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 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.