Unit Corporation (NYSE:UNT) announced today it has closed on the
previously announced agreement to sell a fifty percent (50%) interest in
its wholly owned subsidiary, Superior Pipeline Company, LLC (“Superior”)
to SP Investor Holdings, LLC, which is jointly owned by OPTrust and
funds managed and/or advised by Partners Group, a global private markets
investment manager. The cash proceeds at closing were $300 million.
Proceeds from the sale will be used to accelerate the drilling program
of Unit’s upstream subsidiary, Unit Petroleum Company; make additional
capital investments in the jointly owned Superior; to reduce corporate
debt; and for general corporate purposes.
Larry Pinkston, CEO and President, said: “This strategic transaction is
beneficial to Unit on multiple fronts. It highlights the current value
of Superior, provides growth opportunities for all three business
segments, reduces corporate debt, and improves overall liquidity.”
Unit Corporation is a Tulsa-based, publicly held energy company engaged
through its subsidiaries in oil and gas exploration, production,
contract drilling and natural gas gathering and processing. Unit’s
Common Stock is listed on the New York Stock Exchange under the symbol
UNT. For more information about Unit Corporation, visit its website at http://www.unitcorp.com.
Michael D. Earl, 918-493-7700