A new report from Tulsa’s Unit Corporation shows the company ended the fourth quarter with a dramatic drop in net income and experienced the same results for the full year.
Unit stated in its report that net income for the three months ended Dec. 31, 2024 was $10.7 million or $1.07 per share compared to $57.4 million and $5.79 per share at the end of 2023.
Total revenue for the three months ended December 31, 2024 was $59.9 million, compared to $74.6 million for the three months ended December 31, 2023.
For the twelve months ended December 31, 2024, net income was $47.2 million, or $4.75 per diluted share, compared to $248.9 million, or $25.32 per diluted share, for the twelve months ended December 31, 2023. Total revenue for the twelve months ended December 31, 2024 was $237.6 million, compared to $327.3 million for the twelve months ended December 31, 2023.
Prior year results reflect the impact of the December 13, 2023 sale of certain non-core wells and related leases in the Texas Panhandle for cash proceeds of $50.7 million, and a corresponding gain of $37.2 million which was recognized in the fourth quarter of 2023. Additionally, during 2023 the Company recognized a net change in its valuation allowance of $115.1 million which resulted in an income tax benefit of $45.5 million for the twelve months ended December 31, 2023.
Phil Frohlich, the Company’s Chief Executive Officer, commented, “We are pleased with our 2024 year-end results, reflecting our disciplined approach to capital allocation and operational efficiencies in a complex economic landscape. We remain committed to maximizing the value of our assets and returning value to our shareholders.”
The company announced on March 7, 2025 that a quarterly cash dividend of $1.25 per share had been declared for the first quarter of 2025, to be paid on March 28, 2025 to shareholders of record as of the close of business on March 18, 2025.