unitsmay2020presentation

Investor Presentation Addendum May 2020 Statements made and information included in the Cleansing Materials are made as of the date of such Cleansing Materials and not as of the date hereof. In the course of subsequent operations, our views on some of these materials may have changed. As such, the Company’s future public filings may contain information that updates or supersedes some of the information contained in the Cleansing Materials, however the Company is under no obligation to update such Cleansing Materials for the date hereof or any future date.

Forward Looking Statement The information contained herein may include proprietary, sensitive, and confidential information regarding Unit Corporation (together with its wholly-owned direct and indirect subsidiaries, the “Company”), which has not been publicly disclosed. This information is being provided to you in your capacity as a member of the ad hoc group of holders of the Company’s 6.625% senior subordinated notes due 2021, and is subject to the confidentiality agreement you have executed with the Company. Your receipt of this document evidences your understanding and consent that the information contained herein is not to be reproduced, disclosed to any other person, or used for any purpose other than in your capacity as set forth above or as otherwise may be agreed to in writing by the Company. The distribution of these materials or the divulgence of any of their contents to any person, other than the person to whom they were originally delivered and such person’s advisors, without the prior consent of the Company, is prohibited. You are advised that United States securities laws restrict any person who has material, non-public information about a company from purchasing or selling securities of such company (and options, warrants, and rights relating thereto) and from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities. You agree not to purchase or sell such securities in violation of any such laws. This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” or other similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this presentation specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including as to the Company’s drilling program, production, hedging activities, capital expenditure levels and other guidance included in this presentation. These statements are based on certain assumptions made by the Company based on management’s expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks relating to the Company’s ability to continue as a going concern, the Company’s substantial indebtedness, the Company’s ability to pay, refinance, restructure or amend its indebtedness or otherwise improve its capital structure and liquidity, the possible early maturity of the Company’s Senior Credit Agreement, the Company’s financial performance and results, current economic conditions and resulting capital restraints, prices and demand for oil and natural gas, availability of drilling equipment and personnel, availability of sufficient capital to execute the Company’s business plan, the Company’s ability to replace reserves and efficiently develop and exploit its current reserves and other important factors that could cause actual results to differ materially from those projected and other risks disclosed under “Risk Factors” in the Company’s most recent Form 10-K and Form 10-Q. