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.
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.
Unit Corporation (OTC Pink: UNTC) reported preliminary results for Q2 2022, showing a net income of $80.1 million ($7.82 per diluted share), a significant recovery from a net loss of $(13.0) million in Q2 2021. Total revenues slightly increased to $134.6 million compared to $134.1 million year-on-year. For the first half of 2022, net income was $33.2 million ($3.25 per diluted share), versus a loss of $(14.9) million in H1 2021. The company ended Q2 with $115 million in cash and zero long-term debt, planning future dividends to shareholders.
Unit Corporation (OTC Pink: UNTC) announces the termination of its engagement with Tudor, Pickering, Holt & Co. due to fluctuations in oil and gas prices since the sale process began. The company has finalized a deal for its Gulf Coast properties at $56 million, set to close on July 1, 2022. Additionally, the board has approved an increase in the stock repurchase program from $50 million to $100 million, indicating confidence in enhancing shareholder value. To date, UNTC has repurchased approximately $41 million worth of shares, reflecting a commitment to return value to shareholders.
Unit Corporation (OTC Pink: UNTC) has successfully completed the sale of its corporate headquarters for $35 million. The transaction enhances the company's financial standing, allowing it to eliminate outstanding debt and increase liquidity for investment opportunities. Following the sale, Unit has signed a multi-year lease for part of the property. This strategic move is expected to bolster the company's operational flexibility and financial health, positioning it for future growth.
Unit Corporation (OTC Pink: UNTC) has authorized a stock repurchase program of up to $25 million, reflecting management's confidence in the company and commitment to enhancing shareholder returns. The repurchases will occur via open market transactions and are set against a backdrop of long-term debt of $35 million as of June 30, 2021. This initiative aims to optimize liquidity and support growth strategies, including potential acquisitions, while allowing flexibility in execution based on market conditions.
Unit Corporation (OTC Pink: UNTC) has received approval from FINRA for a broker dealer to initiate a priced quotation of its common stock on the OTC Pink exchange. This development is expected to enhance the liquidity of UNTC's stock, providing a more accessible trading platform for investors. CEO Phil Smith expressed optimism about this move, believing it will benefit current and future shareholders. Unit Corporation is engaged in oil and gas exploration, production, contract drilling, and natural gas processing.