In This Article:
TULSA, Okla., May 09, 2024--(BUSINESS WIRE)--On May 9, 2024, Unit Corporation (OTCQX: UNTC) (Company) filed unaudited condensed consolidated financial statements for the three months ended March 31, 2024 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/.
First Quarter Results
Net income for the three months ended March 31, 2024 was $16.1 million, or $1.61 per diluted share, compared to $134.7 million, or $13.75 per diluted share, for the three months ended March 31, 2023. Total revenues for the three months ended March 31, 2024 were $67.2 million, compared to $93.9 million for the three months ended March 31, 2023.
"After completing the previously announced sale of certain non-core oil and gas assets in the Texas Panhandle, we are pleased to be focused on developing and optimizing production in our core properties," said Phil Frohlich, Chief Executive Officer. "In addition, we continue to work diligently towards a cost structure that remains appropriate for our core assets while ensuring that we have the resources available to maximize value."
Operational highlights for the oil and natural gas and contract drilling segments during the three months ended March 31, 2024 and 2023 include:
|
| Three Months Ended March 31, |
|
| ||
|
| 2024 |
| 2023 |
| % Change |
| Oil and Natural Gas: |
|
|
|
|
|
| Avg. oil price ($/Bbl) | $75.28 |
| $65.96 |
| 14% |
| Avg. oil price excl. derivatives ($/Bbl) | $75.28 |
| $73.94 |
| 2% |
| Avg. NGLs price ($/Bbl) | $20.74 |
| $21.37 |
| (3)% |
| Avg. NGLs price excl. derivatives ($/Bbl) | $20.74 |
| $21.37 |
| (3)% |
| Avg. natural gas price ($/Mcf) | $1.79 |
| $4.04 |
| (56)% |
| Avg. natural gas price excl. derivatives ($/Mcf) | $1.79 |
| $3.11 |
| (42)% |
| Oil production (MBbls) | 187 |
| 300 |
| (38)% |
| NGL production (MBbls) | 298 |
| 419 |
| (29)% |
| Natural gas production (MMcf) | 3,501 |
| 5,369 |
| (35)% |
| Total production (MBOE) | 1,069 |
| 1,614 |
| (34)% |
|
|
|
|
|
|
|
| Contract Drilling: |
|
|
|
|
|
| BOSS rigs available (end of the period) | 14 |
| 14 |
| —% |
| Average BOSS rigs in use | 13.7 |
| 13.8 |
| (1)% |
| BOSS rigs average dayrate ($/day) | $30,891 |
| $30,845 |
| —% |
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 | ||
| 2023 |
|
| (In thousands) |
|
| ||
| First quarter | Special | $ | 10.00 | $ | 96,179 | January 20, 2023 | January 31, 2023 |
| 2024 |
|
|
|
|
| ||
| First quarter | Quarterly | $ | 1.25 | $ | 12,269 | March 18, 2024 | March 28, 2024 |
The declaration and payment of any future dividend, whether fixed, special, or variable, will remain at the full discretion of the Company’s Board of Directors and will depend upon the Company’s financial position, results of operations, cash flows, capital requirements, business conditions, future expectations, the requirements of applicable law, and other factors that the Company’s Board of Directors finds relevant at the time of considering any potential dividend declaration. Future dividends are expected to be funded by cash on the Company's balance sheet.