TULSA, Okla.--(BUSINESS WIRE)-- On November 5, 2026, Unit Corporation (OTCQX: UNTC) (Company) filed consolidated financial statements for the three and nine months ended September 30, 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/.
Third Quarter and Year to Date 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 September 30, | Nine Months Ended September 30, | ||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||
(In thousands except per share amounts) | |||||||||||
Total revenues | $ | 26,359 | $ | 23,550 | $ | 85,080 | $ | 77,559 | |||
Net income from continuing operations | 1,221 | 4,609 | 21,062 | 31,557 | |||||||
Net income from discontinued operations | — | 2,292 | — | 15,382 | |||||||
Net income | $ | 1,221 | $ | 6,901 | $ | 21,062 | $ | 46,939 | |||
Diluted net income per common share | |||||||||||
Continuing operations | $ | 0.12 | $ | 0.46 | $ | 2.10 | $ | 3.20 | |||
Discontinued operations | — | 0.23 | — | 1.56 | |||||||
Total diluted earnings per common share | $ | 0.12 | $ | 0.69 | $ | 2.10 | $ | 4.76 | |||
Operational highlights for the oil and natural gas segment during the three and nine months ended September 30, 2026 and 2025 include:
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | ||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||
Average oil price ($/Bbl) | $ | 74.00 | $ | 64.77 | 14 | % | $ | 73.64 | $ | 65.70 | 12 | % | |||||
Average oil price excluding derivatives ($/Bbl) | $ | 85.19 | $ | 63.72 | 34 | % | $ | 82.99 | $ | 65.34 | 27 | % | |||||
Average NGLs price ($/Bbl) | $ | 24.25 | $ | 16.75 | 45 | % | $ | 21.99 | $ | 19.57 | 12 | % | |||||
Average NGLs price excluding derivatives ($/Bbl) | $ | 24.25 | $ | 16.75 | 45 | % | $ | 21.99 | $ | 19.57 | 12 | % | |||||
Average natural gas price ($/Mcf) | $ | 2.56 | $ | 2.97 | (14 | )% | $ | 2.66 | $ | 3.01 | (12 | )% | |||||
Average natural gas price excluding derivatives ($/Mcf) | $ | 1.99 | $ | 2.04 | (2 | )% | $ | 2.38 | $ | 2.48 | (4 | )% | |||||
Oil production (MBbls) | 173 | 203 | (15 | )% | 578 | 594 | (3 | )% | |||||||||
NGL production (MBbls) | 235 | 254 | (7 | )% | 705 | 766 | (8 | )% | |||||||||
Natural gas production (MMcf) | 2,913 | 3,060 | (5 | )% | 8,924 | 9,425 | (5 | )% | |||||||||
Total production (MBOE) | 894 | 967 | (8 | )% | 2,770 | 2,931 | (5 | )% | |||||||||
On June 24, 2026, Unit Petroleum Company completed the previously announced sale of certain leasehold acreage in Caddo and Blaine counties, Oklahoma for cash proceeds of approximately $17.2 million.
Derivatives
The following non-designated commodity hedges were outstanding as of September 30, 2026:
Remaining Term | Commodity | Contracted Volume | Weighted Average Fixed Price for Swaps | Contracted Market | ||||
Oct'26 | Natural gas - swap Floating to fixed | 5,000 MMBtu/day | $4.22 | IF - NYMEX (HH) | ||||
Oct'26 - Dec'26 | Natural gas - swap Floating to fixed | 5,000 MMBtu/day | $4.22 | IF - NYMEX (HH) | ||||
Oct'26 - Dec'26 | Natural gas - swap Floating to fixed | 5,000 MMBtu/day | $4.02 | IF - NYMEX (HH) | ||||
Oct'26 - Dec'26 | Crude Oil - swap Floating to fixed | 12,000 Bbls/month | $65.85 | WTI - NYMEX | ||||
Oct'26 - Dec'26 | Crude Oil - swap Floating to fixed | 5,000 Bbls/month | $64.40 | WTI - NYMEX | ||||
Oct'26 - Dec'26 | Crude Oil - swap Floating to fixed | 7,000 Bbls/month | $69.10 | WTI - NYMEX | ||||
Oct'26 - Dec'26 | Crude Oil - swap Floating to fixed | 8,000 Bbls/month | $70.50 | WTI - NYMEX | ||||
Oct'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 September 30, 2026, based on our third quarter 2026 average daily production, the approximate percentages of our production under swaps are as follows:
2026 | 2027 | ||||
Daily oil production | 64% | 47% | |||
Daily natural gas production | 37% | 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 | ||||
2026 | |||||||||||
First quarter | Quarterly | $ | 1.25 | $ | 12,370 | March 17, 2026 | March 27, 2026 | ||||
Second quarter | Quarterly | $ | 1.25 | $ | 12,393 | June 16, 2026 | June 26, 2026 | ||||
Third quarter | Quarterly | $ | 1.25 | $ | 12,364 | September 15, 2026 | September 25, 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.
