Unit to divest $18.7 million in Woodford, Mississippian leasehold interests

Unit Corp., Tulsa, Okla., will divest certain oil and gas leasehold interests in the Woodford and Mississippian formations in a deal aimed at “sharpening [Unit Corp.’s] operational focus,” the company said as part of its first-quarter earnings release May 7.

The company has agreed to sell certain interests, consisting of deep rights in the Woodford and Mississippian formations underlying acreage in Caddo and Blaine Counties, Okla., for an about $18.7 million. The deal, with an undisclosed buyer, is expected to close before this year’s third quarter, subject to closing conditions.

The sale of deeper rights in the Woodford and Mississippian formations reflects Unit Corp.’s “ongoing effort to streamline the portfolio and focus on areas where we see the strongest returns,” said Phil Frohlich, chief executive officer.

“By monetizing these non-core undeveloped interests, we’re sharpening our operational focus. We’re particularly encouraged by the opportunities emerging in the Cherokee Shale and Red Fork formations, where we continue to see meaningful development potential.”

Unit holds about 18,000 net acres that are prospective for Cherokee shale development in the Anadarko basin of western Oklahoma. In a March 2026 investor presentation, the company said the oil-rich zone has shown 'attractive' initial flow rates on new wells. The company participated in 44 gross, 2.1 net Cherokee shale wells drilled to date with potential for additional development.

In this year’s first quarter, companywide production was 935,000 boe/d, down 1% from the same quarter in 2025.