Unit stock

Tulsa-based Unit Corp., which sought bankruptcy protection in late May, has completed restructuring with enhanced financial strength, CEO David T. Merrill said.

The Lower 48 explorer’s exit from Chapter 11 was approved by the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. 

“Our successful financial restructuring positions us to handle current challenges in the oil and gas industry and realize the potential of our company,” said Merrill. “We look forward to continuing to enhance our financial strength and using our strengths, teamwork and focus to improve our performance as a company.”

Unit primarily works in the Anadarko and Arkoma basins. At the end of 2017 it owned an estimated 150 million boe of reserves with an interest in more than...