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Unit Corporation is a diversified energy company with its subsidiaries engaged in oil and natural gas exploration, acquisition of producing properties, contract drilling, and natural gas gathering and processing. Operating primarily in the mid-continent region, including the Anadarko, Arkoma, Permian, Rocky Mountains, and Gulf Coast basins, Unit is headquartered in Tulsa, Oklahoma, with regional offices across Texas, Colorado, and Wyoming. Listed on the NYSE as UNT, Unit Corporation is a key player in the energy sector.
Unit Corporation (OTCQX: UNTC) announced the resignation of President and CEO Philip B. Smith, effective March 31, 2023. He will remain Chairman of the Board. Phil Frohlich, a current director and the largest shareholder, will serve as interim CEO starting April 1, 2023. Frohlich expressed his commitment to maximizing production and minimizing costs to benefit shareholders. Smith acknowledged the contributions of the company's employees and emphasized his ongoing role as Chairman in guiding the company's future. Unit Corporation operates in oil and gas exploration and production based in Tulsa, Oklahoma.
Unit Corporation (OTC Pink: UNTC) declared a special cash dividend of $10.00 per share, payable on January 31, 2023, to shareholders of record by January 20, 2023. Additionally, a quarterly dividend policy has been approved, starting with an initial payment of $2.50 per share in the second quarter. Future dividends will be variable, based on the company’s financial condition. These dividends will be funded by cash on hand, reflecting the company's strong operating performance.
Unit Corporation (OTC Pink: UNTC) reported preliminary results for Q2 2022, showing a net income of $80.1 million ($7.82 per diluted share), a significant recovery from a net loss of $(13.0) million in Q2 2021. Total revenues slightly increased to $134.6 million compared to $134.1 million year-on-year. For the first half of 2022, net income was $33.2 million ($3.25 per diluted share), versus a loss of $(14.9) million in H1 2021. The company ended Q2 with $115 million in cash and zero long-term debt, planning future dividends to shareholders.
Unit Corporation (OTC Pink: UNTC) announces the termination of its engagement with Tudor, Pickering, Holt & Co. due to fluctuations in oil and gas prices since the sale process began. The company has finalized a deal for its Gulf Coast properties at $56 million, set to close on July 1, 2022. Additionally, the board has approved an increase in the stock repurchase program from $50 million to $100 million, indicating confidence in enhancing shareholder value. To date, UNTC has repurchased approximately $41 million worth of shares, reflecting a commitment to return value to shareholders.
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