It is obvious that a barrel price below $60 on the NYMEX is bad news for oil companies. Part of the drop reflects a strengthening American dollar, but recent demand forecast revisions are bleak. Governments, companies and investors think a prolonged recession or period of low growth is in the offing, and everyone should take note.
Unit Corporation announced its operational and financial results for the 3 &9 months ended September 30, 2008. Larry D. Pinkston, President & CEO, said: We had very good third quarter 2008 results, despite the overshadowing recent downturn in the global and U.S. markets and in our industry including the combined negative impact from hurricanes Gustav and Ike. [...]
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