Unit Corporation Reports First Quarter Results
UNTC
Published on 05/07/2026 at 09:06 am EDT
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
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/