Unit Corporation Voluntarily Files Chapter 11 Cases to Restructure Balance Sheet

May 23, 2020

Unit Corporation (NYSE- UNT) (“the Company”) today announced that it has filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the “Court”) to effectuate a pre-negotiated Chapter 11 plan of reorganization (the “Plan”) that will reduce the Company’s funded debt obligations by more than $650 million and right-size the Company’s balance sheet for go-forward operations. The Company expects to continue to operate in the ordinary course throughout the Chapter 11 process without material disruption to its vendors, customers, or partners. Importantly, the Company’s 50%-owned midstream affiliate, Superior Pipeline Company, L.L.C. and its subsidiaries (“Superior”), is not a debtor in the Chapter 11 cases and is unaffected by the Company’s Chapter 11 filing. Additionally, the Company does not anticipate that payments to vendors and suppliers of its subsidiary Unit Drilling Company will be impacted.

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