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UNIT CORPORATION ANNOUNCES THIRD QUARTER PROFITS

 TULSA, Okla., Nov. 8 /PRNewswire/ -- Unit Corp. (NYSE: UNT) announced today a third quarter net income of $886,000, or $0.04 per share, compared with a net income of $771,000, or $0.04 per share for the third quarter of 1992. The increase in net income is a result of improved operating margins in the company's contract drilling segment. The company averaged 7.5 rigs operating in the third quarter of 1993 as compared with 5.4 rigs in 1992.
 Total revenues increased from $12,360,000 for the third quarter of 1992 to $17,222,000 in 1993 primarily as a result of higher natural gas marketing revenues.
 Net income for the nine months ending Sept. 30, 1993 was $2,920,000, or $0.14 per share, compared with a net income of $1,340,000, or $0.06 per share, for the first nine months of 1992. Total revenues were $51,241,000, compared with total revenues of $39,798,000 for the first nine months of 1992.
 Unit Corp. is a Tulsa-based, publicly held energy company 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 Nine Months Ended
 Sept. 30 Sept. 30
 (In thousands except per share amounts)
 1993 1992 1993 1992
 Revenues $ 17,222 $ 12,360 $ 51,241 $ 39,798
 Income Before
 Income Taxes $ 890 $ 783 $ 2,937 $ 1,373
 Net Income $ 886 $ 771 $ 2,920 $ 1,340
 Net Income
 Per Share $ 0.04 $ 0.04 $ 0.14 $ 0.06
 Weighted Average Common
 Shares Outstanding 20,861 20,783 20,859 20,781
 (Both Primary and Fully Diluted)
 -0- 11/8/93
 /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 -- SF014 -- 1826 11/08/93 13:43 EST
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Publication:PR Newswire
Date:Nov 8, 1993
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