Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Unit Corporation Reports Year End and Fourth Quarter Results By: Unit Corporation via Business Wire March 14, 2024 at 11:46 AM EDT On March 14, 2024, Unit Corporation (OTCQX: UNTC) (Company) filed consolidated financial statements for the twelve months ended December 31, 2023 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/. Fourth Quarter and Year End Results Net income attributable to Unit Corporation for the three months ended December 31, 2023 was $57.4 million, or $5.79 per diluted share, compared to $59.3 million, or $6.07 per diluted share, for the three months ended December 31, 2022. Total revenues for the three months ended December 31, 2023 was $74.6 million, compared to $102.3 million for the three months ended December 31, 2022. For the twelve months ended December 31, 2023, net income attributable to Unit Corporation was $248.9 million, or $25.32 per diluted share, compared to $148.4 million, or $14.78 per diluted share, for the twelve months ended December 31, 2022. Total revenues for the twelve months ended December 31, 2023 was $327.3 million, compared to $545.5 million for the twelve months ended December 31, 2022. “This was an important year for Unit as we paid a total of $37.50 per share in cash dividends during 2023, returning cash to shareholders that had been generated from our past operations as well as from divestitures of certain non-core assets,” stated Phil Frohlich, the Company’s Chief Executive Officer. “Looking forward, we expect to continue to return value to shareholders through future quarterly cash dividends, as well as through additional future special cash dividends if deemed appropriate based on future results and circumstances." The Company announced on March 7, 2024 that a quarterly cash dividend of $1.25 per share had been declared for the first quarter of 2024, to be paid on March 28, 2024 to shareholders of record as of the close of business on March 18, 2024. The Company also announced that it plans on approving a quarterly cash dividend of $1.25 per share for the second, third, and fourth quarters of 2024. Operational highlights for the oil and natural gas and contract drilling segments during the twelve months ended December 31, 2023 and 2022 include: Three Months Ended December 31, Twelve Months Ended December 31, 2023 2022 % Change 2023 2022 % Change Oil and Natural Gas: Avg. oil price ($/Bbl) $ 57.12 $ 56.31 1 % $ 60.61 $ 57.48 5 % Avg. oil price excl. derivatives ($/Bbl) $ 76.98 $ 82.48 (7 )% $ 75.57 $ 94.28 (20 )% Avg. NGLs price ($/Bbl) $ 18.25 $ 18.07 1 % $ 18.02 $ 30.00 (40 )% Avg. NGLs price excl. derivatives ($/Bbl) $ 18.25 $ 18.07 1 % $ 18.02 $ 30.00 (40 )% Avg. natural gas price ($/Mcf) $ 1.72 $ 3.42 (50 )% $ 2.28 $ 3.65 (38 )% Avg. natural gas price excl. derivatives ($/Mcf) $ 2.04 $ 4.98 (59 )% $ 2.07 $ 5.79 (64 )% Oil production (MBbls) 209 290 (28 )% 984 1,281 (23 )% NGL production (MBbls) 360 368 (2 )% 1,636 2,148 (24 )% Natural gas production (MMcf) 4,453 5,424 (18 )% 20,195 24,211 (17 )% Total production (Mboe) 1,310 1,562 (16 )% 5,986 7,464 (20 )% Contract Drilling: Drilling rigs available (end of the period) 14 18 (22 )% 14 18 (22 )% Average drilling rigs in use 13.9 17.0 (18 )% 15.1 16.4 (8 )% Average dayrate on daywork contracts ($/day) $ 31,245 $ 27,579 13 % $ 31,225 $ 23,132 35 % BOSS rigs average dayrate ($/day) $ 31,245 $ 28,385 10 % $ 31,690 $ 23,963 32 % SCR rigs average dayrate ($/day) $ — $ 23,861 (100 )% $ 22,944 $ 19,422 18 % Common Stock Dividends The table below presents information about the dividends paid during the periods indicated: Type Dividend per share Total Amount Record Date Payment Date 2023 (In thousands) First quarter Special $ 10.00 $ 96,179 January 20, 2023 January 31, 2023 Second quarter Quarterly $ 2.50 $ 24,071 June 16, 2023 June 26, 2023 Third quarter Quarterly $ 2.50 $ 24,113 September 15, 2023 September 26, 