TULSA, Okla.--(BUSINESS WIRE)--Unit Corporation (OTCQX: UNTC) (Company) filed unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2024 with OTC Markets Group Inc. (OTC). The Company's current, quarterly, and annual reports may be accessed on the OTC's website at , as well as the Company's website at .

Third Quarter and Year to Date Results

Net income for the three months ended September 30, 2024 was $8.9 million, or $0.89 per diluted share, compared to $28.8 million, or $2.94 per diluted share, for the three months ended September 30, 2023. Total revenue for the three months ended September 30, 2024 was $53.7 million, compared to $80.2 million for the three months ended September 30, 2023.

For the nine months ended September 30, 2024, net income was $36.6 million, or $3.67 per diluted share, compared to $191.5 million, or $19.55 per diluted share, for the nine months ended September 30, 2023. Total revenue for the nine months ended September 30, 2024 was $177.7 million, compared to $252.7 million for the nine months ended September 30, 2023.

"Our current year results remain on track, with results reflecting a relatively stable contract drilling market, as well as the expected decline in production volumes due to the December 2023 sale of certain non-core oil and gas assets in the Texas Panhandle," said Phil Frohlich, Chief Executive Officer.

Operational highlights for the oil and natural gas and contract drilling segments during the three and nine months ended September 30, 2024 and 2023 include:

Common Stock Dividends

The table below presents information about the dividends paid during the periods indicated:

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.

The Company's preliminary 2024 Form 8937 (Report of Organizational Actions Affecting Basis of Securities) can be found on its website at .

About Unit Corporation

Unit Corporation is a Tulsa-based, publicly held energy company engaged through its wholly-owned subsidiaries in oil and gas production and contract drilling. For more information about Unit Corporation, visit its website at .

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 agreement, 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 reports. The Company assumes no obligation to update publicly such forward-looking statements, whether because of new information, future events, or otherwise.

Rene Punch
Investor Relations
(918) 493-7700