TULSA - Unit Corporation (OTCQX: UNTC) (Company) filed unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2023 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 Results

Net income attributable to Unit Corporation for the three months ended September 30, 2023 was $28.8 million, or $2.94 per diluted share, compared to $55.8 million, or $5.60 per diluted share, for the three months ended September 30, 2022. Total revenues for the three months ended September 30, 2023 was $80.2 million, compared to $120.3 million for the three months ended September 30, 2022.

For the nine months ended September 30, 2023, net income attributable to Unit Corporation was $191.5 million, or $19.55 per diluted share, compared to $89.0 million, or $8.79 per diluted share, for the nine months ended September 30, 2022. Total revenues for the nine months ended September 30, 2023 was $252.7 million, compared to $443.2 million for the nine months ended September 30, 2022.

Phil Frohlich, the Company's Chief Executive Officer, commented, 'We continue to return value to our shareholders with a dividend paid during the quarter of $2.50 per share while also maintaining a strong cash position of $206.6 million. We believe our recently announced agreement to sell certain properties in the Texas Panhandle furthers our approach of streamlining our operations and maximizing the value of our assets.'

Operational highlights for the oil and natural gas and contract drilling segments during the three and nine months ended September 30, 2023 and 2022 include:

On August 10, 2023, the Company announced approval of a quarterly dividend of $2.50 per share for the fourth quarter of 2023. The record and payment date for the fourth quarter dividend will be determined at a later date.

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.

Oil and Natural Gas Divestiture

On October 24, 2023, the Company entered into an agreement to sell certain wells and related leases in the Texas Panhandle for a purchase price of $55.0 million, subject to customary closing and post-closing adjustments based on an effective date of October 1, 2023. The sale is expected to close during the fourth quarter of 2023.

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, future drilling rig utilization and dayrates, 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 agreements, the number of wells to be drilled by the Company's oil and natural gas segment, the potential productive capability of its prospective plays, and other factors described occasionally in the Company's publicly available OTC and SEC reports. The Company assumes no obligation to update publicly such forward-looking statements, whether because of new information, future events, or otherwise.

Contact:

Rene Punch

Tel: (918) 493-7700

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