As Unit Corporation attempts to increase revenues following the sale of its drilling subsidiary in late 2025, the Tulsa-based company revealed in this week’s first quarter earnings statement it had divested nearly $19 million in Oklahoma’s Anadarko Basin. It also suffered a 74% drop in net income from a year ago.
“On April 27, 2026, the Company entered into a purchase and sale agreement to sell certain oil and gas leasehold interests, consisting of deep rights in the Woodford and Mississippian formations underlying acreage located in Caddo and Blaine Counties, Oklahoma, for an aggregate purchase price of approximately $18.7 million, subject to customary purchase price adjustments. The transaction is expected to close within 60 days of execution, subject to customary closing conditions,” stated Unit in announcing its quarterly financial statement.
The announcement did not disclose the purchaser or purchasers of the land that is part of the STACK and SCOOP plays in the basin.
“This divestiture of deeper rights in the Woodford and Mississippian formations reflects our ongoing effort to streamline the portfolio and focus on areas where we see the strongest returns, said Phil Frohlich, Chief Executive Officer.
“By monetizing these non-core undeveloped interests, we’re sharpening our operational focus. We’re particularly encouraged by the opportunities emerging in the Cherokee Shale and Red Fork formations, where we continue to see meaningful development potential.”
The Company’s current, quarterly and annual reports may be accessed on the OTC’s website at https://www.otcmarkets.com/stock/UNTC/disclosure, as well as the Company’s website at https://unitcorp.com/investor-relations/otc-sec-filings/.
Details of its drop
The financial report showed Unit’s first quarter revenue was $29.07 million which was a 2.4% gain from the $28.39 million recorded in the first quarter of 2025.
Net income for the quarter fell 74% from a year ago and was $4.66 million or 47 cents a share, considered a significant decline from the $17.94 million and $1.81 reported in the first quarter of 2025.