TULSA, Okla.--(BUSINESS WIRE)--May 07, 2026--
Unit Corporation (OTCQX: UNTC) (Company) filed consolidated financial statements for the three months ended March 31, 2026 with OTC Markets Group Inc. (OTC). The Company's current, quarterly and annual reports may be accessed on the OTC's website at https://www.otcmarkets.com/stock/UNTC/disclosure, as well as the Company's website at https://unitcorp.com/investor-relations/otc-sec-filings/.
On April 27, 2026, the Company entered into a purchase and sale agreement to sell certain oil and gas leasehold interests, consisting of deep rights in the Woodford and Mississippian formations underlying acreage located in Caddo and Blaine Counties, Oklahoma, for an aggregate purchase price of approximately $18.7 million, subject to customary purchase price adjustments. The transaction is expected to close within 60 days of execution, subject to customary closing conditions.
Phil Frohlich, Chief Executive Officer, commented, "this divestiture of deeper rights in the Woodford and Mississippian formations reflects our ongoing effort to streamline the portfolio and focus on areas where we see the strongest returns. By monetizing these non-core undeveloped interests, we're sharpening our operational focus. We're particularly encouraged by the opportunities emerging in the Cherokee Shale and Red Fork formations, where we continue to see meaningful development potential."
First Quarter Results
The Selected Financial Highlights should be read in conjunction with the Company's unaudited condensed consolidated financial statements and the notes thereto.
Three Months Ended March 31,
---------------------------------------------
2026 2025
---------------------- ---------------------
(In thousands except per share amounts)
Total revenues $ 29,067 $ 28,387
--- ----------------- --- ----------------
Net income from continuing
operations 4,662 11,386
Net income (loss) from
discontinued operations -- 6,550
--- ----------------- --- ----------------
Net income $ 4,662 $ 17,936
=== ================= === ================
Diluted net income per common
share
Continuing operations $ 0.47 $ 1.14
Discontinued operations -- 0.66
--- ----------------- --- ----------------
Total diluted earnings
per common share $ 0.47 $ 1.80
=== ================= === ================
Operational highlights for the oil and natural gas segment during the three months ended March 31, 2026 and 2025 include:
Three Months Ended March 31,
---------------------------------- ------
2026 2025 % Change
----------------- --------------- ----------
Average oil price
($/Bbl) $ 66.19 $ 69.90 (5)%
Average oil price
excluding derivatives
($/Bbl) $ 69.98 $ 69.90 0%
Average NGLs price
($/Bbl) $ 18.52 $ 23.03 (20)%
Average NGLs price
excluding derivatives
($/Bbl) $ 18.52 $ 23.03 (20)%
Average natural gas
price ($/Mcf) $ 3.05 $ 2.94 4%
Average natural gas
price excluding
derivatives ($/Mcf) $ 3.53 $ 3.23 9%
Oil production (MBbls) 199 190 5%
NGL production (MBbls) 238 236 1%
Natural gas production
(MMcf) 2,988 3,089 (3)%
Total production (MBOE) 935 941 (1)%
Derivatives
The following non-designated commodity hedges were outstanding as of March 31, 2026:
Remaining Commodity Contracted Weighted Contracted
Term Volume Average Market
Fixed Price
for Swaps
------------- ------------ ------------ ------------ -------------
Apr'26 - Natural gas 5,000 $4.22 IF - NYMEX
Dec'26 - swap MMBtu/day (HH)
Floating to
fixed
Apr'26 - Natural gas 5,000 $4.22 IF - NYMEX
Oct'26 - swap MMBtu/day (HH)
Floating to
fixed
Apr'26 - Natural gas 5,000 $4.02 IF - NYMEX
Dec'26 - swap MMBtu/day (HH)
Floating to
fixed
Apr'26 - Crude Oil - 12,000 $65.85 WTI - NYMEX
Dec'26 swap Bbls/month
Floating to
fixed
Apr'26 - Crude Oil - 5,000 $64.40 WTI - NYMEX
Dec'26 swap Bbls/month
Floating to
fixed
Apr'26 - Crude Oil - 7,000 $69.10 WTI - NYMEX
Dec'26 swap Bbls/month
Floating to
fixed
Apr'26 - Crude Oil - 8,000 $70.50 WTI - NYMEX
Dec'26 swap Bbls/month
Floating to
fixed
Apr'26 - Crude Oil - 5,000 $73.75 WTI - NYMEX
Dec'26 swap Bbls/month
Floating to
fixed
Jan'27 - Crude Oil - 5,000 $65.00 WTI - NYMEX
Dec'27 swap Bbls/month
Floating to
fixed
Jan'27 - Crude Oil - 5,000 $63.90 WTI - NYMEX
Dec'27 swap Bbls/month
Floating to
fixed
Jan'27 - Crude Oil - 5,000 $62.10 WTI - NYMEX
Dec'27 swap Bbls/month
Floating to
fixed
Jan'27 - Crude Oil - 7,000 $64.70 WTI - NYMEX
Dec'27 swap Bbls/month
Floating to
fixed
Jan'27 - Crude Oil - 5,000 $67.25 WTI - NYMEX
Dec'27 swap Bbls/month
Floating to
fixed
