of lease assets and liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating right of use asset	$ 9,002	$ 6,551
Total right of use assets	9,002	6,551
Current operating lease liability	3,196	1,605
Total long-term operating lease payments	5,905	5,035
Total lease liability	$ 9,101	$ 6,640

Leases (Schedule of lease costs

Leases (Schedule of lease costs) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease cost	$ 920	$ 1,308
Short-term lease cost	2,181	3,536
Total lease cost	3,101	4,844
Capitalized costs included in short-term lease costs	$ 600	$ 500

Leases (Supplemental cash flow

Leases (Supplemental cash flow information related to leases) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Cash payments made on operating leases	$ 920	$ 1,284
Lease liabilities recognized in exchange for operating lease right of use assets	$ 3,273	$ 909

Superior Investment (Details)

Superior Investment (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 24, 2023	Apr. 30, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Mar. 01, 2022	Apr. 03, 2018
Variable Interest Entity [Line Items]
Methodology for Determining Whether Entity is Primary Beneficiary			From April 3, 2018 to March 1, 2022, we treated Superior as a variable interest entity (VIE) because the equity holders as a group (Unit Corporation and SP Investor) lacked the power to control without the Operator. The Agreement and MSA gave us the power to direct the activities that most significantly affect Superior's operating performance through common control of the Operator. Accordingly, Unit was considered the primary beneficiary and consolidated the financial position, operating results, and cash flows of Superior.
Equity method investments			$ 1,658		$ 1,658
Gain (Loss) on Disposition of Business			0	$ 13,141
Estimated fair value of retained investment				1,700
Revenues			93,929	188,365
Operating costs			44,036	112,100
Oil and natural gas
Variable Interest Entity [Line Items]
Revenues			48,026	76,810
Operating costs			17,164	23,475
Gas gathering and processing
Variable Interest Entity [Line Items]
Revenues			0	82,673
Operating costs			0	62,388
SP Investor Holdings, LLC [Member]
Variable Interest Entity [Line Items]
Distributions paid			11,100	9,500
Superior Pipeline Company, L.L.C.
Variable Interest Entity [Line Items]
Long-Term Purchase Commitment, Drilling Commitment Adjustment Amount			$ 20,900		72,700
Long-Term Purchase Commitment, Commitment Spending Amount					150,000
Variable Interest Investment							$ 300,000
Liquidation IRR Hurdle			7%
Liquidation distributions			$ 329,500
Fair value						$ 14,800
Distributions received		$ 32,600
Equity method investments						$ 1,700
Distributions paid				9,500
Superior Pipeline Company, L.L.C. | Oil and natural gas
Variable Interest Entity [Line Items]
Revenues			9,757	16,298
Superior Pipeline Company, L.L.C. | Gas gathering and processing
Variable Interest Entity [Line Items]
Operating costs			$ 528	$ 767
Superior Pipeline Company, L.L.C. | Capital Addition Purchase Commitments [Member] | Contract Drilling
Variable Interest Entity [Line Items]
Long-term purchase commitment, purchases made					$ 24,600
Superior Pipeline Company, L.L.C. | VIE
Variable Interest Entity [Line Items]
Variable Interest Entity, Date Involvement Began			Apr. 03, 2018
Superior Pipeline Company, L.L.C. | VIE | SPC Midstream Operating, L.L.C.
Variable Interest Entity [Line Items]
Monthly service fee			$ 300
Superior Pipeline Company, L.L.C. | VIE | SP Investor Holdings, LLC [Member]
Variable Interest Entity [Line Items]
Ownership Percentage			50%
SP Investor Holdings, LLC [Member] | Subsequent Event
Variable Interest Entity [Line Items]
Potential consideration from sale	$ 20,000
Proceeds from sale at close	12,000
Deferred proceeds	$ 8,000
SP Investor Holdings, LLC [Member] | Superior Pipeline Company, L.L.C. | Subsequent Event
Variable Interest Entity [Line Items]
Ownership Percentage	50%

Income Taxes (Reconciliation Of

Income Taxes (Reconciliation Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit) computed by applying the statutory rate	$ 12,556	$ (9,844)
State income tax expense (benefit), net of federal benefit	1,685	(1,641)
Non-controlling interest in Superior	0	(850)
Deferred tax liability revaluation	0	(5,339)
Valuation allowance	94,728	(17,974)
Revaluation of deferred tax assets and liabilities due to state income tax rate change	5,698	0
Other permanent items	143	(300)
Total income taxes	$ (74,646)	$ 0

