Welcome to our dedicated page for Unit Corporation news (Ticker: UNTC), a resource for investors and traders seeking the latest updates and insights on Unit Corporation stock.
Unit Corporation (UNTC) is a Tulsa-based, publicly held energy company engaged in oil and natural gas production through its wholly owned subsidiary, Unit Petroleum Company. The UNTC news feed highlights the company’s operational performance, capital allocation decisions, and strategic actions within the crude petroleum and natural gas extraction industry.
Recent news releases feature quarterly and annual financial results, including total revenues, net income, production volumes for oil, natural gas liquids, and natural gas, and detailed segment information for the oil and natural gas business. These updates often include management commentary on drilling activities, development within core areas of interest, and the impact of commodity price movements.
Investors following UNTC news will also see announcements related to corporate transactions and portfolio changes. The company has reported the sale of its wholly owned contract drilling subsidiary, Unit Drilling Company, to Cactus Drilling Company, L.L.C. in an all-cash transaction, and has described how this divestiture supports a sharper focus on upstream operations and new drilling opportunities.
Another key theme in Unit Corporation’s news is shareholder returns. The company has announced a recurring quarterly cash dividend of $1.25 per share of common stock for multiple quarters, funded by cash on its balance sheet, and has disclosed prior special and quarterly dividends as well as share repurchases. News items also describe the use of commodity derivatives, such as natural gas and crude oil swaps, and how these hedges help stabilize cash flows.
This news page allows readers to monitor UNTC’s earnings releases, dividend declarations, strategic transactions, hedging updates, and other corporate developments over time.
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Unit Corporation (OTCQX: UNTC) announced the resignation of President and CEO Philip B. Smith, effective March 31, 2023. He will remain Chairman of the Board. Phil Frohlich, a current director and the largest shareholder, will serve as interim CEO starting April 1, 2023. Frohlich expressed his commitment to maximizing production and minimizing costs to benefit shareholders. Smith acknowledged the contributions of the company's employees and emphasized his ongoing role as Chairman in guiding the company's future. Unit Corporation operates in oil and gas exploration and production based in Tulsa, Oklahoma.
Unit Corporation (OTC Pink: UNTC) declared a special cash dividend of $10.00 per share, payable on January 31, 2023, to shareholders of record by January 20, 2023. Additionally, a quarterly dividend policy has been approved, starting with an initial payment of $2.50 per share in the second quarter. Future dividends will be variable, based on the company’s financial condition. These dividends will be funded by cash on hand, reflecting the company's strong operating performance.
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