Net income and total revenues for Unit Corporation declined in the fourth quarter of 2023 but advanced for the entire year, according to an announcement by the Tulsa-based oil and gas company.
Net income for the quarter totaled $57.4 million or $5.79 per share, down from the $59.3 million and $6.07 a share a year ago. Total revenues for the fourth quarter came to $74.6 million, much lower than $102.3 million for the three months at the end of 2022.
Despite reducing the number of drilling rigs in operation from 18 in 2022 to 14 throughout 2023, Unit’s full year net income was $248.9 million or $25.32 per share, nearly $100 million more than the $148.4 million and $14.78 per share reported for all of the 2022 fiscal year. Total revenues for all of 2023 came to $327.3 million, but they were well below the $545.5 million for all of 2022.
“This was an important year for Unit as we paid a total of $37.50 per share in cash dividends during 2023, returning cash to shareholders that had been generated from our past operations as well as from divestitures of certain non-core assets,” stated Phil Frohlich, the Company’s Chief Executive Officer.
“Looking forward, we expect to continue to return value to shareholders through future quarterly cash dividends, as well as through additional future special cash dividends if deemed appropriate based on future results and circumstances.”
Just four months ago, Unit closed on the sale of certain non-core wells and related leases in the Texas Panhandle for cash proceeds of $50 million. Proceeds were used to fund a $5-a-share special dividend at the end of December 2023.