Unit Corporation Declares Quarterly and Special Cash Dividends

Rhea-AI Summary

Unit Corporation (UNTC) declared a quarterly cash dividend of $2.50 per share for Q4 2023, a special cash dividend of $15.00 per share, and a conditional special cash dividend of $5.00 per share. The conditional dividend is contingent on the sale of certain oil and gas properties. Phil Frohlich, CEO, highlighted the company's efforts in capital discipline and expense reduction to provide value to shareholders.

Positive

• Declaring cash dividends to shareholders reflects the company's commitment to returning value to its investors.
• Capital discipline and expense reduction efforts have allowed the company to provide substantial dividends to its shareholders.

Negative

• The conditional special cash dividend is contingent on the sale of certain oil and gas properties, which may not become payable if the sale does not close on or before the record date.

TULSA, Okla.--(BUSINESS WIRE)-- Unit Corporation (OTCQX: UNTC) (Company) announced today that its board of directors has declared the following cash dividends:

• a quarterly cash dividend of $2.50 per share of common stock for the fourth quarter of 2023 to be paid on December 27, 2023, to shareholders of record as of the close of business on December 18, 2023;
• a special cash dividend of $15.00 per share of common stock to be paid on December 27, 2023, to shareholders of record as of the close of business on December 18, 2023; and
• a conditional special cash dividend of $5.00 per share of common stock to be paid on December 27, 2023, to shareholders of record as of the close of business on December 18, 2023 (Conditional Dividend).

The Conditional Dividend will only become payable if the Company closes its previously disclosed sale of certain of its oil and gas properties located in the Texas Panhandle on or before the record date. If the sale does not close on or before the record date, the Conditional Dividend will not become payable, and the Company will have no obligation to pay such dividend.

Phil Frohlich, the Company’s Chief Executive Officer, commented, “We are pleased that our capital discipline combined with our efforts to reduce the Company’s expenses have allowed us to return value to our shareholders through these dividends.”

The declaration and payment of any future dividend, whether fixed, special, or variable, will remain at the full discretion of the Company’s Board of Directors 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 Company’s Board of Directors finds relevant at the time of considering any potential dividend declaration.

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 press release has 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 changes in oil and natural gas prices, changes in the Company’s reserves estimates or its value thereof, the level of activity in the oil and natural gas industry and other risk factors described in the Company's publicly available OTC and SEC reports. 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/20231208188476/en/

Rene Punch

Investor Relations

(918) 493-7700

www.unitcorp.com

Source: Unit Corporation

FAQ

What dividends has Unit Corporation declared for Q4 2023?

Unit Corporation declared a quarterly cash dividend of $2.50 per share, a special cash dividend of $15.00 per share, and a conditional special cash dividend of $5.00 per share.

When will the dividends be paid?

The dividends will be paid on December 27, 2023.

What is the condition for the conditional special cash dividend to be paid?

The conditional dividend is contingent on the sale of certain oil and gas properties located in the Texas Panhandle. If the sale does not close on or before the record date, the conditional dividend will not become payable.

Who is the CEO of Unit Corporation?

Phil Frohlich is the CEO of Unit Corporation.

What factors will determine the declaration of future dividends?

The declaration and payment of any future dividend 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 relevant factors at the time of considering any potential dividend declaration.