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 First Quarter Results By: Unit Corporation via Business Wire May 09, 2024 at 09:15 AM EDT On May 9, 2024, Unit Corporation (OTCQX: UNTC) (Company) filed unaudited condensed consolidated financial statements for the three months ended March 31, 2024 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/. First Quarter Results Net income for the three months ended March 31, 2024 was $16.1 million, or $1.61 per diluted share, compared to $134.7 million, or $13.75 per diluted share, for the three months ended March 31, 2023. Total revenues for the three months ended March 31, 2024 were $67.2 million, compared to $93.9 million for the three months ended March 31, 2023. “After completing the previously announced sale of certain non-core oil and gas assets in the Texas Panhandle, we are pleased to be focused on developing and optimizing production in our core properties,” said Phil Frohlich, Chief Executive Officer. “In addition, we continue to work diligently towards a cost structure that remains appropriate for our core assets while ensuring that we have the resources available to maximize value.” Operational highlights for the oil and natural gas and contract drilling segments during the three months ended March 31, 2024 and 2023 include: Three Months Ended March 31, 2024 2023 % Change Oil and Natural Gas: Avg. oil price ($/Bbl) $75.28 $65.96 14% Avg. oil price excl. derivatives ($/Bbl) $75.28 $73.94 2% Avg. NGLs price ($/Bbl) $20.74 $21.37 (3)% Avg. NGLs price excl. derivatives ($/Bbl) $20.74 $21.37 (3)% Avg. natural gas price ($/Mcf) $1.79 $4.04 (56)% Avg. natural gas price excl. derivatives ($/Mcf) $1.79 $3.11 (42)% Oil production (MBbls) 187 300 (38)% NGL production (MBbls) 298 419 (29)% Natural gas production (MMcf) 3,501 5,369 (35)% Total production (MBOE) 1,069 1,614 (34)% Contract Drilling: BOSS rigs available (end of the period) 14 14 —% Average BOSS rigs in use 13.7 13.8 (1)% BOSS rigs average dayrate ($/day) $30,891 $30,845 —% 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 2024 First quarter Quarterly $ 1.25 $ 12,269 March 18, 2024 March 28, 2024 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. The Company recently posted its preliminary 2024 Form 8937 (Report of Organizational Actions Affecting Basis of Securities) which can be found on its website at https://unitcorp.com/investor-relations/tax-reporting/. 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 March 31, 2024 2023 (In thousands except per share amounts) Revenues: Oil and natural gas $ 26,572 $ 48,026 Contract drilling 40,632 45,903 Total revenues 67,204 93,929 Expenses: Operating costs: Oil and natural gas 11,979 17,164 Contract drilling 25,725 26,872 Total operating costs 37,704 44,036 Depreciation, depletion, and amortization 3,901 3,891 General and administrative 4,978 5,090 (Gain) loss on disposition of assets 65 (3,753 ) Total operating expenses 46,648 49,264 Income from operations 20,556 44,665 Other income (expense): Interest income 954 1,757 Interest expense (30 ) (39 ) Gain (loss) on derivatives, net — 13,595 Reorganization items, net (22 ) (81 ) Other, net (377 ) 107 Total other income (expense) 525 15,339 Income before income taxes 21,081 60,004 Income tax expense (benefit), net: Current 75 190 Deferred 4,902 (74,836 ) Total income tax expense (benefit), net 4,977 (74,646 ) Net income 16,104 134,650 Net income per common share: Basic $ 1.64 $ 13.93 Diluted $ 1.61 $ 13.75 Unit Corporation Selected Financial Highlights - Continued March 31, 2024 December 31, 2023 Balance Sheet Data: (In thousands) Cash and cash equivalents $ 65,599 $ 60,779 Current assets $ 115,528 $ 118,296 Total assets $ 314,383 $ 322,720 Current liabilities $ 30,021 $ 42,399 Long-term debt $ — $ — Other long-term liabilities $ 22,796 $ 22,803 Total shareholders’ equity $ 258,360 $ 254,126 View source version on businesswire.com: