Tulsa’s Unit Corporation announced that its board of directors has authorized repurchasing up to $25 million of its outstanding common stock.
The repurchases will be made through open market purchases, privately negotiated transactions, or other available means.
The Company also announced that its long-term debt as of June 30, 2021 was $35 million.
Philip B. Smith, the Company’s Chairman and Chief Executive Officer, commented, “The board’s approval of this stock repurchase program reflects the confidence we have in our company as well as our commitment to optimizing shareholder returns. Our improved operational performance and reduction in long-term debt provide an opportunity for the Company to return cash to shareholders in the form of stock buybacks and execute our growth strategy, including potential business acquisitions.”
Repurchases will be made from time to time at the company’s discretion depending on market conditions, share price and availability, and other factors. The company intends to fund repurchases from available liquidity.