Income Taxes (Schedule Of Defer

Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Deferred tax assets:
Allowance for losses and nondeductible accruals	$ 14,048		$ 15,662
Net operating loss carryforward	71,519		81,199
Non-producing oil and natural gas properties	36,416	$ 37,493
Producing oil and natural gas properties	10,495	17,044
Alternative minimum tax and research and development tax credit carryforward	1,738		1,738
Gross deferred tax assets	134,216		153,136
Valuation allowance	(46,637)		(141,365)
Total deferred tax assets	87,579		11,771
Deferred tax liabilities:
Contract drilling and other equipment	(12,354)	(11,365)
Investment in Superior	(389)		(406)
Total deferred tax liabilities	(12,743)		(11,771)
Deferred tax assets, net	$ 74,836		$ 0
Operating loss carryforwards		331,400
Operating loss carryforwards subject to expiration		$ 136,400

Transactions With Related Par_3

Transactions With Related Parties (Schedule of Amount Received in Public and Private Partnerships) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Related Party Transaction [Line Items]
Operating Cost and Expense, Related and Nonrelated Party Status [Extensible Enumeration]	Related Party	Related Party
Operating costs	$ 44,036	$ 112,100
Revenue, Related and Nonrelated Party Status [Extensible Enumeration]	Related Party	Related Party
Kaiser Francis Oil Company | Related Party
Related Party Transaction [Line Items]
Operating costs	$ 1,166	$ 3,382
Total revenues	$ 1,801	$ 3,949

