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Unit (UNT) to Vend 50% Stake in Superior Pipeline for $300M
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Unit Corporation , a diversified energy company, is set to divest 50% of its interest in its natural gas processing wholly-owned subsidiary, Superior Pipeline Co. LLC for a total consideration of $300 million. The pipeline company operates three natural gas treatment plants, 13 processing plants and 22 gathering systems. The 1,455-mile long Superior Pipeline carries a processing capacity of 340 million cubic feet per day. The company operates in Oklahoma, Texas, Kansas, Pennsylvania and West Virginia.
Unit will be selling half the stakes to SP Investors Holdings LLC or Superior Holdings. Cash proceeds from the sale will be utilized to bolster the drilling program of Unit Corporation’s upstream subsidiary, Unit Petroleum Company. The company’s drilling segment is witnessing higher utilization and dayrates improvements of late. The company believes that the acceleration of its drilling program will enhance its production and reserve growth. As it is, the company’s estimated total reserves in 2017 witnessed a 27% year-over-year increase to come in at 149.8 million barrels of oil equivalent.
Further, the proceeds will also enable the company to make additional investments in the Superior Pipeline that will be henceforth jointly owned by Unit Corporation and Superior Holdings.
The deal is expected to close tomorrow. Before the culmination of the deal, employees of Superior Pipeline will join Superior Midstream Operating LLC, another subsidiary of Unit Corporation.
Zacks Rank and Key Picks
Headquartered in Tulsa, Unit is engaged in contract land drilling operations, exploration and production, as well as gas gathering and processing. The company carries a Zacks Rank #3 (Hold).
Archrock’s earnings are expected to witness a year-over-year increase of 195% in 2018.
Flotek’s earnings are anticipated to witness a year-over-year increase of 557.14% in 2018.
Solaris Oilfield’s earnings are expected to witness a year-over-year increase of 258.33% in 2018.
Can Hackers Put Money INTO Your Portfolio?
Earlier this year, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
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Unit (UNT) to Vend 50% Stake in Superior Pipeline for $300M
Unit Corporation , a diversified energy company, is set to divest 50% of its interest in its natural gas processing wholly-owned subsidiary, Superior Pipeline Co. LLC for a total consideration of $300 million. The pipeline company operates three natural gas treatment plants, 13 processing plants and 22 gathering systems. The 1,455-mile long Superior Pipeline carries a processing capacity of 340 million cubic feet per day. The company operates in Oklahoma, Texas, Kansas, Pennsylvania and West Virginia.
Unit will be selling half the stakes to SP Investors Holdings LLC or Superior Holdings. Cash proceeds from the sale will be utilized to bolster the drilling program of Unit Corporation’s upstream subsidiary, Unit Petroleum Company. The company’s drilling segment is witnessing higher utilization and dayrates improvements of late. The company believes that the acceleration of its drilling program will enhance its production and reserve growth. As it is, the company’s estimated total reserves in 2017 witnessed a 27% year-over-year increase to come in at 149.8 million barrels of oil equivalent.
Further, the proceeds will also enable the company to make additional investments in the Superior Pipeline that will be henceforth jointly owned by Unit Corporation and Superior Holdings.
The deal is expected to close tomorrow. Before the culmination of the deal, employees of Superior Pipeline will join Superior Midstream Operating LLC, another subsidiary of Unit Corporation.
Zacks Rank and Key Picks
Headquartered in Tulsa, Unit is engaged in contract land drilling operations, exploration and production, as well as gas gathering and processing. The company carries a Zacks Rank #3 (Hold).
Unit Corporation Price
Unit Corporation Price | Unit Corporation Quote
A few better-ranked players in the same industry are Archrock, Inc.(AROC - Free Report) , Flotek Industries, Inc. (FTK - Free Report) and Solaris Oilfield Infrastructure, Inc. (SOI - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Archrock’s earnings are expected to witness a year-over-year increase of 195% in 2018.
Flotek’s earnings are anticipated to witness a year-over-year increase of 557.14% in 2018.
Solaris Oilfield’s earnings are expected to witness a year-over-year increase of 258.33% in 2018.
Can Hackers Put Money INTO Your Portfolio?
Earlier this year, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
Download the new report now>>