Unit Corporation Announces Update to Its Dividend Policy

Rhea-AI Summary

Unit Corporation (UNTC) announces a quarterly cash dividend of $1.25 per share for the first quarter of 2024, with intentions for the following quarters. CEO Phil Frohlich highlights the commitment to shareholder value. The Board retains discretion for future dividends based on financial performance.

TULSA, Okla--(BUSINESS WIRE)-- Unit Corporation (OTCQX: UNTC) (Company) announced today that its Board of Directors (the Board) approved a quarterly cash dividend of $1.25 per share for the first quarter of 2024. The first quarter cash dividend will be paid on March 28, 2024, to shareholders of record as of the close of business on March 18, 2024. The dividend will be funded by cash on the Company’s balance sheet.

The Company also announced today that it intends to pay a quarterly cash dividend of $1.25 per share for the second, third, and fourth quarters of 2024.

Phil Frohlich, the Company’s Chief Executive Officer, commented, “We are pleased to be able to continue returning value to shareholders through our dividend policy. In addition to the quarterly dividends, we will continue to consider the possibility of paying another special cash dividend depending on our results this year.”

The declaration and payment of any future dividend will remain at the full discretion of the Board and will depend upon the Company’s financial position, results of operations, cash flows, capital requirements, business conditions, future expectations, the requirements of applicable law, and other factors that the Board finds relevant at the time of considering any potential dividend declaration. Subsequent dividend declarations and the establishment of record and payment dates for such future dividend payments are subject to the Board’s continuing determination that the dividend policy is in the best interests of the Company's stockholders. The dividend policy may be suspended or cancelled at the discretion of the Board at any time.

About Unit Corporation

Unit Corporation is a Tulsa-based, publicly held energy company engaged through its subsidiaries in oil and gas production and contract drilling. For more information about Unit Corporation, visit its website at http://www.unitcorp.com.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. All statements, other than statements of historical facts, included in this release that address activities, events, or developments that the Company expects, believes, or anticipates will or may occur are forward-looking statements. Several risks and uncertainties could cause actual results to differ materially from these statements, including those discussed above and changes in commodity prices, the productive capabilities of the Company’s wells, future demand for oil and natural gas, future drilling rig utilization and dayrates, projected rate of the Company’s oil and natural gas production, the amount available to the Company for borrowings, its anticipated borrowing needs under its credit agreement, the number of wells to be drilled by the Company’s oil and natural gas segment, the potential productive capability of its prospective plays, and other factors described occasionally in the Company’s public filings. The Company assumes no obligation to update publicly such forward-looking statements, whether because of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240307868918/en/

Rene Punch

Investor Relations

(918) 493-7700

www.unitcorp.com

Source: Unit Corporation

FAQ

What is the quarterly cash dividend announced by Unit Corporation for the first quarter of 2024?

Unit Corporation has approved a quarterly cash dividend of $1.25 per share for the first quarter of 2024.

When will the first quarter cash dividend be paid to shareholders?

The first quarter cash dividend will be paid on March 28, 2024, to shareholders of record as of the close of business on March 18, 2024.

Who commented on the dividend policy of Unit Corporation?

Phil Frohlich, the Chief Executive Officer of Unit Corporation, highlighted the commitment to returning value to shareholders through the dividend policy.

What factors will determine the declaration and payment of future dividends by Unit Corporation?

Future dividend declarations by Unit Corporation will depend on factors such as financial position, results of operations, cash flows, and business conditions, among others, as determined by the Board.

Can the dividend policy of Unit Corporation be suspended or cancelled?

Yes, the dividend policy of Unit Corporation may be suspended or cancelled at the discretion of the Board at any time.