Unit Corporation’s $50 million sale of some of its assets located in the Texas Panhandle was completed this week.
The Tulsa Company said the December 13th completion involved what it described as “certain non-ccore oil and gas” assets and the sale was subject to the customary post-closing adjustments.
The Divested Assets consist of approximately 51,000 net acres in the Texas Panhandle held by the Company’s wholly owned subsidiary, Unit Petroleum Company (UPC). UPC is retaining its core Granite Wash properties located in Roberts and Hemphill Counties, Texas.
Phil Frohlich, the Company’s Chief Executive Officer, stated, “This transaction is a great example of our strategy to prune our non-core assets and return value to our shareholders.”
Unit intends to use the proceeds to fund its previously announced conditional special cash dividend of $5 per share of common stock. The dividend will be paid December 27, 2023 to shareholders of record as of the close of business on December 18, 2023.
Source: press release