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 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.