WASHINGTON (dpa-AFX) - Unit Corp. (UNT) reported fourth-quarter net loss attributable to the company of $77.8 million or $1.49 per share, compared to net income of $89.2 million or $1.71 per share in the year-ago period.
The latest quarter's results include a pre-tax non-cash write-down of $147.9 million associated with the removal of 41 drilling rigs from the company's drilling fleet along with some other equipment. The year-ago period's results included an $81.3 million net tax benefit related to tax legislation enacted during the quarter.
Excluding items, adjusted earnings for the quarter were $0.27 per share, compared to $0.22 per share in the year-ago period.
Total revenues for the quarter grew to $214.8 million from $204.8 million in the year-ago period.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.31 per share for the quarter on revenues of $221.4 million. Analysts' estimates typically exclude special items.
Looking ahead, Unit Corp. said its 2019 capital budget is anticipated to range from $336 million to $422 million, a decrease of 27 percent to 8 percent from 2018, excluding acquisitions.
The company noted that the decrease is in response to the current commodity price environment and keeps the budget in-line with anticipated cash flow plus proceeds from any non-core asset sales.
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