https://www.businesswire.com/news/home/20240509161277/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 First Quarter Results By: Unit Corporation via Business Wire May 09, 2024 at 09:15 AM EDT On May 9, 2024, Unit Corporation (OTCQX: UNTC) (Company) filed unaudited condensed consolidated financial statements for the three months ended March 31, 2024 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/. First Quarter Results Net income for the three months ended March 31, 2024 was $16.1 million, or $1.61 per diluted share, compared to $134.7 million, or $13.75 per diluted share, for the three months ended March 31, 2023. Total revenues for the three months ended March 31, 2024 were $67.2 million, compared to $93.9 million for the three months ended March 31, 2023. “After completing the previously announced sale of certain non-core oil and gas assets in the Texas Panhandle, we are pleased to be focused on developing and optimizing production in our core properties,” said Phil Frohlich, Chief Executive Officer. “In addition, we continue to work diligently towards a cost structure that remains appropriate for our core assets while ensuring that we have the resources available to maximize value.” Operational highlights for the oil and natural gas and contract drilling segments during the three months ended March 31, 2024 and 2023 include: Three Months Ended March 31, 2024 2023 % Change Oil and Natural Gas: Avg. oil price ($/Bbl) $75.28 $65.96 14% Avg. oil price excl. derivatives ($/Bbl) $75.28 $73.94 2% Avg. NGLs price ($/Bbl) $20.74 $21.37 (3)% Avg. NGLs price excl. derivatives ($/Bbl) $20.74 $21.37 (3)% Avg. natural gas price ($/Mcf) $1.79 $4.04 (56)% Avg. natural gas price excl. derivatives ($/Mcf) $1.79 $3.11 (42)% Oil production (MBbls) 187 300 (38)% NGL production (MBbls) 298 419 (29)% Natural gas production (MMcf) 3,501 5,369 (35)% Total production (MBOE) 1,069 1,614 (34)% Contract Drilling: BOSS rigs available (end of the period) 14 14 —% Average BOSS rigs in use 13.7 13.8 (1)% BOSS rigs average dayrate ($/day) $30,891 $30,845 —% 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 2024 First quarter Quarterly $ 1.25 $ 12,269 March 18, 2024 March 28, 2024 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. The Company recently posted its preliminary 2024 Form 8937 (Report of Organizational Actions Affecting Basis of Securities) which can be found on its website at https://unitcorp.com/investor-relations/tax-reporting/. 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 March 31, 2024 2023 (In thousands except per share amounts) Revenues: Oil and natural gas $ 26,572 $ 48,026 Contract drilling 40,632 45,903 Total revenues 67,204 93,929 Expenses: Operating costs: Oil and natural gas 11,979 17,164 Contract drilling 25,725 26,872 Total operating costs 37,704 44,036 Depreciation, depletion, and amortization 3,901 3,891 General and administrative 4,978 5,090 (Gain) loss on disposition of assets 65 (3,753 ) Total operating expenses 46,648 49,264 Income from operations 20,556 44,665 Other income (expense): Interest income 954 1,757 Interest expense (30 ) (39 ) Gain (loss) on derivatives, net — 13,595 Reorganization items, net (22 ) (81 ) Other, net (377 ) 107 Total other income (expense) 525 15,339 Income before income taxes 21,081 60,004 Income tax expense (benefit), net: Current 75 190 Deferred 4,902 (74,836 ) Total income tax expense (benefit), net 4,977 (74,646 ) Net income 16,104 134,650 Net income per common share: Basic $ 1.64 $ 13.93 Diluted $ 1.61 $ 13.75 Unit Corporation Selected Financial Highlights - Continued March 31, 2024 December 31, 2023 Balance Sheet Data: (In thousands) Cash and cash equivalents $ 65,599 $ 60,779 Current assets $ 115,528 $ 118,296 Total assets $ 314,383 $ 322,720 Current liabilities $ 30,021 $ 42,399 Long-term debt $ — $ — Other long-term liabilities $ 22,796 $ 22,803 Total shareholders’ equity $ 258,360 $ 254,126 View source version on businesswire.com: https://www.businesswire.com/news/home/20240509161277/en/Contacts Rene Punch Investor Relations (918) 493-7700 www.unitcorp.com