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. This presentation may contain certain terms, such as locations and estimated ultimate recovery (“EUR”) and other similar terms that describe estimates of potential wells and potentially recoverable hydrocarbons that SEC rules prohibit from being included in filings with the SEC. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and may not constitute “reserves” within the meaning of SEC rules and, accordingly, are subject to substantially greater risk of being actually realized. These estimates are based on the Company’s existing models and internal estimates. Actual quantities that may be ultimately recovered from the Company’s interests will differ substantially. Factors affecting ultimate recovery include the scope of the Company’s ongoing drilling program, which will be directly affected by the availability of capital, drilling and production costs, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals and other factors; and actual drilling results, including geological and mechanical factors affecting recovery rates. Estimates of unproved reserves may change significantly as development of the Company’s core assets provide additional data. In addition, our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases. This presentation contains financial measures that have not been prepared in accordance with U.S. Generally Accepted Accounting Principles (“non-GAAP financial measures”) including EBITDA, adjusted EBITDA, and certain operating margins and debt ratios. The non-GAAP financial measures should not be considered a substitute for financial measures prepared in accordance with U.S. Generally Accepted Accounting Principles. NYSE: UNT

Long-Term Forecast Assumptions UPC • Blowdown Case: Assumes no additional locations developed for the remainder of the projection period • Assumes intercompany cost eliminations of 2.7% throughout the projection period • Projections assume the pricing assumptions1 below: 2020E 2021E 2022E 2023E 2024E Oil ($ / Bbl) $31.49 $34.40 $37.44 $39.92 $42.31 Strip Pricing as of Gas ($ / Mcf) 2.17 2.70 2.51 2.43 2.41 May 8, 2020 NGL ($ / Bbl) 11.02 12.04 13.10 13.97 14.81 UDC SPC • Assumes an average of 58 available rigs from 2020E-2024E, • SPC EBITDA and capital expenditures shown at 50% of value starting with 14 BOSS rigs reflecting Unit’s ownership • Assumes a 10 average rig utilization in 2020E-2024E • SPC free cash flow is not included in the consolidated free cash flow • Assumes average Daywork Revenue / Rig-day of $18.5m in 2020E-2024E • Assumes intercompany revenue eliminations of 26.1% and cost eliminations of 28.8% throughout the projection period • Assumes no intercompany revenue or cost eliminations 1. The oil and gas industry has experienced significant commodity price volatility. The pricing assumptions used herein are for illustrative purposes only and do not necessarily represent the views of the Company’s management or advisors NYSE: UNT 1

5 Year Consolidated Summary Projections – Blowdown Case ($ in millions) Production (MBoed) EBITDA % Liquids 47.6% 47.7% 47.7% 47.7% 47.6% $70 $75 32 $7 $14 $60 $23 $7 $52 $22 $7 $47 23 $17 $7 $19 19 $21 16 14 $50 $58 $49 $38 $31 ($16) ($14) ($14) ($14) ($14) 2020E 2021E 2022E 2023E 2024E 2020E 2021E 2022E 2023E 2024E Capital Expenditures Unlevered Free Cash Flow1 $75 Cumulative 5 Year $150 Cash Flow: $114mm $29 $36 $50 $2 $26 $25 $27 $6 $2 $75 $5 $23 $21 $21 $8 $16 $5 $2 $9 $5 $5 $5 $25 $47 $39 $2 $10 $32 $28 $7 $5 $5 $20 $-- $18 $-- ($14) $11 $11 $11 $11 ($16) ($14) ($14) ($14) ($25) ($75) 2020E 2021E 2022E 2023E 2024E 2020E 2021E 2022E 2023E 2024E UPC SPC UDC Corporate SG&A Cumulative FCF Note: Reflects pricing assumptions as of May 8, 2020 and figures net of eliminations 1. Does not include SPC cash flow 2

