An Introspective Sit-Down with Golf Legend David Feherty
Newsletter No. 44
Good morning,
In the newest edition of The Upside, discover a wide range of topics and the latest news in the oil and gas industry and at King Operating Corporation.
This Week's Headlines
Golf Legend David Feherty on The Jay Young Show
Ask Jay
Cop28 President Looks at Oil Industry Realities
Unit Corp. Completes $50M Sale of Non-Core Assets in Texas Panhandle
Golf Legend David Feherty on The Jay Young Show
I recently had the opportunity to sit down on my podcast, The Jay Young Show, with golf legend David Feherty. Watch the video episode as the discussion takes an introspective turn, revealing not only his triumphs on the golf course but also the pitfalls and challenges that Feherty faced throughout his career.
You can catch up on all of the podcast episodes on Apple or Spotify.
Ask Jay
In this week's 'Ask Jay," I was asked what drives oil and gas prices. Watch the video to gather some insight into that.
Cop28 President Looks at Oil Industry Realities
Cop28 President and Adnoc CEO, Sultan Al Jaber, defends the oil and gas industry's role in meeting global energy demands despite coordinating a climate deal to transition away from fossil fuels. Al Jaber asserts that responsible oil production is necessary to satisfy current demand while emphasizing Adnoc's commitment to low-carbon practices. Critics question the alignment of his dual roles and urge a faster transition from oil and gas, highlighting the challenges of navigating climate action within the oil industry. Check out the blog on the Biden administration's strategic decision to replenish oil reserves and the critical role of traditional energy sources in ensuring national security here.
Unit Corp. Completes $50M Sale of Non-Core Assets in Texas Panhandle
Energy company Unit Corporation has successfully closed a $50 million deal with an undisclosed third party, selling certain non-core oil and gas assets in the Texas Panhandle region. The transaction involved the transfer of approximately 51,000 net acres owned by Unit Corporation's subsidiary, UPC. Despite the sale, UPC will continue to operate its core Granite Wash properties in Texas. The proceeds from the sale will fund a conditional special cash dividend of $5 per share of common stock, scheduled for payment on December 27, 2023. Unit Corporation's CEO, Phil Frohlich, sees the transaction as part of the company's strategy to streamline operations and enhance shareholder value. The move follows Unit Corporation's recent financial results, reporting a net income of $28.8 million for the three months ending September 2023, compared to $55.8 million in the same period the previous year.
As always, if you'd like to talk to someone about King and are an accredited investor, you can fill out your information here or schedule a Zoom conversation with one of our SVPs here and someone will reach out.
Need a good stocking stuffer? You can get a signed copy of my book, "The Upside of Oil and Gas Investing." Just send your name and address to info@kingoperating.com. If it's a gift, be sure to include name of the person you are giving it to.
In the News
Interview with Tucson's KOLD 13 News Evening Anchor Brooke Wagner to discuss a plan to lower gas prices in Arizona.
Recommended Reads
Putin: Russia becoming ‘new global growth centre’ as West ‘rests on laurels’
USA Energy Groups Respond to COP28 Outcome
Biden Tells Federal Employees to Use EVs and Trains on Official Travel
Thank you for your continued support, and if you have any questions for myself or any member of the King team, please don't hesitate to reach out.
All the best,
Jay
