UNT Unit Corporation

Unit Corporation Announces CEO Transition

TULSA, Oklahoma--(BUSINESS WIRE)--

Unit Corporation (OTCQX: UNTC) (Company) announced today that Philip B. Smith is stepping down as President and Chief Executive Officer of the Company effective March 31, 2023. Mr. Smith will continue to serve as Chairman of the Board of Directors (Board) of the Company. The Board has appointed current Director, Phil Frohlich, as interim Chief Executive Officer, effective April 1, 2023, until the Board names a successor. Mr. Frohlich has been a member of the Board since September 3, 2020. He is the founder and Managing Partner of Prescott Capital Management, the Company’s largest shareholder.

“The Board thanks Mr. Smith for his contributions and leadership as the Company’s President and CEO during the past two and a half years,” said Mr. Frohlich. “Mr. Smith’s oil and gas expertise and experience has been invaluable to the success of the Company. We are fortunate that he will remain as Chairman of the Board and continue to play an integral role in the Company’s future.”

Mr. Frohlich continued, “I am looking forward to serving as the Company’s interim CEO and continuing the Company’s goal of creating value for its shareholders by maximizing production while decreasing costs and being a good steward of the Company’s assets.”

“It has been a pleasure to serve as the Company’s President and CEO and I am looking forward to continuing to help guide the Company forward as Chairman of the Board,” said Mr. Smith. “I would like to thank our employees for their commitment to the Company.”

About Unit Corporation

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. For more information about Unit Corporation, visit its website at .

Forward-Looking Statements

This press release has 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 oil and natural gas prices, changes in the Company’s reserves estimates or its value thereof, the level of activity in the oil and natural gas industry and other risk factors described in the Company's publicly available SEC reports. The Company assumes no obligation to update publicly such forward-looking statements, whether because of new information, future events, or otherwise.

EN
01/03/2023

Underlying

UNTUnit Corporation

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Unit Corporation

 PRESS RELEASE
Free
UNT Unit Corporatio...

Unit Corporation Declares Quarterly Cash Dividend

TULSA, Okla.--(BUSINESS WIRE)-- Unit Corporation (OTCQX: UNTC) (Company) announced today that its Board of Directors declared a quarterly cash dividend of $2.50 per share of common stock for the second quarter of 2023. The dividend will be paid on June 26, 2023, to shareholders of record as of the close of business on June 16, 2023. 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 ...

June 1, 2023 1 EN
 PRESS RELEASE
Free
UNT Unit Corporatio...

Unit Corporation Announces CEO Transition

TULSA, Oklahoma--(BUSINESS WIRE)-- Unit Corporation (OTCQX: UNTC) (Company) announced today that Philip B. Smith is stepping down as President and Chief Executive Officer of the Company effective March 31, 2023. Mr. Smith will continue to serve as Chairman of the Board of Directors (Board) of the Company. The Board has appointed current Director, Phil Frohlich, as interim Chief Executive Officer, effective April 1, 2023, until the Board names a successor. Mr. Frohlich has been a member of the Board since September 3, 2020. He is the founder and Managing Partner of Prescott Capital Management, ...

March 1, 2023 1 EN
 PRESS RELEASE
Free
UNT Unit Corporatio...

Unit Corporation Declares Special Cash Dividend and Approves Quarterly...

TULSA, Okla.--(BUSINESS WIRE)-- Unit Corporation (OTC Pink: UNTC) (Company) announced today that its Board of Directors has declared a special cash dividend of $10.00 per share and has approved a quarterly cash dividend policy beginning in the Company’s second quarter. The special dividend will be paid on January 31, 2023, to shareholders of record as of the close of business on January 20, 2023. The initial quarterly dividend will be $2.50 per share to be paid on a date in the Company’s second quarter that is yet to be determined. Subsequent quarterly dividends will be issued on a variable ra...

January 5, 2023 1 EN
 PRESS RELEASE
Free
UNT Unit Corporatio...

Unit Corporation Reports Preliminary Second Quarter Results

TULSA, Okla.--(BUSINESS WIRE)-- Unit Corporation (OTC Pink: UNTC) (Company) today reported preliminary and unaudited selected financial and operational highlights for the three months ended June 30, 2022. Second Quarter Results Net income (loss) attributable to Unit Corporation for the three months ended June 30, 2022 is expected to be $80.1 million, or $7.82 per diluted share, compared to $(13.0) million, or $(1.09) per diluted share, for the three months ended June 30, 2021. Total revenues for the three months ended June 30, 2022 is expected to be $134.6 million, compared to $134.1 million...

July 22, 2022 1 EN
 PRESS RELEASE
Free
UNT Unit Corporatio...

Unit Corporation Announces Update of Divestiture Process and Expansion...

TULSA, Okla.--(BUSINESS WIRE)-- Unit Corporation (OTC Pink: UNTC) (Company) announced today that it has ended its engagement with Tudor, Pickering, Holt & Co. (TPH) as advisor for the previously announced process to sell up to all of its oil and gas properties and reserves. The decision to terminate the Company’s engagement with TPH was primarily based on changes in the price of oil, natural gas, and natural gas liquids since the process was announced, as well as factors created by general volatility in the market. During the process, the Company entered into an agreement to sell its Gulf Coas...

June 10, 2022 1 EN

ResearchPool Subscriptions

Get the most out of your insights

Get in touch