As of March 31, 2026, based on our first quarter 2026 average daily production, the approximated percentages of our production under swaps are as follows:
2026 2027 and beyond
Daily oil production 56% 41%
Daily natural gas production 46% 0%
Common Stock Dividends
The table below presents information about the dividends paid during the periods indicated:
Dividend
per Total Record Payment
Type share Amount Date Date
---------- --------- ------- --------- ---------
2025
First March 18, March 28,
quarter Quarterly $ 1.25 $12,317 2025 2025
Second June 17, June 27,
quarter Quarterly $ 1.25 $12,317 2025 2025
Third September September
quarter Quarterly $ 1.25 $12,335 16, 2025 26, 2025
Fourth December December
quarter Quarterly $ 1.25 $12,375 16, 2025 26, 2025
2026
First March 17, March 27,
quarter Quarterly $ 1.25 $12,370 2026 2026
The declaration and payment of any future dividend, whether fixed, special, or variable, are at the sole discretion of the Company's Board of Directors. This decision will depend upon several factors, including the Company's financial position, results of operations, cash flows, capital requirements, business conditions, future expectations, legal requirements, and other relevant factors at the time of consideration. Future dividends are expected to be funded by cash on the Company's balance sheet.
About Unit Corporation
Unit Corporation is a Tulsa-based, publicly held energy company engaged in oil and natural gas production through its wholly owned subsidiary, Unit Petroleum Company. 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 changes in commodity prices, the productive capabilities of the Company's wells, future demand for oil and natural gas, 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, the potential productive capability of its prospective plays, and other factors described occasionally in the Company's publicly available OTC reports. The Company assumes no obligation to update publicly such forward-looking statements, whether because of new information, future events, or otherwise.
In conjunction with this release, the Company has posted a supplemental investor presentation on the Investor Relations section of its website at https://unitcorp.com/investor-relations/#presentations.
Unit Corporation
Selected Financial Highlights
Three Months Ended March 31,
-------------------------------------------------
2026 2025
-------------------- --- ------------------
(In thousands except per share amounts)
Revenues:
Total revenues $ 29,067 $ 28,387
--- --------------- --- --------------
Expenses:
Operating costs 10,988 10,063
Depreciation,
depletion, and
amortization 2,636 2,174
General and
administrative 5,262 5,296
Gain on disposition of
assets (22) --
--- --------------- --------------
Total operating
expenses 18,864 17,533
--- --------------- --- --------------
Income from operations 10,203 10,854
--- --------------- --- --------------
Other income
(expense):
Interest income 1,624 547
Interest expense (8) (10)
Gain (loss) on
derivatives, net (6,069) 2,302
Other, net 32 93
--- --------------- --- --------------
Total other income
(expense) (4,421) 2,932
--- --------------- --------------
Income from continuing
operations before income
taxes 5,782 13,786
--- --------------- --- --------------
Income tax expense
(benefit), net
Current (320) 84
Deferred 1,440 2,316
--- --------------- --- --------------
Total income tax
expense (benefit),
net 1,120 2,400
--- --------------- --- --------------
Income from continuing
operations 4,662 11,386
Income from discontinued
operations, net of tax -- 6,550
--- --------------- --- --------------
Net income $ 4,662 $ 17,936
=== =============== === ==============
Basic net income per
common share
Continuing operations $ 0.47 $ 1.15
Discontinued
operations -- 0.66
--- --------------- --- --------------
Total basic
earnings per
common share $ 0.47 $ 1.81
=== =============== === ==============
Unit Corporation
Selected Financial Highlights -- Continued
March 31, December 31,
2026 2025
----------- --------------
(In thousands)
Balance Sheet Data:
Cash and cash equivalents $ 173,463 $ 181,713
Current assets $ 192,478 $ 200,470
Total assets $ 321,139 $ 330,742
Current liabilities $ 22,365 $ 28,416
Long-term debt $ -- $ --
Other long-term liabilities $ 21,367 $ 21,212
Total shareholders' equity $ 273,493 $ 281,074
View source version on businesswire.com: https://www.businesswire.com/news/home/20260507669441/en/
CONTACT: Rene Punch
Investor Relations
(918) 493-7700
www.unitcorp.com
(END) Dow Jones Newswires
May 07, 2026 09:04 ET (13:04 GMT)
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