UNIT Petroleum Company 8200 South Unit Drive, Tulsa, Oklahoma, United States
Since Nov, 2016
Unit Petroleum Company is a wholly owned subsidiary of Unit Corporation. Unit Petroleum was created in 1979 with an initial reserve base of 2 Bcfe. At December 31, 2015, Unit owned 135 MMBoe of reserves, primarily in the Anadarko and Arkoma Basins, and operated or owned an interest in more than 7,800 wells. Unit's reserves are 85% proved developed. The Company's strategy is to drill low-risk field extension or development wells on internally generated prospects. By focusing on oil and rich natural gas, this allows us to take advantage of the strengths of our existing assets. Our ability to develop prospects in our own backyard creates a promising investment opportunity.
History
1979: Unit added exploration and production to its operations and made its shares available to the public.
1988: In early 1988, as a result of its diversifying business activity, Unit reorganized its business operation resulting in its oil and natural gas exploration operations being carried out by its wholly owned subsidiary, Unit Petroleum Company and its contract drilling service being conducted by its wholly owned subsidiary, Unit Drilling Company.
Unit settled a natural gas contract dispute with a major natural gas purchaser. This settlement allowed Unit to receive substantially higher than spot market price for natural gas sold from wells included in the agreement and provided capital to continue our reserve growth.
1991: Unit doubled its proved reserves and its company-operated producing well count in the Texas Panhandle region, one of our primary areas of interest, through a large oil and natural gas producing property acquisition.
1994: Unit completed an acquisition of producing properties in Louisiana, New Mexico, Oklahoma and Texas. The location of these properties enabled Unit to expand its oil and natural gas exploration and production operations in the Gulf Coast and Permian Basin regions. As a result of the acquisition, Unit added a new regional office in Houston, Texas.
1995: Unit's oil and natural gas reserves surpassed the 120 Bcfe mark, classifying Unit as a "mid-sized" oil and gas company. The Company's improving operations and increased visibility in the investment community resulted in several research analysts initiating coverage of Unit with "Buy" recommendations.
2000: Unit acquired Questa Oil & Gas Co. in a stock exchange for approximately 1.8 million shares of Unit common stock. At December 31, 2000, Unit reported proved reserves of 240.7 Bcfe. Unit replaced 311% of 2000 production with new reserves, achieving its stated goal of greater than 150% production replacement for the 17th consecutive year.
2004: Unit closed its acquisition of PetroCorp Incorporated in January of 2004 and gained oil and natural gas reserves of 56.7 Bcfe, consisting of 40.26 Bcf of natural gas and 2.74 million barrels of oil.
2005: In November, Unit completed an acquisition of certain oil and natural gas properties from a group of private entities. The acquisition consisted of approximately 42.5 Bcfe of proved oil and natural gas reserves located in Oklahoma, Arkansas and Texas.
2006: In May of 2006, Unit closed its acquisition of certain oil and natural gas properties from a group of private entities. Proved oil and natural gas reserves involved in this acquisition consisted of approximately 14.2 Bcfe. Approximately 45% of the reserves are located in Oklahoma, 36% are located in Texas and 19% in New Mexico.
Also in October, Unit closed its acquisition of Brighton Energy, LLC. The acquisition includes approximately 27.0 Bcfe of proved reserves and 5.0 MMcfe per day of current production. The majority of the reserves are located in the Anadarko and Gulf Coast basins of Oklahoma, Texas and Louisiana, with additional reserves in Arkansas, Kansas, Montana, North Dakota and Wyoming.
2010: In June, Unit completed the acquisition of certain oil and natural gas properties from a private company. The acquisition includes approximately 45,000 net acres and 11 producing oil wells focused on the Marmaton horizontal oil play in Beaver County, Oklahoma. Proved developed producing net reserves for these 11 wells is approximately 900,000 Boe, consisting of 600,000 barrels of oil, 200,000 barrels of NGLs, and 700 MMcf of natural gas.
2011: In August, Unit acquired certain producing oil and gas properties for $30.5 million in cash, subject to closing adjustments, from an unaffiliated seller. Included in the acquisition were more than 500 wells located principally in the Oklahoma Arkoma Woodford and Hartshorne Coal plays along with other properties located throughout Oklahoma and Texas. The proved reserves associated with the acquisition are approximately 31.2 Bcfe (99% natural gas), 83% of which is proved developed. The acquisition also included approximately 55,000 net acres of which 96% is held by production.
2012: Unit made the most significant acquisition of its history with the purchase of a number of properties from Noble Energy. The acquisition included 83,000 net acres located in the Granite Wash, Cleveland, and various other plays in western Oklahoma and the Texas Panhandle. The acreage was 95% held by production.
In addition, Unit also acquired a new substantial position of 105,000 net acres in the Mississippian play in northern Oklahoma and central Kansas.
2014: Unit's oil and gas reserves exceeded a trillion cubic feet of natural gas equivalents for the first time in history. During the year, Unit announced its SOHOT play (Southern Oklahoma Hoxbar Oil Trend), which is proving to be one of its most economic plays.
Unit completed the sale of certain non-core oil and natural gas assets with proceeds of $33.1 million.
2015: Unit attained year over year production growth of 9%, a new record for annual production.
Unit completed various non-core oil and natural gas asset sales with total proceeds of approximately $37.4 million.
Strategy
- Focus on low-risk exploration and development drilling.
- Drive reserve growth through drilling internally generated prospects.
- Grow our reserve base by more than 150% of annual production with acquisition costs meeting or exceeding our economic parameters.
- Stay alert for opportunistic acquisitions.
Safety
Our Safety, Health and Environmental (SH&E) Policy affirms our commitment to protecting the safety and health of our employees, contractors and the general public while maintaining the quality of the environment in which we operate. We believe that all occupational injuries, illnesses and environmental incidents are unacceptable and are committed to eliminating hazards and safely managing those hazards that cannot be eliminated. We strive to comply with all federal, state, local and industry safety, health and environmental laws and regulations.
We commit to:
- Recognize that no business operation is so important that it should knowingly be performed at the expense of safety, health or the environment
- Devote the resources necessary for effective safety, health and environmental management
- Utilize management systems and standards to continuously improve our performance
- Educate employees about the company’s safety, health and environmental policies as well as applicable laws and regulations
- Ensure that every employee and contractor recognizes they are responsible and accountable for their individual safety, health and environmental
- performance as well as that of the personnel in their charge
- Design, operate, inspect and maintain our equipment and facilities to protect employees, contractors, the public and the environment from incidents involving our activities
- Routinely inspect and audit safety, health and environmental performance in our operations to ensure compliance with company policies and applicable laws and regulations
- Include safety, health and environmental performance measurements in the management reporting system. Employee performance reviews include a safety, health and environmental performance measurement
- Require every employee and contractor to abide by this policy
| Company Name | UNIT Petroleum Company |
| Business Category | Oil & Gas |
| Address | 8200 South Unit Drive Tulsa Oklahoma United States ZIP: 74132 |
| President | Brad Guidry |
| Year Established | 1979 |
| Employees | NA |
| Memberships | NA |
| Hours of Operation | NA |
- Petroleum