Common Stock Repurchases
During the nine months ended September 30, 2026, we repurchased 41,405 shares under the repurchase program at an average share price of $31.21 (unadjusted for dividends paid) for an aggregate purchase price of $1.3 million.
As of September 30, 2026, we had repurchased a total of 2,615,651 shares of common stock since emergence from bankruptcy at an average share price of $32.14 (unadjusted for dividends paid) for an aggregate purchase cost of $84.1 million.
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.
Unit Corporation | |||||||||||||||
Selected Financial Highlights | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||
(In thousands except per share amounts) | |||||||||||||||
Revenues: | |||||||||||||||
Total revenues | $ | 26,359 | $ | 23,550 | $ | 85,080 | $ | 77,559 | |||||||
Expenses: | |||||||||||||||
Operating costs | 11,962 | 11,054 | 33,611 | 31,568 | |||||||||||
Depreciation, depletion, and amortization | 2,076 | 2,493 | 6,727 | 7,151 | |||||||||||
General and administrative | 3,575 | 6,044 | 11,400 | 15,802 | |||||||||||
(Gain) loss on disposition of assets | (6 | ) | (33 | ) | (6 | ) | (33 | ) | |||||||
Total operating expenses | 17,607 | 19,558 | 51,641 | 54,540 | |||||||||||
Income from operations | 8,752 | 3,992 | 33,439 | 23,019 | |||||||||||
Other income (expense): | |||||||||||||||
Interest income | 1,735 | 682 | 4,911 | 1,819 | |||||||||||
Interest expense | (8 | ) | (8 | ) | (25 | ) | (25 | ) | |||||||
Gain (loss) on derivatives, net | (7,171 | ) | 1,654 | (10,671 | ) | 8,183 | |||||||||
Other, net | 55 | 65 | 104 | 157 | |||||||||||
Total other income (expense) | (5,389 | ) | 2,393 | (5,681 | ) | 10,134 | |||||||||
Income from continuing operations before income taxes | 3,363 | 6,385 | 27,758 | 33,153 | |||||||||||
Income tax expense, net | |||||||||||||||
Current | 78 | 168 | 56 | 341 | |||||||||||
Deferred | 2,064 | 1,608 | 6,640 | 1,255 | |||||||||||
Total income tax expense, net | 2,142 | 1,776 | 6,696 | 1,596 | |||||||||||
Income from continuing operations | 1,221 | 4,609 | 21,062 | 31,557 | |||||||||||
Income from discontinued operations, net of tax | — | 2,292 | — | 15,382 | |||||||||||
Net income | $ | 1,221 | $ | 6,901 | $ | 21,062 | $ | 46,939 | |||||||
Basic net income per common share | |||||||||||||||
Continuing operations | $ | 0.12 | $ | 0.47 | $ | 2.12 | $ | 3.22 | |||||||
Discontinued operations | — | 0.23 | — | 1.57 | |||||||||||
Total basic earnings per common share | $ | 0.12 | $ | 0.70 | $ | 2.12 | $ | 4.79 | |||||||
Unit Corporation | |||||
Selected Financial Highlights – Continued | |||||
September 30, | December 31, | ||||
2026 | 2025 | ||||
(In thousands) | |||||
Balance Sheet Data: | |||||
Cash and cash equivalents | $ | 188,146 | $ | 181,713 | |
Current assets | $ | 203,484 | $ | 200,470 | |
Total assets | $ | 312,607 | $ | 330,742 | |
Current liabilities | $ | 26,649 | $ | 28,416 | |
Long-term debt | $ | — | $ | — | |
Other long-term liabilities | $ | 19,626 | $ | 21,212 | |
Total shareholders' equity | $ | 263,484 | $ | 281,074 | |
View source version on businesswire.com: https://www.businesswire.com/news/home/20261105921248/en/
Rene Punch
Investor Relations
(918) 493-7700
www.unitcorp.com
Source: Unit Corporation
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