TULSA, Okla. – Unit Corporation (OTCQX: UNTC) (Company) filed consolidated financial statements for the three months ended March 31, 2026 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/.
On April 27, 2026, the Company entered into a purchase and sale agreement to sell certain oil and gas leasehold interests, consisting of deep rights in the Woodford and Mississippian formations underlying acreage located in Caddo and Blaine Counties, Oklahoma, for an aggregate purchase price of approximately $18.7 million, subject to customary purchase price adjustments. The transaction is expected to close within 60 days of execution, subject to customary closing conditions.
Phil Frohlich, Chief Executive Officer, commented, “this divestiture of deeper rights in the Woodford and Mississippian formations reflects our ongoing effort to streamline the portfolio and focus on areas where we see the strongest returns. By monetizing these non-core undeveloped interests, we’re sharpening our operational focus. We’re particularly encouraged by the opportunities emerging in the Cherokee Shale and Red Fork formations, where we continue to see meaningful development potential.”
First Quarter Results
The Selected Financial Highlights should be read in conjunction with the Company’s unaudited condensed consolidated financial statements and the notes thereto.
|
|
Three Months Ended March 31, |
||||
|
|
2026 |
|
2025 |
||
|
|
(In thousands except per share amounts) |
||||
|
|
|
|
|
|
|
|
Total revenues |
$ |
29,067 |
|
$ |
28,387 |
|
|
|
|
|
|
|
|
Net income from continuing operations |
|
4,662 |
|
|
11,386 |
|
Net income (loss) from discontinued operations |
|
– |
|
|
6,550 |
|
Net income |
$ |
4,662 |
|
$ |
17,936 |
|
|
|
|
|
|
|
|
Diluted net income per common share |
|
|
|
|
|
|
Continuing operations |
$ |
0.47 |
|
$ |
1.14 |
|
Discontinued operations |
|
– |
|
|
0.66 |
|
Total diluted earnings per common share |
$ |
0.47 |
|
$ |
1.80 |
Operational highlights for the oil and natural gas segment during the three months ended March 31, 2026 and 2025 include:
|
|
Three Months Ended March 31, |
|
% Change |
|
|||||
|
|
2026 |
|
2025 |
|
|
||||
|
Average oil price ($/Bbl) |
$ |
66.19 |
|
$ |
69.90 |
|
(5) |
% |
|
|
Average oil price excluding derivatives ($/Bbl) |
$ |
69.98 |
|
$ |
69.90 |
|
0 |
% |
|
|
Average NGLs price ($/Bbl) |
$ |
18.52 |
|
$ |
23.03 |
|
(20) |
% |
|
|
Average NGLs price excluding derivatives ($/Bbl) |
$ |
18.52 |
|
$ |
23.03 |
|
(20) |
% |
|
|
Average natural gas price ($/Mcf) |
$ |
3.05 |
|
$ |
2.94 |
|
4 |
% |
|
|
Average natural gas price excluding derivatives ($/Mcf) |
$ |
3.53 |
|
$ |
3.23 |
|
9 |
% |
|
|
Oil production (MBbls) |
|
199 |
|
|
190 |
|
5 |
% |
|
|
NGL production (MBbls) |
|
238 |
|
|
236 |
|
1 |
% |
|
|
Natural gas production (MMcf) |
|
2,988 |
|
|
3,089 |
|
(3) |
% |
|
|
Total production (MBOE) |
|
935 |
|
|
941 |
|
(1) |
% |
|
Derivatives
The following non-designated commodity hedges were outstanding as of March 31, 2026:
|
Remaining Term |
|
Commodity |
|
Contracted Volume |
|
Weighted Average Fixed Price for Swaps |
|
Contracted Market |
|
Apr’26 – Dec’26 |
|
Natural gas – swap Floating to fixed |
|
5,000 MMBtu/day |
|
$4.22 |
|
IF – NYMEX (HH) |
|
Apr’26 – Oct’26 |
|
Natural gas – swap Floating to fixed |
|
5,000 MMBtu/day |
|
$4.22 |
|
IF – NYMEX (HH) |
|
Apr’26 – Dec’26 |
|
Natural gas – swap Floating to fixed |
|
5,000 MMBtu/day |
|
$4.02 |
|
IF – NYMEX (HH) |
|
Apr’26 – Dec’26 |
|
Crude Oil – swap Floating to fixed |
|
12,000 Bbls/month |
|
$65.85 |
|
WTI – NYMEX |
|
Apr’26 – Dec’26 |
|
Crude Oil – swap Floating to fixed |
|
5,000 Bbls/month |
|
$64.40 |
|
WTI – NYMEX |
|
Apr’26 – Dec’26 |
|
Crude Oil – swap Floating to fixed |
|
7,000 Bbls/month |
|
$69.10 |
|
WTI – NYMEX |
|
Apr’26 – Dec’26 |
|
Crude Oil – swap Floating to fixed |
|
8,000 Bbls/month |
|
$70.50 |
|
WTI – NYMEX |
|
Apr’26 – Dec’26 |
|
Crude Oil – swap Floating to fixed |
|
5,000 Bbls/month |
|
