Unit Corporation announced its Board of Directors has declared a special cash dividend of $10.00 per share and has approved a quarterly cash dividend policy beginning in the Company’s second quarter.
The Tulsa-based company stated that the special dividend will be paid on January 31, 2023, to shareholders of record as of the close of business on January 20, 2023. The initial quarterly dividend will be $2.50 per share to be paid on a date in the Company’s second quarter that is yet to be determined.
The company, in its announcement, stated that subsequent quarterly dividends will be issued on a variable rate per share basis as determined by the Company. The special and quarterly cash dividends will be funded by cash on the Company’s balance sheet.
Philip B. Smith, the Company’s Chairman and Chief Executive Officer, commented, “We are pleased that our operating performance and capital position allowed us to return value to our shareholders through these dividends.”
The declaration and payment of any future dividend, whether fixed, special, or variable, will remain at the full discretion of the Company’s Board of Directors and will depend upon the Company’s financial position, results of operations, cash flows, capital requirements, business conditions, future expectations, the requirements of applicable law, and other factors that the Company’s Board of Directors finds relevant at the time of considering any potential dividend declaration.
Source: press release