Unit Corporation (NYSE:UNT) Files An 8-K Results of Operations and Financial Condition

Unit Corporation (NYSE:UNT) Files An 8-K Results of Operations and Financial Condition

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Item 2.02 Results of Operations and Financial Condition.

On February 23, 2017, the Company issued a press release announcing
its financial results for the three and twelve month periods ending
December 31, 2016. The Company is making reference to non-GAAP
financial measures in the press release. A reconciliation of these
non-GAAP financial measures to the comparable GAAP financial
measures is contained in the attached press release.
A copy of that release is furnished with this filing as Exhibit
99.1.
The information included in this report and in exhibit 99.1 shall
not be deemed “filed” for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the Exchange Act), or
incorporated by reference in any filing under the Securities Act of
1933, as amended, or the Exchange Act, except as expressly set
forth by specific reference in the filing.
The press release furnished as an exhibit to this report contains
forward-looking statements within the meaning of the Securities Act
of 1933 and the Securities Exchange Act of 1934. Those
forward-looking statements are subject to certain risks and
uncertainties, as disclosed by the Company from time to time in its
filings with the Securities and Exchange Commission. As a result of
these risks, the Company’s actual results may differ materially
from those indicated or implied by the forward-looking statements.
Except as required by law, we disclaim any obligation to publicly
update or revise forward looking statements after the date of this
report to conform them to actual results.
Section 5 – Corporate Governance and Management
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On February 21, 2017, Mr. Brad Guidry, Executive Vice President of
Unit Petroleum Company (Unit Petroleum), a wholly-owned subsidiary
of the company, announced his plan to retire, effective March 31,
2017. The company expects that Mr. Frank Young, age 47, will,
effective as of Mr. Guidrys retirement, succeed Mr. Guidry as
Executive Vice President of Unit Petroleum. Mr. Young joined Unit
Petroleum in June 2007 as Vice President over the Central Division.
Since 2012, Mr. Young has served as the Senior Vice President,
Operations for Unit Petroleum. Before joining Unit Petroleum, Mr.
Young worked for Anadarko Petroleum for 16 years where he served in
various operating and leadership capacities. Mr. Young holds a
Bachelor of Science degree in Petroleum Engineering from Texas Tech
University and a Master of Business Administration degree from
Texas AM University.
There have been no transactions with the company, and there are
currently no proposed transactions with the company, in which the
amount involved exceeds $120,000 and in which Mr. Young had or will
have a direct or indirect material interest within the meaning of
Item 404(a) of Regulation S-K. No arrangement or understanding
exists between Mr. Young and any other person under which Mr. Young
was appointed an executive officer.
Section 9 – Financial Statements and Exhibits.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1
Press release dated February 23, 2017


About Unit Corporation (NYSE:UNT)

Unit Corporation is an oil and natural gas contract drilling company. The Company has operations in the exploration and production and mid-stream areas. The Company operates through three segments: Oil and Natural Gas, Contract Drilling and Mid-Stream. It is primarily engaged in the exploration, development, acquisition, and production of oil and natural gas properties, the land contract drilling of natural gas and oil wells, and the buying, selling, gathering, processing and treating of natural gas. Its Oil and Natural Gas operations are carried out by its subsidiary Unit Petroleum Company. The Oil and Natural Gas segment explores, develops, acquires, and produces oil and natural gas properties. Contract Drilling operations are carried out by subsidiary Unit Drilling Company. It drills onshore oil and natural gas wells for its own account, as well as for other oil and natural gas companies. Its Mid-Stream operations are carried out by subsidiary Superior Pipeline Company, L.L.C.

Unit Corporation (NYSE:UNT) Recent Trading Information

Unit Corporation (NYSE:UNT) closed its last trading session up +1.53 at 26.91 with 671,357 shares trading hands.

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