TULSA, Okla.--(BUSINESS WIRE)--Mar. 12, 2026-- On March 12, 2026, Unit Corporation (OTCQX: UNTC) (Company) filed consolidated financial statements for the twelve months ended December 31, 2025 with OTC Markets Group Inc. (OTC). The Company’s current, quarterly and annual reports may be accessed on the OTC’s website at https://www.otcmarkets.com/stock/UNTC/disclosure, as well as the Company’s website at https://unitcorp.com/investor-relations/otc-sec-filings/.

Fourth Quarter and Year End Results

On October 1, 2025, we signed and simultaneously closed a definitive agreement to sell our wholly-owned contract drilling subsidiary Unit Drilling Company (UDC) to Cactus Drilling Company, L.L.C., a related party, for cash consideration of $119.7 million.

The sale of UDC will change our operations and financial results going forward. Accordingly, the results of operations and cash flows for UDC have been classified as discontinued operations for all periods presented and prior periods have been retrospectively adjusted in the consolidated statements of operations and consolidated statements of cash flows.

The sale of UDC resulted in a taxable gain of $106.5 million. The Company utilized NOLs of $104.5 million and Federal Tax Credits of $3.8 million to offset our total tax liability.

The Selected Financial Highlights should be read in conjunction with the Company’s consolidated financial statements and the notes thereto.

Operational highlights for the oil and natural gas segment during the three and twelve months ended December 31, 2025 and 2024 include:

Derivatives

The following non-designated commodity hedges were outstanding as of December 31, 2025:

The following non-designated commodity hedges were entered into subsequent to December 31, 2025:

Common Stock Dividends

The table below presents information about the dividends paid during the periods indicated:

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.

The Company announced on March 6, 2026 that a quarterly cash dividend of $1.25 per share had been declared for the first quarter of 2026, to be paid on March 27, 2026 to shareholders of record as of the close of business on March 17, 2026.

Common Stock Repurchases

During the year ended December 31, 2025, the Company repurchased 4,500 shares under its share repurchase program at an average share price of $30.13 (unadjusted for dividends paid) for an aggregate purchase price of $0.1 million.

As of December 31, 2025, we had repurchased a total of 2,574,246 shares of common stock since emergence from bankruptcy at an average share price of $32.16 (unadjusted for dividends paid) for an aggregate purchase cost of $82.8 million.

About Unit Corporation

Unit Corporation is a Tulsa-based, publicly held energy company engaged in oil and natural gas production through its wholly owned subsidiary, Unit Petroleum Company. 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, 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, 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.

In conjunction with this release, the Company has posted a supplemental investor presentation on the Investor Relations section of its website at https://unitcorp.com/investor-relations/#presentations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260312001724/en/

Rene Punch
Investor Relations
(918) 493-7700
www.unitcorp.com

Source: Unit Corporation