Please refer to the Moody's Investors Service Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com. The principal methodology used in these ratings was Independent Exploration and Production Industry published in May 2017 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1056808.
Unit Corporation (NYSE- UNT) ("the Company") today announced that it has filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the "Court") to effectuate a pre-negotiated Chapter 11 plan of reorganization (the "Plan") that will reduce the Company’s funded debt obligations by more than $650 million and right-size the Company’s balance sheet for go-forward operations. The Company expects to continue to operate in the ordinary course throughout the Chapter 11 process without material disruption to its vendors, customers, or partners. Importantly, the Company’s 50%-owned midstream affiliate, Superior Pipeline Company, L.L.C. and its subsidiaries ("Superior"), is not a debtor...
TULSA, Okla.--(BUSINESS WIRE)--Unit Corporation (the “Company” or “Unit”) elected to terminate its offer to exchange (the “Exchange Offer”) any and all of its outstanding 6.625% Senior Subordinated Notes due 2021 (CUSIP No. 909218AB5 / ISIN US909218AB56) (the “Old Notes”) and solicitation of consents from holders of the Old Notes (the “Consent Solicitation”) upon the terms and conditions set forth in the prospectus relating to the Exchange Offer and Consent Solicitation (the “Prospectus”) inclu
TULSA, Okla.--(BUSINESS WIRE)--Unit Corporation (NYSE: UNT) today reported its financial and operational results for the fourth quarter and year-end 2019. Operational highlights for 2019 include: Oil and natural gas segment: Segment oil production increased 12% year-over-year. Initiated development drilling program of Red Fork horizontal oil play with outstanding results. Cost cuts identified during the fourth quarter of 2019 expected to reduce lease operating expense by 10% during 2020. Comple
TULSA, Okla.--(BUSINESS WIRE)--Unit Corporation (NYSE: UNT) today announced that as part of the company’s succession planning process initiated in 2017, David T. Merrill was elected to succeed Larry D. Pinkston as the company’s Chief Executive Officer and President, effective April 1, 2020. Mr. Pinkston announced his retirement from his CEO and President roles effective March 31, 2020, although he will remain on Unit’s Board of Directors. Mr. Merrill joined the company in August 2003 and served