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UNIT ANNOUNCES FIRST QUARTER PROFITS

 TULSA, Okla., May 5 /PRNewswire/ -- Unit Corp. (NYSE: UNT) announced today a 1993 first quarter net income of $1,156,000, $0.06 per share, compared to a net income of $518,000, $0.02 per share, for the first quarter of 1992.
 The significantly higher net income in 1993 is due to improved margins the company realized in its contract drilling and oil and natural gas op%`1h%=ns.
 The improvement in contract drilling margins resulted from a 40-percent increase in rig utilization and a 4-percent increase in day rates. An average of 8 rigs were utilized in the first quarter of 1993, compared to an average of 5.7 rigs in the first quarter of 1992.
 Oil and natural gas operations improved as a result of a 21-percent increase in natural gas volumes. Natural gas production for the first quarter of 1993 was 1,756,995 Mcf compared to 1,453,714 Mcf for the corresponding quarter in 1992. Oil production for the first quarter of 1993 was 94,836 Bbls compared to 100,237 Bbls for the first quarter of 1992, a 5-percent decrease.
 Total revenues for the three months ended March 31, 1993, were $15,855,000, a 4 percent increase from 1992 revenues of $15,228,000, and net cash provided by operating activities was $4,127,000 for the first quarter of 1993, compared to $1,056,000 for the first quarter of 1992.
 Unit Corp. is a Tulsa-based, publicly held energy company and through its wholly owned subsidiaries is engaged in oil and gas exploration, production, transportation and contract drilling. Unit's common shares are listed on the New York Stock Exchange under the symbol UNT.
 UNIT CORP.
 Three Months Ended
 March 31
 (In thousands except
 per share amounts)
 1993 1992
 Revenues $ 15,855 $ 15,228
 Income Before Income Taxes $ 1,163 $ 526
 Net Income $ 1,156 $ 518
 Net Income Per Share $ 0.06 $ 0.02
 Weighted Average Common
 Shares Outstanding 20,856 20,777
 (Both Primary and Fully Diluted)
 -0- 5/5/93
 /CONTACT: Larry D. Pinkston, vice president, treasurer and chief financial officer, of Unit, 918-493-7700/
 (UNT)


CO: Unit Corp. ST: Oklahoma IN: OIL SU: ERN

TM -- SF002 -- 4801 05/05/93 10:49 EDT
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Publication:PR Newswire
Date:May 5, 1993
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