UNIT Business Summary

Unit Corp (UNTC) is a Tulsa-based energy company that primarily generates revenue through the exploration, development, and production of oil, natural gas, and natural gas liquids (NGLs). Following the strategic $120 million sale of its contract drilling subsidiary to Cactus Drilling Company in late 2025, the company has transitioned into a leaner exploration and production (E&P) pure play, focusing its asset base on the Mid-Continent and Permian Basin regions. Revenue is driven by commodity sales into spot and hedged markets, with a disciplined capital allocation strategy that prioritizes high-yield dividends and opportunistic share repurchases. In the current market, Unit Corp competes directly with small-to-mid-cap independent producers such as SandRidge Energy, US Energy Corp, and Barnwell Industries, positioning itself as a value-oriented operator with a debt-free balance sheet and significant cash reserves. The company is led by Chief Executive Officer Phil Frohlich, who is also the founder and Managing Partner of Prescott Capital Management, Unit Corp’s largest shareholder. The executive team includes Chief Financial Officer Thomas Sell, who brings extensive financial leadership experience from SemGroup Corporation and Williams Companies, and Senior Vice President of Business Development Karl Bode. The board is chaired by Philip Smith, the company’s former CEO and co-founder of Prize Energy Corp, providing deep industry continuity. Notable board members include Alan Carr, CEO of Drivetrain LLC and a specialist in complex financial restructurings, and Andrei Verona of Saye Capital Management. This leadership group, largely installed following the company’s 2020 restructuring, emphasizes a creditor-aligned governance model focused on maximizing shareholder returns through rigorous operational efficiency.