On the heels of a U.S. Gulf Coast asset sale, management at Tulsa-based Unit Corp. last week applauded its recent decision to halt more upstream divestitures.

unit petroleum

The independent said Friday it closed on a $43.7 million sale of “certain wells and related leases near the Texas Gulf Coast” on July 1, weeks after reversing its plan to seek other asset sales.

CEO Philip Smith said management is “excited about future opportunities given the recent decision to terminate our upstream sales process.” 

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The exploration and production subsidiary, Unit Petroleum...