Unit Corp. Sells Drilling Unit To Cactus For $120M


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Unit Corp announced Wednesday (10/1) that it has 
finalized the sale of its contract drilling subsidiary, Unit Drilling Company, 
to Cactus Drilling Company, in an all-cash transaction valued at $120 million.

   The divestiture represents a decisive strategic pivot for Tulsa-based Unit, 
which will focus hereon on upstream oil and gas operations through Unit 
Petroleum Company, another subsidiary.

   "Divesting our contract drilling business allows us to sharpen our strategic 
focus on our upstream operations, where we see significant opportunities to 
create long-term value," CEO Phil Frohlich said.

   The transaction was approved by Unit's board, which will also decide on the 
allocation of proceeds from the sale.

    




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