Moody's downgrades Unit Corporation to D-PD on bankruptcy filing
Rating Action: Moody's downgrades Unit Corporation to D-PD on bankruptcy filing. Global Credit Research- 26 May 2020. Approximately $650 million of rated notes affected.Unit is an oil and natural gas contract drilling company. The company is mainly engaged in the exploration, development, acquisition, and production of oil and natural gas properties, the land contract drilling of natural gas and oil wells, and the buying, selling, gathering, processing, and treating of natural gas. The company's operations are organized into three segments: Oil and Natural Gas, which explores, develops, acquires, and produces oil and natural gas properties for its account; Contract Drilling, which contracts to drill onshore oil and natural gas wells for others and its account; and Mid-Stream, which buys, sells, gathers, processes, and treats natural gas for third parties and its account.
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