Unit Corporation reported it had improved first quarter income of $17.9 million or $1.80 per share.
It was improved over the $16.1 million or $1.61 per share reported a year ago.
Total revenues for the Tulsa-based company were $63.5 million during the quarter, down slightly from the $67.2 million reported for the three months ended March 31, 2024.
The earnings report was encouraging to Unit’s Chief Executive Officer, Phil Frohlich.
“While the current environment contains its share of economic uncertainties and challenges, I’m encouraged by our current drilling activities and the results from recently completed wells. Additionally, our recent natural gas hedges are helping to stabilize cash flows amid price fluctuations. With a solid balance sheet and strong operational performance, we remain well-positioned to execute our long-term strategy of delivering value to our shareholders.”
In a filing with the Securities and Exchange Commission, the company reported its 14 BOSS drilling rigs were kept busy with drilling projects.
“During the first quarter of 2025, 13 of our 14 BOSS rigs were contracted and operating with only minor periods of downtime. Subsequent to March 31, 2025, however, one additional rig was stacked due to current market conditions. We are actively seeking new contract opportunities for our stacked rigs, as well as continuing to manage the upcoming renewals for our operational fleet.”