Cash Forecast Assumptions General - Forecast is based on the Company's "2020 Unit Corp Initial Budget_April Case No Rigs v7 " budget, adjusted for potential impacts of a Chapter 11 Filing - Cash flows reported on a disaggregated basis, by entity (excludes Superior Pipeline) - Assumes a creditors committee - Assumes a filing date of 5/14/2020. Post Petition period begins the week ended 5/22/2020 - Assumes ~3.5 month case with emergence week ending 8/28/2020, the case schedule may need to be extended - Assumes modification to severance obligations and KERP based on proposed settlement TWCF Updates - Actuals through 5/1/2020 - D&O tail of $3.6 million - KERP/KEIP of $0.9 million - Updated debt schedule - Severance fund of $7.5 million, post-emergence remaining severance of $5.7 million will be paid in 6 equal monthly installments commencing within one month of effective date - Employees severed in the RIF or in pay status may receive up to $13,650 priority cap under the employee wages motion - Remaining post emergence severance will be paid in 6 equal monthly installments commencing within one month of effective date - Aircraft receipts the week of 5/1/2020 - Updated pricing as of 5/5/2020. Also includes hedges. Operating Receipts and Disbursements - Cash receipts and operating disbursements are shown an a gross basis (as applicable; ex. UPC) and includes reimbursements from third parties and joint-venture partners - 30 day lag on Operated Oil & Gas receipts (cash received in March from February production) - 60 day lag on Non-Operated Oil and Gas Receipts, Working Interest and Royalty Payments and JIB Receivables - Superior receipts and disbursements excluded from 13-week; payroll costs, building rent, and management fee for overhead included within Other Receipts - UPC Field payroll is paid biweekly on two cycles; every other Wednesday and every other Friday - Unit non-field payroll pays out on the 15th and 31st with any paydays breaking over a weekend paying on Friday - Beginning cash balance is book balance rather than bank balance and is net of outstanding checks Debt DIP - DIP assumes interest rate of L+ 6.50% with LIBOR of 1.00% - Assumes Unused Fee of 1.00% and Commitment Fee of 2.25% - Assumes Agency Fee of $100,000 per month - Assumes DIP interest paid monthly RBL - RBL assume interest rates of 4.95% through the case and L+ 5.25% upon exit with LIBOR of 1.00% Term Loan - Term loan assumes interest rate of L+ 6.25% with LIBOR of 1.00% Note: Reflects pricing assumptions as of May 5, 2020 1. Includes prepetition draw under the RBL and postpetition under the DIP 3

13 Week Cash Forecast ($ in thousands) Cash Forecast as of 5/7/20 ($ in thousands) Actuals Actuals Actuals Pre-Filing Post-Filing Emergence 20 Week Total Forecast Week # 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 4/17/2020 Annual Week # 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 to Week Ended 4/17/2020 4/24/2020 5/1/2020 5/8/2020 5/15/2020 5/22/2020 5/29/2020 6/5/2020 6/12/2020 6/19/2020 6/26/2020 7/3/2020 7/10/2020 7/17/20 7/24/20 7/31/20 8/7/20 8/14/20 8/21/20 8/28/20 8/28/2020 Collections UPC Operating $ 1,240 $ 6,598 $ 5,683 $ 545 $ 545 $ 5,396 $ 5,353 $ 558 $ 563 $ 563 $ 9,864 $ 555 $ 545 $ 545 $ 5,244 $ 8,225 $ 474 $ 474 $ 6,581 $ 9,406 $ 68,954 UDC Operating 2,171 3,196 3,209 1,949 1,949 1,949 1,949 1,597 1,456 1,456 1,456 1,456 1,455 1,455 1,455 1,455 1,453 1,453 1,453 1,453 35,430 Other