Unit Corporation announced today its financial and operational results for the fourth quarter and year-end 2006. Net income for the three months ended December 31, 2006 was $81.2 million, or $1.75 per diluted share, on fourth quarter revenues of $299.3 million, compared with net income of $84.5 million, or $1.82 per diluted share, on revenues of $293.1 million for the fourth quarter of 2005. Net cash provided by operating activities in the fourth quarter was $157.1 million compared to $127.9 million reported during the same time period in 2005. The quarter-over-quarter results were primarily impacted by a 40% lower natural gas price received for Unit's record-setting fourth quarter 2006 production.
For the year ended 2006, Unit posted a company-record $1,162.4 million total revenues, 31% higher than the $885.6 million reported for 2005. Net income for 2006 was $312.2 million, or $6.72 per diluted share, a significant increase compared to 2005's year end net income of $212.4 million, or $4.60 per diluted share. Net cash provided by operating activities for 2006 was $506.7 million compared to $317.8 million recorded in 2005. Increased oil and natural gas production and strong dayrates for Unit's growing rig fleet, partially offset by lower natural gas prices and higher operating costs, all contributed to increases in Unit's year-end 2006 results.
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