2023 Fourth quarter Quarterly $ 2.50 $ 24,226 December 18, 2023 December 27, 2023 Fourth quarter Special $ 15.00 $ 145,353 December 18, 2023 December 27, 2023 Fourth quarter Special $ 5.00 $ 48,451 December 18, 2023 December 27, 2023 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. Future dividends are expected to be funded by cash on the Company's balance sheet. Oil and Natural Gas Divestiture On December 13, 2023, the Company closed on the sale of certain non-core wells and related leases in the Texas Panhandle for cash proceeds of $50.0 million, subject to customary post-closing adjustments based on an effective date of October 1, 2023. The sale represented a significant alteration to the full cost pool as reserves in excess of 25% were divested. To determine the gain, the Company allocated the net book value of the full cost pool based on the relative fair value of the properties retained versus those divested. A gain of $37.2 million was recognized within gain on disposition of assets in the consolidated statements of operations. Proceeds from the sale were used to fund the special dividend of $5.00 per share paid December 27, 2023. About Unit Corporation Unit Corporation is a Tulsa-based, publicly held energy company engaged through its wholly-owned 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 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 agreements, 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 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. Unit Corporation Selected Financial Highlights Three Months Ended December 31, Twelve Months Ended December 31, 2023 2022 2023 2022 (In thousands except per share amounts) Revenues: Oil and natural gas $ 31,830 $ 57,734 $ 146,237 $ 315,482 Contract drilling 42,797 44,590 181,056 147,370 Gas gathering and processing — — — 82,673 Total revenues 74,627 102,324 327,293 545,525 Expenses: Operating costs: Oil and natural gas 16,528 21,021 65,739 93,350 Contract drilling 26,652 27,564 108,035 105,387 Gas gathering and processing — — — 62,388 Total operating costs 43,180 48,585 173,774 261,125 Depreciation, depletion, and amortization 5,231 3,691 17,724 24,143 General and administrative 7,726 5,096 22,577 24,644 Gain on disposition of assets (36,372 ) (1,968 ) (49,950 ) (8,367 ) Total operating expenses 19,765 55,404 164,125 301,545 Income from operations 54,862 46,920 163,168 243,980 Other income (expense): Interest income 2,679 — 9,734 2,642 Interest expense (43 ) — (164 ) (447 ) Gain (loss) on derivatives, net 1,119 10,238 12,975 (63,610 ) Gain (loss) on change in fair value of warrants — — — (29,323 ) Loss on deconsolidation of Superior — — — (13,141 ) Gain on sale of Superior investment — — 17,812 — Reorganization items, net (136 ) (37 ) (299 ) (127 ) Other, net 190 (56 ) 203 2,900 Total other income (expense) 3,809 12,748 40,261 (101,106 ) Income before income taxes 58,671 59,668 203,429 142,874 Income tax expense (benefit), net: Current 694 333 1,575 333 Deferred 540 — (47,085 ) — Total income tax expense (benefit), net 1,234 333 (45,510 ) 333 Net income 57,437 59,335 248,939 142,541 Net loss attributable to non-controlling interests — — — (5,828 ) Net income attributable to Unit Corporation $ 57,437 $ 59,335 $ 248,939 $ 148,369 Net income attributable to Unit Corporation per common share: Basic $ 5.89 $ 6.16 $ 25.68 $ 15.03 Diluted $ 5.79 $ 6.07 $ 25.32 $ 14.78 Unit Corporation Selected Financial Highlights - Continued December 31, 2023 December 31, 2022 Balance Sheet Data: (In thousands) Cash and cash equivalents $ 60,779 $ 213,975 Current assets $ 118,296 $ 275,469 Total assets $ 322,720 $ 469,255 Current liabilities $ 42,399 $ 68,232 Long-term debt $ — $ — Other long-term liabilities $ 22,803 $ 33,362 Total shareholders’ equity attributable to Unit Corporation $ 254,126 $ 362,626 View source version on businesswire.com: https://www.businesswire.com/news/home/20240314119265/en/Contacts Rene Punch Investor Relations (918) 493-7700 www.unitcorp.