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.
TULSA — 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.
ACCESS MIDSTREAM PARTNERS LP
Interest and depreciation expenses and transaction costs from a recent acquisition dampened fourth quarter earnings for Access Midstream Partners LP, the company said Tuesday. Fourth-quarter net income attributable to the partnership was $24.3 million, down from $42 million in the fourth quarter of 2011. The partnership said fourth-quarter 2012 results include 12 days of operations from the recently closed acquisition of Chesapeake Midstream Operating LLC. That purchase gave Access Midstream natural gas gathering and processing assets in the Eagle Ford, Utica and Niobrara Shale regions. It also expanded the partnership's existing position in the Haynesville and Marcellus Shale regions. In late January, Access Midstream's board for its general partners declared a 45 cent distribution per unit for the fourth quarter of 2012, up from 39 cents per unit in the year-earlier quarter.
From Staff and Tulsa World Reports