Slide 1: Emergence Presentation
Emergence Presentation December 2020
Slide 2: Forward Looking Statement
Forward Looking Statement This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this presentation that addres
Slide 3: A Diversified Energy Company
A Diversified Energy Company Casper Marcellus Pittsburgh • Tulsa based, incorporated in 1963 Anadarko Tulsa Headquarters Basin Oklahoma • Integrated approach Permian City allows Unit to capture Basin margin from each Drilling Rigs business segment E&P Operations Gulf Coast • All assets remain intact
Slide 4: New Reorganized Unit Business Plan
New Reorganized Unit Business Plan: Focused on value accretion through free cash flow generation and reinvestment in each business segment Free cash flow focused business model allows for debt reduction and will enable the company to maintain low leverage Current corporate G&A run rate is approximat
Slide 5: New Management team brings significant expertise to implement new strategy
New Management team brings significant expertise to implement new strategy Philip Smith – President & Chief Executive Officer In October 2020, Unit’s Board of Directors named Philip Smith to the positions of President and Chief Executive Officer. Mr. Smith served on the Board of Directors of Eagle R
Slide 6: Refreshed Board with Substantial Shareholder Representation
Refreshed Board with Substantial Shareholder Representation Philip Smith Robert Anderson Alan Carr • Chairman, President & CEO of • Executive, GBK Corporation, • CEO, Drivetrain, LLC; distressed Unit since 2010 investing and turnaround professional • Former CEO of Prize Energy • Between 2002 and 201
Slide 7: Reorganized Debt Structure
Reorganized Debt Structure Revolver line of $140 million Balance as of December 8, 2020 is $73 million $62 million available after outstanding letters of credit of $5 million Term note balance as of December 8, 2020 is $40 million $650 million of 6.625% senior subordinated notes were converted to re
Slide 8: Unit Petroleum Company
Unit Petroleum Company • Optimize production and convert non-producing reserves to producing reserves • Make acquisitions of producing properties in core areas • High grade producing properties by selling interests in thousands of wells • No exploratory drilling 6
Slide 9: Derivative Summary
Derivative Summary Q4 2020 Approximately 86% crude hedged at $43.35; approximately 77% natural gas hedged at $2.63 2021 Approximately 80% crude hedged at $44.65; approximately 78% natural gas hedged at $2.83 2022 Approximately 80% crude hedged at $42.25; approximately 82% natural gas hedged at $2.51
Slide 10: Unit Drilling Company
Unit Drilling Company • Hired new President, Chris Menefee • Third generation oil & gas professional with 20 years of dedicated experience as a drilling contractor • Prior, was SVP-Business Development for ICD where he was instrumental in growing the company from 1 to 15 high-spec rigs; assisted wit
Slide 11: The BOSS Drilling Rig
The BOSS Drilling Rig Approx. $20 million to build a BOSS drilling rig Optimized for Pad Drilling • Multi-direction walking system • Racking & setback capacity for additional tubulars Faster Between Locations • Quick assembly substructure • 32-34 truck loads More Hydraulic Horsepower • (2) 2,200 hor
Slide 12: Superior Pipeline Company
Superior Pipeline Company • $200 million credit line available to make acquisitions and fund capital expenditures • Stable free cash flow due to limited exposure to commodity prices allows for organic growth • Aggressively pursuing business development opportunities 10
Slide 13: Contact
Contact Linda Baugher Investor Relations, Unit Corporation 918-477-4529 linda.baugher@unitcorp.com 11