Total Energy Services Trust has announces its preliminary 2009 capital expenditure budget of $9.9 million. Included in this budget is $8.9 million for expansion of the natural gas compression rental fleet. The budgeted compression rental fleet expansion is driven primarily by increasing domestic and international interest in Total's proprietary large horsepower mobile compression package. Also included in the preliminary 2009 capital budget is $1.0 million of equipment maintenance and upgrades. The significant investment that Total has made in building, replacing and upgrading its equipment fleet in the past several years, notably its drilling rig and heavy truck fleets, has minimized the need for capital maintenance expenditures during more challenging industry conditions.
Total intends to finance its preliminary 2009 capital expenditure budget from operating cash flow and existing credit facilities. Total's preliminary 2009 capital expenditure budget provides Total with considerable flexibility to pursue additional investment opportunities as they may arise.
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