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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Unit Corporation Reports Year End and Fourth Quarter Results By: Unit Corporation via Business Wire March 14, 2024 at 11:46 AM EDT On March 14, 2024, Unit Corporation (OTCQX: UNTC) (Company) filed consolidated financial statements for the twelve months ended December 31, 2023 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/. Fourth Quarter and Year End Results Net income attributable to Unit Corporation for the three months ended December 31, 2023 was $57.4 million, or $5.79 per diluted share, compared to $59.3 million, or $6.07 per diluted share, for the three months ended December 31, 2022. Total revenues for the three months ended December 31, 2023 was $74.6 million, compared to $102.3 million for the three months ended December 31, 2022. For the twelve months ended December 31, 2023, net income attributable to Unit Corporation was $248.9 million, or $25.32 per diluted share, compared to $148.4 million, or $14.78 per diluted share, for the twelve months ended December 31, 2022. Total revenues for the twelve months ended December 31, 2023 was $327.3 million, compared to $545.5 million for the twelve months ended December 31, 2022. “This was an important year for Unit as we paid a total of $37.50 per share in cash dividends during 2023, returning cash to shareholders that had been generated from our past operations as well as from divestitures of certain non-core assets,” stated Phil Frohlich, the Company’s Chief Executive Officer. “Looking forward, we expect to continue to return value to shareholders through future quarterly cash dividends, as well as through additional future special cash dividends if deemed appropriate based on future results and circumstances." The Company announced on March 7, 2024 that a quarterly cash dividend of $1.25 per share had been declared for the first quarter of 2024, to be paid on March 28, 2024 to shareholders of record as of the close of business on March 18, 2024. The Company also announced that it plans on approving a quarterly cash dividend of $1.25 per share for the second, third, and fourth quarters of 2024. Operational highlights for the oil and natural gas and contract drilling segments during the twelve months ended December 31, 2023 and 2022 include: Three Months Ended December 31, Twelve Months Ended December 31, 2023 2022 % Change 2023 2022 % Change Oil and Natural Gas: Avg. oil price ($/Bbl) $ 57.12 $ 56.31 1 % $ 60.61 $ 57.48 5 % Avg. oil price excl. derivatives ($/Bbl) $ 76.98 $ 82.48 (7 )% $ 75.57 $ 94.28 (20 )% Avg. NGLs price ($/Bbl) $ 18.25 $ 18.07 1 % $ 18.02 $ 30.00 (40 )% Avg. NGLs price excl. derivatives ($/Bbl) $ 18.25 $ 18.07 1 % $ 18.02 $ 30.00 (40 )% Avg. natural gas price ($/Mcf) $ 1.72 $ 3.42 (50 )% $ 2.28 $ 3.65 (38 )% Avg. natural gas price excl. derivatives ($/Mcf) $ 2.04 $ 4.98 (59 )% $ 2.07 $ 5.79 (64 )% Oil production (MBbls) 209 290 (28 )% 984 1,281 (23 )% NGL production (MBbls) 360 368 (2 )% 1,636 2,148 (24 )% Natural gas production (MMcf) 4,453 5,424 (18 )% 20,195 24,211 (17 )% Total production (Mboe) 1,310 1,562 (16 )% 5,986 7,464 (20 )% Contract Drilling: Drilling rigs available (end of the period) 14 18 (22 )% 14 18 (22 )% Average drilling rigs in use 13.9 17.0 (18 )% 15.1 16.4 (8 )% Average dayrate on daywork contracts ($/day) $ 31,245 $ 27,579 13 % $ 31,225 $ 23,132 35 % BOSS rigs average dayrate ($/day) $ 31,245 $ 28,385 10 % $ 31,690 $ 23,963 32 % SCR rigs average dayrate ($/day) $ — $ 23,861 (100 )% $ 22,944 $ 19,422 18 % Common Stock Dividends The table below presents information about the dividends paid during the periods indicated: Type Dividend per share Total Amount Record Date Payment Date 2023 (In thousands) First quarter Special $ 10.00 $ 96,179 January 20, 2023 January 31, 2023 Second quarter Quarterly $ 2.50 $ 24,071 June 16, 2023 June 26, 2023 Third quarter Quarterly $ 2.50 $ 24,113 September 15, 2023 September 26, 2023 Fourth quarter Quarterly $ 2.50 $ 24,226 December 18, 2023 December 27, 2023 Fourth quarter Special $ 15.00 $ 145,353 December 18, 2023 December 27, 2023 Fourth quarter Special $ 5.00 $ 48,451 December 18, 2023 December 27, 2023 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. Future dividends are expected to be funded by cash on the Company's balance sheet. Oil and Natural Gas Divestiture On December 13, 2023, the Company closed on the sale of certain non-core wells and related leases in the Texas Panhandle for cash proceeds of $50.0 million, subject to customary post-closing adjustments based on an effective date of October 1, 2023. The sale represented a significant alteration to the full cost pool as reserves in excess of 25% were divested. To determine the gain, the Company allocated the net book value of the full cost pool based on the relative fair value of the properties retained versus those divested. A gain of $37.2 million was recognized within gain on disposition of assets in the consolidated statements of operations. Proceeds from the sale were used to fund the special dividend of $5.00 per share paid December 27, 2023. About Unit Corporation Unit Corporation is a Tulsa-based, publicly held energy company engaged through its wholly-owned 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 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 agreements, 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 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. Unit Corporation Selected Financial Highlights Three Months Ended December 31, Twelve Months Ended December 31, 2023 2022 2023 2022 (In thousands except per share amounts) Revenues: Oil and natural gas $ 31,830 $ 57,734 $ 146,237 $ 315,482 Contract drilling 42,797 44,590 181,056 147,370 Gas gathering and processing — — — 82,673 Total revenues 74,627 102,324 327,293 545,525 Expenses: Operating costs: Oil and natural gas 16,528 21,021 65,739 93,350 Contract drilling 26,652 27,564 108,035 105,387 Gas gathering and processing — — — 62,388 Total operating costs 43,180 48,585 173,774 261,125 Depreciation, depletion, and amortization 5,231 3,691 17,724 24,143 General and administrative 7,726 5,096 22,577 24,644 Gain on disposition of assets (36,372 ) (1,968 ) (49,950 ) (8,367 ) Total operating expenses 19,765 55,404 164,125 301,545 Income from operations 54,862 46,920 163,168 243,980 Other income (expense): Interest income 2,679 — 9,734 2,642 Interest expense (43 ) — (164 ) (447 ) Gain (loss) on derivatives, net 1,119 10,238 12,975 (63,610 ) Gain (loss) on change in fair value of warrants — — — (29,323 ) Loss on deconsolidation of Superior — — — (13,141 ) Gain on sale of Superior investment — — 17,812 — Reorganization items, net (136 ) (37 ) (299 ) (127 ) Other, net 190 (56 ) 203 2,900 Total other income (expense) 3,809 12,748 40,261 (101,106 ) Income before income taxes 58,671 59,668 203,429 142,874 Income tax expense (benefit), net: Current 694 333 1,575 333 Deferred 540 — (47,085 ) — Total income tax expense (benefit), net 1,234 333 (45,510 ) 333 Net income 57,437 59,335 248,939 142,541 Net loss attributable to non-controlling interests — — — (5,828 ) Net income attributable to Unit Corporation $ 57,437 $ 59,335 $ 248,939 $ 148,369 Net income attributable to Unit Corporation per common share: Basic $ 5.89 $ 6.16 $ 25.68 $ 15.03 Diluted $ 5.79 $ 6.07 $ 25.32 $ 14.78 Unit Corporation Selected Financial Highlights - Continued December 31, 2023 December 31, 2022 Balance Sheet Data: (In thousands) Cash and cash equivalents $ 60,779 $ 213,975 Current assets $ 118,296 $ 275,469 Total assets $ 322,720 $ 469,255 Current liabilities $ 42,399 $ 68,232 Long-term debt $ — $ — Other long-term liabilities $ 22,803 $ 33,362 Total shareholders’ equity attributable to Unit Corporation $ 254,126 $ 362,626 View source version on businesswire.com: https://www.businesswire.com/news/home/20240314119265/en/Contacts Rene Punch Investor Relations (918) 493-7700 www.unitcorp.com
