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    Unit Corp (UNTC)

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    Unit Corporation (UNTC) is a United States-based energy company engaged in the exploration, production, and servicing of oil, natural gas, and natural gas liquids (NGLs). The company operates exclusively within the U.S., focusing on acquiring and developing energy properties, drilling oil and gas wells, and providing mid-stream services. Its operations are organized into distinct business segments that span the energy value chain.

    1. Oil and Natural Gas - Acquires, develops, and produces oil, natural gas, and NGL properties, with operations concentrated in Oklahoma and Texas, and additional activities in Arkansas, Kansas, Louisiana, Montana, North Dakota, Utah, and Wyoming.
    2. Contract Drilling - Provides land contract drilling services for oil and natural gas wells, serving third-party companies and its own operations, with activities primarily in Oklahoma, Texas, New Mexico, Wyoming, and North Dakota.
    3. Mid-Stream - Engages in buying, selling, gathering, transporting, processing, and treating natural gas and NGLs for third parties and its own account, with operations in Oklahoma, Texas, Kansas, Pennsylvania, and West Virginia.
    NamePositionExternal RolesShort Bio

    Andrew E. Harding

    ExecutiveBoard

    Vice President, Secretary, and General Counsel

    Member of the Petroleum Alliance of Oklahoma board of directors; Chairman of the Legal Committee

    Andrew E. Harding has served as Vice President, Secretary, and General Counsel at UNTC since October 27, 2020, following prior roles as Associate General Counsel (March 2005 to October 27, 2020) and Staff Attorney (August 2004 to March 2005).

    Phil Frohlich

    ExecutiveBoard

    Interim Chief Executive Officer

    Founder and Managing Partner, Prescott Capital Management

    Phil Frohlich has been serving as Interim Chief Executive Officer at UNTC since April 1, 2023 and as a Director since September 3, 2020. He is also the Founder and Managing Partner of Prescott Capital Management, demonstrating his extensive background in investment management and leadership.

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    Christopher K. Menefee

    Executive

    President of Unit Drilling Company

    Christopher K. Menefee is the President of Unit Drilling Company at UNTC, having joined the role on November 9, 2020. He has extensive leadership experience in the oil and gas industry with prior roles at Rowan Companies, Inc. and Independence Contract Drilling, Inc.

    Thomas D. Sell

    Executive

    Chief Financial Officer and Controller

    Thomas D. Sell serves as the Chief Financial Officer and Controller at Unit Corporation since June 23, 2021 and also holds the role of Chief Accounting Officer since December 31, 2020. Previously, he served as Interim Chief Financial Officer at UNTC and has built an extensive career in finance with roles at Deloitte & Touche, Williams Companies, Inc., and SemGroup Corporation.

    Alan J. Carr

    Board

    Director

    Director at Sears Holdings Corporation (since 2018); Director at NewLake Capital Partners (since 2019); Director at Enjoy Technology, Inc. (since 2022)

    Alan J. Carr has over 25 years of experience in distressed investing, financial restructuring, and turnaround management. He has served as a Director at UNTC since 2020, and previously held executive roles such as CEO and Managing Member at Drivetrain, LLC since September 2013.

    Andrei Verona

    Board

    Director

    Portfolio Manager at Saye Capital Management; Director at Iracore International

    Andrei Verona has served as a director at Unit Corporation (UNTC) since 2020, chairing the Strategic Transactions Committee and serving on the Audit and Compensation Committees. He brings extensive experience in investment management and corporate restructuring from roles including Portfolio Manager at Saye Capital Management, Vice President at Gleacher & Company, and positions at GSC Partners and PIMCO.

    Philip B. Smith

    Board

    Chairman of the Board

    Philip B. Smith has been the Chairman of Unit Corporation since September 8, 2020 and previously served as President & CEO from October 22, 2020 until stepping down effective March 31, 2023. He has extensive experience in the energy sector with prior leadership roles at Eagle Rock Energy LP, Prize Energy Corp, and Tide West Oil Company.

    Robert R. Anderson

    Board

    Director

    Executive at GBK Corporation

    Robert R. Anderson has served as a Director at Unit Corporation since 2020 (documents ). With a robust career in the energy industry spanning over three decades, he has held key roles such as an Executive at GBK Corporation (2010–Present) and co-founded Sapient Energy Corp (documents ).

    Steven B. Hildebrand

    Board

    Director

    Steven B. Hildebrand has been a Director at Unit Corporation since 2008 and serves as the Chair of the Audit Committee as well as a member of the Strategic Transactions Committee, providing key oversight on financial matters. He brings extensive experience from his previous executive roles, including serving as CFO at Dollar Thrifty Automotive Group and holding leadership positions at Thrifty Rent-A-Car System, enhancing his expertise in corporate governance.

    1. "The company reported a significant net loss of $206.9 million in the third quarter, primarily due to noncash derivatives and impairment charges. Could you provide more detail on these impairment charges and discuss your strategy to mitigate such losses in the future?"

    2. "With the reduction of your operated rigs and the adverse effect on your contract drilling fleet utilization , how do you plan to enhance utilization rates and profitability in the contract drilling segment amid current industry challenges?"

    3. "Given the decrease in your borrowing base to $275 million and the initiation of a debt exchange for your $650 million senior subordinated notes maturing in 2021 , how does this impact your liquidity position and what steps are you taking to strengthen your balance sheet?"

    4. "Despite a 28% increase in oil production from the Red Fork play , revenues remained relatively unchanged due to lower commodity prices. How are you adjusting your production strategy to address price volatility and ensure profitability?"

    5. "The midstream segment's revenues decreased by 10% primarily due to decreased condensate prices and gas liquids volume , despite significant capital investments including $41.4 million in 2019. How are you evaluating the return on these investments and what measures are being taken to optimize midstream performance?"

    CustomerRelationshipSegmentDetails

    CVR Energy, Inc.

    Purchaser of oil & natural gas

    Oil and Natural Gas

    10% of segment revenue in 2022

    Superior

    Purchaser of natural gas & provider of gathering services

    Oil and Natural Gas

    $67.1 million in purchases for 2022

    Diamondback E&P, LLC

    Land contract drilling services

    Contract Drilling

    19% of segment revenue in 2022

    Coterra Energy, Inc.

    Land contract drilling services

    Contract Drilling

    15% of segment revenue in 2022

    Citizen Energy III, LLC

    Land contract drilling services

    Contract Drilling

    14% of segment revenue in 2022

    Earthstone Operating, LLC

    Land contract drilling services

    Contract Drilling

    12% of segment revenue in 2022

    EOG Resources, Inc.

    Land contract drilling services

    Contract Drilling

    11% of segment revenue in 2022

    ONEOK, Inc.

    Mid-stream purchaser & processor

    Mid-Stream

    36% of segment revenue in 2022

    Southwest Energy, LP

    Mid-stream purchaser & processor

    Mid-Stream

    15% of segment revenue in 2022

    Symmetry Energy Solutions LLC

    Mid-stream purchaser & processor

    Mid-Stream

    14% of segment revenue in 2022

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Southern Kansas Energy Assets

    2021

    The acquisition includes a cryogenic processing plant, 1,620 miles of low-pressure gathering pipeline, and related compressor stations and meters, completed on November 1, 2021 for $13.0 million subject to customary closing and post‐closing adjustments.

    No recent press releases or 8-K filings found for UNTC.