Unit Corporation Reports Third Quarter Results

Core Viewpoint - Unit Corporation reported its third quarter results for 2025, highlighting a significant transaction involving the sale of its contract drilling subsidiary, Unit Drilling Company, for $120 million, which will affect future operations and financial results [2][14]. Financial Performance - Total revenues for the three months ended September 30, 2025, were $23,550 thousand, an increase from $21,277 thousand in the same period of 2024, representing an 11% growth [4][11]. - Net income from continuing operations for the third quarter of 2025 was $4,609 thousand, compared to $3,123 thousand in 2024, marking a 47% increase [4][11]. - The net income from discontinued operations was $2,292 thousand for the third quarter of 2025, down from $5,826 thousand in 2024 [4][11]. - Total net income for the third quarter of 2025 was $6,901 thousand, compared to $8,949 thousand in the same quarter of 2024 [4][11]. Operational Highlights - Average oil price for the third quarter of 2025 was $64.77 per barrel, a decrease of 13% from $74.18 per barrel in 2024 [5]. - Average natural gas price increased significantly to $2.97 per Mcf, up 109% from $1.42 per Mcf in the same period of 2024 [5]. - Oil production for the third quarter of 2025 was 203 MBbls, a 27% increase from 160 MBbls in 2024 [5]. Transaction Details - The sale of Unit Drilling Company to Cactus Drilling Company was finalized on October 1, 2025, and the proceeds will be allocated for future uses as determined by the Board [2][3]. - The transaction is expected to have tax attributes that will offset gains from the sale [3]. Dividend Information - The company declared a quarterly cash dividend of $1.25 per share for the third quarter of 2025, to be paid on September 26, 2025 [16].