Oklahoma business briefs for Feb. 20, 2013

Oklahoma business briefs, Feb. 20
Published: February 20, 2013
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Oklahoma briefs

Pioneer expands 4G LTE coverage

Pioneer Cellular has expanded its 4G LTE coverage in five additional Oklahoma communities: Alva, Fairview, Okeene, Cantonand Woodward. Construction and launch of the 4G LTE network in rural Western Oklahoma began in April. The expanded coverage will give Pioneer Cellular and Verizon Wireless customers access to high-speed data services within their coverage area. “Pioneer Cellular is very proud to be the first wireless carrier to launch 4G LTE in these areas of Western Oklahoma,” said Richard Ruhl, general manager for Pioneer Cellular.

EARNINGS

UNIT CORP.

— Lower commodity prices and an accounting-related write down affected fourth-quarter results at Unit Corp., the company said Tuesday. Unit had a net loss of $56.5 million, or $1.18 per diluted share, in the fourth quarter of 2012. That's compared to net income of $51.7 million, or $1.08 per diluted share, in the year-earlier quarter. Unit said a previously announced noncash write down of $167.7 million that reduced the carrying value of its oil and natural gas properties was exacerbated by significantly lower commodity prices in the fourth quarter of 2012. Without the write down, net income in the fourth quarter of 2012 would have been $47.9 million, or 99 cents per diluted share. Unit said revenues fell in the fourth quarter of 2012, to $331.6 million, from $347.3 million in the fourth quarter of 2011. Larry Pinkston, Unit's president and CEO, said last year's purchase of 83,000 net acres from Noble Energy Inc. in the Granite Wash, Cleveland and Marmaton plays of western Oklahoma and the Texas Panhandle would help growth.

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