Business
Unit Corporation Reports First Quarter Results
Unit Corporation Reports First Quarter Results.
About this update from Unit Corp.
[{"type":"text","content":"\r\n\r\n \r\n \r\n Unit Corporation Reports First Quarter Results\r\n \r\n \r\n\r\n\r\nUnit Corporation Reports First Quarter Results\r\n\r\n\r\n\r\n\r\n\r\n TULSA, Okla.--(BUSINESS WIRE)--\r\nOn May 8, 2025, Unit Corporation (OTCQX: UNTC) (Company) filed unaudited condensed consolidated financial statements for the three months ended March 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/.\r\n\r\n \r\nFirst Quarter Results\r\n\r\n \r\nNet income for the three months ended March 31, 2025 was $17.9 million, or $1.80 per diluted share, compared to $16.1 million, or $1.61 per diluted share, for the three months ended March 31, 2024. Total revenues for the three months ended March 31, 2025 were $63.5 million, compared to $67.2 million for the three months ended March 31, 2024.\r\n\r\n \r\nPhil Frohlich, the Company's Chief Executive Officer, commented, “While the current environment contains its share of economic uncertainties and challenges, I'm encouraged by our current drilling activities and the results from recently completed wells. Additionally, our recent natural gas hedges are helping to stabilize cash flows amid price fluctuations. With a solid balance sheet and strong operational performance, we remain well-positioned to execute our long-term strategy of delivering value to our shareholders.\"\r\n\r\n \r\nOperational highlights for the oil and natural gas and contract drilling segments during the three months ended March 31, 2025 and 2024 include:\r\n\r\n \r\n\r\n\r\n \r\n \r\n\r\n\r\n\r\n \r\nThree Months Ended March 31,\r\n\r\n\r\n\r\n \r\n \r\n\r\n\r\n\r\n \r\n \r\n\r\n\r\n\r\n\r\n\r\n \r\n \r\n\r\n\r\n\r\n \r\n2025\r\n\r\n\r\n\r\n \r\n \r\n\r\n\r\n\r\n \r\n2024\r\n\r\n\r\n\r\n \r\n \r\n\r\n\r\n\r\n \r\n% Change\r\n\r\n\r\n\r\n\r\n\r\n \r\nOil and Natural Gas:\r\n\r\n\r\n\r\n \r\n \r\n\r\n\r\n\r\n \r\n \r\n\r\n\r\n\r\n \r\n \r\n\r\n\r\n\r\n \r\n \r\n\r\n\r\n\r\n \r\n \r\n\r\n\r\n\r\n\r\n\r\n \r\nAvg. oil price ($/Bbl)\r\n\r\n\r\n\r\n \r\n$69.90\r\n\r\n\r\n\r\n \r\n \r\n\r\n\r\n\r\n \r\n$75.28\r\n\r\n\r\n\r\n ...