On May 9, 2024, Unit Corporation (OTCQX: UNTC) (Company) filed unaudited condensed consolidated financial statements for the three months ended March 31, 2024 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/. First Quarter Results Net income for the three months ended March 31, 2024 was $16.1 million, or $1.61 per diluted share, compared to $134.7 million, or $13.75 per diluted share, for the three months ended March 31, 2023. Total revenues for the three months ended March 31, 2024 were $67.2 million, compared to $93.9 million for the three months ended March 31, 2023. “After completing the previously announced sale of certain non-core oil and gas assets in the Texas Panhandle, we are pleased to be focused on developing and optimizing production in our core properties,” said Phil Frohlich, Chief Executive Officer. “In addition, we continue to work diligently towards a cost structure that remains appropriate for our core assets while ensuring that we have the resources available to maximize value.” Operational highlights for the oil and natural gas and contract drilling segments during the three months ended March 31, 2024 and 2023 include: Three Months Ended March 31, 2024 2023 % Change Oil and Natural Gas: Avg. oil price ($/Bbl) $75.28 $65.96 14% Avg. oil price excl. derivatives ($/Bbl) $75.28 $73.94 2% Avg. NGLs price ($/Bbl) $20.74 $21.37 (3)% Avg. NGLs price excl. derivatives ($/Bbl) $20.74 $21.37 (3)% Avg. natural gas price ($/Mcf) $1.79 $4.04 (56)% Avg. natural gas price excl. derivatives ($/Mcf) $1.79 $3.11 (42)% Oil production (MBbls) 187 300 (38)% NGL production (MBbls) 298 419 (29)% Natural gas production (MMcf) 3,501 5,369 (35)% Total production (MBOE) 1,069 1,614 (34)% Contract Drilling: BOSS rigs available (end of the period) 14 14 —% Average BOSS rigs in use 13.7 13.8 (1)% BOSS rigs average dayrate ($/day) $30,891 $30,845 —% 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 2024 First quarter Quarterly $ 1.25 $ 12,269 March 18, 2024 March 28, 2024 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. The Company recently posted its preliminary 2024 Form 8937 (Report of Organizational Actions Affecting Basis of Securities) which can be found on its website at https://unitcorp.com/investor-relations/tax-reporting/. 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 March 31, 2024 2023 (In thousands except per share amounts) Revenues: Oil and natural gas $ 26,572 $ 48,026 Contract drilling 40,632 45,903 Total revenues 67,204 93,929 Expenses: Operating costs: Oil and natural gas 11,979 17,164 Contract drilling 25,725 26,872 Total operating costs 37,704 44,036 Depreciation, depletion, and amortization 3,901 3,891 General and administrative 4,978 5,090 (Gain) loss on disposition of assets 65 (3,753 ) Total operating expenses 46,648 49,264 Income from operations 20,556 44,665 Other income (expense): Interest income 954 1,757 Interest expense (30 ) (39 ) Gain (loss) on derivatives, net — 13,595 Reorganization items, net (22 ) (81 ) Other, net (377 ) 107 Total other income (expense) 525 15,339 Income before income taxes 21,081 60,004 Income tax expense (benefit), net: Current 75 190 Deferred 4,902 (74,836 ) Total income tax expense (benefit), net 4,977 (74,646 ) Net income 16,104 134,650 Net income per common share: Basic $ 1.64 $ 13.93 Diluted $ 1.61 $ 13.75 Unit Corporation Selected Financial Highlights - Continued March 31, 2024 December 31, 2023 Balance Sheet Data: (In thousands) Cash and cash equivalents $ 65,599 $ 60,779 Current assets $ 115,528 $ 118,296 Total assets $ 314,383 $ 322,720 Current liabilities $ 30,021 $ 42,399 Long-term debt $ — $ — Other long-term liabilities $ 22,796 $ 22,803 Total shareholders’ equity $ 258,360 $ 254,126 View source version on businesswire.com: https://www.businesswire.com/news/home/20240509161277/en/