- Unit Corporation (UNTC, Financial) reported a net income of $17.9 million for Q1 2025, up from $16.1 million in Q1 2024.
- Total revenues decreased to $63.5 million for Q1 2025 from $67.2 million in the same period last year.
- The company maintained a quarterly dividend of $1.25 per share, consistent with the previous year.
On May 8, 2025, Unit Corporation (OTCQX: UNTC) reported its unaudited financial results for the first quarter ending March 31, 2025. The company achieved a net income of $17.9 million, or $1.80 per diluted share, marking an increase from $16.1 million, or $1.61 per diluted share, in the same quarter of 2024.
Total revenues for Q1 2025 were $63.5 million, representing a decrease from the $67.2 million recorded in the first quarter of 2024. Despite the revenue drop, CEO Phil Frohlich emphasized that the company remains well-positioned due to successful drilling activities and stabilized cash flows facilitated by recent natural gas hedges.
In its oil and natural gas segment, the company noted a decline in average oil prices to $69.90 per barrel, a 7% decrease from the previous year, while natural gas prices saw a significant rise to $2.94 per Mcf, up 64%. Production figures showed a minor increase in oil production, reaching 190 MBbls, while natural gas production fell by 12% to 3,089 MMcf.
Unit Corporation's contract drilling operations saw a slight decrease in average rigs in use, down 7% to 12.7 rigs, with an average dayrate of $29,355 per day, a 5% drop compared to the previous year. The company ended the period with 14 rigs available, consistent with the previous year.
For the first quarter of 2025, Unit Corporation maintained a quarterly dividend of $1.25 per share, amounting to a total payout of $12.3 million, with the record date on March 18, 2025, and payment made on March 28, 2025. Future dividend considerations will depend on the company's financial position and business conditions.
The company's balance sheet reflected a robust position with cash and cash equivalents totaling $49.7 million as of March 31, 2025, with no long-term debt reported. Total shareholders' equity increased to $237 million compared to $232.5 million at the end of 2024.
More detailed financial statements and reports can be accessed through the OTC Markets website and Unit Corporation's investor relations page.
