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Unit Corp. Ups Guidance as Wells Outperform; Axes $30MM from Capex
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Unit Corporation is increasing its 2015 year over year production growth guidance for its oil and natural gas segment to 6-8% from its previous guidance of 2-4%. Unit’s 2015 capital expenditures are expected to be approximately $30 million less than originally budgeted with the reduction primarily attributable to its oil and natural gas segment.
Larry Pinkston, Unit’s Chief Executive Officer and President, said: “Due to strong well results primarily in our SOHOT, Wilcox and our Granite Wash plays, we are increasing our production guidance for 2015. We are also reducing our anticipated capital expenditures in this segment for 2015 because of the efficiencies we have captured. We believe how quickly the BOSS drilling rigs are returning to work in this challenging commodity cycle is a…
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