On March 14, 2024, Unit Corporation (OTCQX: UNTC) (Company) filed consolidated financial statements for the twelve months ended December 31, 2023 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/. Fourth Quarter and Year End Results Net income attributable to Unit Corporation for the three months ended December 31, 2023 was $57.4 million, or $5.79 per diluted share, compared to $59.3 million, or $6.07 per diluted share, for the three months ended December 31, 2022. Total revenues for the three months ended December 31, 2023 was $74.6 million, compared to $102.3 million for the three months ended December 31, 2022. For the twelve months ended December 31, 2023, net income attributable to Unit Corporation was $248.9 million, or $25.32 per diluted share, compared to $148.4 million, or $14.78 per diluted share, for the twelve months ended December 31, 2022. Total revenues for the twelve months ended December 31, 2023 was $327.3 million, compared to $545.5 million for the twelve months ended December 31, 2022. “This was an important year for Unit as we paid a total of $37.50 per share in cash dividends during 2023, returning cash to shareholders that had been generated from our past operations as well as from divestitures of certain non-core assets,” stated Phil Frohlich, the Company’s Chief Executive Officer. “Looking forward, we expect to continue to return value to shareholders through future quarterly cash dividends, as well as through additional future special cash dividends if deemed appropriate based on future results and circumstances." The Company announced on March 7, 2024 that a quarterly cash dividend of $1.25 per share had been declared for the first quarter of 2024, to be paid on March 28, 2024 to shareholders of record as of the close of business on March 18, 2024. The Company also announced that it plans on approving a quarterly cash dividend of $1.25 per share for the second, third, and fourth quarters of 2024. Operational highlights for the oil and natural gas and contract drilling segments during the twelve months ended December 31, 2023 and 2022 include: Three Months Ended December 31, Twelve Months Ended December 31, 2023 2022 % Change 2023 2022 % Change Oil and Natural Gas: Avg. oil price ($/Bbl) $ 57.12 $ 56.31 1 % $ 60.61 $ 57.48 5 % Avg. oil price excl. derivatives ($/Bbl) $ 76.98 $ 82.48 (7 )% $ 75.57 $ 94.28 (20 )% Avg. NGLs price ($/Bbl) $ 18.25 $ 18.07 1 % $ 18.02 $ 30.00 (40 )% Avg. NGLs price excl. derivatives ($/Bbl) $ 18.25 $ 18.07 1 % $ 18.02 $ 30.00 (40 )% Avg. natural gas price ($/Mcf) $ 1.72 $ 3.42 (50 )% $ 2.28 $ 3.65 (38 )% Avg. natural gas price excl. derivatives ($/Mcf) $ 2.04 $ 4.98 (59 )% $ 2.07 $ 5.79 (64 )% Oil production (MBbls) 209 290 (28 )% 984 1,281 (23 )% NGL production (MBbls) 360 368 (2 )% 1,636 2,148 (24 )% Natural gas production (MMcf) 4,453 5,424 (18 )% 20,195 24,211 (17 )% Total production (Mboe) 1,310 1,562 (16 )% 5,986 7,464 (20 )% Contract Drilling: Drilling rigs available (end of the period) 14 18 (22 )% 14 18 (22 )% Average drilling rigs in use 13.9 17.0 (18 )% 15.1 16.4 (8 )% Average dayrate on daywork contracts ($/day) $ 31,245 $ 27,579 13 % $ 31,225 $ 23,132 35 % BOSS rigs average dayrate ($/day) $ 31,245 $ 28,385 10 % $ 31,690 $ 23,963 32 % SCR rigs average dayrate ($/day) $ — $ 23,861 (100 )% $ 22,944 $ 19,422 18 % Common Stock Dividends The table below presents information about the dividends paid during the periods indicated: Type Dividend per share Total Amount Record Date Payment Date 2023 (In thousands) First quarter Special $ 10.00 $ 96,179 January 20, 2023 January 31, 2023 Second quarter Quarterly $ 2.50 $ 24,071 June 16, 2023 June 26, 2023 Third quarter Quarterly $ 2.50 $ 24,113 September 15, 2023 September 