Cash 690 970 1,742 572 - 572 - 246 572 - 572 246 572 - 572 246 572 - 572 - 8,717 Total Collections $ 4,101 $ 10,764 $ 10,634 $ 3,066 $ 2,494 $ 7,917 $ 7,302 $ 2,401 $ 2,591 $ 2,019 $ 11,892 $ 2,257 $ 2,572 $ 2,000 $ 7,271 $ 9,926 $ 2,500 $ 1,928 $ 8,607 $ 10,859 $ 113,101 Operating Disbursements UPC Lease Operating Expenses $ 941 $ 1,107 $ 1,413 $ 1,752 $ 1,752 $ 1,752 $ 1,752 $ 1,885 $ 1,810 $ 1,810 $ 1,810 $ 1,875 $ 1,749 $ 1,749 $ 1,749 $ 1,749 $ 1,632 $ 1,540 $ 1,540 $ 1,540 $ 32,907 Property Tax - - - - - - - - - - - - - - - - - - - - - Capital Expenditures - - - 406 406 406 406 415 419 419 419 413 406 406 406 406 358 358 358 358 6,763 UDC Operating Expenses 223 370 411 765 341 765 341 919 789 399 789 507 748 358 748 358 888 363 753 770 11,605 Capital Expenditures - - - 154 154 154 154 158 159 159 159 157 154 154 154 154 154 154 154 154 2,642 Unit Corp Capital Expenditures - - - 9 9 9 9 10 10 10 10 10 9 9 9 9 9 9 9 9 161 G&A Payroll - Field 774 478 487 456 472 456 472 456 472 456 472 456 472 456 472 456 472 456 472 456 9,616 Payroll - Corporate 2,762 106 3,607 500 2,710 100 2,689 100 100 2,504 100 2,504 100 2,245 100 2,245 100 2,142 100 100 24,913 Non-payroll G&A 549 560 607 155 155 155 155 159 160 160 160 158 155 155 155 155 158 158 158 158 4,389 Total Operating Disbursements $ 5,248 $ 2,621 $ 6,526 $ 4,196 $ 6,000 $ 3,796 $ 5,978 $ 4,101 $ 3,919 $ 5,917 $ 3,919 $ 6,080 $ 3,793 $ 5,531 $ 3,793 $ 5,531 $ 3,773 $ 5,181 $ 3,546 $ 3,546 $ 92,997 Non-Operating Disbursements Interest $ - $ 134 $ - $ - $ 1,515 $ - $ - $ - $ - $ 867 $ - $ - $ - $ 857 $ - $ - $ - $ - $ - $ 4,974 $ 8,346 D&O Tail (primary/excess) - - - 3,557 - - - - - - - - - - - - - - - - 3,557 KEIP/KERP/Severance Fund - - - - 900 - - - - - - - - - - - - - - - 900 Utility Deposit - - - - - 233 - - - - - - - - - - - - - - 233 Hedge Disbursement/(Receipt) - - - - (266) - - - (258) - - - (245) - - - - (245) - - (1,014) Total Non-Operating Disbursements $ - $ 134 $ - $ 3,557 $ 2,149 $ 233 $ - $ - $ (258) $ 867 $ - $ - $ (245) $ 857 $ - $ - $ - $ (245) $ - $ 4,974 $ 12,022 Total Tested Disbursements $ 5,248 $ 2,755 $ 6,526 $ 7,753 $ 8,149 $ 4,029 $ 5,978 $ 4,101 $ 3,662 $ 6,784 $ 3,919 $ 6,080 $ 3,548 $ 6,388 $ 3,793 $ 5,531 $ 3,773 $ 4,936 $ 3,546 $ 8,520 $ 105,019 Non-Tested Disbursements Working Interest and Royalty Payments $ (2) $ 6,497 $ 366 $ - $ - $ - $ - $ 7,814 $ - $ - $ - $ 5,456 $ - $ - $ - $ - $ 2,957 $ - $ - $ - $ 23,089 Production & Ad Val Tax 2 367 361 103 103 103 103 106 107 107 107 105 103 103 103 103 123 123 123 123 2,580 Professional Fees 628 1,442 1,532 - 9,126 - - 300 - - - - 5,016 - - - - - - 10,416 28,460 Total Non-Tested Disbursements $ 628 $ 8,306 $ 2,259 $ 103 $ 9,229 $ 103 $ 103 $ 8,220 $ 107 $ 107 $ 107 $ 5,562 $ 5,119 $ 103 $ 103 $ 103 $ 3,081 $ 123 $ 123 $ 10,539 $ 54,129 Net Cash Flow $ (1,775) $ (297) $ 1,849 $ (4,790) $ (14,884) $ 3,785 $ 1,221 $ (9,921) $ (1,177) $ (4,871) $ 7,866 $ (9,385) $ (6,095) $ (4,491) $ 3,375 $ 4,291 $ (4,354) $ (3,132) $ 4,937 $ (8,200) $ (46,047) Cash Balance Beginning Consolidated Balance $ 14,000 $ 12,224 $ 11,928 $ 13,777 $ 8,987 $ 1,000 $ 4,785 $ 6,006 $ 1,000 $ 1,000 $ 1,000 $ 8,866 $ 1,000 $ 1,000 $ 1,000 $ 4,375 $ 8,666 $ 4,313 $ 1,181 $ 6,118 $ 14,000 Net Cash Flow (1,775) (297) 1,849 (4,790) (14,884) 3,785 1,221 (9,921) (1,177) (4,871) 7,866 (9,385) (6,095) (4,491) 3,375 4,291 (4,354) (3,132) 4,937 (8,200) (46,047) Revolver DIP Draw/(Paydown) Plus: Borrow (1) - - - - 6,896 - - 4,915 1,177 4,871 - 1,519 6,095 4,491 - - - - - 3,082 33,047 Less: Pay Down - - - - - - - - - - - - - - - - - - - - - Ending Consolidated Balance $ 12,224 $ 11,928 $ 13,777 $ 8,987 $ 1,000 $ 4,785 $ 6,006 $ 1,000 $ 1,000 $ 1,000 $ 8,866 $ 1,000 $ 1,000 $ 1,000 $ 4,375 $ 8,666 $ 4,313 $ 1,181 $ 6,118 $ 1,000 $ 1,000 Note: Reflects pricing assumptions as of May 5, 2020 1. Includes prepetition draw under the RBL and postpetition under the DIP 4

