The board of directors of Tulsa’s Unit Corporation recently declared a quarterly cash dividend of $2.50 per share.
It will be paid on December 27 to shareholders of record as of the close of business on December 18, 2023. A special cash dividend of $15 per share of common stock wll also be paid the same date to shareholders of record also on December 18.
A conditional special cash dividend of $5 a share will be paid on the same respective dates.
Unit explained the conditional dividend will only become payable if the company closes its previously disclosed sale of certain of its oil and gas properties located in the Texas Panhandle on or before the record date. If the sale does not close on or before the record date, the Conditional Dividend will not become payable, and the Company will have no obligation to pay such dividend.
“We are pleased that our capital discipline combined with our efforts to reduce the Company’s expenses have allowed us to return value to our shareholders through these dividends,” said Phil Frohlich, the Company’s Chief Executive Officer.
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.
Unit started the week’s trading with a monster gain on Monday. The value of shares soared $8.56 each for a gain of 15.22% to finish the day at $64.81.
Source: Unit press release