Latest news with #UnitCorporation
Globe and Mail
4 days ago
- Business
- Globe and Mail
Unit Corporation Reports Second Quarter Results
On August 7, 2025, Unit Corporation (OTCQX: UNTC) (Company) filed unaudited condensed consolidated financial statements for the three and six months ended June 30, 2025 with OTC Markets Group Inc. (OTC). The Company's current, quarterly and annual reports may be accessed on the OTC's website at as well as the Company's website at 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 $124.0 million for the six months ended June 30, 2024. 'The quarter was highlighted by increased industry attention on development within our core Anadarko Basin area of interest,' commented Phil Frohlich, the Company's Chief Executive Officer. 'We are focused on a number of promising new well opportunities and expect to exceed our original expectations for 2025 new production.' Operational highlights for the oil and natural gas and contract drilling segments during the three and six months ended June 30, 2025 and 2024 include: Three Months Ended June 30, Six Months Ended June 30, Oil and Natural Gas: Avg. oil price ($/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 )% Derivatives The following non-designated commodity hedges were outstanding as of June 30, 2025: Remaining Term Commodity Hedged Volume Weighted Average Fixed Price for Swaps Hedged Market Jul'25 - Dec'25 Natural gas - basis swap Floating to fixed 10,000 MMBtu/day $(0.30) IF - PEPL - TX-OK Jul'25 - Dec'25 Natural gas - basis swap Floating to fixed 7,500 MMBtu/day $(0.25) IF - PEPL - TX-OK Jul'25 - Dec'25 Natural gas - basis swap Floating to fixed 5,000 MMBtu/day $(0.25) IF - PEPL - TX-OK Jul'25 - Dec'25 Natural gas - swap Floating to fixed 15,000 MMBtu/day $4.69 IF - NYMEX (HH) Jan'26 - Dec'26 Natural gas - swap Floating to fixed 5,000 MMBtu/day $4.22 IF - NYMEX (HH) Jul'25 - Dec'25 Crude Oil - swap Floating to fixed 15,000 Bbl/month $69.65 WTI - NYMEX Jan'26 - Dec'26 Crude Oil - swap Floating to fixed 12,000 Bbl/month $65.85 WTI - NYMEX 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 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 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. Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (In thousands except per share amounts) Revenues: Oil and natural gas $ 25,622 $ 20,410 $ 54,009 $ 46,982 Contract drilling 33,463 36,347 68,548 76,979 Total revenues 59,085 56,757 122,557 123,961 Expenses: Operating costs: Oil and natural gas 10,451 10,480 20,514 22,459 Contract drilling 23,548 25,051 48,079 50,776 Total operating costs 33,999 35,531 68,593 73,235 Depreciation, depletion, and amortization 4,495 3,659 8,631 7,560 General and administrative 4,462 5,601 9,758 10,579 Gain on disposition of assets (715 ) (1,210 ) (799 ) (1,145 ) Total operating expenses 42,241 43,581 86,183 90,229 Income from operations 16,844 13,176 36,374 33,732 Other income (expense): Interest income 590 1,081 1,137 2,035 Interest expense (6 ) (8 ) (16 ) (38 ) Gain on derivatives, net 4,227 133 6,529 133 Reorganization items, net — — — (22 ) Other, net 10 222 105 (155 ) Total other income (expense) 4,821 1,428 7,755 1,953 Income before income taxes 21,665 14,604 44,129 35,685 Income tax expense (benefit), net: Current 163 (290 ) 301 (215 ) Deferred (600 ) 3,385 3,790 8,287 Total income tax expense (benefit), net (437 ) 3,095 4,091 8,072 Net income $ 22,102 $ 11,509 $ 40,038 $ 27,613 Net income per common share: Basic $ 2.23 $ 1.17 $ 4.08 $ 2.81 Diluted $ 2.22 $ 1.15 $ 4.07 $ 2.76 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
Business Wire
4 days ago
- Business
- Business Wire
Unit Corporation Reports Second Quarter Results
TULSA, Okla.--(BUSINESS WIRE)--On August 7, 2025, Unit Corporation (OTCQX: UNTC) (Company) filed unaudited condensed consolidated financial statements for the three and six months ended June 30, 2025 with OTC Markets Group Inc. (OTC). The Company's current, quarterly and annual reports may be accessed on the OTC's website at as well as the Company's website at 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 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 Expand
Business Wire
06-06-2025
- Business
- Business Wire
Unit Corporation Announces Payment and Record Dates for Second Quarter Cash Dividend
TULSA, Okla.--(BUSINESS WIRE)--Unit Corporation (OTCQX: UNTC) (Company) announced today that the quarterly cash dividend of $1.25 per share of common stock for the second quarter of 2025 will be paid on June 27, 2025, to shareholders of record as of the close of business on June 17, 2025. The quarterly cash dividend will 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 subsidiaries in oil and gas production and contract drilling. For more information about Unit Corporation, visit its website at