Monthly Debt Forecast ($ in thousands) Monthly Debt Forecast as of 5/7/20 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Total DIP Credit Facility Beginning Balance $ - $ - $ - $ - $ - $ - $ 62,036 $ 74,142 $ - $ - $ - $ - $ - Plus: Additional Rollup at Final Approval $ 51,073 Plus: DIP draw- down - - - - - 10,963 12,105 - - - - - 23,068 Less: DIP paydown - - - - - - - 74,142 - - - - 74,142 Ending Balance $ - $ - $ - $ - $ - $ 62,036 $ 74,142 $ - $ - $ - $ - $ - $ (51,073) Facility size $ - $ - $ - $ - $ 37,500 $ 37,500 $ 37,500 $ 37,500 $ - $ - $ - $ - Undrawn DIP balance - - - - 37,500 26,537 14,432 14,432 - - - - Roll-up - - - - - - - - - - - - Fees and Interest Case DIP Interest (AOM) 7.50% $ - $ - $ - $ - $ - $ 388 $ 388 $ 463 $ - $ - $ - $ - $ 1,239 Unused Fee (AOM) 1.00% - - - - 31 22 12 12 - - - - 77 Agency Fee - - - - 100 100 100 100 - - - - 400 Commitment Fee 2.25% - - - - 844 - - - - - - - 844 Total Fees and Interest $ - $ - $ - $ - $ 975 $ 510 $ 500 $ 575 $ - $ - $ - $ - $ 2,560 RBL Commitment $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 140,000 $ 140,000 $ 140,000 $ 140,000 $ 140,000 Beginning balance $ 108,200 $ 119,000 $ 124,000 $ 124,000 $ 124,000 $ 130,896 $ 86,500 $ 86,500 $ 117,047 $ 113,708 $ 116,656 $ 112,806 $ 86,500 Plus: DIP paydown $ - $ - $ - $ - $ - $ - $ - $ 30,547 $ - $ - $ - $ - $ 30,547 Plus: Revolver draw-down 10,800 5,000 - - 6,896 - - - 11,660 13,531 9,496 15,261 49,948 Less: Revolver paydown / Rollup - - - - - (44,396) - - (14,999) (10,583) (13,346) (15,574) (54,502) Ending Balance $ 119,000 $ 124,000 $ 124,000 $ 124,000 $ 130,896 $ 86,500 $ 86,500 $ 117,047 $ 113,708 $ 116,656 $ 112,806 $ 112,493 $ 112,493 Letters of Credit Outstanding $ 6,677 $ 6,677 $ 6,677 $ 6,677 $ 6,677 $ - $ - $ 6,677 $ 6,677 $ 6,677 $ 6,677 $ 6,677 $ 6,677 Ending Balance Including LC $ 125,677 $ 130,677 $ 130,677 $ 130,677 $ 137,573 $ 86,500 $ 86,500 $ 123,724 $ 120,385 $ 123,333 $ 119,482 $ 119,170 $ 119,170 Fees and Interest Emergence RBL Interest (EOM) 4.95% 6.25% $ 491 $ 512 $ 512 $ 512 $ 540 $ 357 $ 357 $ 483 $ 469 $ 481 $ 465 $ 464 $ 5,641 Unused Fee (AOM) 0.50% - - - - - - - 10 11 10 11 11 53 Letter of Credit (QTR) 6.50% 5.25% - - 8 - - - - - 88 - - 88 184 Exit Fee (DIP) 1.75% - - - - - - - 656 - - - - 656 Agent Fee (Annually) - - - - - - - 100 - - - - 100 Total Fees and Interest $ 491 $ 512 $ 520 $ 512 $ 540 $ 357 $ 357 $ 1,249 $ 568 $ 491 $ 477 $ 563 $ 6,634 Term Loan Outstanding $ - $ - $ - $ - $ - $ - $ - $ 40,000 $ 40,000 $ 40,000 $ 40,000 $ 40,000 $ 40,000 Less: Term Loan Amortization - - - - - - - - - - - (100) (100) Term Loan Net of Amortization $ - $ - $ - $ - $ - $ - $ - $ 40,000 $ 40,000 $ 40,000 $ 40,000 $ 39,900 $ 39,900 Fees and Interest Term Loan Interest (QTR) 7.25% $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 723 $ 723 Bank Commitment Fee 1.75% - - - - - - - 3,150 - - - - 3,150 Less: Term Loan Amortization (QTR) - - - - - - - - - - - 100 100 Total Fees and Interest $ - $ - $ - $ - $ - $ - $ - $ 3,150 $ - $ - $ - $ 823 $ 3,973 Total DIP/RBL Fees and Interest $ 491 $ 512 $ 520 $ 512 $ 1,515 $ 867 $ 857 $ 4,974 $ 568 $ 491 $ 477 $ 1,386 $ 2,922 Note: Reflects pricing assumptions as of May 5, 2020 5