Company Announcements

TULSA, Okla.--(BUSINESS WIRE)--May 7, 2026-- Unit Corporation (OTCQX: UNTC) (Company) filed consolidated financial statements for the three months ended March 31, 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/.

On April 27, 2026, the Company entered into a purchase and sale agreement to sell certain oil and gas leasehold interests, consisting of deep rights in the Woodford and Mississippian formations underlying acreage located in Caddo and Blaine Counties, Oklahoma, for an aggregate purchase price of approximately $18.7 million, subject to customary purchase price adjustments. The transaction is expected to close within 60 days of execution, subject to customary closing conditions.

Phil Frohlich, Chief Executive Officer, commented, “this divestiture of deeper rights in the Woodford and Mississippian formations reflects our ongoing effort to streamline the portfolio and focus on areas where we see the strongest returns. By monetizing these non-core undeveloped interests, we’re sharpening our operational focus. We’re particularly encouraged by the opportunities emerging in the Cherokee Shale and Red Fork formations, where we continue to see meaningful development potential.”

First Quarter Results

The Selected Financial Highlights should be read in conjunction with the Company’s unaudited condensed consolidated financial statements and the notes thereto.

Operational highlights for the oil and natural gas segment during the three months ended March 31, 2026 and 2025 include:

Derivatives

The following non-designated commodity hedges were outstanding as of March 31, 2026:

As of March 31, 2026, based on our first quarter 2026 average daily production, the approximated percentages of our production under swaps are as follows:

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.

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.

In conjunction with this release, the Company has posted a supplemental investor presentation on the Investor Relations section of its website at https://unitcorp.com/investor-relations/#presentations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507669441/en/

Rene Punch
Investor Relations
(918) 493-7700
www.unitcorp.com

Source: Unit Corporation