Total Energy Services announced its preliminary 2011 capital expenditure budget of $21.3 million. Included in this budget is $10.4 million for expansion of the natural gas compression rental fleet, $5.1 million of maintenance capital expenditures (which includes $2.1 million of capital leases related to light duty vehicles), $3.8 million of drilling rig upgrades and ancillary rig equipment and $2.0 million of capital expenditures related to the continued expansion of the natural gas compression parts and service business.
Total intends to finance its preliminary 2011 capital expenditure budget from operating cash flow and its existing credit facility. Total's preliminary 2011 capital expenditure budget provides Total with considerable flexibility to pursue additional investment opportunities as they may arise.
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