Unit Corp., (UNT) announced that it has increased its initial 2010 capital expenditures budget for all of its business segments by 57% to $467 million over estimated 2009 capital expenditures.
Of this amount, $365 million is budgeted for its oil and natural gas segment, which includes $319 million for drilling and completion activities and is a 66% increase over estimated 2009 capital expenditures, $49 million for its contract drilling segment, a 27% decrease over estimated 2009 capital expenditures, and $53 million for its mid-stream segment, a 446% increase over estimated 2009 capital expenditures.
The company's 2010 operating budget is based on oil and natural gas prices averaging $72.00 per barrel and $5.30 per million cubic feet, respectively.
The 2010 capital expenditures program is anticipated to be funded mainly through internally generated cash flow and to a lesser extent from borrowings under the company's bank credit facility.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.