Unit Corporation Reports Second Quarter Results
Second Quarter and Year to Date Results
Net income for the three months ended June 30, 2025 was $22.1 million, or $2.22 per diluted share, compared to $11.5 million, or $1.15 per diluted share, for the three months ended June 30, 2024. Total revenue for the three months ended June 30, 2025 was $59.1 million, compared to $56.8 million for the three months ended June 30, 2024.
For the six months ended June 30, 2025, net income was $40.0 million, or $4.07 per diluted share, compared to $27.6 million, or $2.76 per diluted share, for the six months ended June 30, 2024. Total revenue for the six months ended June 30, 2025 was $122.6 million, compared to $124.0 million for the six months ended June 30, 2024.
'The quarter was highlighted by increased industry attention on development within our core Anadarko Basin area of interest,' commented Phil Frohlich, the Company's Chief Executive Officer. 'We are focused on a number of promising new well opportunities and expect to exceed our original expectations for 2025 new production.'
Operational highlights for the oil and natural gas and contract drilling segments during the three and six months ended June 30, 2025 and 2024 include:
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
% Change
2025
2024
% Change
Oil and Natural Gas:
Avg. oil price ($/Bbl)
$
62.68
$
79.23
(21
)%
$
66.18
$
77.16
(14
)%
Avg. oil price excl. derivatives ($/Bbl)
$
62.68
$
79.23
(21
)%
$
66.18
$
77.16
(14
)%
Avg. NGLs price ($/Bbl)
$
19.20
$
18.15
6
%
$
20.96
$
19.65
7
%
Avg. NGLs price excl. derivatives ($/Bbl)
$
19.20
$
18.15
6
%
$
20.96
$
19.65
7
%
Avg. natural gas price ($/Mcf)
$
3.11
$
1.00
NM
$
3.03
$
1.42
113
%
Avg. natural gas price excl. derivatives ($/Mcf)
$
2.32
$
1.00
132
%
$
2.69
$
1.42
89
%
Oil production (MBbls)
201
170
18
%
391
357
10
%
NGL production (MBbls)
276
217
27
%
513
515
—
%
Natural gas production (MMcf)
3,276
2,982
10
%
6,365
6,484
(2
)%
Total production (MBOE)
1,023
884
16
%
1,965
1,953
1
%
Contract Drilling:
Total rigs available (end of the period)
14
14
—
%
14
14
—
%
Average number of drilling rigs in use
11.3
11.9
(5
)%
12.0
12.8
(6
)%
Average dayrate on daywork contracts ($/day)
$
29,284
$
30,786
(5
)%
$
29,322
$
30,842
(5
)%
Expand
Derivatives
The following non-designated commodity hedges were outstanding as of June 30, 2025:
Common Stock Dividends
The table below presents information about the dividends paid during the periods indicated:
2024
First quarter
Quarterly
$ 1.25
$ 12,269
March 18, 2024
March 28, 2024
Second quarter
Quarterly
$ 1.25
$ 12,961
June 17, 2024
June 27, 2024
2025
First quarter
Quarterly
$ 1.25
$ 12,317
March 18, 2025
March 28, 2025
Second quarter
Quarterly
$ 1.25
$ 12,317
June 17, 2025
June 27, 2025
Expand
The declaration and payment of any future dividend, whether fixed, special, or variable, are at the sole discretion of the Company's Board of Directors. This decision will depend upon several factors, including the Company's financial position, results of operations, cash flows, capital requirements, business conditions, future expectations, legal requirements, and other relevant factors at the time of consideration. Future dividends are expected to be funded by cash on the Company's balance sheet.
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 agreement, 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 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 - Continued
June 30,
2025
December 31,
2024
Balance Sheet Data:
(In thousands)
Cash and cash equivalents
$
55,130
$
48,884
Current assets
$
97,464
$
90,250
Total assets
$
300,746
$
289,243
Current liabilities
$
29,855
$
32,468
Long-term debt
$
—
$
—
Other long-term liabilities
$
23,238
$
22,665
Total shareholders' equity
$
247,082
$
232,521
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