26, 2023 Fourth quarter Quarterly $ 2.50 $ 24,226 December 18, 2023 December 27, 2023 Fourth quarter Special $ 15.00 $ 145,353 December 18, 2023 December 27, 2023 Fourth quarter Special $ 5.00 $ 48,451 December 18, 2023 December 27, 2023 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. Future dividends are expected to be funded by cash on the Company's balance sheet. Oil and Natural Gas Divestiture On December 13, 2023, the Company closed on the sale of certain non-core wells and related leases in the Texas Panhandle for cash proceeds of $50.0 million, subject to customary post-closing adjustments based on an effective date of October 1, 2023. The sale represented a significant alteration to the full cost pool as reserves in excess of 25% were divested. To determine the gain, the Company allocated the net book value of the full cost pool based on the relative fair value of the properties retained versus those divested. A gain of $37.2 million was recognized within gain on disposition of assets in the consolidated statements of operations. Proceeds from the sale were used to fund the special dividend of $5.00 per share paid December 27, 2023. About Unit Corporation Unit Corporation is a Tulsa-based, publicly held energy company engaged through its wholly-owned 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 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 agreements, 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 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. Unit Corporation Selected Financial Highlights Three Months Ended December 31, Twelve Months Ended December 31, 2023 2022 2023 2022 (In thousands except per share amounts) Revenues: Oil and natural gas $ 31,830 $ 57,734 $ 146,237 $ 315,482 Contract drilling 42,797 44,590 181,056 147,370 Gas gathering and processing — — — 82,673 Total revenues 74,627 102,324 327,293 545,525 Expenses: Operating costs: Oil and natural gas 16,528 21,021 65,739 93,350 Contract drilling 26,652 27,564 108,035 105,387 Gas gathering and processing — — — 62,388 Total operating costs 43,180 48,585 173,774 261,125 Depreciation, depletion, and amortization 5,231 3,691 17,724 24,143 General and administrative 7,726 5,096 22,577 24,644 Gain on disposition of assets (36,372 ) (1,968 ) (49,950 ) (8,367 ) Total operating expenses 19,765 55,404 164,125 301,545 Income from operations 54,862 46,920 163,168 243,980 Other income (expense): Interest income 2,679 — 9,734 2,642 Interest expense (43 ) — (164 ) (447 ) Gain (loss) on derivatives, net 1,119 10,238 12,975 (63,610 ) Gain (loss) on change in fair value of warrants — — — (29,323 ) Loss on deconsolidation of Superior — — — (13,141 ) Gain on sale of Superior investment — — 17,812 — Reorganization items, net (136 ) (37 ) (299 ) (127 ) Other, net 190 (56 ) 203 2,900 Total other income (expense) 3,809 12,748 40,261 (101,106 ) Income before income taxes 58,671 59,668 203,429 142,874 Income tax expense (benefit), net: Current 694 333 1,575 333 Deferred 540 — (47,085 ) — Total income tax expense (benefit), net 1,234 333 (45,510 ) 333 Net income 57,437 59,335 248,939 142,541 Net loss attributable to non-controlling interests — — — (5,828 ) Net income attributable to Unit Corporation $ 57,437 $ 59,335 $ 248,939 $ 148,369 Net income attributable to Unit Corporation per common share: Basic $ 5.89 $ 6.16 $ 25.68 $ 15.03 Diluted $ 5.79 $ 6.07 $ 25.32 $ 14.78 Unit Corporation Selected Financial Highlights - Continued December 31, 2023 December 31, 2022 Balance Sheet Data: (In thousands) Cash and cash equivalents $ 60,779 $ 213,975 Current assets $ 118,296 $ 275,469 Total assets $ 322,720 $ 469,255 Current liabilities $ 42,399 $ 68,232 Long-term debt $ — $ — Other long-term liabilities $ 22,803 $ 33,362 Total shareholders’ equity attributable to Unit Corporation $ 254,126 $ 362,626 View source version on businesswire.com: https://www.businesswire.com/news/home/20240314119265/en/