Unit Corporation reports company developments tied to its oil and natural gas production business, which operates through wholly owned subsidiary Unit Petroleum Company. News for UNTC centers on quarterly and annual OTC financial statements, upstream operating results, commodity hedge disclosures, cash dividend announcements, and capital allocation updates.
The company’s recent corporate news also reflects its completed sale of Unit Drilling Company, the former contract drilling subsidiary, and related reporting of discontinued operations. Governance items include board-class matters and director rebalancing under the company’s charter.
Unit (OTCQX: UNTC) reported its second quarter 2024 results. Net income for Q2 2024 was $11.5 million ($1.15 per diluted share), compared to $28.0 million ($2.86 per diluted share) in Q2 2023. Total revenue for Q2 2024 was $56.8 million, down from $78.6 million in Q2 2023. For the first half of 2024, net income was $27.6 million ($2.76 per diluted share), compared to $162.7 million ($16.62 per diluted share) in H1 2023. Total revenue for H1 2024 was $124.0 million, down from $172.5 million in H1 2023.
The company's oil and natural gas segment saw mixed price changes, with oil prices up but natural gas prices down. Production volumes decreased across all categories. In the contract drilling segment, the average number of drilling rigs in use decreased by 24% in Q2 2024 compared to Q2 2023.
Unit declared a quarterly dividend of $1.25 per share for Q2 2024, payable on June 27, 2024.
Unit (OTCQX: UNTC) has announced the payment and record dates for its second-quarter cash dividend for 2024. The dividend is set at $1.25 per share and will be distributed on June 27, 2024. Shareholders eligible for this payout must be on record by the close of business on June 17, 2024. The dividend will be financed using cash available on the company's balance sheet.
Unit reported a net income of $16.1 million for the first quarter of 2024, a decrease from $134.7 million in the same period in 2023. Total revenues were $67.2 million, down from $93.9 million in 2023. The company is focusing on core asset development after selling non-core assets. Operational highlights show decreases in oil and natural gas production volumes but an increase in oil prices.
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