Exploration & Production | Top Story | Capital Markets | Capital Expenditure
Unit Corp. Ups Spending 26% in 2014; Eyes Panhandle, Marcellus Growth
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Unit Corporation has reported that its operating segment capital expenditures budget for 2014 is $928 million, a 26% increase over estimated 2013 capital expenditures.
The capital expenditures budget is allocated among Unit’s three business segments with $718 million for its oil and natural gas segment, $132 million for its contract drilling segment, and $78 million for its midstream segment. The capital expenditures budget does not include costs for acquisitions.
This budget is based on realized prices for the year averaging $90.08 per barrel of oil, $29.45 per barrel of natural gas liquids, and $3.77 per thousand cubic feet of natural gas. For 2014, Unit has hedged approximately 62% of its anticipated oil production and 51% of its anticipated natural gas production. Oil production is…
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