Once investors finished reading the verbose headline on Unit Corp.'s
Quarterly revenues came in about 2% higher than last year, and they're essentially flat year to date. Contract-drilling revenues made up a smaller percentage of overall sales than they did a year ago, but it's not for lack of trying. Unit boosted its fleet by 11% over last year but saw its utilization drop from 97% to 81%. I have mixed feelings about Unit's moves in this segment, given today's tough drilling market and the firm's relative lack of pedigree in that area.
The company reported the lowest dayrate on contract drilling that I've yet to see this quarter. In the case of Helmerich & Payne
In the exploration-and-production segment, gas equivalent production grew at a modest 5% clip, or 3% on a six-month basis. I can't get too excited about that news, with larger companies such as Chesapeake Energy
Last quarter, I gave you some macro reasons to feel good about this operator, but I have to admit to getting a little disenchanted through the details. I know that many events, such as a Valero Energy