Unit Corporation announced that Philip B. Smith is stepping down as Chief Executive Officer of the Company effective March 31, 2023. The Board has appointed current Director, Phil Frohlich, as interim Chief Executive Officer, effective April 1, 2023, until the Board names a successor. Mr. Frohlich has been a member of the Board since September 3, 2020.

He is the founder and Managing Partner of Prescott Capital Management, the Company's largest shareholder.