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Sale of Texas Panhandle Assets by Unit Corporation Now Complete
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Unit Corporation (OTCQX: UNTC) has successfully completed the sale of some of its non-core oil and gas assets located in the Texas Panhandle. This sale, involving assets known as the "Divested Assets," resulted in the company receiving $50 million in cash at the time of closing. This amount may be adjusted later according to the terms of the sale agreement.
The proceeds from this sale are allocated to fund a special cash dividend of $5.00 per common stock share, which Unit Corporation plans to pay on December 27, 2023, to its shareholders who are recorded by December 18, 2023.
"This transaction is a great example of our strategy to prune our non-core assets and return value to our shareholders."
- Phil Frohlich, the Company’s Chief Executive Officer
The assets sold include about 51,000 net acres in the Texas Panhandle, owned by Unit Corporation’s subsidiary, Unit Petroleum Company (UPC). Notably, UPC is retaining its key Granite Wash properties in Roberts and Hemphill Counties, Texas, which are central to its business focus.
About Unit Corporation
Unit Corporation is a versatile energy company involved in several activities. It produces oil and natural gas, buys properties that already produce oil and gas, and provides drilling services for onshore oil and gas wells through its subsidiaries. The company provides a range of oil and gas services, making profits at different stages of production and sales. Unit Corporation is recognized for its robust financial position and consistent cash earnings, which help in paying back its shareholders and funding new projects.
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