Industry Segment Information (I

Industry Segment Information (Industry Segment Information) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reporting segments | segment	3
Revenues:
Revenues	$ 93,929	$ 188,365
Operating costs:
Operating costs	44,036	112,100
Depreciation, depletion, and amortization	3,891	11,270
General and administrative	5,090	6,526
Gain (Loss) on Disposition of Assets	(3,753)	(2,175)
Total operating costs	49,264	127,721
Loss from operations	44,665	60,644
Interest income	1,757	10
Interest, net	(39)	(274)
Gain (loss) on derivatives	13,595	(64,076)
Loss on change in fair value of warrants	0	(36,612)
Gain (loss) on disposition of business	0	(13,141)
Reorganization Items	(81)	(3)
Other	107	747
Nonoperating Income (Expense)	15,339	(113,349)
Income (loss) before income taxes	60,004	(52,705)
Eliminations [Member]
Operating costs:
Total operating costs	0	(11,297)
Intersegment Eliminations
Revenues:
Revenues	0	(11,297)
Operating costs:
Operating costs	0	(11,908)
Depreciation, depletion, and amortization	0	0
General and administrative	0	611
Gain (Loss) on Disposition of Assets	0	0
Loss from operations	0	0
Interest income	0	0
Interest, net	0	0
Gain (loss) on derivatives	0	0
Loss on change in fair value of warrants		0
Gain (loss) on disposition of business		0
Reorganization Items	0	0
Other	0	0
Nonoperating Income (Expense)	0	0
Income (loss) before income taxes	0	0
Contract Drilling
Operating costs:
Total operating costs	19,203	27,995
Contract Drilling | Operating Segments
Revenues:
Revenues	48,026	87,582
Operating costs:
Operating costs	17,164	24,000
Depreciation, depletion, and amortization	2,136	4,048
General and administrative	0	0
Gain (Loss) on Disposition of Assets	(97)	(53)
Loss from operations	28,823	59,587
Interest income	0	0
Interest, net	0	0
Gain (loss) on derivatives	0	0
Loss on change in fair value of warrants		0
Gain (loss) on disposition of business		0
Reorganization Items	0	0
Other	(20)	708
Nonoperating Income (Expense)	(20)	708
Income (loss) before income taxes	28,803	60,295
Contract Drilling
Operating costs:
Gain (Loss) on Disposition of Assets	(3,700)	(2,100)
Total operating costs	24,875	25,646
Contract Drilling | Operating Segments
Revenues:
Revenues	45,903	28,882
Operating costs:
Operating costs	26,872	26,237
Depreciation, depletion, and amortization	1,659	1,534
General and administrative	0	0
Gain (Loss) on Disposition of Assets	(3,656)	(2,125)
Loss from operations	21,028	3,236
Interest income	0	0
Interest, net	0	0
Gain (loss) on derivatives	0	0
Loss on change in fair value of warrants		0
Gain (loss) on disposition of business		0
Reorganization Items	0	0
Other	125	20
Nonoperating Income (Expense)	125	20
Income (loss) before income taxes	21,153	3,256
Mid-Stream
Operating costs:
Total operating costs	0	79,385
Mid-Stream | Operating Segments
Revenues:
Revenues	0	83,198
Operating costs:
Operating costs	0	73,771
Depreciation, depletion, and amortization	0	5,614
General and administrative	0	0
Gain (Loss) on Disposition of Assets	0	0
Loss from operations	0	3,813
Interest income	0	0
Interest, net	0	(178)
Gain (loss) on derivatives	0	0
Loss on change in fair value of warrants		0
Gain (loss) on disposition of business		0
Reorganization Items	0	0
Other	0	17
Nonoperating Income (Expense)	0	(161)
Income (loss) before income taxes	0	3,652
Corporate and Other
Operating costs:
Total operating costs	5,186	5,992
Corporate and Other | Corporate, Non-Segment
Revenues:
Revenues	0	0
Operating costs:
Operating costs	0	0
Depreciation, depletion, and amortization	96	74
General and administrative	5,090	5,915
Gain (Loss) on Disposition of Assets	0	3
Loss from operations	(5,186)	(5,992)
Interest income	1,757	10
Interest, net	(39)	(96)
Gain (loss) on derivatives	13,595	(64,076)
Loss on change in fair value of warrants		(36,612)
Gain (loss) on disposition of business		(13,141)
Reorganization Items	(81)	(3)
Other	2	2
Nonoperating Income (Expense)	15,234	(113,916)
Income (loss) before income taxes	10,048	(119,908)
Oil and natural gas
Revenues:
Revenues	48,026	76,810
Operating costs:
Operating costs	17,164	23,475
Oil and natural gas | Intersegment Eliminations
Revenues:
Revenues	0	(10,772)
Operating costs:
Operating costs	0	(525)
Oil and natural gas | Contract Drilling | Operating Segments
Revenues:
Revenues	48,026	87,582
Operating costs:
Operating costs	17,164	24,000
Oil and natural gas | Contract Drilling | Operating Segments
Revenues:
Revenues	0	0
Operating costs:
Operating costs	0	0
Oil and natural gas | Mid-Stream | Operating Segments
Revenues:
Revenues	0	0
Operating costs:
Operating costs	0	0
Oil and natural gas | Corporate and Other | Corporate, Non-Segment
Revenues:
Revenues	0	0
Operating costs:
Operating costs	0	0
Contract drilling
Revenues:
Revenues	45,903	28,882
Operating costs:
Operating costs	26,872	26,237
Contract drilling | Intersegment Eliminations
Revenues:
Revenues	0	0
Operating costs:
Operating costs	0	0
Contract drilling | Contract Drilling | Operating Segments
Revenues:
Revenues	0	0
Operating costs:
Operating costs	0	0
Contract drilling | Contract Drilling | Operating Segments
Revenues:
Revenues	45,903	28,882
Operating costs:
Operating costs	26,872	26,237
Contract drilling | Mid-Stream | Operating Segments
Revenues:
Revenues	0	0
Operating costs:
Operating costs	0	0
Contract drilling | Corporate and Other | Corporate, Non-Segment
Revenues:
Revenues	0	0
Operating costs:
Operating costs	0	0
Gas gathering and processing
Revenues:
Revenues	0	82,673
Operating costs:
Operating costs	$ 0	62,388
Gas gathering and processing | Intersegment Eliminations
Revenues:
Revenues		(525)
Operating costs:
Operating costs		(11,383)
Gas gathering and processing | Contract Drilling | Operating Segments
Revenues:
Revenues		0
Operating costs:
Operating costs		0
Gas gathering and processing | Contract Drilling | Operating Segments
Revenues:
Revenues		0
Operating costs:
Operating costs		0
Gas gathering and processing | Mid-Stream | Operating Segments
Revenues:
Revenues		83,198
Operating costs:
Operating costs		73,771
Gas gathering and processing | Corporate and Other | Corporate, Non-Segment
Revenues:
Revenues		0
Operating costs:
Operating costs		$ 0