$73.75 |
|
WTI – NYMEX |
|
Jan’27 – Dec’27 |
|
Crude Oil – swap Floating to fixed |
|
5,000 Bbls/month |
|
$65.00 |
|
WTI – NYMEX |
|
Jan’27 – Dec’27 |
|
Crude Oil – swap Floating to fixed |
|
5,000 Bbls/month |
|
$63.90 |
|
WTI – NYMEX |
|
Jan’27 – Dec’27 |
|
Crude Oil – swap Floating to fixed |
|
5,000 Bbls/month |
|
$62.10 |
|
WTI – NYMEX |
|
Jan’27 – Dec’27 |
|
Crude Oil – swap Floating to fixed |
|
7,000 Bbls/month |
|
$64.70 |
|
WTI – NYMEX |
|
Jan’27 – Dec’27 |
|
Crude Oil – swap Floating to fixed |
|
5,000 Bbls/month |
|
$67.25 |
|
WTI – NYMEX |
As of March 31, 2026, based on our first quarter 2026 average daily production, the approximated percentages of our production under swaps are as follows:
|
|
|
2026 |
|
2027 and beyond |
|
|
Daily oil production |
56% |
|
41% |
|
|
Daily natural gas production |
46% |
|
0% |
Common Stock Dividends
The table below presents information about the dividends paid during the periods indicated:
|
|
Type |
|
Dividend per share |
|
Total Amount |
|
Record Date |
|
Payment Date |
||
|
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 |
|
Third quarter |
Quarterly |
|
$ |
1.25 |
|
$ |
12,335 |
|
September 16, 2025 |
|
September 26, 2025 |
|
Fourth quarter |
Quarterly |
|
$ |
1.25 |
|
$ |
12,375 |
|
December 16, 2025 |
|
December 26, 2025 |
|
2026 |
|
|
|
|
|
|
|
|
|
|
|
|
First quarter |
Quarterly |
|
$ |
1.25 |
|
$ |
12,370 |
|
March 17, 2026 |
|
March 27, 2026 |
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 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.
|
Unit Corporation |
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|
Selected Financial Highlights |
|||||||
|
|
Three Months Ended March 31, |
||||||
|
|
2026 |
|
|
2025 |
|
||
|
|
(In thousands except per share amounts) |
||||||
|
Revenues: |
|
|
|
|
|
||
|
Total revenues |
$ |
29,067 |
|
|
$ |
28,387 |
|
|
Expenses: |
|
|
|
|
|
||
|
Operating costs |
|
10,988 |
|
|
|
10,063 |
|
|
Depreciation, depletion, and amortization |
|
2,636 |
|
|
|
2,174 |
|
|
General and administrative |
|
5,262 |
|
|
|
5,296 |
|
|
Gain on disposition of assets |
|
(22 |
) |
|
|
– |
|
|
Total operating expenses |
|
18,864 |
|
|
|
17,533 |
|
|
Income from operations |
|
10,203 |
|
|
|
10,854 |
|
|
Other income (expense): |
|
|
|
|
|
||
|
Interest income |
|
1,624 |
|
|
|
547 |
|
|
Interest expense |
|
(8 |
) |
|
|
(10 |
) |
|
Gain (loss) on derivatives, net |
|
(6,069 |
) |
|
|
2,302 |
|
|
Other, net |
|
32 |
|
|
|
93 |
|
|
Total other income (expense) |
|
(4,421 |
) |
|
|
2,932 |
|
|
Income from continuing operations before income taxes |
|
5,782 |
|
|
|
13,786 |
|
|
Income tax expense (benefit), net |
|
|
|
|
|
||
|
Current |
|
(320 |
) |
|
|
84 |
|
|
Deferred |
|
1,440 |
|
|
|
2,316 |
|
|
Total income tax expense (benefit), net |
|
1,120 |
|
|
|
2,400 |
|
|
Income from continuing operations |
|
4,662 |
|
|
|
11,386 |
|
|
Income from discontinued operations, net of tax |
|
– |
|
|
|
6,550 |
|
|
Net income |
$ |
4,662 |
|
|
$ |
17,936 |
|
|
Basic net income per common share |
|
|
|
|
|
||
|
Continuing operations |
$ |
0.47 |
|
|
$ |
1.15 |
|
|
Discontinued operations |
|
– |
|
|
|
0.66 |
|
|
Total basic earnings per common share |
$ |
0.47 |
|
$ |
1.81 |
|
|
|
Unit Corporation |
|||||
|
Selected Financial Highlights – Continued |
|||||
|
|
March 31, |
|
December 31, |
||
|
|
2026 |
|
2025 |
||
|
|
(In thousands) |
||||
|
Balance Sheet Data: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
173,463 |
|
$ |
181,713 |
|
Current assets |
$ |
192,478 |
|
$ |
200,470 |
|
Total assets |
$ |
321,139 |
|
$ |
330,742 |
|
Current liabilities |
$ |
22,365 |
|
$ |
28,416 |
|
Long-term debt |
$ |
– |
|
$ |
– |
|
Other long-term liabilities |
$ |
21,367 |
|
$ |
21,212 |
|
Total shareholders’ equity |
$ |
273,493 |
|
$ |
281,074 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20260507669441/en/
Rene Punch
Investor Relations
(918) 493-7700
www.unitcorp.com
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